Institutional investors in Bulgarian corporate governance reform: obstacles or facilitators?

Article Abstract:

Institutional investors may have a neagtive impact on corporate governance in the context of transition economies like the Bulgarian economy, due to the inconsistency of strategy with reform goals, non-equitable treatment to shareholders and lack of transparency. The policy of accomodation with the anti-reform status-quo may negate the believed pros of institutional investment.

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lulu

May 29, 2010 @ 5:05 am

On the basis of the Bulgarian experience, evidence in support of these claims is provided and organized by the main problem areas discovered in the course of our research. First, strategies of institutional investors showing typical patterns of behavior are examined. Moving from general to more specific issues, the dual role of institutional investors in reform is explored. An assessment of their practices, focusing on corporate control, protection of shareholder rights, and transparency and disclosure, highlights their role as objects of corporate governance. Next I consider their practices as subjects of corporate governance—the analysis here could have followed a similar path, assessment by specific criteria for good governance, but it is much shorter due to the different issues of relevance circumscribed by the strategies adopted by the institutional investors. The paper concludes with prospects for the future, offering short policy recommendations on how to strengthen their contribution to reform, and discussing some implications for further research.

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Corporate governance and firm performanc in Russia: an empirical study

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The empirical study uses, agency and institutional prespectives to examine the relationship between corporate governance and firm performance in Russia. The findings point at the negative relationship between 'informal' CEO duality and firm performance.

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E-commerce development and strategies for value creation: the case of Russia

Article Abstract:

The analysis of trends pertaining to e-commerce research for the development of a representative e-commerce business model, for value creation in Russian e-commerce businesses, is presented.

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