Abdelal, R. (2009). Capital Rules: The Construction of Global Finance. Cambridge, MA: Harvard University Press.Google Scholar

Abrardi, L. and Rondi, L. (2020). Ownership and Performance in the Italian Stock Exchange: The Puzzle of Family Firms. Journal of Industrial and Business Economics, 47(4): 613–643.Google Scholar

Acemoglu, D. and Robinson, J. A. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown Publishers.Google Scholar

Agell, J., Englund, P. and Södersten, J. (1998). Incentives and Redistribution in the Welfare State: The Swedish Tax Reform. London: Macmillan.Google Scholar

Aggarwal, R., Erel, I., Ferreira, M. and Matos, P. (2011). Does Governance Travel Around the World? Evidence from Institutional Investors. Journal of Financial Economics, 100(1): 154–181.Google Scholar

Agnblad, J., Berglof, E., Hogfeldt, P. and Svancar, H. (2001). Ownership and Control in Sweden: Strong Owners, Weak Minorities, and Social Control, in Barca, F. and Becht, M. (eds.), The Control of Corporate Europe. Oxford: Oxford University Press, 228–258.Google Scholar

Aguilera, R. and Jackson, G. (2010). Comparative and International Corporate Governance. Academy of Management Annals, 4(1): 485–556.Google Scholar

AJPES (1995–2020). Agency of the Republic of Slovenia for Public Legal Records and Related Services, Financial Data. Available at: www.ajpes.si/Google Scholar

Aminadav, G. and Papaioannou, E. (2020). Corporate Control around the World. Journal of Finance, 75(3): 1191–1246.Google Scholar

Appel, I. R., Gormley, T. A. and Keim, D. B. (2016). Passive Investors, Not Passive Owners. Journal of Financial Economics, 121(1): 111–141.Google Scholar

Armour, J. and Skeel, D. A. (2007). Who Writes the Rules for Hostile Takeovers, and Why: The Peculiar Divergence of US and UK Takeover Regulation. Georgetown Law Journal, 95: 1727–1794.Google Scholar

Baltrunaite, A., Brodi, E. and Mocetti, S. (2019). Assetti proprietari e di governance delle imprese italiane: Nuove evidenze e effetti sulla performance delle imprese. Questioni di Economia e Finanza, Occasional Paper no. 514, Banca d’Italia.Google Scholar

Bank, S. A. and Cheffins, B. R. (2008). Tax and the Separation of Ownership and Control, in Schoen, W. (ed.), Tax and Corporate Governance. Berlin, Heidelberg: Springer.Google Scholar

Barca, F. and Becht, M. (2001). The Control of Corporate Europe. Oxford: Oxford University Press.Google Scholar

Barca, F., Bianchi, M., Brioschi, F. et al. (1994). Assetti proprietari e mercato delle imprese. Vol. II: Gruppo, proprietà e controllo nelle imprese italiane medio-grandi. Bologna: Il Mulino.Google Scholar

Barko, T., Cremers, M. and Renneboog, L. (2017). Activism on Corporate Social Responsibility. European Corporate Governance Institute Working Paper.Google Scholar

Bates, S. (2010). How Polly Peck Went from Hero to Villain in the City. The Guardian, 26 August.Google Scholar

BBC (2012). Businessman Asil Nadir Stole Nearly £150m, Court Hears. Available at: www.bbc.com/news/uk-16686197Google Scholar

Bebchuk, L. A. and Hamdani, A. (2009). The Elusive Quest for Global Governance Standards. University of Pennsylvania Law Review, 157(5): 1263–1317.Google Scholar

Bebchuk, L. A. and Hirst, S. (2019). Index Funds and the Future of Corporate Governance: Theory, Evidence, and Policy. National Bureau of Economic Research Working Paper.Google Scholar

Bebchuk, L. A. and Roe, M. J. (1999). A Theory of Path Dependence in Corporate Ownership and Governance. Stanford Law Review, 52(1): 127–170.Google Scholar

Becht, M. and Boehmer, E. (2001). Ownership and Voting Power in Germany, in Barca, F. and Becht, M. (eds.), The Control of Corporate Europe. Oxford: Oxford University Press.Google Scholar

Becht, M., Franks, J., Grant, J. and Wagner, H. F. (2017). Returns to Hedge Fund Activism: An International Study. Review of Financial Studies, 30(9): 2933–2971.Google Scholar

Berglöf, E. and Pajuste, A. (2005). What Do Firms Disclose and Why? Enforcing Corporate Governance and Transparency in Central and Eastern Europe. Oxford Review of Economic Policy, 21(2): 178–197.Google Scholar

Bertrand, M. and Schoar, A. (2006). The Role of Family in Family Firms. Journal of Economic Perspectives, 20: 73–96Google Scholar

Bessler, W., Beyenbach, J., Rapp, M. S. and Vendrasco, M. (2021). The Global Financial Crisis and Stock Market Migrations: An Analysis of Family and Non-family Firms in Germany. International Review of Financial Analysis, 74: 101692.Google Scholar

Bessler, W. and Book, T. (September 2021). Deutsche Börse Group, Strategien zur nachhaltigen Finanzierung der Zukunft Deutschlands.Google Scholar

Bessler, W., Drobetz, W. and Holler, J. (2015). The Returns to Hedge Fund Activism in Germany. European Financial Management, 21(1): 106–147.Google Scholar

Bessler, W. and Vendrasco, M. (October 2019). Corporate Governance and the Relevance of Shares with Unequal Voting Rights in Europe, working paper.Google Scholar

Bezlov, T. and Tsenkov, E. (2007). Organized Crime in Bulgaria: Markets and Trends. Sofia: Center for the Study of Democracy.Google Scholar

