Borsa Istanbul Review最新文献_第5页

Fintech environment and gender disparity in financial Inclusion: Empirical evidence from emerging markets 金融科技环境与普惠金融中的性别差异：来自新兴市场的经验证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2026-01-04 DOI: 10.1016/j.bir.2026.100787

Habib Hussain Khan, Shoaib Khan, Tahir Akhtar, Ayesha Anwar, Mohammad Rais Ahmad

{"title":"Fintech environment and gender disparity in financial Inclusion: Empirical evidence from emerging markets","authors":"Habib Hussain Khan, Shoaib Khan, Tahir Akhtar, Ayesha Anwar, Mohammad Rais Ahmad","doi":"10.1016/j.bir.2026.100787","DOIUrl":"10.1016/j.bir.2026.100787","url":null,"abstract":"<div><div>This study investigates the impact of the fintech environment on gender disparities in financial inclusion across 31 countries from 2013 to 2023. Utilizing gender-disaggregated data from the IMF Financial Access Survey (FAS), we construct a fintech environment index comprising five sub-indices that measure technological and institutional readiness for digital finance. We also develop a comprehensive gender disparity index based on weighted gaps across five key dimensions of financial inclusion. The empirical analysis also incorporates a range of gender-specific and macro-level country variables, including female literacy rates, female labor force participation rates, female unemployment rates, income levels, access to the internet and electricity, mobile subscriptions, and institutional quality. Our findings consistently demonstrate that a robust fintech environment significantly narrows the gender gap in financial inclusion. Higher female literacy and labor force participation further reduce disparities, whereas female unemployment and gender inequality widen the gap. Additional enabling factors, such as improved income levels, digital and financial infrastructure, and strong institutional quality, also help reduce disparities. These results remain consistent across alternative estimation methods (IV regression) and across subgroups defined by income levels, gender disparity levels, and geographical divisions.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 2","pages":"Article 100787"},"PeriodicalIF":7.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147418420","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}

引用次数: 0

Artificial intelligence and unethical financial practices: Examining the mediating role of environmental; social; and governance (ESG) performance in the Saudi financial sector 人工智能与不道德的金融行为：环境因素的中介作用社会;和治理（ESG）在沙特金融业的表现

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2026-01-04 DOI: 10.1016/j.bir.2026.100784

Laila Aladwey

{"title":"Artificial intelligence and unethical financial practices: Examining the mediating role of environmental; social; and governance (ESG) performance in the Saudi financial sector","authors":"Laila Aladwey","doi":"10.1016/j.bir.2026.100784","DOIUrl":"10.1016/j.bir.2026.100784","url":null,"abstract":"<div><div>This study investigates how the adoption of artificial intelligence (AI) influences unethical financial practices—bribery, corruption, fraud (BCF), and tax avoidance—in the Saudi financial sector, with environmental, social, and governance (ESG) performance as a mediating factor. Employing the causal mediation framework of Imai et al. (2010a, Imai, Keele, & Yamamoto, 2010) and Tingley et al. (2014), the analysis uses generalized linear models (GLMs) for BCF, ordinary least squares (OLS) for tax avoidance, and a 5000-replication bootstrap procedure to enhance inferential robustness. The results reveal partial mediation: while AI adoption is associated with lower ESG performance, higher ESG scores partially mitigate AI's positive association with unethical practices. This finding implies that although ESG frameworks are effective in attenuating some of AI's adverse ethical impacts, they are insufficient alone to prevent misconduct. The findings underscore AI's dual role as a driver of ethical vulnerabilities in the absence of adequate oversight and a catalyst for improved governance when aligned with strong ESG principles. The study extends agency and stakeholder theories by illustrating how ESG serves simultaneously as a governance mechanism to reduce information asymmetry and as a legitimacy instrument to reinforce stakeholder trust in an AI-driven financial ecosystem.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 2","pages":"Article 100784"},"PeriodicalIF":7.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147418421","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}

引用次数: 0

The impact of the global financial cycle on systemic risk and the role of macroprudential policies 全球金融周期对系统性风险的影响及宏观审慎政策的作用

