Where is the Bulgarian Corporate Governance Model Heading to?

The paper critices two hipothetical trajectories for development of the Bulgarian corporate governance model (BCGM) as not feasible, and offers a different solution. The first opposed variant assertsthat BCGM would imitate a converging model, which follows the convergence of the two global CG systems. Its alternative strategy is formulated as adapting the corporate governance system to our national specific with its inherent cultural and political norms. The paper insist that both of the above models are discarding important national features of the BCGM; when taken into account they will reveal a quite different picture for that model, one of lagged model, with charackteristics already overcame in the present day developed countries. Respectively the trajectory it has to follow is quite different from those of the two critisesed hypothesses.