Bianchi, M. and Bianco, M (2006). Italian Corporate Governance in the Last 15 Years: From Pyramids to Coalitions? ECGI: Finance Working Paper No. 144/2006.Google Scholar

Bianchi, M., Bianco, M. and Enriques, L. (2001). Pyramidal Groups and the Separation Between Ownership and Control in Italy, in Barca, F. and Becht, M. (eds.), The Control of Corporate Europe. Oxford: Oxford University Press.Google Scholar

Bianchi, M., Bianco, M., Giacomelli, S., Pacces, A. and Trento, S. (2005). Proprietà e controllo delle imprese italiane. Bologna: Il Mulino.Google Scholar

Birch, K. and Mykhnenko, V. (2009). Varieties of Neoliberalism? Restructuring in Large Industrially Dependent Regions across Western and Eastern Europe. Journal of Economic Geography, 9(3): 355–380.Google Scholar

Bloom, N., Bunn, P., Chen, S. et al. (2019). The Impact of Brexit on UK Firms. NBER Working Paper No. w26218. Available at: https://ssrn.com/abstract=3450244Google Scholar

Bogdanova, B. and Ivanov, I. (2014). Adaptive and Relative Efficiency of Stock Markets from Southeastern Europe: A Wavelet Approach. Applied Financial Economics, 24(10): 705–722.Google Scholar

Bond, S. R., Devereux, M. P. and Klemm, A. (2007). The Effects of Dividend Taxes on Equity Prices: A Re-examination of the 1997 U.K. Tax Reform. IMF Working Paper. Available at: https://ssrn.com/abstract=1033204Google Scholar

Bowen, D. (1993). Rolling over the Past. The Independent, 21 November.Google Scholar

Boycko, M., Shleifer, A., Vishny, R. W., Fischer, S. and Sachs, J. D. (1993). Privatizing Russia. Brookings Papers on Economic Activity, 2: 139–192.Google Scholar

Branson, D. (2012). Global Convergence in Corporate Governance? What a Difference 10 Years Make, in Clarke, T. and Branson, D. (eds.), The SAGE Handbook of Corporate Governance. London and New Delhi: SAGE Publications Ltd.Google Scholar

Breinlich, H., Leromain, E., Novy, D. and Sampson, T. (2019). Voting with Their Money: Brexit and Outward Investment by UK Firms. CESifo Working Paper No. 7751. Available at: https://ssrn.com/abstract=3426939Google Scholar

BT Group (2002). Annual Report and Form 20-F 2002. Available at: www.btplc.com/report/pdf02/Annualreport/FullReport.pdfGoogle Scholar

Bundesministerium der Finanzen (2001, 2020). Beteiligungsbericht des Bundes (Federal Participation Report).Google Scholar

Bureau van Dijk (1999). Amadeus Database.Google Scholar

Bureau van Dijk (2020). Orbis Database.Google Scholar

Cadbury Committee (1992). The Financial Aspects of Corporate Governance. London: The Committee on the Financial Aspects of Corporate Governance and Gee and Co. Ltd.Google Scholar

Calligaris, S., Del Gatto, M., Hassan, F., Ottaviano, G. I. P. and Schivardi, F. (2016). Italy’s Productivity Conundrum. A Study on Resource Misallocation in Italy. European Economy: Discussion Papers 2015 –030 (DG ECFIN), European Commission.Google Scholar

Carlsson, R. H. (2007). Swedish Corporate Governance and Value Creation: Owners Still in the Driver’s Seat. Corporate Governance: An International Review, 15(6): 1038–1055.Google Scholar

Carney, R. W. and Child, T. B. (2013). Changes to the Ownership and Control of East Asian Corporations between 1996 and 2008: The Primacy of Politics. Journal of Financial Economics, 107: 494–513.Google Scholar

Carpenter, R. E. and Rondi, L. (2000). Italian Corporate Governance, Investment and Finance. Empirica, 27: 365–388.Google Scholar

Carpenter, R. E. and Rondi, L. (2006). Going Public to Grow? Evidence from a Panel of Italian Firms. Small Business Economics, 27: 387–407.Google Scholar

Chandler, A. D., Jr (1990). Scale and Scope. The Dynamics of Industrial Capitalism. Cambridge, MA; London, UK: The Belknap Press of Harvard University Press.Google Scholar

Cheffins, B. (2001). History and the Global Corporate Governance Revolution: The UK Perspective. Business History, 43(4): 87–118, DOI: 10.1080/713999243Google Scholar

Cheffins, B, (2018). The Rise and Fall of Berle-Means Corporation, University of Cambridge, Faculty of Law, Legal Studies Research Paper No. 50/2018.Google Scholar

Chhaochharia, V. and Grindstein, Y. (2007). The Changing Structure of US Corporate Boards: 1997–2003. Corporate Governance: An International Review, 15: 1215–1223.Google Scholar

Consob (2018). Report on Corporate Governance of Italian Listed Companies. Available at: www.consob.it/web/consob-and-its-activities/rcg2018Google Scholar

Coval, J. D. and Moskowitz, T. J. (1999). Home Bias at Home: Local Equity Preference in Domestic Portfolios. The Journal of Finance, 54(6): 2045–2073.Google Scholar

Dahya, J., McConnell, J. J. and Travlos, N. G. (2002). The Cadbury Committee, Corporate Performance, and Top Management Turnover. Journal of Finance, 57: 461–483.Google Scholar

Damijan, J. P. (2012). Sloweniens Krise, ein Erbe unbewältigter Geschichte. Die Presse, 08.09.2012. Available at: www.diepresse.com/1288096/sloweniens-krise-ein-erbe-unbewaltigter-geschichteGoogle Scholar

Damijan, S. and Damijan, J. P. (2019). Corporate Governance in Slovenia: Working at Last? Corporate Governance and Organizational Behavior Review, 3(2). Available at: http://doi.org/10.22495/cgobr_v3_i2_p4Google Scholar

