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US political sanctions and earnings management
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.012
Adel Vahedi , Reza Hesarzadeh , Mahdi Salehi , Ameneh Bazrafshan
{"title":"US political sanctions and earnings management","authors":"Adel Vahedi ,&nbsp;Reza Hesarzadeh ,&nbsp;Mahdi Salehi ,&nbsp;Ameneh Bazrafshan","doi":"10.1016/j.bir.2024.12.012","DOIUrl":"10.1016/j.bir.2024.12.012","url":null,"abstract":"<div><div>This study investigates the impact of US political sanctions on the earnings management practices of Iranian listed firms. Employing a difference-in-differences methodology and utilizing empirical data from 2013 to 2022, the study demonstrates that sanctions do not significantly influence accrual-based earnings management. However, it reveals a robust positive association between sanctions and the extent of real earnings management. This finding suggests that, during economic downturns induced by sanctions, firms may find employing real earnings management strategies more advantageous than accrual-based methods. The study further substantiates that the sanction-induced increase in real earnings management is more pronounced under conditions of weaker corporate governance and higher earnings management incentives, such as the desire to avoid reporting earnings decreases. These results remain robust under various sensitivity analyses. This research contributes to the growing body of empirical literature on the consequences of sanctions by illustrating that economic downturns triggered by political sanctions enhance the substitution relationship between real and accrual earnings management.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 57-65"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143182853","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
House price dynamics in Istanbul: District-level analysis of convergence clubs, spillovers, and key drivers
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.017
Lokman Gunduz , Mustafa Çakır , Oğuzhan Cepni
{"title":"House price dynamics in Istanbul: District-level analysis of convergence clubs, spillovers, and key drivers","authors":"Lokman Gunduz ,&nbsp;Mustafa Çakır ,&nbsp;Oğuzhan Cepni","doi":"10.1016/j.bir.2024.12.017","DOIUrl":"10.1016/j.bir.2024.12.017","url":null,"abstract":"<div><div>This study analyzes the dynamics of house prices across Istanbul's districts using a unique dataset of house prices and socioeconomic characteristics from 2010Q1 to 2022Q1. The log-t convergence test identifies four convergence clubs, with their formation beginning after 2015, highlighting the heterogeneity within Istanbul's housing market. The spillover index shows moderate spillovers, predominantly flowing from less affluent to more affluent districts. Additionally, LASSO regression suggests that the formation of convergence clubs in Istanbul closely reflects the city's socioeconomic conditions and levels of material prosperity. Specifically, financial wealth, middle and low-socioeconomic status households, and the presence of certain retail chains (e.g., Mado, Starbucks, and Domino's Pizza) are significant factors in the formation of these clusters. Overall, the housing divide in Istanbul appears to be largely driven by income and socioeconomic class.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 195-205"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183108","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 corporate integrity affect firm efficiency? 企业诚信会影响公司效率吗？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.018
Giang Thi Minh Vu, Minh-Huyen Dao, Khanh Hoang
{"title":"Does corporate integrity affect firm efficiency?","authors":"Giang Thi Minh Vu,&nbsp;Minh-Huyen Dao,&nbsp;Khanh Hoang","doi":"10.1016/j.bir.2024.12.018","DOIUrl":"10.1016/j.bir.2024.12.018","url":null,"abstract":"<div><div>This study investigates how corporate integrity influenced firm efficiency in the United States in 2001–2018. Based on a measure of corporate integrity computed by machine learning and a measure of firm efficiency generated by data envelopment analysis, the results of our multivariate regression suggest that greater corporate integrity is generally associated with higher firm efficiency. This finding indicates that in a more integral culture, firms can optimize the use of resources to generate revenues more efficiently. We identify corporate social responsibility engagement as a channel through which integrity positively impacts firm efficiency. Interestingly, hiring external CEOs does not seem to result in a significant change in firm efficiency in terms of corporate integrity, suggesting that importing culture into top management does not change the effect of corporate integrity on firm efficiency.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 94-106"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183095","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 non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.015
Xiaoyi Ren , Zheng Yang , Chong Ning , Ruiyan Zhang
