Borsa Istanbul Review最新文献

Steadfast in crisis: Can Islamic finance enhance Cameroonian SMEs’ resilience strategies against the COVID-19 pandemic and the Russia/Ukraine war? 在危机中坚定不移：伊斯兰金融能否增强喀麦隆中小企业应对2019冠状病毒病大流行和俄罗斯/乌克兰战争的韧性战略？

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-10 DOI: 10.1016/j.bir.2025.03.002

Ali Haruna , Wissal Sahel , Muhamadu Awal Kindzeka Wirajing , Poutong Rais Herman

引用次数: 0

Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises 规范CEO薪酬：中国国有企业不当行为的补救措施

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-08 DOI: 10.1016/j.bir.2025.03.001

Umer Sahil Maqsood , Qian Li , Hadi Hussain , Murtaza Hussain , R.M. Ammar Zahid

{"title":"Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises","authors":"Umer Sahil Maqsood , Qian Li , Hadi Hussain , Murtaza Hussain , R.M. Ammar Zahid","doi":"10.1016/j.bir.2025.03.001","DOIUrl":"10.1016/j.bir.2025.03.001","url":null,"abstract":"<div><div>The growing compensation disparity between CEOs and employees has become a global concern, underscoring the need for regulatory measures to ensure fair and equitable remuneration practices. Drawing insights from China's government regulation of CEO compensation (GRCC) for state-owned enterprises (SOEs), this study investigates the impact of GRCC on fraudulent activities within SOEs. Using data from China's A-share listed firms between 2010 and 2022 and applying logit regression models within a difference-in-difference framework, our empirical findings show a significant reduction in fraud following the implementation of GRCC. Additionally, the effect of GRCC is more pronounced in local SOEs compared to their central counterparts. Channel analysis reveals that GRCC promotes CEO political promotion, improves the quality of internal controls, and alleviates financial constraints within firms, which collectively reduce fraudulent activities. The results remain robust across various endogeneity tests, parallel trend assumptions, propensity score matching, placebo tests and alternative variable measurements.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 3","pages":"Pages 617-632"},"PeriodicalIF":6.3,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143860093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The benefits of sectoral diversification for investors with different risk perceptions 行业多元化对风险认知不同的投资者的好处

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-02 DOI: 10.1016/j.bir.2025.02.008

Serdar Yaman , Mert Baran Tuncel

引用次数: 0

Connections between gold, main agricultural commodities, and Turkish stock markets 黄金、主要农产品和土耳其股市之间的联系

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.001

Hasan Kazak , Walid Mensi , Mehmet Akif Gunduz , Abdullah Kilicarslan , Ahmet Tayfur Akcan

{"title":"Connections between gold, main agricultural commodities, and Turkish stock markets","authors":"Hasan Kazak , Walid Mensi , Mehmet Akif Gunduz , Abdullah Kilicarslan , Ahmet Tayfur Akcan","doi":"10.1016/j.bir.2025.01.001","DOIUrl":"10.1016/j.bir.2025.01.001","url":null,"abstract":"<div><div>This study investigates the relationship between gold prices, agricultural commodity prices (rice, flour, bean, chickpea, lentil, and sugar), and Turkish stock markets. Using the Fourier Toda-Yamamoto causality test and wavelet coherency approach, we find that gold prices significantly influence agricultural commodity prices, emphasizing gold's pivotal role in agricultural market dynamics. Portfolio diversification incorporating gold and agricultural commodities mitigates risks, enhancing portfolio resilience. The BIST100 index and agricultural spot commodity prices exhibit differential impacts depending on specific products. Wavelet coherence analysis reveals time-varying dependencies, suggesting investors leverage their investments in BIST100 and gold for diversification with agricultural commodities. Our findings present agricultural commodities as alternative investment instruments, subject to favorable market conditions. The portfolio analysis uncovers nuanced relationships between commodities and indices, guiding investors in diversification and real asset investments. This research contributes novel perspectives, emphasizing the viability of agricultural commodities in diversified portfolios.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 296-310"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach 金砖四国部门指数与波罗的海脏船指数之间的动态依赖关系：使用广义R2方法的调查