Damijan, J. P., Gregorič, A. and Prašnikar, J. (2004). Ownership Concentration and Firm Performance in Slovenia. LICOS Discussion Paper No. 142. Available at: www.econstor.eu/bitstream/10419/74972/1/dp142.pdfGoogle Scholar

Davies, P. and Hopt, K. J. (2013). Corporate Boards in Europe: Accountability and Convergence. The American Journal of Comparative Law, 61: 301–375.Google Scholar

Deakin, S., P. Sarkar, and Siems, M. (2018). Is There a Relationship Between Shareholder Protection and Stock Market Development? Journal of Law, Finance, and Accounting, 3(1): 115–146.Google Scholar

de la Cruz, A., A. Medina, and Tang, Y. (2019). Owners of the World’s Listed Companies. OECD Capital Market Series, Paris.Google Scholar

Demirguc-Kunt, A. and Levine, R. (eds.) (2001). Financial Structure and Economic Growth. A Cross-Country Comparison of Banks, Markets, and Development. Cambridge, MA: MIT Press.Google Scholar

Deutsche Bundesbank (2014). Monthly Report, September, 19–32.Google Scholar

Dimson, E., Karakaş, O. and Li, X. (2015). Active Ownership. Review of Financial Studies, 28(12): 3225–3268.Google Scholar

Dinc Serdar, I. and Erel, I. (2013). Economic Nationalism in Mergers and Acquisitions. The Journal of Finance, 68(6): 2471–2514.Google Scholar

Djankov, S., La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (2008). The Law and Economics of Self-Dealing. Journal of Financial Economics, 88: 430–465.Google Scholar

Doidge, C., Karolyi, G. A. and Stulz, R. M. (2017), The U.S. Listing Gap. Journal of Financial Economics, 123(3): 464–487.Google Scholar

Domadenik, P., Prašnikar, J. and Svejnar, J. (2016). Political Connectedness, Corporate Governance, and Firm Performance. Journal of Business Ethics, 139: 411–428.Google Scholar

Duru, A., Wang, D. and Zhao, Y. (2013). Staggered Boards, Corporate Opacity and Firm Value. Journal of Banking and Finance, 37: 341–360.Google Scholar

EBRD (1995). Annual Transition Report. London: EBRD.Google Scholar

EBRD (2017). Corporate Governance in Transition Economies: Slovenia Country Report. Available at: www.ebrd.com/what-we-do/sectors/legal-reform/corporate-governance/sector-assessment.htmlGoogle Scholar

Edmans, A, and Holderness, C. G. (2017). Blockholders: A Survey of Theory and Evidence, in Hermalin, B. E. and Weisbach, M. S. (eds.), The Handbook of the Economics of Corporate Governance. Vol. I. North Holland: Elsevier, 541–636.Google Scholar

Enrique, L. (2006). EC Company Law Directives and Regulations: How Trivial Are They? University of Pennsylvania, Journal of International Economic Law, 27(1): 1–76.Google Scholar

Espenlaub, S., Khurshed, A. and Mohamed, A. (2012). IPO Survival in a Reputational Market. Journal of Business Finance and Accounting, 39: 427–463.Google Scholar

Estrin, S., Hanousek, J., Kocenda, E. and Svejnar, J. (2009). Effects of Privatization and Ownership in Transition Economies. Journal of Economic Literature, 47(3): 699–728.Google Scholar

European Commission (2016). European Economy Institutional Paper 031, July: State-Owned Enterprises in the EU. Luxembourg: Publications Office of the European Union.Google Scholar

Eurosif, European SRI Study (2018). Available at: www.eurosif.org/wp-content/uploads/2018/11/European-SRI-2018-Study.pdfGoogle Scholar

Faccio, M. and Lang, L. H., (2002). The Ultimate Ownership of Western European Corporations. Journal of Financial Economics, 65(3): 365–395.Google Scholar

Fahlenbrach, R. and Schmidt, C. (2017). Do Exogenous Changes in Passive Institutional Ownership Affect Corporate Governance and Firm Value? Journal of Financial Economics, 124(2): 285–306.Google Scholar

Federal Statistical Office (2019). Unternehmensdemographie. Data as of 28 November. Available at: www.bfs.admin.ch/bfs/de/home/statistiken/industrie-dienstleistungen/unternehmen-beschaeftigte/unternehmensdemografie.htmlGoogle Scholar

Ferreira, M. (2018). Risk Seeker or Risk Averse? Cross-Country Differences in Risk Attitudes Towards Financial Investment, in Samson, A. (ed.), The Behavioral Economics Guide 2018, 86–95. Available at: www.behavioraleconomics.comGoogle Scholar

Finaldi Russo, P., Parlapiano, F., Pianeselli, D. and Supino, I. (2020). Firms’ Listings: What Is New? Italy versus the Main European Stock Exchanges. Questioni di Economia e Finanza, no. 555. Rome: Banca d’Italia.Google Scholar

Financial Times (1994). Ex-Communists Embrace a Half-Capitalist Bulgaria, 10 May.Google Scholar

Franks, J. and Mayer, C. (2001). Ownership and Control of German Corporations. Review of Financial Studies, 14: 943–977.Google Scholar

Franks, J. and Mayer, C. (2017). Evolution of Ownership and Control Around the World: The Changing Face of Capitalism. European Corporate Governance Institute (ECGI): Finance Working Paper No. 503.Google Scholar

Franks, J., Mayer, C., Volpin, P. and Wagner, H. F. (2012). The Life Cycle of Family Ownership: International Evidence. Review of Financial Studies, 25(6): 1675–1712.Google Scholar

Franks, J., Mayer, C. and Wagner, H. F. (2015). The Survival of the Weakest: Flourishing Family Firms in Germany. Journal of Applied Corporate Finance, 27(4): 27–35.Google Scholar

