Borsa Istanbul Review最新文献_第2页

ESG rating uncertainty and institutional investment—evidence from China 环境、社会和治理评级的不确定性与机构投资--来自中国的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.001

Miao Zeng , Xiaoyu Zhu , Xin Deng , Jiang Du

引用次数: 0

Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye 补贴出口信贷会影响企业在外汇市场上的行为吗？来自土耳其的微观证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.06.004

Ünal Seven, Ertan Tok

引用次数: 0

Cross-border sovereign risk transmission in BRICIT Nations: Unveiling asymmetries and the role of country risk premiums 金砖四国的跨境主权风险传递：揭示不对称现象和国家风险溢价的作用

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.07.010

Pawan Kumar, Vipul Kumar Singh

{"title":"Cross-border sovereign risk transmission in BRICIT Nations: Unveiling asymmetries and the role of country risk premiums","authors":"Pawan Kumar, Vipul Kumar Singh","doi":"10.1016/j.bir.2024.07.010","DOIUrl":"10.1016/j.bir.2024.07.010","url":null,"abstract":"<div><div>This research highlights the asymmetric interdependence structure among the sovereign risks of Brazil, Russia, India, China, Indonesia, and Türkiye (BRICIT) nations, challenging the traditional view that bilateral trade is the main channel for cross-border spillover effects. Despite their dependence on Russian crude oil imports for energy, the BRICIT nations show no significant sovereign risk interdependence with Russia. The study finds that Indonesia's credit default swap (CDS) has the highest level of interdependence with other nations. Further exploration of alternative transmission channels necessitates an examination of the country risk premium, revealing Türkiye as the most vulnerable nation due to its negative association with the CDS of other countries, particularly India. By contrast, India is identified as a preferred investment destination, thanks to its lower uncertainty and strong GDP growth over the past decade. Additionally, the research underscores China's economic influence, demonstrated by its positive association with all other BRICIT nations. This suggests that despite the high sovereign risk associated with China, investors do not view other emerging markets as viable, lower-risk alternatives. The perceived risk related to China appears to extend beyond its borders, impacting the sovereign risk profiles of other emerging economies.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1263-1274"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723959","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 factors influencing the selection of fund management companies by Malaysian retail investors in the context of islamic unit trust funds 在伊斯兰单位信托基金的背景下，影响马来西亚散户投资者选择基金管理公司的因素

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.06.007

Salim Bouzekouk, Fadillah Mansor

引用次数: 0

The impact of ESG controversies on the financial performance of firms: An analysis of industry and country clusters 环境、社会和公司治理争议对公司财务业绩的影响：行业和国家集群分析

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.08.001

Michele Nascimento Jucá , Polona Domadenik Muren , Aljoša Valentinčič , Riste Ichev

{"title":"The impact of ESG controversies on the financial performance of firms: An analysis of industry and country clusters","authors":"Michele Nascimento Jucá , Polona Domadenik Muren , Aljoša Valentinčič , Riste Ichev","doi":"10.1016/j.bir.2024.08.001","DOIUrl":"10.1016/j.bir.2024.08.001","url":null,"abstract":"<div><div>Stakeholders have become increasingly interested in sustainable practices, leading to intense investigation in the literature of their effects on companies' returns. However, not much information is available about the effect of environmental, social, and governance (ESG) controversy on companies' financial performance. Inappropriate social behavior and environmental scandals attract attention in the media and, consequently, among investors. Therefore, this study analyzes the impact of ESG controversy on companies' return on equity, identifying differences between companies that operate in different clusters such as environmentally sensitive industries (ESI) or non–environmentally sensitive industries and emerging/developed countries. To this end, we investigate 625 publicly owned companies for the period 2011 to 2022, using a four-dimensional hierarchical linear regression model, comprising time, firms, industries, and countries. ESG controversies negatively impact the financial performance of companies operating in ESI and developed countries.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1305-1315"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945628","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

Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies 为底线加油：解码石油对石油净进口经济体银行业业绩的影响

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.10.003

Burak Çıkıryel , Fatih Savaşan , Ruslan Nagayev , Şakir Görmüş

{"title":"Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies","authors":"Burak Çıkıryel , Fatih Savaşan , Ruslan Nagayev , Şakir Görmüş","doi":"10.1016/j.bir.2024.10.003","DOIUrl":"10.1016/j.bir.2024.10.003","url":null,"abstract":"<div><div>Banks play a pivotal role in the financial sector, assuming critical functions such as facilitating the monetary policy transmission mechanism and acting as intermediaries between savers and borrowers. Meanwhile, oil represents a fundamental input for economic activities, and its inherent volatility serves as a significant catalyst for economic instability. Given the critical roles of banking institutions and oil in the economy, their relationship garners attention from various stakeholders. The growing body of literature has examined the nexus between oil and banking performance. However, existing research has predominantly concentrated on either oil-exporting jurisdictions or country-specific analyses. Hence, the present study endeavors to bridge this gap in the literature by investigating the intricate dynamics between oil and banking performance, specifically in net oil-importing countries. The dynamic panel method is employed. The findings indicate that oil has direct and indirect effects on the profitability of banks operating through transmission channels.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1324-1344"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723961","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

