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Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma

Authors
  • Marinov, Boris1, 2
  • Heiman, Bruce1
  • 1 University of Maastricht, Faculty of Economics and Business Administration, METEOR, Maastricht research school of Economics, of Technology and Organisations, NL - 6200 MD Maastricht, The Netherlands
  • 2 Trade Research and Promotion Institute, 3-A, 165 Str., Sofia, 1797, Bulgaria , Sofia
Type
Published Article
Journal
European Journal of Law and Economics
Publisher
Kluwer Academic Publishers
Publication Date
Nov 01, 1998
Volume
6
Issue
3
Pages
231–261
Identifiers
DOI: 10.1023/A:1008606211793
Source
Springer Nature
Keywords
License
Yellow

Abstract

The main objective of company law and corporate governance structures is to provide rules and secure efficient functioning of decision-making mechanisms that maximise the value of enterprises and safeguard interests of various stakeholders. Company laws and corporate governance models in different countries have evolved in specific historical, cultural, market and legal conditions that prevent their direct transplantation elsewhere. Assessing available experiences, former centrally planned European economies, engaged in sweeping transformations, are challenged by the need to recreate a delicate balance between investor protection and business discretion of managers to work for corporate value maximisation and social welfare. This essay undertakes an explorative discussion on the possible choices and the costs and benefits related to principalagent problem resolution in economies in transition, with special emphasis on institutions and the case of Bulgaria.

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