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Do firms increase ESG activities during periods of geopolitical risk? Evidence from Korean business groups 在地缘政治风险时期，企业是否会增加 ESG 活动？来自韩国企业集团的证据
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.11.002
Hongmin Chun , Boyoung Moon
{"title":"Do firms increase ESG activities during periods of geopolitical risk? Evidence from Korean business groups","authors":"Hongmin Chun ,&nbsp;Boyoung Moon","doi":"10.1016/j.bir.2024.11.002","DOIUrl":"10.1016/j.bir.2024.11.002","url":null,"abstract":"<div><div>This study examines the impact of the geopolitical risk (GPR) on the environmental, social, and governance (ESG) activities of South Korean business groups. Our empirical results indicate that GPR is positively associated with the ESG activities of South Korean firms, and this relationship is more pronounced among business groups. Furthermore, our results imply that South Korean business groups prioritizing their reputation or operating in a competitive market increase their ESG activities when GPR increases. Specifically, South Korean firms strategically increase their ESG activities during periods of significant GPR to enhance their reputation and build moral capital.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1393-1401"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723966","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
Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle 石油冲击与美国工业中高时刻信息的传播：来自不对称难题的证据
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.005
Muhammad Abubakr Naeem , Raazia Gul , Ahmet Faruk Aysan , Umar Kayani
{"title":"Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle","authors":"Muhammad Abubakr Naeem ,&nbsp;Raazia Gul ,&nbsp;Ahmet Faruk Aysan ,&nbsp;Umar Kayani","doi":"10.1016/j.bir.2024.07.005","DOIUrl":"10.1016/j.bir.2024.07.005","url":null,"abstract":"<div><div>Using a cross-quantilogram approach, this study analyzes the transmission of higher-moment information across US industries with high-frequency (1-min) data. We investigate the effects of oil demand and supply shocks on this transmission, revealing that the impact is asymmetric. Specifically, negative oil price shocks amplify the asymmetric transmission of higher-moment information, whereas positive shocks have the opposite effect. The findings highlight the complexity in information transmission dynamics in response to oil price fluctuations, highlighting the need for policy makers and investors to account for these nuances when assessing risk and making decisions. The results emphasize the critical role of the direction and magnitude of oil prices in shaping the information landscape across industries.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1190-1204"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141697937","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
The effects of diversity and inclusion on ESG performance: A comparison between Islamic and conventional banks 多样性和包容性对环境、社会和公司治理绩效的影响：伊斯兰银行与传统银行的比较
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.10.001
Yunice Karina Tumewang , Kemala Putri Ayunda , Maudi Rahmah Azzahra , M. Kabir Hassan
{"title":"The effects of diversity and inclusion on ESG performance: A comparison between Islamic and conventional banks","authors":"Yunice Karina Tumewang ,&nbsp;Kemala Putri Ayunda ,&nbsp;Maudi Rahmah Azzahra ,&nbsp;M. Kabir Hassan","doi":"10.1016/j.bir.2024.10.001","DOIUrl":"10.1016/j.bir.2024.10.001","url":null,"abstract":"<div><div>This study analyzes the effects of diversity, inclusion, and people development (DIP) on environmental, social, and governance (ESG) performance in Islamic and conventional banks from 2015 to 2022. Using data from Refinitiv database, it reveals that a more diverse and inclusive workplace is found to have better overall ESG performance and both pillars (environmental and social performance). This positive and significant association is more pronounced in Islamic banks than in its conventional counterpart. However, no significant effect was found on governance performance. These findings are robust to several sensitivity analyses based on some alternative measures. To the best of the authors’ knowledge, this is the first empirical study investigating the effects of diversity, inclusion, and people development on ESG performance, using multi-country data on Islamic and conventional banks.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1101-1110"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723911","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
Connected but fragile: Fund-to-fund holdings and redemptions 关联但脆弱：基金对基金的持有和赎回
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.011
Milan Szabo
{"title":"Connected but fragile: Fund-to-fund holdings and redemptions","authors":"Milan Szabo","doi":"10.1016/j.bir.2024.07.011","DOIUrl":"10.1016/j.bir.2024.07.011","url":null,"abstract":"<div><div>Investment funds are increasingly investing in other funds. I study the implications of this using Czech fund data from 2011 to 2022. Cross-fund holdings boosted diversification and returns, albeit with increased volatility. Moreover, the funds primarily sold fund shares compared to other assets to pay large redemption proceeds, especially during stressful periods. I then explore individual fund-to-fund redemptions and show increasing redemptions from funds experiencing outflows of investors. The relation is pronounced for shares held that are issued by less liquid funds, consistent with elevated strategic complementarity among the remaining investors that the funds seem to amplify further. Finally, the study investigates supportive behavior within fund families, finding evidence of increased purchases of constituents of those families that are subject to redemptions.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1287-1304"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945629","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
