Borsa Istanbul Review最新文献_第5页

Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period 后缩减时期黄金价格与通货膨胀和比特币的关系分析

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.009

Özgür Ergül , Tuba Karakaş

引用次数: 0

The role of corporate governance in the nexus between litigation risk and corporate innovation 公司治理在诉讼风险与公司创新之间的关系中的作用

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.005

Kainat Iftikhar , Tanveer Bagh , Muhammad Asif Khan

{"title":"The role of corporate governance in the nexus between litigation risk and corporate innovation","authors":"Kainat Iftikhar , Tanveer Bagh , Muhammad Asif Khan","doi":"10.1016/j.bir.2024.04.005","DOIUrl":"10.1016/j.bir.2024.04.005","url":null,"abstract":"<div><p>Amid ongoing discussion over the merits and demerits of litigation, this study addresses the impact of litigation risk on corporate innovation at Chinese listed firms from 2014 to 2022. We exploit Two-Stage GMM, DID model, and PSM techniques to address endogeneity. We find that both litigation risk and financial constraints significantly hinder innovation. We highlight the corporate governance index as a potential moderator, which mitigates the negative impacts of litigation risk and fosters innovation. Additionally, our findings emphasize the pronounced decline in innovation among highly constrained firms compared to their counterparts with low constraints. Recent changes in China's Patent Law and Copyright Law suggest a tangible increase in innovation activities since their implementation, even within a stringent legal environment. Our findings remain robust to the use of alternative measures and estimation techniques. By addressing significant gaps in the literature, our research offers actionable insights for decision makers, emphasizing the strategic importance of corporate governance in navigating legal complexities, enhancing innovative capacity, and driving sustainable growth and competitive advantage in today's business landscape.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 4","pages":"Pages 732-746"},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000589/pdfft?md5=120d9229b9482cdc24eed6e42af1353c&pid=1-s2.0-S2214845024000589-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140782040","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

Interplay of crises: Unpacking intraday spillovers in oil and European equities in the shadow of the COVID-19 and the Ukraine-Russia war 危机的相互作用：解读 COVID-19 和乌克兰-俄罗斯战争阴影下石油和欧洲股票的日内溢出效应

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.007

Muneer M. Alshater , Waqas Hanif , Rim El Khoury , Walid Mensi

{"title":"Interplay of crises: Unpacking intraday spillovers in oil and European equities in the shadow of the COVID-19 and the Ukraine-Russia war","authors":"Muneer M. Alshater , Waqas Hanif , Rim El Khoury , Walid Mensi","doi":"10.1016/j.bir.2024.04.007","DOIUrl":"10.1016/j.bir.2024.04.007","url":null,"abstract":"<div><p>This study investigates the time-varying frequency of spillovers between European stock markets and oil during the COVID-19 pandemic and the Russia-Ukraine war. Using the spillover index by Diebold & Yilmaz, 2012 and Baruník & Křehlík, 2018, we analyze high-frequency data at a 5-min interval to analyze the interplay between crude oil market returns and the Stoxx 600 index returns, including sectors such as auto, basic material, banks, chemicals, food and beverage, health, industrials, insurance, oil and gas, retail, real estate, technology (tech), telecommunication (telecom), and utilities. The sample period is January 3, 2022, to March 25, 2022. Our findings reveal a substantial degree of connectedness within this financial network, with specific sectors—auto, chemicals, food, industrials, insurance, real estate, retail, tech, and telecom—acting as net transmitters of shocks, while other sectors assume the role of net receivers. The Russia-Ukraine war is a significant driver of these interconnected dynamics. Spillovers are most prevalent in the medium-term horizon, with the time dimension affecting the role of sectors and oil. Furthermore, our research highlights the potential benefits of adding oil assets to portfolios, enhancing risk-adjusted performance. However, ongoing risk management remains crucial due to the dynamic hedge ratios. This study offers practical insights for investors and policy makers, aiding risk management and investment strategies in turbulent markets.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 4","pages":"Pages 747-771"},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000607/pdfft?md5=165c89c0fb08862eb2060ad30eada4f8&pid=1-s2.0-S2214845024000607-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140791781","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 feasible approach to projecting household demand for the digital ruble in Russia 预测俄罗斯家庭对数字卢布需求的可行方法

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.03.011

Vadim Grishchenko, Alexey Ponomarenko, Sergey Seleznev

{"title":"A feasible approach to projecting household demand for the digital ruble in Russia","authors":"Vadim Grishchenko, Alexey Ponomarenko, Sergey Seleznev","doi":"10.1016/j.bir.2024.03.011","DOIUrl":"10.1016/j.bir.2024.03.011","url":null,"abstract":"<div><p>We estimate a model of household use of alternative payment instruments (cash and bank cards) using a new dataset from a survey of Russian households. In our model, household preferences are determined by the perceived attributes of these instruments, and hence their choice regarding payment methods depends on the differences in these characteristics across these instruments. The results indicate that consumer choice is sensitive to the perceived characteristics at statistically significant level. We employ the estimated model to evaluate demand for central bank digital currency (CBDC), based on its expected design and consumer perceptions of it. We discuss several illustrative projections to demonstrate the application of the tool developed. The predicted use of CBDC varies considerably, depending on the perceived characteristics, although the projected use of CBDC in household transactions is limited under conservative assumptions: the projected share of digital rubles in the total number of transactions varies from 18 percent to 35 percent.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 4","pages":"Pages 643-662"},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000528/pdfft?md5=2c224e2554e9206a47a265804d001ec3&pid=1-s2.0-S2214845024000528-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140401562","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

