Borsa Istanbul Review最新文献

{"title":"Corporate crime in European emerging markets","authors":"Ichiro Iwasaki ,&nbsp;Evžen Kočenda","doi":"10.1016/j.bir.2025.07.008","DOIUrl":"10.1016/j.bir.2025.07.008","url":null,"abstract":"<div><div>We examine the corporate criminal records of 18,187 firms operating in 17 European emerging markets and empirically analyze the effects of board composition and national institutions on crime deterrence. Our analysis reveals that 872 firms (about 5 % of the sample) committed 1734 crimes over 2020–2023. We show that firms with larger boards and greater board independence are associated with higher incidences of corporate crime, suggesting that larger or nominally independent boards may not function effectively in emerging market contexts. In contrast, female leadership and board gender diversity do not exhibit significant deterrent effects, implying that gender inclusion alone may not suffice in these environments. In banks with an outside board chairman, the occurrence of corporate crime increases substantially. Importantly, stronger national institutions consistently correlate with lower crime rates, a pattern observed universally across European emerging markets, and boards in countries with stronger institutions appear more effective in deterring crime.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1270-1292"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527777","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}

{"title":"Does finance contribute to income inequality in the European Union?","authors":"Mihaela Simionescu","doi":"10.1016/j.bir.2025.06.010","DOIUrl":"10.1016/j.bir.2025.06.010","url":null,"abstract":"<div><div>This study examines the empirical link between financial development and income inequality, focusing on the influence of financial system characteristics. Specifically, it investigates the impact of bank market power and stock market orientation, a topic that has received little attention in prior research. The analysis uses advanced cointegration techniques that address cross-sectional dependence and simultaneity issues inherent in nonstationary panel data. The findings for the European Union (EU-27) member states in the period 1990–2023 indicate that financial development and private credit reduced income inequality based on the Gini index. However, a more competitive and more concentrated banking system enhances inequality. A more market-driven financial system can mitigate income disparity, especially during banking crises. The analysis based on other measures of inequality, such as share of income for the top 1 percent and 10 percent and the bottom 50 percent reveals that financial development increases the share of the richest people. Based on these results, we find that financial reforms are necessary to ensure that the banking sector can contribute to a more equitable income distribution.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1116-1127"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528193","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}

{"title":"The impact of TV-based policy uncertainty on dynamic connectedness among different asset classes","authors":"Asil Azimli","doi":"10.1016/j.bir.2025.08.003","DOIUrl":"10.1016/j.bir.2025.08.003","url":null,"abstract":"<div><div>This study examines the role of cable-based economic policy uncertainty (TV-EPU) in predicting the dynamic interconnectedness among various asset classes. Initially, a quantile-based vector autoregressive (QVAR) connectedness approach is employed to calculate the systemic risk spillovers during different market states. Then, a time-varying causality approach is used to examine whether TV-EPU can predict dynamic risk spillovers across different asset classes under various market conditions. Our results show that the TV-EPU index effectively predicts connectedness under both average and extreme market conditions. This finding highlights the importance of a readily available measure for monitoring systemic risk spillovers among financial assets, providing valuable insights for informed investment decisions and effective risk monitoring.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1420-1439"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528194","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}

