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Do firms defer or accelerate green investment under carbon price uncertainty? 在碳价格不确定的情况下，企业是推迟还是加速绿色投资？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-06-03 DOI: 10.1016/j.bir.2025.06.001
Chengxing Xie , Liang Wu , Zhijie Tong
{"title":"Do firms defer or accelerate green investment under carbon price uncertainty?","authors":"Chengxing Xie ,&nbsp;Liang Wu ,&nbsp;Zhijie Tong","doi":"10.1016/j.bir.2025.06.001","DOIUrl":"10.1016/j.bir.2025.06.001","url":null,"abstract":"<div><div>This study examines how carbon price uncertainty (CPU) in China's regional carbon markets shapes firms' green investment (GI) decisions, addressing a critical gap in empirical and regional research. Using granular data from eight Chinese regional carbon markets and listed firms' green expenditure records, we demonstrate that rising CPU accelerates GI commitments. It indicates that, contrary to the traditional ‘wait-and-see’ approach posited by real options theory, firms actively hedge against market-induced climate risks rather than deferring investments. This effect is amplified for firms facing lower financing constraints, operating in low-carbon industries, or located in regions with advanced green financial infrastructure. Robustness checks and instrumental variable analysis validate these results. Our analysis further establishes that internal active carbon management and external green investor participation constitute dual transmission channels through which CPU stimulates firms' commitment to financing green initiatives.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 824-837"},"PeriodicalIF":6.3,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480237","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
Corrigendum to “Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting” [Borsa Istanbul Review 23-5 (2023) 1037–1057/4] “蜱虫规模、流动性股票和市场质量：来自独特环境下自然实验的证据”的勘误[Borsa Istanbul Review 23-5 (2023) 1037-1057/4]
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-05-14 DOI: 10.1016/j.bir.2025.05.006
Güzhan Gülay, Yaşar Ersan
{"title":"Corrigendum to “Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting” [Borsa Istanbul Review 23-5 (2023) 1037–1057/4]","authors":"Güzhan Gülay,&nbsp;Yaşar Ersan","doi":"10.1016/j.bir.2025.05.006","DOIUrl":"10.1016/j.bir.2025.05.006","url":null,"abstract":"","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Page 838"},"PeriodicalIF":6.3,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480238","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
Corrigendum to immigrants and natives “Financial decision making: Evidence from Türkiye [Borsa Istanbul Review 23-S2 (2023) S29–S37/4] 移民和本地人的勘误表“财务决策：来自rkiye的证据[Borsa Istanbul Review 23-S2 (2023) S29-S37/4]
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-05-14 DOI: 10.1016/j.bir.2025.05.007
Güzhan Gülay, Yaşar Ersan, Abdullah Selim Öztek
{"title":"Corrigendum to immigrants and natives “Financial decision making: Evidence from Türkiye [Borsa Istanbul Review 23-S2 (2023) S29–S37/4]","authors":"Güzhan Gülay,&nbsp;Yaşar Ersan,&nbsp;Abdullah Selim Öztek","doi":"10.1016/j.bir.2025.05.007","DOIUrl":"10.1016/j.bir.2025.05.007","url":null,"abstract":"","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Page 839"},"PeriodicalIF":6.3,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480239","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
ESG ratings and firm performance: The moderating role of ESG rating disagreement ESG评级与企业绩效：ESG评级分歧的调节作用
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-05-03 DOI: 10.1016/j.bir.2025.05.001
Chengcheng Liu , Qianhui Wu , Yu-En Lin
{"title":"ESG ratings and firm performance: The moderating role of ESG rating disagreement","authors":"Chengcheng Liu ,&nbsp;Qianhui Wu ,&nbsp;Yu-En Lin","doi":"10.1016/j.bir.2025.05.001","DOIUrl":"10.1016/j.bir.2025.05.001","url":null,"abstract":"<div><div>We examine the impact of ESG rating disagreement on the relationship between ESG ratings and firm performance. We find that ESG ratings are negatively associated with firm performance. Moreover, ESG rating disagreement positively moderates the relationship between ESG ratings and firm performance, weakening the negative impact of ESG ratings on firm performance. Furthermore, additional tests suggest that ESG rating disagreement plays a moderating role only for firms with better disclosure quality and worse corporate governance, greater environmental munificence and dynamism, smaller size, and greater social capital. Overall, our findings support agency theory and the resource-based view, highlighting the importance of rating consistency and the role of high ESG rating scores as an intangible resource that indicates agency problems. However, ESG rating disagreement also serves a governance function.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 816-823"},"PeriodicalIF":6.3,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144482416","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
Investor trends during periods of geopolitical risk in Türkiye: Which assets serve as safe havens? 地缘政治风险时期的投资者趋势：哪些资产可以作为避险资产？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-04-26 DOI: 10.1016/j.bir.2025.04.005
Durmuş Yıldırım , Mirac Eren , Mesut Dogan