Multiple directorships and dividends in Spanish listed firms 西班牙上市公司的多个董事职位和红利

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.002

Inmaculada Aguiar-Díaz, Nieves Lidia Díaz-Díaz, María Victoria Ruiz-Mallorquí

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 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-06-18 DOI: 10.1016/j.bir.2024.06.007

Salim Bouzekouk, Fadillah Mansor

引用次数: 0

Does ESG performance indicate corporate economic sustainability? Evidence based on the sustainable growth rate 环境、社会和公司治理绩效是否表明企业经济的可持续性？基于可持续增长率的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.010

Zihao Lin

引用次数: 0

Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects 土耳其货币政策与金融资产回报率之间的关系：时间、频率和量化效应

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.005

Mustafa Tevfik Kartal , Ugur Korkut Pata , Dilvin Taşkın , Talat Ulussever

{"title":"Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects","authors":"Mustafa Tevfik Kartal , Ugur Korkut Pata , Dilvin Taşkın , Talat Ulussever","doi":"10.1016/j.bir.2024.02.005","DOIUrl":"10.1016/j.bir.2024.02.005","url":null,"abstract":"<div><p>This study analyzes the effect of monetary policy, which are proxied by weighted average cost of funding (WACF) and Borsa Istanbul repurchase interest rate (REPO), on the returns of the main financial assets of monetary policy in Türkiye. Using daily data between January 4, 2011 and August 31, 2023, the study applies novel nonlinear time-series methods, such as wavelet coherence (WC) and quantile-on-quantile regression (QQ) as baseline methods and quantile regression (QR) for robustness. The findings demonstrate that (i) monetary policy has a stronger effect on financial asset returns at middle and higher frequencies across different periods; (ii) monetary policy has mainly declines (increases) effect on financial asset returns at lower and middle (higher) quantiles; (iii) the robustness of the outcomes is confirmed. Thus, the outcomes show that monetary policy has a significant effect on financial asset returns, and the effects vary across times, across frequencies, quantiles, and financial assets.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 3","pages":"Pages 474-484"},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000255/pdfft?md5=b4b2a8a14c309ff1115c6487eb7acd90&pid=1-s2.0-S2214845024000255-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139954428","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 puzzle of convex/concave ESG returns and large banks in MENA region countries 中东和北非地区国家的凸/凹环境、社会和治理回报与大型银行之谜

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.03.007

Ray Saadaoui Mallek , Mohamed Albaity , Ijaz Ur-Rehman , Shanmugam Thangavelu

{"title":"The puzzle of convex/concave ESG returns and large banks in MENA region countries","authors":"Ray Saadaoui Mallek , Mohamed Albaity , Ijaz Ur-Rehman , Shanmugam Thangavelu","doi":"10.1016/j.bir.2024.03.007","DOIUrl":"10.1016/j.bir.2024.03.007","url":null,"abstract":"<div><p>This study examines the linear and nonlinear impacts of the environmental, social, and governance (ESG) components on bank stock returns in the region of the Middle East and North Africa (MENA). It also investigates the impact of bank size on the nexus between ESG and bank stock returns. Using a sample of 59 banks from the 12 countries in the MENA region between 2010 and 2021 and applying generalized quantile regression, we find the following. Our results suggest that ESG components and bank stock returns have a nonlinear relationship. In other words, the link between the ESG components and stock market returns could be U-shaped, inverted U-shaped, or both. Additionally, we find that size influences the link between the ESG pillars and bank stock returns. With few exceptions, large banks strengthened the positive link between ESG components and stock returns. Our findings align with the concept of “too little of a good thing” or “too much of a good thing” effects, along with the law of diminishing marginal returns.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 3","pages":"Pages 618-633"},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000486/pdfft?md5=990264a1eb19b1839d860383d8eb507c&pid=1-s2.0-S2214845024000486-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140146906","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

Digital inclusive finance and corporate environmental performance: Insights from Chinese micro, small- and medium-sized manufacturing enterprises 数字普惠金融与企业环境绩效：中国中小微制造企业的启示

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.009

Boqiang Lin, Chongchong Xu

{"title":"Digital inclusive finance and corporate environmental performance: Insights from Chinese micro, small- and medium-sized manufacturing enterprises","authors":"Boqiang Lin, Chongchong Xu","doi":"10.1016/j.bir.2024.02.009","DOIUrl":"10.1016/j.bir.2024.02.009","url":null,"abstract":"<div><p>Extensive research has discussed digital inclusive finance’s (DIF) rapid growth in financial services and its vital economic role; however, limited research addresses its potential to mitigate micro, small- and medium-sized enterprise (MSME) financing constraints and generate environmental benefits. This study empirically investigates the effects of DIF on Chinese MSMEs’ environmental performance using a substantial manufacturer sample. The findings indicate that DIF significantly reduces the wastewater discharge intensity of MSMEs. Furthermore, DIF has a more pronounced environmental effect on non-state-owned firms, SMEs, firms in areas with more significant emission reduction pressure, and those in the eastern region. Further mechanism analysis reveals that DIF can ease the financing constraints of MSMEs. Moreover, strengthening terminal treatment, optimizing the energy consumption structure, and increasing investment in research and development are significant pathways through which DIF affects corporate environmental performance. Finally, this study proposes some policy implications to promote the green transformation of MSMEs.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 3","pages":"Pages 460-473"},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000292/pdfft?md5=9abf7e41aaf2567797f394c531e841d0&pid=1-s2.0-S2214845024000292-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140467405","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