Corporate Governance of Financial Intermediaries in Bulgaria (1898-1947)

The dynamics of reforms in the financial system changes corporate governance practices. When forming a national type of corporate governance, a significant role is played by the external environment in the face of the state and the inflow of foreign capital. The similarity between national and international corporate governance practices is apparent and subject to critical review.The monograph deals with the corporate governance of financial intermediaries for the historical period from 1898 to 1947. On the ground of agent theory are presented the main participants and instruments used.Financial intermediaries arise from the struggle with speculation and usury, and from the need to accumulate capital and lend to the economy. The development of corporate governance in the financial system largely duplicates the dynamics in other countries in the presence of national specificities. A leading factor in forming good practice is the state and, to a great extent, the laws and measures to deal with the effects of the Great Depression. Foreign good practices in corporate governance have been applied in Bulgarian reality, taking into account the specificities of financial intermediaries for the particular period