The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance? 金融风险承受能力和投资组合分配的决定因素：Covid-19 大流行病和乌克兰战争是否影响了我们的风险承受能力？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.11.001
Adna Omanovic , Azra Zaimovic
{"title":"The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance?","authors":"Adna Omanovic ,&nbsp;Azra Zaimovic","doi":"10.1016/j.bir.2024.11.001","DOIUrl":"10.1016/j.bir.2024.11.001","url":null,"abstract":"<div><div>This study focuses on examining the factors affecting financial risk tolerance and portfolio allocation among working-age highly educated adults in Bosnia and Herzegovina. It also explores how the Covid-19 pandemic and the Russian invasion of Ukraine have affected these financial decisions. We employed multinomial logistic regression, incorporating subjective and objective risk tolerance measures, and considered various socio-demographic and psychological risk-taking factors. The findings reveal that risk attitudes, along with investment knowledge and experience are the primary determinants of financial risk tolerance, while socio-demographic variables have minimal effect. Moreover, the recent financial turmoil resulting from the Covid-19 pandemic and the Russian invasion of Ukraine substantially influenced individual's subjective risk tolerance, with no impact on the objective risk tolerance, which is our main contribution to the existing literature. This study contributes to understanding of financial risk tolerance in emerging markets, shedding light on the key determinants and impact of significant global events.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1381-1392"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723965","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
Market reactions to the Israel-hamas conflict: A comparative event study of the US and Chinese markets 市场对以色列-哈马斯冲突的反应：中美市场事件比较研究
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.10.005
Rizky Yudaruddin , Dadang Lesmana , İbrahim Halil Ekşi , William Ginn
{"title":"Market reactions to the Israel-hamas conflict: A comparative event study of the US and Chinese markets","authors":"Rizky Yudaruddin ,&nbsp;Dadang Lesmana ,&nbsp;İbrahim Halil Ekşi ,&nbsp;William Ginn","doi":"10.1016/j.bir.2024.10.005","DOIUrl":"10.1016/j.bir.2024.10.005","url":null,"abstract":"<div><div>This study examines how the US and Chinese markets reacted to the Israel-Hamas conflict using an event study method. The analysis included 2087 firms from China and 1881 firms from the US. The results show differing responses in these markets before and after the conflict was announced. However, some sectors like consumer staples, financials, real estate, and energy had similar reactions, with the energy sector showing a notably strong positive response. These results offer important insights for policymakers, firms, and investors seeking to understand how geopolitical events impact market dynamics.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1345-1357"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723962","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
Stock market responses to economic sanctions: Evaluating the roles of national reserves and financial market access 股市对经济制裁的反应：评估国家储备和金融市场准入的作用
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.10.006
Ahmed Alwadeai , Nataliia Vlasova , Hadi Mareeh , Nadeem Aljonaid
{"title":"Stock market responses to economic sanctions: Evaluating the roles of national reserves and financial market access","authors":"Ahmed Alwadeai ,&nbsp;Nataliia Vlasova ,&nbsp;Hadi Mareeh ,&nbsp;Nadeem Aljonaid","doi":"10.1016/j.bir.2024.10.006","DOIUrl":"10.1016/j.bir.2024.10.006","url":null,"abstract":"<div><div>Economic sanctions significantly influence stock market capitalization and have critical implications for the national economy. This study investigates the impact of economic sanctions on stock market capitalization, focusing on the roles of national reserves and financial market access in mitigating these effects, utilizing a sample of 87 countries from 2000 to 2021 and employing a two-step system generalized method of moments (GMM) approach to analyze panel data. The findings reveal that economic sanctions, including trade and financial sanctions, significantly reduce stock market capitalization. However, this negative impact diminishes over time as markets adapt. Moreover, higher national reserves and enhanced financial market accessibility can mitigate the adverse effects of sanctions. Case studies in Russia, Iran, China, and Ukraine further validate these results. This study refines economic models, such as the capital asset pricing model (CAPM) and country risk model (CRM), by including sanction intensity, national reserves, and financial market accessibility, offering valuable insights for policymakers and investors dealing with international sanctions.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1358-1372"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723963","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