{"title":"Do non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China","authors":"Xiaoyi Ren ,&nbsp;Zheng Yang ,&nbsp;Chong Ning ,&nbsp;Ruiyan Zhang","doi":"10.1016/j.bir.2024.12.015","DOIUrl":"10.1016/j.bir.2024.12.015","url":null,"abstract":"<div><div>Dividends allow shareholders to receive investment returns; however, Chinese listed companies are often reluctant to share profits with external minority shareholders, instead channeling funds into “tunneling” activities of major shareholders. By examining the China Securities Investor Service Center (CSISC), this study finds that, following CSISC shareholding, cash dividends significantly increase in companies with lower original dividends. Mechanism tests reveal that CSISC shareholdings increase cash dividends by improving internal control quality and enhancing minority shareholder participation in annual general meetings. Furthermore, the effect of CSISC shareholding on dividend increases is more pronounced in companies where the wedge between the controlling shareholder's control rights and ownership is smaller, and this effect is influenced by political connections. In addition, CSISC shareholdings help address reduced dividends due to insufficient external corporate monitoring.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 183-194"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183107","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
A retrospective evaluation of Borsa Istanbul review using a machine learning data analytical approach
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.019
Hassnian Ali , Ahmet Faruk Aysan , Hasmet Gokirmak
{"title":"A retrospective evaluation of Borsa Istanbul review using a machine learning data analytical approach","authors":"Hassnian Ali ,&nbsp;Ahmet Faruk Aysan ,&nbsp;Hasmet Gokirmak","doi":"10.1016/j.bir.2024.12.019","DOIUrl":"10.1016/j.bir.2024.12.019","url":null,"abstract":"<div><div>This study conducts a detailed examination of <em>Borsa Istanbul Review</em> (<em>BIR</em>) from 2013 to 2023, employing bibliometric analysis, regression analysis, and structural topic modeling (STM) to explore its scholarly impact, authorship patterns, and thematic evolution. Our bibliometric analysis reveals a significant increase in <em>BIR</em>'s publication volume and citation count, as well as a marked expansion in its author collaboration network, with notable contributions from Turkish and East Asian scholars. Through regression analysis, we identify several factors—such as article length, age, position in the issue (lead article status), regional author affiliation, title characteristics (length and novelty), and the presence of multiple authors, keywords, figures, and tables—as significant determinants of citation rates. Furthermore, STM reveals ten dominant themes in <em>BIR</em>, highlighting key focus areas, such as firm dynamics, market and country growth, financial health, and stock market returns. This comprehensive analysis sheds light on <em>BIR</em>'s evolving scholarly landscape and offers valuable insights for its editorial board, stakeholders, and the broader academic community interested in finance and economics. This enhanced understanding of <em>BIR</em>'s trends and themes is a crucial resource for navigating the wider finance research domain.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 1-20"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143182855","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
Population aging and corporate cash holdings: Empirical evidence from Chinese listed companies
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.007
Yue Zhang , Qizhen Zhang
{"title":"Population aging and corporate cash holdings: Empirical evidence from Chinese listed companies","authors":"Yue Zhang ,&nbsp;Qizhen Zhang","doi":"10.1016/j.bir.2024.12.007","DOIUrl":"10.1016/j.bir.2024.12.007","url":null,"abstract":"<div><div>This study examines the effect of population aging on corporate cash holdings using a sample of Chinese A-share listed firms from 2007 to 2021. These results indicate that population aging increases corporate cash holdings. The mechanism analysis suggests that increased labor adjustment costs and intensified labor market competition are realistic paths through which population aging affects corporate cash holdings. We also find that the impact of population aging on corporate cash holdings is more significant when firms are labor intensive, state-owned, digitally less transformed, financially constrained, and have a lower market position.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 137-148"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143182856","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 impact of personality, behavior, and geography on participation in the private pension system in Türkiye: A machine learning approach
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.010
Can Verberi , Muhittin Kaplan
{"title":"The impact of personality, behavior, and geography on participation in the private pension system in Türkiye: A machine learning approach","authors":"Can Verberi ,&nbsp;Muhittin Kaplan","doi":"10.1016/j.bir.2024.12.010","DOIUrl":"10.1016/j.bir.2024.12.010","url":null,"abstract":"<div><div>This study examines regional disparities in the factors that affect participation in the Private Pension System (PPS) in Türkiye, focusing on sociodemographic characteristics, personality traits and behavior, and pension and financial literacy. The behavioral factors identified encompass procrastination, locus of control, pessimism, compulsive buying, and time perspective, and the personality traits include openness, agreeableness, extraversion, neuroticism, and conscientiousness. The study employs data on two provinces in Türkiye, Şırnak and Istanbul, and uses XGBoost and Tree SHAP algorithms and a probit model. Our findings indicate that personality traits such as openness, agreeableness, and conscientiousness have a positive influence on individual engagement in pension plans, whereas extraversion has a negative impact. Additionally, basic pension literacy is more influential than advanced pension literacy. The results also show that regional geography significantly influences personality and behavioral factors. Finally, a perception of protection is a critical factor in PPS participation.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 149-162"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183105","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
