Corporate control in the public enterprises in Bulgaria
Two important problems are investigated - how is the information for corporate control revealed and what is its model in the Bulgarian public enterprises. Analyzed are the introduction and implementation of the EU Directive of revealing of information, as well as statistical investigation of the corporate control in 104 public enterprises, traded on the Sofia Stock Exchange by means of their shareholder structure. Among the most important conclusions of the investigation are: First, the adoption of the strict requirements of the European Directive 88/627 is an indisputable success for the further development of the legal base governing public companies and the trading of their stock. In the same time its practical implementation is not sufficiently consistent, which is not in the interest of investors, mainly the minority and individual investors. Second, the property of the public companies at present is strictly concentrated in the hands of a small number of shareholders. They hold over 50% of voting shares, which enables them to benefit more from managing the companies than to rely on the classical investment aims for capital return and dividends.
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