Do institutional environment and corporate governance structures determine Islamic Banks’ sustainability performance? Evidence across key jurisdictions in Islamic finance industry 制度环境和公司治理结构决定伊斯兰银行的可持续性绩效吗？伊斯兰金融业主要司法管辖区的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.06.005

Aghilasse Kashi , Abdelkader Laallam , Naji Mansour Nomran , Ala Azmi Abumughli , Tamy Al-Binali

{"title":"Do institutional environment and corporate governance structures determine Islamic Banks’ sustainability performance? Evidence across key jurisdictions in Islamic finance industry","authors":"Aghilasse Kashi , Abdelkader Laallam , Naji Mansour Nomran , Ala Azmi Abumughli , Tamy Al-Binali","doi":"10.1016/j.bir.2024.06.005","DOIUrl":"10.1016/j.bir.2024.06.005","url":null,"abstract":"<div><div>This study examines the impact of the institutional environment and corporate governance structures on Islamic banks' sustainability performance (SP). It applies a two-step System Generalized Method of Moments (GMM) estimator to analyze data gathered on a panel of 32 Islamic banks drawn from nine key Islamic finance jurisdictions from 2016 to 2021. To consistently code and quantify the Islamic banks' SP, we use the Specific Standard Disclosures for the Financial Services Sector introduced by the GRI as a framework of reference. Then, we employ the weighted content analysis method on the sustainability and annual reports of the subjected sample. Our findings indicate that the institutional factors specifically, regulatory guidelines (regulatory isomorphism) and the adherence of Islamic banks to the sustainable finance networks' specifications (normative isomorphism) are not currently determinants of their SP. Contrarily, we observe that the establishment of a sustainability committee and a better experience of sustainability disclosure improve Islamic banks' SP. In contrast to agency theory, board activity is identified to have a significantly negative relationship with SP. An important policy implication of our results is that policymakers should closely monitor Islamic banks' regulatory dependency and enhance their SF ecosystem to positively influence their SP. Finally, future research may leverage on more conducive regulatory frameworks to sustainability transition in these key jurisdictions, more effective normative structures, further disclosure of sustainability committee characteristics, the development of appropriate measures of Islamic banks' digitalization levels, and the availability of more material sustainability data to provide further insights and better understand the determinants of Islamic banks’ SP.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1088-1100"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141409695","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

Heterogeneity and nonlinearity in the relationship between rediscount credits and firm exports 再贴现信贷与企业出口之间的异质性和非线性关系

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.10.004

Okan Akarsu, Altan Aldan, Huzeyfe Torun

引用次数: 0

Conditional effects of higher order co-moments in asset pricing: Evidence from Borsa Istanbul 资产定价中高阶共常数的条件效应：伊斯坦布尔证券交易所的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.06.009

Erdinç Altay, Sümeyra Uzun, Büşra Aydemir Özgül

引用次数: 0

An algorithmic approach to portfolio construction: A Turkish stock market case 构建投资组合的算法方法：土耳其股市案例

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-11-01 DOI: 10.1016/j.bir.2024.10.002

Mehmet Gülşen, Burak Yıldız

{"title":"An algorithmic approach to portfolio construction: A Turkish stock market case","authors":"Mehmet Gülşen, Burak Yıldız","doi":"10.1016/j.bir.2024.10.002","DOIUrl":"10.1016/j.bir.2024.10.002","url":null,"abstract":"<div><div>The goal of building a diversified portfolio is to mitigate risks and manage risk-reward tradeoffs. Diversification is also crucial for ensuring the long-term success of a portfolio. Although passive investment has been on the rise in most developed markets, it has not gained wider acceptance in some emerging markets, such as Türkiye. This study proposes an approach to construct a diversified portfolio that serves as a passive investment tool in the context of the Turkish stock market. Despite the long history of equity markets in Türkiye, almost all available passive investment alternatives are prohibitively expensive, unlike those in developed markets. We design a simple methodology that addresses the essential components of building a successful portfolio while avoiding excessive fees. Additionally, we propose a dynamic balancing strategy that algorithmically adjusts the weight of each stock in the portfolio. We test this approach with historical data, demonstrating that it can achieve reasonable returns with minimal effort. Even when its performance does not beat the benchmark, the percentage deviation is still below the management fees charged for alternative investments.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 6","pages":"Pages 1373-1380"},"PeriodicalIF":6.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142723964","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