{"title":"Investor trends during periods of geopolitical risk in Türkiye: Which assets serve as safe havens?","authors":"Durmuş Yıldırım ,&nbsp;Mirac Eren ,&nbsp;Mesut Dogan","doi":"10.1016/j.bir.2025.04.005","DOIUrl":"10.1016/j.bir.2025.04.005","url":null,"abstract":"<div><div>This study investigates the safe-haven properties of different asset classes during periods of geopolitical risk in Türkiye and examines their comovement with the Geopolitical Risk Index. The research covers the period from January 2010 to January 2023 and employs wavelet coherence analysis and quantile-on-quantile regression methods. The findings reveal that geopolitical risk has varying long- and short-term effects on financial markets and housing prices. Additionally, our results show that the housing market can anticipate geopolitical risk fluctuations in the long run, and investors tend to shift to real estate during high-risk periods. Although gold acts as a safe haven in both the long and short run when geopolitical risk rises, oil prices respond in various ways in terms of direction and timing. Furthermore, fixed-income instruments are not perceived as safe-haven assets during periods of heightened geopolitical risk; instead, they tend to increase in parallel with perceptions of rising risk. The findings offer valuable insights into how investors formulate strategies during periods of uncertainty and have significant implications for policy makers and market participants.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 801-815"},"PeriodicalIF":6.3,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144482415","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
Unveiling the dynamic interconnectedness of fossil fuels, clean energy, water, and technology assets 揭示化石燃料、清洁能源、水和技术资产之间的动态相互联系
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-04-18 DOI: 10.1016/j.bir.2025.04.003
Melike Aktaş Bozkurt
{"title":"Unveiling the dynamic interconnectedness of fossil fuels, clean energy, water, and technology assets","authors":"Melike Aktaş Bozkurt","doi":"10.1016/j.bir.2025.04.003","DOIUrl":"10.1016/j.bir.2025.04.003","url":null,"abstract":"<div><div>This study explores dynamic interconnectedness and volatility spillovers among four asset clusters—brown (fossil fuels), green (clean energy), blue (water-related), and orange (technology)—from April 2014 to October 2024, incorporating major geopolitical events, such as COVID-19, the Russia-Ukraine war, and the Israel-Gaza conflict. Using time-varying parameter–vector autoregressions and wavelet coherence, the analysis shows that green and blue clusters display higher resilience and lower spillovers under crisis conditions, suggesting their potential to act as safe havens. Meanwhile, the brown cluster faces heightened vulnerability to energy market shocks, and the orange cluster strengthens its ties with clean energy assets when driven by technological innovation. These findings highlight growing decoupling between clean energy and fossil fuels and the pivotal role of technology in accelerating that shift.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 781-800"},"PeriodicalIF":6.3,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144482414","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
From macro to micro: Enhancing real GDP predictions through business tendency and bank loans surveys 从宏观到微观：通过商业趋势和银行贷款调查提高实际GDP预测
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-04-11 DOI: 10.1016/j.bir.2025.03.010
Oguzhan Cepni , Furkan Emirmahmutoglu
{"title":"From macro to micro: Enhancing real GDP predictions through business tendency and bank loans surveys","authors":"Oguzhan Cepni ,&nbsp;Furkan Emirmahmutoglu","doi":"10.1016/j.bir.2025.03.010","DOIUrl":"10.1016/j.bir.2025.03.010","url":null,"abstract":"<div><div>This study examines how effectively common factors, extracted using both the partial least squares method and principal component analysis from the business tendency survey and the banking loan tendency survey, can predict Turkiye’s economic growth. The findings indicate that integrating this survey data with macroeconomic variables has the potential to improve the accuracy of Turkiye’s real GDP growth predictions. When examined at the sector level, models employing factors from the Durable Consumer Goods sector exhibited the strongest predictive capabilities. Regarding firm size, models based on factors from large companies yielded superior out-of-sample prediction performance. Moreover, refining the prediction models by strategically reducing the number of factors using variable selection algorithms and choosing the most significant ones further enhanced their forecast accuracy. In conclusion, this study offers invaluable insights for policymakers, investors, and households in Turkiye by introducing a new approach to improving the accuracy of economic growth forecasts.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 770-780"},"PeriodicalIF":6.3,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144482413","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
Corporate sustainable development: ESG rating divergence and stock liquidity in China 企业可持续发展：ESG评级差异与中国股票流动性
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-04-08 DOI: 10.1016/j.bir.2025.04.002
Xinru Zhang, Xiaojie Sun, Yu Gao