FRC (2010). The UK Stewardship Code. London: The Financial Reporting Council.Google Scholar

Frydman, R. and Rapaczynski, A. (1993). Insiders and the State: Overview of Responses to Agency Problems in East European Privatizations. Economics of Transition, 1(1): 39–53.Google Scholar

Fukuyama, F. (1989). The End of History? The National Interest, 16: 3–18.Google Scholar

Ganev, V. (2007) Preying on State: The Transformation of Bulgaria after 1989. Ithaca, NY: Cornell University Press.Google Scholar

Gelter, M. (2017). Comparative Corporate Governance: Old and New, in Choudhury, B. and Petrin, M. (eds.), Understanding the Company: Corporate Governance and Theory. Cambridge: Cambridge University Press, 37–59.Google Scholar

Gianfrate, G. and Zanetti, L. (2007). Shareholders’ Coalitions and Control Contestability: The Case of Italian Voting Trust Agreements. Corporate Ownership & Control, 4(4): 30–35.Google Scholar

Gilson, R. J. (2005). Controlling Shareholders and Corporate Governance: Complicating the Comparative Taxonomy. Harvard Law Review, V119(6): 1641–1679.Google Scholar

Gilson, R. J. and Gordon, J. N. (2013). The Agency Costs of Agency Capitalism: Activist Investors and the Revaluation of Governance Rights. Columbia Law Review, 113(4): 863–927.Google Scholar

Glete, J. (1994). Nätverk i näringslivet. Stockholm: SNS Föorlag.Google Scholar

Goergen, M. (2018). Corporate Governance. A Global Perspective. Andover: Cengage Learning, EMEA.Google Scholar

Goergen, Marc, Manjon, M. C. and Renneboog, L. (2008). Recent Developments in German Corporate Governance. International Review of Law and Economics, 28(3): 175–193.Google Scholar

Goergen, M. and Renneboog, L. (2001). Strong Managers and Passive Institutional Investors in the UK, in Barca, M. and Becht, M. (eds.), The Control of Corporate Europe. Oxford: Oxford University Press, 258–284.Google Scholar

Gordon, J. N., 2003. An International Relations Perspective on the Convergence of Corporate Governance: German Shareholder Capitalism and the European Union, 1990–2000. Harvard Law School, The Center for Law, Economics, and Business, Discussion Paper No. 406.Google Scholar

Gordon, J. N. (2018). Convergence and Persistence in Corporate Law and Governance, in Gordon, J. N and Ringe, W.-G (eds.), The Oxford Handbook of Corporate Law and Governance. Oxford: Oxford University Press, 28–55.Google Scholar

Gordon, J. N. and Ringe, W.-G (eds.), (2018). The Oxford Handbook of Corporate Law and Governance. Oxford: Oxford University Press.Google Scholar

Gordon, J. N. and Roe, M. J. (eds.) (2004). Convergence and Persistence in Corporate Governance. Cambridge: Cambridge University Press.Google Scholar

Grossman, S. J. and Hart, O. D. (1988). One Share-One Vote and the Market for Corporate Control. Journal of Financial Economics, 20: 175–202.Google Scholar

The Guardian (2020). Creeping NHS Privatization Is Hampering Our Covid-19 Response. 8 May. Available at: www.theguardian.com/society/2020/may/08/creeping-privatisation-of-nhs-is-hampering-our-covid-19-responseGoogle Scholar

Gugler, K. (2001). Corporate Governance and Economic Performance. Oxford: Oxford University Press.Google Scholar

Gugler, K., Mueller, D. C. and Peev, E. (2013) Determinants of Ultimate Control of Large Firms in Transition Countries: Empirical Evidence. Journal of Institutional and Theoretical Economics, 169(2): 275–303.Google Scholar

Gugler, K. and Peev, E. (2010). Institutional Determinants of Investment-Cash Flow Sensitivities in Transition Economies. Comparative Economic Studies, 52: 62–81.Google Scholar

Gugler, K. and Peev, E. (2018). The Persistence of Profits in Banking: An International Comparison. Applied Economics, 50(55): 5996–6009.Google Scholar

Guiso, L., Sapienza, P. and Zingales, L. (2004). Does Local Financial Development Matter? The Quarterly Journal of Economics, 119(3): 929–969.Google Scholar

Hackethal, A., Schmidt, R. H. and Tyrell, M. (2005). Banks and German Corporate Governance: On the Way to a Capital Market-Based System? Corporate Governance: An International Review, 13(3): 397–407.Google Scholar

Hall, P. A. and Soskice, D. (eds.) (2001). Varieties of Capitalism. The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press.Google Scholar

Hansmann, H. and Kraakman, R. (2001). The End of History for Corporate Law. The Georgetown Law Journal, 89: 439.Google Scholar

Hellman, J. and Schankerman, M. (2000). Intervention, Corruption and Capture: The Nexus Between Enterprises and the State. Economics of Transition, 8(3): 545–576.Google Scholar

Hellwig, M. (2000). Corporate Governance and the Financing of Investment for Structural Change, No. 00-32, Sonderforschungsbereich 504 Publications, University of Mannheim.Google Scholar

Helwege, J., Pirinsky, C. and Stulz, R. (2007). Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership. Journal of Finance, 62: 995–1028.Google Scholar

Henrekson, M. and Jakobsson, U. (2001). Where Schumpeter Was Nearly Right: the Swedish Model and Capitalism, Socialism and Democracy. Journal of Evolutionary Economics, 11(3): 331–358.Google Scholar

Henrekson, M. and Jakobsson, U. (2003). The Transformation of Ownership Policy and Structure in Sweden: Convergence towards the Anglo-Saxon Model? New Political Economy, 8(1):73–102.Google Scholar