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.010

Şerife Akıncı Tok , Savaş Tarkun

{"title":"Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach","authors":"Şerife Akıncı Tok , Savaş Tarkun","doi":"10.1016/j.bir.2025.01.010","DOIUrl":"10.1016/j.bir.2025.01.010","url":null,"abstract":"<div><div>This study analyzes the dynamic connectedness between the Baltic Dirty Tanker Index (BDTI) and sector indexes in the stock exchanges of the BRIC countries, focusing on the chemical, oil, and raw materials sectors. Using daily data from January 1, 2015, to September 30, 2024, the analysis reveals significant pairwise relationships, highlighting the sensitivity of these sector indexes to shipping costs. The findings indicate that during periods of heightened market volatility, the BDTI has substantial influence, especially on Russia's chemical and India's oil and gas sectors. These results suggest that geopolitical risks and market uncertainty can significantly amplify interdependence. Based on these insights, proactive policies aimed at stabilizing shipping costs and improving cooperation among the BRIC countries are recommended to mitigate the impact of unexpected increases in freight rates. This study offers valuable information for policy makers, investors, and industry representatives for strengthening risk management strategies in shipping and logistics.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 265-274"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impact of geopolitical risk on firm financial fragility: International evidence from listed companies 地缘政治风险对企业财务脆弱性的影响：来自上市公司的国际证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.004

Hüseyin Kaya , Yasir Küçükşahin , Mücahit Çitil

引用次数: 0

Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies 共同机构所有权能否约束控股股东的股权质押？来自中国上市公司的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.008

Fangfang Zhou , Lianghua Chen , Libin Zhao , Xiangfei Fu

{"title":"Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies","authors":"Fangfang Zhou , Lianghua Chen , Libin Zhao , Xiangfei Fu","doi":"10.1016/j.bir.2025.01.008","DOIUrl":"10.1016/j.bir.2025.01.008","url":null,"abstract":"<div><div>The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of common institutional ownership on controlling shareholders’ equity-pledging behavior using data from Chinese A-share listed firms between 2010 and 2021. The findings reveal that common institutional ownership significantly reduces equity-pledging activities among controlling shareholders. This relationship is robust across various tests, including the Heckman two-step model and instrumental variable approach. Mechanism analysis suggests that common institutional ownership influences equity pledging mainly through scale effects, board appointments, and exit threats. Moreover, the effect is stronger when long-term independent institutional investors are involved. These findings contribute to the literature by highlighting factors influencing equity pledges and showing how common institutional ownership reduces the risks associated with controlling shareholders' equity pledges.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 311-322"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence 在港交所交叉上市是否影响中国企业的绿色创新？新证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.003

Xin Xiang , Xu He

{"title":"Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence","authors":"Xin Xiang , Xu He","doi":"10.1016/j.bir.2025.01.003","DOIUrl":"10.1016/j.bir.2025.01.003","url":null,"abstract":"<div><div>Green innovation is a costly and risky process that enables firms to improve their energy efficiency and maintain sustainable growth. In this study, we investigate whether cross-listing shares in developed markets encourages firms from developing markets to engage in green innovation. By analyzing a sample of firms that are simultaneously listed on the Chinese A-share market and the Hong Kong Stock Exchange, the study finds that cross-listed firms have more green patent applications, patent grants, and citations than non-cross-listed firms. The transmission mechanisms suggest that cross-listed firms are motivated by foreign investors’ expectations of sustainable growth to engage in green innovation. <span>Furthermore</span>, in developed capital markets, high-quality firms can receive capital at low costs and use it to support valuable green innovation. As a result, cross-listed firms demonstrate better environmental performance after cross-listing, and green innovation products (patents) enable cross-listed firms to improve their financial performance. Overall, we establish a relationship between cross-listing and green innovation and highlight a new factor that leads firms to undertake valuable green innovation.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 323-336"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

When to bet against beta? Ask Google 什么时候做空？问谷歌

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.005

Pedro Piccoli

引用次数: 0

Impact of firm-level climate change exposure on firm value: The moderating role of carbon transparency 企业层面气候变化暴露对企业价值的影响：碳透明度的调节作用

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.006

Shan Jin, Christopher Gan, Zhaohua Li

引用次数: 0