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Corporate Governance in an Emerging Market: The Case of Israel

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Listed:
  • Asher Blass

    (Bank of Israel)

  • Yishay Yafeh

    (The Hebrew University of Jerusalem)

  • Oved Yosha

    (Tel Aviv University)

Abstract

A considerable amount of research has been devoted in recent years to the role of corporate governance and the ways in which corporate managers are monitored. Most have studied countries with relatively developed financial markets such as the US, the UK, Germany, and Japan, often focusing on the differences between them. It is important, however, to develop a better understanding of corporate governance in emerging markets because of their growing share in world markets and since, in recent years, US and other foreign investors have earmarked increasing amounts of funds to portfolio investment in emerging markets. In 1996, such investment exceeded 90 billion dollars, a sum 15 times greater than in 1990. During this period, the foreign stock component of US investors' portfolios doubled from 3 to 6 percent.

Suggested Citation

  • Asher Blass & Yishay Yafeh & Oved Yosha, 1997. "Corporate Governance in an Emerging Market: The Case of Israel," Bank of Israel Working Papers 1997.08, Bank of Israel.
    • Handle: RePEc:boi:wpaper:1997.08
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    References listed on IDEAS

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    1. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
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    4. Julian Franks & Colin Mayer, 1997. "Corporate Ownership And Control In The U.K., Germany, And France," Journal of Applied Corporate Finance, Morgan Stanley, vol. 9(4), pages 30-45, January.
    5. Yosha, Oved, 1995. "Privatising Multi-product Banks," Economic Journal, Royal Economic Society, vol. 105(433), pages 1435-1453, November.
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    Cited by:

    1. Ber, Hedva & Yafeh, Yishay & Yosha, Oved, 2001. "Conflict of interest in universal banking: Bank lending, stock underwriting, and fund management," Journal of Monetary Economics, Elsevier, vol. 47(1), pages 189-218, February.
    2. Mitra, Sovan & Karathanasopoulos, Andreas & Sermpinis, Georgios & Dunis, Christian & Hood, John, 2015. "Operational risk: Emerging markets, sectors and measurement," European Journal of Operational Research, Elsevier, vol. 241(1), pages 122-132.
    3. Feng, Xunan & Hu, Na & Johansson, Anders C., 2016. "Ownership, analyst coverage, and stock synchronicity in China," International Review of Financial Analysis, Elsevier, vol. 45(C), pages 79-96.
    4. Hyejun Kim & Jaeyong Song, 2017. "Filling institutional voids in emerging economies: The impact of capital market development and business groups on M&A deal abandonment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(3), pages 308-323, April.
    5. Blass, Asher & Yafeh, Yishay, 2001. "Vagabond shoes longing to stray: Why foreign firms list in the United States," Journal of Banking & Finance, Elsevier, vol. 25(3), pages 555-572, March.
    6. Asher Blass & Oved Yosha, 2003. "Financing R&D in mature companies: An empirical analysis," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 12(5), pages 425-447.

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