Henrekson, M. and Jakobsson, U. (2005). The Swedish Model of Corporate Ownership and Control in Transition, in Huizinga, H. and Jonung, L. (eds.), The Internationalization of Asset Ownership in Europe. New York: Cambridge University Press, 207–246.Google Scholar

Henrekson, M. and Jakobsson, U. (2012). The Swedish Corporate Control Model: Convergence, Persistence or Decline? Corporate Governance: An International Review, 20(2): 212–227.Google Scholar

Henrekson, M., U. Jakobsson, and Stenkula, M. (2020). The Rise and Decline of Industrial Foundations as Controlling Owners of Swedish Listed Firms: The Role of Tax Incentives. Scandinavian Economic History Review, 68(2): 170–191.Google Scholar

Hogfeldt, P. (2005). The History and Politics of Corporate Ownership in Sweden, in Morck, R. K. (ed.), A History of Corporate Governance around the World: Family Business Groups to Professional Managers. National Bureau of Economic Research Conference Report. Chicago and London: University of Chicago Press, 517–580.Google Scholar

Höpner, M. (2007). Corporate Governance Reform and the German Party Paradox. Comparative Politics, 39(4): 401–420.Google Scholar

Höpner, M. and Krempel, L. (2004). The Politics of the German Company Network. Competition and Change, 8(4): 339–356.Google Scholar

Hopt, K. J. (2015a). Corporate Governance in Europe. A Critical Review of the European Commission’s Initiatives on Corporate Law and Corporate Governance, ECGI Law Working Paper No. 296/2015.Google Scholar

Hopt, K. J. (2015b). Law and Corporate Governance: Germany within Europe. Journal of Applied Corporate Finance, 27(4): 8–15.Google Scholar

IHS Markit and DIRK (June 2021). Who Owns the German DAX? The Ownership Structure of the German DAX 30 in 2020: A Joint Study of IHS Markit and DIRK. Available at: https://cdn.ihsmarkit.com/www/pdf/0621/DAX-Study-2020---DIRK-Conference-June-2021_IHS-Markit.pdfGoogle Scholar

The Independent (2004). Lord Hanson: Archetype of the Thatcherite Tycoon. 3 November. Available at: www.independent.co.uk/news/obituaries/lord-hanson-531819.htmlGoogle Scholar

Investment & Pensions Europe (2019). Top 400 Asset Managers 2019. Available at: www.ipe.com/top-400-asset-managers-aum-grows-1-amid-market-volatility/10031518.articleGoogle Scholar

Investors AB (1999) Annual Report.Google Scholar

Ipreo und DIRK (2015). Investoren der Deutschland AG 2.0 Die Aktionärsstruktur des deutschen Leitindex DAX, June.Google Scholar

Ivanova, M. R. (2017). Institutional Investors as Stewards of the Corporation: Exploring the Challenges to the Monitoring Hypothesis. Business Ethics: A European Review, 26: 175–188.Google Scholar

Jirjahn, U. (2011). Ökonomische Wirkungen der Mitbestimmung in Deutschland: Ein Update. Schmollers Jahrbuch, 131: 3–57.Google Scholar

Kandel, E., Kosenko, K., Morck, R. and Yafeh, Y. (2019). The Great Pyramids of America: A Revised History of U.S. Business Groups, Corporate Ownership, and Regulation, 1926–1950. Strategic Management Journal, 40(5): 781–808.Google Scholar

Koford, K. (2000). Citizen Restraints on ‘Leviathan’ Government: Transition Politics in Bulgaria. European Journal of Political Economy,16: 307–338.Google Scholar

Kraakman, R., Armour, J., Davies, P. et al. (2017). The Anatomy of Corporate Law: A Comparative and Functional Approach. Oxford: Oxford University Press.Google Scholar

La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999). Corporate Ownership Around the World. The Journal of Finance, 54(2): 471–517.Google Scholar

La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1997). Legal Determinants of External Finance. Journal of Finance, 52: 1131–1150.Google Scholar

La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (1998). Law and Finance. Journal of Political Economy, 106: 1113–1155.Google Scholar

Liu, C., Low, A., Masulis, R. W. and Zhang, L. (2020). Monitoring the Monitor: Distracted Institutional Investors and Board Governance. The Review of Financial Studies, 33(10): 4489–4531.Google Scholar

Ljubljana Stock Exchange Inc. and Slovenian Directors’ Association (2016). Slovenian Corporate Governance Code for Listed Companies. Available at: www.zdruzenje-ns.si/english/cg-resources/corporate-governance/Google Scholar

Lloyd-Jones, R. and Lewis, M. J. (1994). Personal Capitalism and British Industrial Decline: The Personally Managed Firm and Business Strategy in Sheffield, 1880–1920. Business History Review, 68(3): 364–411.Google Scholar

Loderer, C. and Waelchli, U. (2010). Protecting Minority Shareholders: Listed Versus Unlisted Firms. Financial Management, 39(1): 33–57.Google Scholar

Loughran, T. and Ritter, J. R. (1995). The New Issues Puzzle. The Journal of Finance, 50(1): 23–51.Google Scholar

Mahoney, P. G. (2001). The Common Law and Economic Growth: Hayek Might Be Right. Journal of Legal Studies, 30(2): 503–525.Google Scholar

Mayer, C. (2018). Prosperity: Better Business Makes the Greater Good. Oxford: Oxford University Press.Google Scholar

Mayson, S., French, D. and Ryan, C. (1996). Mayson, French & Ryan on Company Law, 13th ed. London: Blackstone Press Limited.Google Scholar

McCahery, J. A., Sautner, Z. and Starks, L. T. (2016). Behind the Scenes: The Corporate Governance Preferences of Institutional Investors. Journal of Finance, 71(6): 2905–2932.Google Scholar

