Ownership Structure and Corporate Control in Bulgaria

Ownership Structure and Corporate

Control in Bulgaria

Tchipev, Plamen D

Institute of Economics, Bulgarian Academy of Sciences, Sofia

20 September 2001

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1. Introduction

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Table 3 : Ownership structure of Bulgarian public companies by type of holders

Accumulated direct shareholdings held by:

All investors Domestic industrial companies Domestic holding companies Domestic bank

MEBO Government Individuals/ Families Foreign portfolio investor Foreign strategic investor All Bulgarian All Foreign

Panel A: In all sample companies (104 cases)

Stake (%) 79,6 14,6 23,4 0,7 8,4 9,6 1,6 6,9 14,4 58,3 21,3

Std.dev. 23,5 26,0 33,6 2,7 22,1 18,9 10,3 15,2 30,5 36,0 31,4

Panel B: In holding companies (17 cases)

Stake (%) 37,3 19,2 6,0 0,0 0,0 5,5 0,0 6,6 0,0 30,7 6,6

Std.dev. 26,1 24,7 16,2 - - 22,5 - 9,7 - 28,6 9,4

Panel C: In financial companies / banks (2 cases)

Stake (%) 38,0 7,6 0,0 6,4 0,0 10,6 0,0 13,5 0,0 24,53 13,51

Std.dev. 15,6 10,7 - 9,0 - 15,0 - 19,1 - 24,53 13,51

Panel D: In industrial/commercial companies (85 cases)

Stake (%) 89,0 13,8 27,5 0,7 10,2 10,5 1,9 6,8 17,6 64,6 24,4

Std.dev. 7,6 26,6 35,2 2,7 24,1 18,3 11,4 16,1 32,9 34,4 33,6

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