{"title":"Can artificial intelligence mitigate environmental inequality? Evidence from leading robotic-driven economies using quantile-based methods","authors":"Brahim Bergougui","doi":"10.1016/j.bir.2025.07.012","DOIUrl":"10.1016/j.bir.2025.07.012","url":null,"abstract":"<div><div>The rapid integration of AI into global economies raises critical questions about its environmental impact, especially concerning the equitable distribution of carbon emissions. This aspect of climate justice remains largely unexplored. Existing literature extensively examines AI's aggregate environmental impacts; however, it largely overlooks the differential effects across emission quantiles and their implications for environmental inequality. This oversight creates a significant research gap. This study addresses this critical void by investigating the dynamic relationship between AI adoption and carbon emissions inequality (CEI) across ten technologically advanced economies from 2000 to 2023, employing a novel multivariate quantile-on-quantile regression (MQQR) methodology that captures nonlinear dependencies and heterogeneous effects across the entire distribution of environmental inequality. The empirical findings reveal stark heterogeneity across nations and quantile distributions, demonstrating the complex, non-uniform nature of AI's environmental equity implications. European economies exhibit a three-phase trajectory: early AI adoption increases emissions inequality; mid-level adoption stabilizes it; and advanced integration reduces it, particularly in Denmark, France, and Sweden. Germany displays persistent positive effects across all quantiles. Among Asian economies, Japan and Singapore transition from initial increases to reductions in emissions inequality at higher quantiles, while Korea shows consistently positive effects. China presents an oscillating pattern, and the United States exhibits alternating effects across different quantiles. These results underscore the double-edged role of AI in environmental equity, revealing that the relationship between technological advancement and climate justice is neither universal nor linear. The findings provide crucial insights for policymakers, emphasizing the need for quantile-specific, country-tailored AI governance strategies that account for national developmental stages and distributional impacts to ensure AI-driven transformation contributes to environmental justice objectives.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1316-1336"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527782","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}

{"title":"Unveiling the nexus of financial inclusion and political stability for capital market participation in South Asian regions","authors":"Bithe Rani Aich,&nbsp;Mohammad Tareque,&nbsp;Tasfia Tasneem Ahmed,&nbsp;Md Mominur Rahman","doi":"10.1016/j.bir.2025.06.008","DOIUrl":"10.1016/j.bir.2025.06.008","url":null,"abstract":"<div><div>Frequent political uncertainty, governance challenges, financial inaccessibility, and inconsistent policy environments in South Asian countries undermine investor confidence and obstruct the development of capital markets. Thus, this study is motivated to investigate the long-term and short-term consequences of financial inclusion and political stability on capital market participation in South Asian countries. We used a panel ARDL model as the estimates demonstrated no cross-sectional dependence, considerable cointegration, and variables with mixed-level stationarity. The results highlighted financial inclusion, literacy, and savings as the most significant determinants influencing capital market participation in South Asian economies. Interestingly, while political stability did not show a direct long-term effect, its indirect influence through variables such as investor confidence and institutional trust warrants further exploration. The findings suggest that policymakers should prioritize expanding financial inclusion initiatives, improving financial and general literacy rates, and adopting policies that encourage a balanced-saving-investment behavior among citizens to strengthen capital markets.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1101-1115"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528195","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}

{"title":"Is firms’ low-carbon transition conducive to improving maturity mismatch of investment and financing?","authors":"Hao Shu,&nbsp;Wenhui Qi,&nbsp;Taiyun Zhou","doi":"10.1016/j.bir.2025.10.022","DOIUrl":"10.1016/j.bir.2025.10.022","url":null,"abstract":"<div><div>Transitioning to a low-carbon economy is an effective approach to tackling the climate crisis, and offers a referable strategy for realizing the coordination of development and security. This study demonstrates a robust negative relationship between firms’ low-carbon transition and investment-financing maturity mismatch. Crucially, this relationship is stronger for non-state-owned and asset heavy firms, and firms located in cities with strict environmental regulation and higher administrative levels. Next, improving asset utilization efficiency, strengthening long-term financing capabilities, and attracting external attention are reasonable channels for mitigating the mismatch. In addition, the low-carbon transition has within-industry and backward supply-chain spillover effects, and can reduce the bankruptcy risk and resource allocation efficiency loss caused by the maturity mismatch. Our findings provide valuable theoretical insights and practical foundations for promoting the low-carbon transition and addressing the risk of maturity mismatch to maintain financial security.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1696-1704"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528196","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}