McKinnon, R. (1991). The Order of Economic Liberalisation: Financial Control in the Transition to a Market Economy. London: The Johns Hopkins University Press.Google Scholar

Mediobanca (1990 and 2018). Le principali società italiane. Milan: Ufficio Studi. Available at: www.mbres.itGoogle Scholar

Megginson, W. and Netter, J. (2001). From State to Market: A Survey of Empirical Studies on Privatization. Journal of Economic Literature, 39(2): 321–389.Google Scholar

Meyer, R. E. and Höllerer, M. A (2010). Meaning Structures in a Contested Issue Field: A Topographic Map of Shareholder Value in Austria. Academy of Management Journal, 53(6): 1241–1262.Google Scholar

Miller, J. B. and Petranov, S. (2000). The First Wave of Mass Privatization in Bulgaria and Its Immediate Aftermath. Economics of Transition, 8(1): 225–250.Google Scholar

Miller, T., Kim, A. B. and Roberts, J. M. (2021). Index of Economic Freedom. Washington, DC: The Heritage Foundation. Available at: www.heritage.org/index/pdf/2021/book/index_2021.pdfGoogle Scholar

Mira, S., Goergen, M. and O’Sullivan, N. (2019). The Market for Non-executives: Takeover Performance and the Subsequent Holding of Directorships. British Journal of Management, 30: 415–436.Google Scholar

Morck, R., Stangeland, D. and Yeung, B. (2000). Inherited Wealth, Corporate Control, and Economic Growth: The Canadian Disease? in Morck, R. (ed.), Concentrated Corporate Ownership. Chicago and London: The University of Chicago Press, 319–372.Google Scholar

Morck, R., Wolfenzon, D. and Yeung, B. (2005). Corporate Governance, Economic Entrenchment, and Growth. Journal of Economic Literature, 43(3): 655–720.Google Scholar

Mrak, M., Rojec, M. and Silva-Jáuregui, C. (2004). Slovenia: From Yugoslavia to the European Union. Washington, DC: The World Bank.Google Scholar

Mueller, D. C. (1983). The Political Economy of Growth. New Haven, CT: Yale University Press.Google Scholar

Mueller, D. C. (2003). Public Choice. Cambridge: Cambridge University Press.Google Scholar

Mueller, D. C., Dietl, H. and Peev, E. (2003). Ownership, Control and Performance in Large Bulgarian Firms. Journal of Institutional Innovation, Development and Transition, 7: 71–88.Google Scholar

Mueller, D. C. and Peev, E. (2007). Corporate Governance and Investment in Central and Eastern Europe. Journal of Comparative Economics, 35: 414–437.Google Scholar

Mukwiri, J. (2020). The End of History for the Board Neutrality Rule in the EU. European Business Organization Law Review, 21(2): 253–277.Google Scholar

Nachemson-Ekwall, S. (2017). Swedish Institutional Investors as Large Stake Owners: Enhancing Sustainable Stakeholder Capitalism, in Kallifatides, M. and Lerpold, L (eds.), Sustainable Development and Business. Stockholm: SSE Institute for Research (SIR), 255–276.Google Scholar

Nedelchev, M. (2017). Overview of Corporate Governance in Bulgaria. Entrepreneurship, 5(2): 70–76.Google Scholar

Nenova, T. (2003). The Value of Corporate Voting Rights and Control: A Cross-Country Analysis. Journal of Financial Economics, 68(3): 325–351.Google Scholar

North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge: Cambridge University Press.Google Scholar

OECD (1997). OECD Economic Surveys: Bulgaria 1997. Paris: OECD Publishing.Google Scholar

OECD (2011a). Board Practices: Incentives and Governing Risks, Corporate Governance. OECD Publishing. Available at: http://dx.doi.org/10.1787/9789264113534-enGoogle Scholar

OECD (2011b). Corporate Governance in Slovenia 2011. Paris: OECD Publishing.Google Scholar

OECD (2011c). OECD Economic Surveys: Slovenia 2011. Paris: OECD Publishing.Google Scholar

OECD (2017a). Economic Surveys: Austria. Paris: OECD Publishing.Google Scholar

OECD (2017b). OECD Economic Surveys: Slovenia 2017. Paris: OECD Publishing.Google Scholar

OECD (2019). OECD Review of Corporate Governance of State-Owned Enterprises: Bulgaria. Available at: www.oecd.org/corporate/ca/Corporate-Governance-of-SOEs-in-Bulgaria.pdfGoogle Scholar

Office for National Statistics (2018). Ownership of UK Quoted Shares: 2018. Available at: www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/ownershipofukquotedshares/2018Google Scholar

Olson, M.(1982). The Rise and Decline of Nations. New Haven, CT and London: Yale University Press.Google Scholar

Olson, M. (1993). Dictatorship, Democracy, and Development. American Political Science Review, 87(3): 567–576.Google Scholar

Olson, M. (2000). Power and Prosperity. Outgrowing Communist and Capitalist Dictatorships. New York: Basic Books.Google Scholar

ONS (2020). Ownership of UK Quoted Shares: 2018. London: Office for National Statistics. Available at: www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/ownershipofukquotedshares/2018Google Scholar

Pacces, A. M. (2007). Featuring Control Power: Corporate Law and Economics Revisited. Rotterdam: Rotterdam Institute of Law and Economics, Erasmus University.Google Scholar

Pargendler, M. (2019). The Grip of Nationalism on Corporate Law. European Corporate Governance Institute (ECGI): Law Working Paper No. 437/2019.Google Scholar

PECA (2021a). Privatizirani aktivi kym 580 mln.lv. Available at: www.appk.government.bg/upload/92/aktivi580_BG_2019.pdfGoogle Scholar