{"title":"Corporate sustainable development: ESG rating divergence and stock liquidity in China","authors":"Xinru Zhang,&nbsp;Xiaojie Sun,&nbsp;Yu Gao","doi":"10.1016/j.bir.2025.04.002","DOIUrl":"10.1016/j.bir.2025.04.002","url":null,"abstract":"<div><div>In the process of allocating capital, investors are increasingly considering environmental, social, and governance (ESG) ratings and green development. To investigate the effect of differences in agencies’ ESG ratings on stock liquidity, we examine data from A-share firms listed on the Shanghai and Shenzhen Stock Exchanges between 2015 and 2022. We find an association between ESG rating divergence and declines in stock liquidity; however, analyst and media attention mitigate this association. Our cross-sectional analysis reveals that stock liquidity at non-state-owned enterprises and less labor-intensive businesses is more likely to suffer the negative impact of ESG rating divergence. Our study adds to the literature on the relationship between differences in ESG ratings between ratings agencies and stock liquidity, offering valuable insights and suggestions for optimizing the ESG rating system and boosting stock market vitality.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 746-755"},"PeriodicalIF":6.3,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480229","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
Electricity prices through the lens of sentiments for the UN and the IMF: An asymmetric approach for Türkiye 从联合国和国际货币基金组织的观点看电价：一种不对称的方法
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-04-08 DOI: 10.1016/j.bir.2025.03.008
Pinar Deniz , Thanasis Stengos
{"title":"Electricity prices through the lens of sentiments for the UN and the IMF: An asymmetric approach for Türkiye","authors":"Pinar Deniz ,&nbsp;Thanasis Stengos","doi":"10.1016/j.bir.2025.03.008","DOIUrl":"10.1016/j.bir.2025.03.008","url":null,"abstract":"<div><div>This study examines the impact of the tone used in communication by two major international organizations, the United Nations (UN) and the International Monetary Fund (IMF), on electricity prices in Türkiye, an energy-dependent developing country with the highest-growing energy demand among member countries of the Organization for Economic Cooperation and Development (OECD). The empirical findings reveal that the effect of the communication tone of the two organizations on electricity prices differs, such that the IMF has a larger impact. Because of the significant impact of the communication tone by the IMF and the UN on the Turkish electricity market, the main policy recommendations to ensure energy security in Türkiye are decreasing dependence on the global markets, increasing credibility via sound domestic macroeconomic policymaking, increasing the share of renewable energy, and initiating a battery energy storage system.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 756-769"},"PeriodicalIF":6.3,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144482480","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
Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization 外国金融是否促进了发展中国家可再生能源的生产和消费？全球化的作用
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-04-07 DOI: 10.1016/j.bir.2025.04.001
Ebaidalla M. Ebaidalla
{"title":"Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization","authors":"Ebaidalla M. Ebaidalla","doi":"10.1016/j.bir.2025.04.001","DOIUrl":"10.1016/j.bir.2025.04.001","url":null,"abstract":"<div><div>Given the increasing global interest in the transition to green energy sources in developing countries that have financial constraints, this study examines the influence of foreign finance on the production and consumption of renewable energy (RE). The study also explores whether globalization reinforces or weakens the impact of foreign finance on both production and consumption of RE using a sample of 88 developing countries between 1996 and 2020. The study uses advanced panel data methods including Driscoll-Kraay robust standard errors, a method of moments quantile regression (MMQR), and a generalized method of moments (GMM). The results indicate that foreign finance variables have varying effects on both the production and consumption of RE. Specifically, foreign aid and migrant remittances have a positive and significant influence on both the production and consumption of RE across various model specifications and quantiles. However, although foreign direct investment (FDI) has a positive impact on production of RE, it has no significant effect on consumption of it. Moreover, the results indicate that globalization strengthens the role of foreign aid and FDI in the production of RE. Furthermore, globalization mitigates the negative impact of remittances on production of RE, but enhances their positive effect on consumption of it. The findings highlight the crucial role of globalization in fostering the nexus between foreign finance and renewable energy in developing countries, emphasizing the role of international cooperation in promoting the transition to sustainable energy.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 733-745"},"PeriodicalIF":6.3,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480228","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
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