{"title":"Managing capital flow volatility with capital controls: Do volatility-absorbing mechanisms matter?","authors":"Zühal Kurul","doi":"10.1016/j.bir.2025.07.005","DOIUrl":"10.1016/j.bir.2025.07.005","url":null,"abstract":"<div><div>This paper investigates the role of capital controls in managing volatile capital flows by examining how developing countries (DCs) absorb this volatility. Using data from 44 DCs over the 2000–2019 period, we distinguish the extent to which countries offset inflow surges with outflows. We find that higher capital controls fuel the volatility of inflows in countries where gross outflows heavily offset inflow surges. In contrast, capital controls reduce inflow volatility in countries that are less reliant on offsetting with gross outflows. We also provide evidence that capital controls can mitigate the impact of global shocks on volatility.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1221-1233"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527787","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}

{"title":"Is financial constraint an impediment to Firm's high growth?","authors":"Aykut Şengül ,&nbsp;Sermet Pekin ,&nbsp;Ufuk Alkan","doi":"10.1016/j.bir.2025.06.009","DOIUrl":"10.1016/j.bir.2025.06.009","url":null,"abstract":"<div><div>This paper investigates how financial constraints impede firms’ ability to achieve high growth. Using a comprehensive panel dataset of Turkish firms from 2012 to 2021, we analyze the relationship between short-term debt intensity — our proxy for financial constraints — and firms' likelihood of becoming high-growth enterprises, measured by turnover and employment expansion. Employing rigorous econometric techniques, including fixed-effects logit, instrumental variable estimations, and dynamic panel GMM, we find that higher short-term debt significantly reduces the probability of high growth. Our findings highlight the crucial role of external financial frictions in shaping firm growth dynamics, particularly in emerging markets characterized by underdeveloped long-term credit markets. These results offer new insights into the broader literature on high-growth firms by integrating external financing constraints into the growth narrative.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1137-1151"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528185","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}

{"title":"Corporate diversification and 10-K narratives: A novel approach using large language models","authors":"Md Enayet Hossain ,&nbsp;K.S.M. Tozammel Hossain","doi":"10.1016/j.bir.2025.08.002","DOIUrl":"10.1016/j.bir.2025.08.002","url":null,"abstract":"<div><div>We examine the impact of corporate diversification on the narrative characteristics of firms’ 10-K filings. Using a novel measure based on a pretrained large language model, we find that diversification significantly reduces the readability of 10-K filings. This reduction in readability is not driven by the inherent complexity associated with diversification but might be due to managerial obfuscation. Our cross-sectional analysis reveals that the effect is more pronounced for firms with poor internal controls, limited external monitoring, and poor audit quality. We also find that diversification is associated with a significantly less negative tone in the 10-K filings, suggesting that managers might use a neutral or less pessimistic tone to offset investor concerns about firm performance. Prior research has focused on the impact of diversification on financial performance, risk, and investment policies, however, our study is among the first to examine how diversification shapes managerial communication with external stakeholders.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1391-1402"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528199","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}

{"title":"Why companies go public and private: The case of Türkiye","authors":"S. Burcu Avci","doi":"10.1016/j.bir.2025.07.003","DOIUrl":"10.1016/j.bir.2025.07.003","url":null,"abstract":"<div><div>This study examines the factors that influence companies’ decisions to go public or private in Türkiye. We find that firm size, profitability, age, and market valuations have a positive impact on the decision to go public, but growth, leverage, financial investment, and tangibility have a negative effect. “Administrative expenses and fees,” “trading liquidity,” “information production costs,” and “windows of opportunity” theories are found to be key exploratory factors in the decision to go public. High financial investment, leverage, tangibility, and size, as well as low R&amp;D expenses, are associated with decisions to go private, supporting the theories of “loss of confidentiality,” “overcoming borrowing costs,” and “free cash flow agency problems.” Because of the scarcity of financial research on the determinants of initial public offerings, regardless of underpricing concerns in Türkiye, and the limited financial research on the likelihood of going private worldwide, this study is novel.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1208-1220"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527786","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}