PECA (2021b). Prihodi ot privatizazia. Available at: www.appk.government.bg/upload/95/Prix.1993-2019+.pdfGoogle Scholar

PECA (2021c). Annual Report. Available at: www.appk.government.bg/bg/69Google Scholar

Peev, E. (1995). Separation of Ownership and Control in South-Eastern Europe: The Case of Bulgaria. Europe-Asia Studies, 47(5): 859–875.Google Scholar

Peev, E. (1999). Separation of Ownership from Control in Southeast Europe: A Comparison of Bulgaria, Romania and Albania 1990–96. Sofia: Kota.Google Scholar

Peev, E. (2002). Ownership and Control Structures in Transition to ‘Crony’ Capitalism: The Case of Bulgaria. Eastern European Economics, 40(5): 73–91.Google Scholar

Peev, E. (2003). Corruption in Transition: Firms’ Political Strategies and Corporate Governance in Bulgaria, in Center for the Study of Democracy (ed.), Corruption and Anticorruption. Sofia: Center for the Study of Democracy, 138–148.Google Scholar

Peev, E. (2015). Institutions, Economic Liberalization and Firm Growth: Evidence from European Transition Economies. European Journal of Law and Economics, 40(1): 149–174.Google Scholar

Peev, E. and Mueller, D. (August 2012). Democracy, Economic Freedom and Growth in Transition Economies. Kyklos, 65(3): 371–407.Google Scholar

Peev, E. and Yalamov, T. (2020). New Evidence on the Ultimate Ownership of Large Firms: A Comparative Analysis of Eastern and Western Europe. Working paper.Google Scholar

Peev, E. and Yurtoglu, B. (2008). Corporate Financing in the New Member States: Firm-Level Evidence for Convergence and Divergence Trends. European Business Organization Law Review, 9(3): 337–383.Google Scholar

Piore, M. and Sabel, C. (1984). The Second Industrial Divide. New York: Basic Books.Google Scholar

Prašnikar, J. and Gregorič, A. (2002). The Influence of Workers’ Participation on the Power of Management in Transitional Countries: The Case of Slovenia. Annals of Public and Cooperative Economies, 73(2): 269–297. Available at: https://doi.org/10.1111/1467-8292.00194Google Scholar

Prohaski, G. (1998). A Review of Bulgarian Privatization, 23–24 November. Paris: OECD.Google Scholar

Puca, M. and Vatiero, M. (2017). Ownership and Innovation: Evidence from Switzerland. Working paper. Available at: https://ssrn.com/abstract=2739880 or http://dx.doi.org/10.2139/ssrn.2739880Google Scholar

Putnam, R. (1993). Making Democracy Work: Civic Traditions in Modern Italy. Princeton: Princeton University Press.Google Scholar

Rajan, R. G. and Zingales, L. (2003). The Great Reversals: The Politics of Financial Development in the Twentieth Century. Journal of Financial Economics, 69: 5–50.Google Scholar

Rapp, M.-S. and Strenger, C. (2015). Corporate Governance in Germany: Recent Developments and Challenges. Journal of Applied Corporate Finance, 27(4): 16–34.Google Scholar

Ringe, G. (2015). Changing Law and Ownership Patterns in Germany: Corporate Governance and the Erosion of Deutschland AG. The American Journal of Comparative Law, 63: 493–538.Google Scholar

Rodrik, D. (2006). Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990s: Learning from a Decade of Reform. Journal of Economic Literature, XLIV: 973–987.Google Scholar

Roe, M. J. (1991). A Political Theory of American Corporate Finance. Columbia Law Review, 91: 10, 11.Google Scholar

Roe, M. J. (1994). Strong Managers, Weak Owners: The Political Roots of American Corporate Finance. Princeton: Princeton University Press.Google Scholar

Roe, M. J. (2000). Political Preconditions to Separating Ownership from Corporate Control. Stanford Law Review, 53: 539–606.Google Scholar

Roe, M. J. (2003). Political Determinants of Corporate Governance: Political Context, Corporate Impact. Oxford and New York: Oxford University Press.Google Scholar

Roe, M. J. (2006). Legal Origins, Politics, and Modern Stock Markets. Harvard Law Review, 120: 460–527.Google Scholar

Roe, M. J. and Coan, T. G. (2017). Financial Markets and the Political Center of Gravity. Journal of Law, Finance, and Accounting, 2(1): 125–171.Google Scholar

Royal Bank of Scotland (2019). The Royal Bank of Scotland Group plc Annual Report and Accounts 2019. Available at: www.investors.rbs.com/~/media/Files/R/RBS-IR-V2/results-center/14feb2020/rbs-plc-annual-report.pdfGoogle Scholar

Rydqvist, K., Spizman, J. and Strebulaev, I. (2014). Government Policy and Ownership of Equity Securities. Journal of Financial Economics, 111: 70–85.Google Scholar

Schmidt, C. and Fahlenbrach, R. (2017). Do Exogenous Changes in Passive Institutional Ownership Affect Corporate Governance and Firm Value? Journal of Financial Economics, 124(2): 285–306.Google Scholar

Schneider, R., Wagner, A. and Bernasconi, C. W. (2016). Der Verwaltungsrat zwischen Regulierung und Marktdisziplin. Expert Focus, 9: 670–676.Google Scholar

Schönfelder, B. (2020). Ein Luhmann-Leitfaden für Ökonomen. Berlin: Berliner Wissenschafts-Verlag.Google Scholar

Schumpeter, J. (1942). Capitalism, Socialism and Democracy. This edition 2003. London and New York: Routledge.Google Scholar

Shleifer, A. (1994). Establishing Property Rights. Proceedings of the Annual Conference on Development Economics. World Bank.Google Scholar