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2025-12-07 DOI: 10.1016/j.bir.2025.100769

Mingzhu Zhu, Xuyang Ma

引用次数: 0

Biodiversity risk and corporate real earnings management: Empirical evidence from China 生物多样性风险与企业真实盈余管理：来自中国的经验证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2025-12-11 DOI: 10.1016/j.bir.2025.100778

Yongjian Lin, Rongcan Zheng

引用次数: 0

Vulnerability of eco-friendly assets to return shocks from climate change and carbon credit indices 生态友好型资产应对气候变化和碳信用指数冲击的脆弱性

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2025-12-08 DOI: 10.1016/j.bir.2025.100770

Remzi Gök , Elie Bouri , Hail Park

{"title":"Vulnerability of eco-friendly assets to return shocks from climate change and carbon credit indices","authors":"Remzi Gök , Elie Bouri , Hail Park","doi":"10.1016/j.bir.2025.100770","DOIUrl":"10.1016/j.bir.2025.100770","url":null,"abstract":"<div><div>Proposing a quantile-on-quantile extended joint connectedness (QQ-EJC) framework that combines the quantile-on-quantile connectivity (QQC) and extended-joint connectedness (EJC) models, we examine the vulnerability of eco-friendly assets to return shocks in climate change and carbon credit indices across various quantiles and evaluate the multivariate portfolio implications. The results show the following: Compared to the carbon credit index, the climate change index is more strongly interconnected with eco-friendly assets, particularly clean energy and renewable technology stocks. Connectedness is the strongest under extreme negative shocks. Carbon and climate change indices are dominant transmitters of extreme shocks to eco-friendly assets. The pandemic affected the evolution of total and net quantile connectivity measures, with carbon/climate indices recoupling with eco-friendly assets over time. Portfolio weights and hedging effectiveness under a minimum connectedness approach suggest that carbon credits and clean energy are the most effective assets, unlike green bonds that offer no added-value to a portfolio.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 2","pages":"Article 100770"},"PeriodicalIF":7.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147418336","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}

引用次数: 0

Talk or action? Unveiling the nature and depth of climate disclosures in Islamic banks using machine learning 空谈还是行动？利用机器学习揭示伊斯兰银行气候信息披露的性质和深度

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2026-01-07 DOI: 10.1016/j.bir.2026.100789

Muhammad Bilal Zafar

{"title":"Talk or action? Unveiling the nature and depth of climate disclosures in Islamic banks using machine learning","authors":"Muhammad Bilal Zafar","doi":"10.1016/j.bir.2026.100789","DOIUrl":"10.1016/j.bir.2026.100789","url":null,"abstract":"<div><div>Climate risk has become a board-level and supervisory priority, yet little is known about how Islamic banks—subject to both conventional regulation and Shariah principles—communicate their climate commitments. Drawing on 838 annual reports from 103 Islamic banks across 25 jurisdictions during 2015–2024, this study develops a four-step natural-language–processing pipeline that combines rule-based precision with context-aware machine learning. Findings reveal that climate language appears in 84 % of bank-year observations but remains governance-heavy and metric-light, strategy narratives account for 64 % of TCFD-aligned sentences, whereas metrics & targets comprise only 11 %. Mentions of ESG governance and climate stress-testing surged six-fold after 2020, reflecting alignment with NGFS supervisory guidance and intensified regulatory uptake in Southeast Asia and the Gulf. Nonetheless, renewable-finance and net-zero narratives remain peripheral (<3 %). These results highlight a disclosure regime characterized by rapid narrative diffusion yet limited quantitative substance, challenging assumptions about Islamic finance's presumed ethical advantage and informing regulators seeking more decision-useful climate reporting.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 2","pages":"Article 100789"},"PeriodicalIF":7.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147418416","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}

引用次数: 0

Detecting and explaining bubbles in Islamic stock markets: A dual approach with LPPLS and machine learning 检测和解释伊斯兰股票市场的泡沫：用lppl和机器学习的双重方法