How does green investment respond to ICT and financial development? 绿色投资如何应对信息通信技术和金融发展？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.06.003
Rongjia Chen , Muhammad Tariq Majeed
{"title":"How does green investment respond to ICT and financial development?","authors":"Rongjia Chen ,&nbsp;Muhammad Tariq Majeed","doi":"10.1016/j.bir.2024.06.003","DOIUrl":"10.1016/j.bir.2024.06.003","url":null,"abstract":"<div><div>Green investment has become the most effective option to support the efforts to mitigate worldwide climate change. Due to the efficacy of green investment in tackling climate change and global warming, researchers are searching for the factors that can boost green investment. Therefore, this analysis aims to investigate the efficacy of information and communications technology (ICT) and financial development in promoting green investment in the most polluted economies. The study analyzes aggregate data from the most polluted economies using the 2SLS, GMM, and instrumental variables quantile regression estimators. In addition, we also perform regional analysis by disaggregating the data into four regions: Asia, America, Africa, and Europe. The results reveal that ICT, financial development, financial institutions, and financial markets boost green investment in the most polluted economies. However, the regional analysis confirms the favorable influence of ICT on green investment in all the regions, while financial development boosts green investment in all the regions except Africa; financial institutions and financial market development promote green investment in America and Europe. Therefore, we suggest that policymakers must increase their reliance on ICT and the financial sector while designing a policy to promote green investment.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1067-1076"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141404649","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
From global tensions to regional integration: An analysis of bond market convergence in East Asia 从全球紧张局势到地区一体化：东亚债券市场趋同分析
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.06.006
An Thi Thuy Duong
{"title":"From global tensions to regional integration: An analysis of bond market convergence in East Asia","authors":"An Thi Thuy Duong","doi":"10.1016/j.bir.2024.06.006","DOIUrl":"10.1016/j.bir.2024.06.006","url":null,"abstract":"<div><div>Against the backdrop of the Russia–Ukraine (R–U) conflict, this paper investigates the convergence process of the bond market in East Asia from 2010 to 2024, focusing on the impact of the R–U crisis on bond yield convergence. Our findings show convergence toward both benchmarks, with an accelerated rate during the conflict. Malaysia, China, Indonesia, and the Philippines exhibit significant convergence toward Japan, particularly for long-term bonds, while the Philippines consistently converges toward the United States. Large discrepancies in interest rates and inflation spreads cause bond yield divergence, while geopolitical risk related to Russia narrows bond yield spreads, indicating a flight-to-quality effect. Conversely, global financial risk widens yield spreads to the U.S. benchmark but narrows them to Japan. This research highlights bond market convergence in East Asia amid geopolitical tensions, with significant implications for investors, policymakers, and researchers.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1402-1413"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141404967","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
Socially responsible engagement and firm performance in emerging markets: Testing the mediating effect of intellectual capital 新兴市场中的社会责任参与与公司业绩：检验知识资本的中介效应
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.012
Gizem Arı , Merve Karacaer , Semra Karacaer
{"title":"Socially responsible engagement and firm performance in emerging markets: Testing the mediating effect of intellectual capital","authors":"Gizem Arı ,&nbsp;Merve Karacaer ,&nbsp;Semra Karacaer","doi":"10.1016/j.bir.2024.07.012","DOIUrl":"10.1016/j.bir.2024.07.012","url":null,"abstract":"<div><div>This study investigates the interaction between firm performance (FP) and corporate social responsibility (CSR) in emerging markets, with a focus on how intellectual capital (IC) mediates this interaction. The analysis covers 380 companies from 24 emerging countries between 2015 and 2021. The findings reveal that increased CSR results in lower FP. Furthermore, a significant association between IC and FP is observed. The study further determines that IC mediates the relation between the aggregate CSR and FP, as well as between some CSR sub-dimensions and FP. These results suggest that market reactions to CSRare not always positive and support the view that ICgives firms an advantage in FP to create added value. This research addresses a gap in the literature regarding the role of IC in the CSR–FP relationship in emerging markets.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1275-1286"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945627","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
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