Siems, M. (ed.) (2016). CBR Extended Shareholder Protection Index. Cambridge: Centre for Business Research, University of Cambridge. Available at: www.repository.cam.ac.uk/bitstream/handle/1810/256566/cbr-spi-30-countries-codebook-and-methodology.pdf?sequence=9&isAllowed=yGoogle Scholar

Simoneti, M., Damijan, J. P., Majcen, B. and Rojec, M. (2005). Case-by-Case versus Mass Privatization in Transition Economies: Owner and Seller Effects on Performance of Firms in Slovenia. World Development, 33(10): 1603–1625.Google Scholar

Slovenian Sovereign Holding (2016). Corporate Governance Code for State-Owned Enterprises. Available at: www.zdruzenje-ns.si/english/cg-resources/corporate-governance/Google Scholar

Slovenian Sovereign Holding (2019). Corporate Governance Code for State-Owned Enterprises. Available at: www.sdh.si/en-gb/news/1782/slovenian-sovereign-holding-revises-corporate-governance-code-for-soes-and-introduces-several-new-cases-of-good-practiceGoogle Scholar

Stiefel, D. (2000). Fifty Years of State-Owned Industry in Austria, in Toninelli, P (ed.), The Rise and Fall of State-Owned Enterprise in the Western World (Comparative Perspectives in Business History). Cambridge: Cambridge University Press, 237–252.Google Scholar

Stiftung Familienunternehmen (2009). Borsennotierte Familienunternehmen in Deutschland. Munich: Center for Entrepreneurial and Financial Studies (CEFS) of the Technical University of Munich (TUM).Google Scholar

Stiftung Familienunternehmen (2019). Borsennotierte Familienunternehmen in Deutschland: Bedeutung, Merkmale, Performance. Munich: Center for Entrepreneurial and Financial Studies (CEFS) of the Technical University of Munich (TUM).Google Scholar

Svensson, T. (2002). Globalisation, Marketisation and Power: The Swedish Case of Institutional Change. Scandinavian Political Studies, 25(3): 197–229.Google Scholar

SWIPRA Surveys (2013–2019). Corporate Governance Developments in Switzerland. Available at: www.swipra.ch/Google Scholar

Thomson, S. (2006). The Hidden Meaning of the Codes: Corporate Governance and Investor Rent Seeking. European Business Organization Law Review, 7(4): 845–861.Google Scholar

Tielmann, A. and Schiereck, D. (2017). Arising Borders and the Value of Logistic Companies: Evidence from the Brexit Referendum in Great Britain. Finance Research Letters, 20: 22–28.Google Scholar

Trapp, R. (1997). Budget ‘97: Pension Funds in Uproar Over Abolition of Tax Credit. The Independent, 3 July.Google Scholar

Traù, F. (ed.) (1999). La ‘questione dimensionale’ nell’industria italiana. Bologna: Il Mulino.Google Scholar

Trend. (n.d.) Available at: www.trend.at/Google Scholar

Trif, D. (2020). German Corporate Governance Standards Overhauled. Sustainalytics, 16 March.Google Scholar

Vatiero, M. (2017). Learning from the Swiss Corporate Governance Exception. Kyklos, 70(2): 330–343.Google Scholar

Vitols, S. (2001). Varieties of Corporate Governance: Comparing Germany and the UK, in Hall, P. and Soskice, D. (eds.), Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press, 337–360.Google Scholar

Voszka, E. (1992). Spontaneous Privatization in Hungary, in Earle, J., Frydman, R. and Rapaczynski, A. (eds.), Privatisation in the Transition to a Market Economy: Studies of Preconditions and Policies in Eastern Europe. London: Pinter Publishers and New York: St Martin’s Press, 89–107.Google Scholar

Wagner, A. F. and Wenk, C. (2022). Say-on-Pay and Shareholder Value: The Tension between Agency and Hold-up. European Corporate Governance Institute (ECGI): Finance Working Paper No. 500/2017. Available at: https://ssrn.com/abstract=1793089Google Scholar

Warburton, J. A. (2012). Competition in Financial Services: Evidence from British Mutual Funds. Journal of Empirical Legal Studies, 9: 827–858.Google Scholar

Weber, A. (2009). An Empirical Analysis of the 2000 Corporate Tax Reform in Germany: Effects on Ownership and Control in Listed Companies. International Review of Law and Economics, 29: 57–66.Google Scholar

Wiberg, D. (2008). Institutional Ownership: The Anonymous Capital. Corporate Governance and Investment Performance, Jonkoping International Business School, Jonkoping University.Google Scholar

Williams, A. (2020). Why a Sensible Deadline for US–UK Trade Talks Is Next April. Financial Times, 13 May. Available at: www.ft.com/content/81f43006-3c1e-4147-a1bf-affd33ccd0e4Google Scholar

Williamson, J. (1993). Democracy and the ‘Washington Consensus’. World Development, 21(8): 1329–1336.Google Scholar

World Bank (2021), Foreign Direct Investment, Net Inflows, BoP Current USD. Available at: https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD?locations=BGGoogle Scholar

Yalamov, T. and Belev, B. (2002). Corporate Governance: An Antidote to Corruption. Examples/Lessons Learned in Bulgaria and Transition Countries, in Shkolnikov, A. (ed.), Corporate Governance: An Antidote to Corruption. Washington, DC: CIPE, 33–36.Google Scholar

Zattoni, A. and Minichilli, A., (2009), The Diffusion of Equity Incentive Plans in Italian Listed Companies: What Is the Trigger? Corporate Governance: An International Review, 17: 224–237.Google Scholar

Zehnder Egon (2018). Global Board Diversity Tracker. Available at: www.egonzehnder.com/global-board-diversity-tracker/Google Scholar

Zingales, L. (1994). The Value of the Voting Right: A Study of the Milan Stock Exchange Experience. Review of Financial Studies, 7(1): 125–148.Google Scholar