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.bir.2026.100790

Merve Mert Saritas , Onder Ozgur , Veli Yilanci

{"title":"Detecting and explaining bubbles in Islamic stock markets: A dual approach with LPPLS and machine learning","authors":"Merve Mert Saritas , Onder Ozgur , Veli Yilanci","doi":"10.1016/j.bir.2026.100790","DOIUrl":"10.1016/j.bir.2026.100790","url":null,"abstract":"<div><div>This study investigates the presence and predictability of price bubbles in Islamic stock markets, challenging the proposition that their Sharia-compliant principles provide inherent resilience against such phenomena. Employing a dual methodology, we first apply the Log-Periodic Power Law Singularity (LPPLS) model to detect crash periods in the daily Dow Jones Islamic Market indices for Canada, Japan, the United Kingdom, and the United States from 1996 to 2025. Subsequently, we utilize an eXtreme Gradient Boosting (XGBoost) algorithm to identify the key macro-financial drivers of these identified bubble episodes. The results from the LPPLS analysis confirm that these indices exhibit significant bubble dynamics. The XGBoost model incorporated imbalance-aware learners and further reveals that the probability of a bubble is systematically linked to a combination of market-based and macroeconomic variables, with the stock price index, intraday volatility, long-term interest rates, and exchange rates emerging as the most significant predictors, albeit with country-specific variations.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 2","pages":"Article 100790"},"PeriodicalIF":7.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147418417","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}

引用次数: 0

Systemic risk in European banks: Analysis of the 2008–2023 period amid financial and non-financial shocks 欧洲银行的系统性风险：2008-2023年金融和非金融冲击时期的分析

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2026-01-07 DOI: 10.1016/j.bir.2026.100782

Florin Aliu , Ujkan Q. Bajra , Edmond Hajrizi

{"title":"Systemic risk in European banks: Analysis of the 2008–2023 period amid financial and non-financial shocks","authors":"Florin Aliu , Ujkan Q. Bajra , Edmond Hajrizi","doi":"10.1016/j.bir.2026.100782","DOIUrl":"10.1016/j.bir.2026.100782","url":null,"abstract":"<div><div>The study examines the impact of significant financial and non-financial shocks on the extent to which returns and s-GARCH volatility are connected among the 13 biggest European banks. Financial shocks considered include the 2008/2009 financial crisis and European sovereign debt crisis in 2010/2011, while non-financial shocks encompass the COVID-19 pandemic and Russia–Ukraine war. Findings show that short-term connectedness consistently exhibits the strongest directional spillover effects. Concepts such as <em>too big to fail</em> and <em>too interconnected to fail</em> emerge as key factors that could shape future crises. During the 2008/2009 financial crisis and sovereign debt crisis, Deutsche Bank acted as a primary source of contagion within the European banking system. Conversely, at the time of the COVID-19 pandemic and Russia–Ukraine conflict, risk spillovers were chiefly transmitted by Internationale Nederlanden Groep and BNP Paribas. From a policy perspective, short-term spillovers provide early warning signals for regulators, pointing to potential liquidity shortages and funding challenges. In contrast, long-term spillovers expose deeper structural vulnerabilities, primarily stemming from banks' sovereign debt exposure and the cross-border flight of capital.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 2","pages":"Article 100782"},"PeriodicalIF":7.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147418415","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}

引用次数: 0

Sentiment matters: Financial impact of tonal characteristics of FOMC communication 情绪问题：联邦公开市场委员会沟通的语气特征对金融的影响

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2025-12-06 DOI: 10.1016/j.bir.2025.100768

Mehmet Fatih Sert , Ahmet Usta

引用次数: 0

The strength of bank-firm ties: how direct and indirect board connections affect debt financing 银行与公司关系的强度：董事会的直接和间接关系如何影响债务融资

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-03-01 Epub Date: 2025-12-11 DOI: 10.1016/j.bir.2025.100777

Dmitry Kirpishchikov, Marina Zavertiaeva, Evgeniya Shenkman

引用次数: 0