US Treasury market default risk and global interbank liquidity risk
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.011
Simon Cottrell , Jinghua Lei , Yihong Ma , Sarath Delpachitra
{"title":"US Treasury market default risk and global interbank liquidity risk","authors":"Simon Cottrell ,&nbsp;Jinghua Lei ,&nbsp;Yihong Ma ,&nbsp;Sarath Delpachitra","doi":"10.1016/j.bir.2024.12.011","DOIUrl":"10.1016/j.bir.2024.12.011","url":null,"abstract":"<div><div>Using Credit Default Swaps (CDS) on sovereign bonds, we investigate whether US sovereign default risk is a greater driving factor of domestic interbank funding risk than domestic sovereign default risk across the five Libor counties including Canada and Australia. We use equivalent-country interbank LIBOR-OIS spreads as a proxy for domestic interbank funding risk. Our results show evidence of US sovereign default-risk spillover into global interbank funding markets and that domestic sovereign default risk may not always drive equivalent-home-country interbank funding risk. Our analysis provides important insights into the channels through which sovereign default risk can impact financial stability.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 66-78"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143182819","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 sentiment in Fed governors’ speeches shape US equity market sectors? 美联储理事讲话中的情绪是否左右美国股市板块？
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.12.009
Asma Arshad , Muhammad Suhail Rizwan
{"title":"Does sentiment in Fed governors’ speeches shape US equity market sectors?","authors":"Asma Arshad ,&nbsp;Muhammad Suhail Rizwan","doi":"10.1016/j.bir.2024.12.009","DOIUrl":"10.1016/j.bir.2024.12.009","url":null,"abstract":"<div><div>This paper investigates the responsiveness of US equity sectors to the sentiments conveyed by the speeches of the governors of the US Federal Reserve (the Fed). Using principal component analysis of the scores of four Lexicon dictionaries to analyze speeches from June 1, 1996, to September 30, 2023, we find convincing evidence of a significant reaction to the sentiment index by the consumer discretionary, financial, information technology, raw materials, real estate, and utilities sectors. This reaction is asymmetric, as negative sentiments affect the US sectors more quickly than positive sentiments. Among the sectors, communication services, industrial, consumer staples, and energy sectors only respond significantly to negative sentiments. Furthermore, speeches by the Fed chairman have a greater effect, as shown by the significant reaction of eight sectors, followed by speeches by the vice chairman affecting five and speeches by the governor influencing only three. These results showing the market's asymmetrical response in terms of the types and sources of sentiment have valuable implications for a broad group of market participants.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 79-93"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143182859","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
Determinants of financial inclusion in sub-Saharan Africa and OECD countries
IF 6.3 2区 经济学
Borsa Istanbul Review Pub Date : 2025-02-01 DOI: 10.1016/j.bir.2024.11.004
Samuel Fiifi Eshun , Evžen Kočenda
{"title":"Determinants of financial inclusion in sub-Saharan Africa and OECD countries","authors":"Samuel Fiifi Eshun ,&nbsp;Evžen Kočenda","doi":"10.1016/j.bir.2024.11.004","DOIUrl":"10.1016/j.bir.2024.11.004","url":null,"abstract":"<div><div>Using a dynamic panel data analysis, we explore the factors that influence financial inclusion in sub-Saharan Africa (SSA) and other regions, using member countries of the Organization for Economic Cooperation and Development (OECD) as a benchmark. We employ a system generalized methods of moments estimator and assess 31 SSA and 38 OECD countries from 2000 to 2021. We show that the literacy rate, trade openness, political stability, bank efficiency, income, and remittances are key factors with various impacts across regions. We further show that various dimensions of a financial system (access, usage, and quality) are impacted by different indicators and to varying extent. We account for events during the period, such as the global financial crisis and COVID-19 outbreak. We highlight the importance of quality literacy policies and a more efficient financial system in promoting financial inclusion. We recommend improving trade regulatory frameworks that promote trade openness through stronger institutions.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 34-56"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143182821","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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