CEU Electronic Theses and Dissertations, 2011
| Author | Mirchev, Alexander Vladimirov |
|---|---|
| Title | Corporate Governance, Economic Growth and Sustainability: Lessons for Bulgaria |
| Summary | The present research takes a look at the main building blocks of corporate governance from the point of view of their potential impact on economic growth and sustainability. By comparison of the two major corporate governance systems – the one-tier versus the two-tier system – the aim is to analyze which one of them is more orientated towards sustainable economic growth in post-2008 global economic crisis period. Moreover, in order to get a clear answer to this question the thesis specifically examines the role, as well as the rights, the responsibilities and the liabilities of different stakeholders; to wit, shareholders, creditors, labor and the society. Additionally, this thesis will try to answer the following concrete questions: first, what are the structural differences between the one-tier tier and two-tier system?, secondly, what are the differences between them in regard to sustainable economic growth?, and finally, what important lessons can be withdrawn for Bulgaria? The article vouches for more neoinstitutional approach and regulations concerning corporate governance systems;arguing that the two-tier system is more economic growth friendly and sustainable because the co-determination process combines the economic interests of the above-mentioned parties in a more balanced manner. This system creates equality between them which is in a tight relationship with sustainable economic growth and efficiency. On the basis of the American common law system and the German civil law system, the research provides reasonable recommendations to the developing countries such as Bulgaria. The main findings are that the Bulgarian legislators should adopt more detailed corporate governance regulations and to bolster the more growth sustainable and efficient two-tier system. |
| Supervisor | Pagano, Ugo and Tajti, Tobor |
| Department | Economics MA |
| Full text | https://www.etd.ceu.edu/2011/mirchev_alexander_02.pdf |
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