Borsa Istanbul Review最新文献_第7页

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":null,"pages":null},"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

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

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":null,"pages":null},"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

Working capital management and firm performance: A comparative analysis of developed and emerging economies 营运资本管理与公司业绩：发达经济体与新兴经济体的比较分析

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.03.004

Halil Kiymaz , Samina Haque , Ahmed Abir Choudhury

{"title":"Working capital management and firm performance: A comparative analysis of developed and emerging economies","authors":"Halil Kiymaz , Samina Haque , Ahmed Abir Choudhury","doi":"10.1016/j.bir.2024.03.004","DOIUrl":"10.1016/j.bir.2024.03.004","url":null,"abstract":"<div><p>The literature on working capital management (WCM) provides mixed evidence on the effect of working capital on firm profitability and performance. We use firms from developed and emerging economies to explore how working capital and its components relate to firms' performance while controlling for firm-specific and macroeconomic factors. The findings show that the cash conversion cycle (CCC) is inversely related to firm performance in developed and emerging economies—however, there are differences in the CCC's components. While firms in developed economies exhibit higher firm performance with longer days' inventory on hand, firms in emerging economies have lower firm performance with longer days' inventory on hand, extended collection periods, and longer payable periods. Company-specific factors, such as firm size, growth, profitability, and leverage, influence the efficiency of WCM. We also find that country-specific variables such as gross domestic product (GDP), interest rate, and inflation have varying impacts on a firm's WCM.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000462/pdfft?md5=1e363766eecc8bdf95e7b6108b565c6d&pid=1-s2.0-S2214845024000462-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140271813","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

How do loan officer-borrower gender-driven behavioural differences impact on the microfinance lending market? 贷款官与借款人之间的性别差异如何影响小额贷款市场？

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.004

A. Blanco-Oliver , A. Samaniego , M.J. Palacin-Sanchez

{"title":"How do loan officer-borrower gender-driven behavioural differences impact on the microfinance lending market?","authors":"A. Blanco-Oliver , A. Samaniego , M.J. Palacin-Sanchez","doi":"10.1016/j.bir.2024.02.004","DOIUrl":"10.1016/j.bir.2024.02.004","url":null,"abstract":"<div><p>This paper analyses the impact of the gender of the loan officer-borrower pair on the loan-size, credit availability and time spent in managing the credit application. By using 3,020 lending transactions from Ecuador during 2016–2019, we document that the loan officer-borrower pair gender drives differences in the microcredit portfolio management. We find that female loan officers grant smaller microcredits to both male and female borrowers. However, the loan-size increases when matching the loan officer-borrower gender. We also demonstrate that female loan officers have greater loan approval rates, mainly in the segment of higher loan-sizes granted to male clients. Finally, our results show that the microcredits that have the fastest evaluation process are those that have a lower loan-size and are granted by female loan officers to female borrowers. Our findings have practical implications for the analysis of the credit availability for entrepreneurs as well as the loan portfolio management.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000243/pdfft?md5=68d18f925aff74d3437cc76ca8cff6d2&pid=1-s2.0-S2214845024000243-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139954717","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

Lottery factor and stock returns: Evidence from India 彩票因素与股票回报：来自印度的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.006

Sanjay Sehgal , Vibhuti Vasishth , Florent Deisting

引用次数: 0

Confluence of COVID-19 and the Russia-Ukraine conflict: Effects on agricultural commodity prices and food security COVID-19 与俄罗斯-乌克兰冲突的汇合：对农产品价格和粮食安全的影响

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.008

Faruk Urak , Abdulbaki Bilgic , Wojciech J. Florkowski , Gürkan Bozma

{"title":"Confluence of COVID-19 and the Russia-Ukraine conflict: Effects on agricultural commodity prices and food security","authors":"Faruk Urak , Abdulbaki Bilgic , Wojciech J. Florkowski , Gürkan Bozma","doi":"10.1016/j.bir.2024.02.008","DOIUrl":"10.1016/j.bir.2024.02.008","url":null,"abstract":"<div><p>The study investigates the effects of the Russian-Ukrainian war, the COVID-19 pandemic, and exchange rate fluctuations on the average return, contagion dynamics, and persistence of risks associated with three staples in Türkiye: wheat, sunflower oil, and corn. The pandemic and the war disrupted the grain, oil seed, and fertilizer supply from Russia and Ukraine to Türkiye and several Middle Eastern and African countries, risking food insecurity. The specified VECM-Asymmetric BEKK-MGARCH model estimation uses data from January 2010 to May 2023. Results show that over time, short-term deviations move towards long-term equilibrium. The presence of reciprocal causality among wheat, corn, and sunflower oil prices underscores their mutual influence. The volatility pass-through between wheat, sunflower oil, and corn shows asymmetric transmission. Long-term uncertainty stemming from one market exacerbates that market's uncertainty but mitigates risks affecting other markets. The volatility can be reduced through domestic production expansion through comprehensive policies enhancing rural area development, assuring farmer access to inputs, and implementing market risk mitigating measures. Results also show that the effects of the pandemic and the Russia-Ukraine war have been amplified by exchange rate fluctuations. Market risk mitigation could involve the agricultural exchange to support an expanded number of licensed grain warehouses. In a broader scholarly context, this study stresses the interaction between global shocks, market uncertainty, and safeguarding the nation's food security.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000280/pdfft?md5=73ac52111cee1c826382db82d28a36cf&pid=1-s2.0-S2214845024000280-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140008154","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 manager networks affect the efficiency of capital markets? Empirical research based on social network theory 经理人网络会影响资本市场的效率吗？基于社会网络理论的实证研究

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.02.011

Yifan Wang, Chongyan Cao

{"title":"Do manager networks affect the efficiency of capital markets? Empirical research based on social network theory","authors":"Yifan Wang, Chongyan Cao","doi":"10.1016/j.bir.2024.02.011","DOIUrl":"10.1016/j.bir.2024.02.011","url":null,"abstract":"<div><p>Managers generally possess complex social networks and occupy central positions within their networks. We investigate the influence of managers’ social network relationships on capital market pricing efficiency by specifically analysing the relationship between top management team network centrality and stock price synchronicity. Using stock price synchronicity as a proxy for information efficiency, we examine data from Chinese A-share listed companies over a period of ten years (2013–2022). Based on the social network perspective, we empirically test the relationship between top management team network centrality and stock price synchronicity. Our results reveal that top management team network centrality promotes stock price synchronicity, which is more significant for non-state-owned enterprises. Mechanism testing indicates that analyst attention plays a partial mediating role between top management team network centrality and stock price synchronicity based on herd behaviour and social network theory. Additionally, institutional investors’ shareholding ratios weaken the impact of top management team network centrality, whereas analyst herding strengthens the promotion of stock price synchronicity. After excluding the endogenous effects these main findings remain robust. Overall, the results support the idea that executive networks promote stock price synchronicity.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000310/pdfft?md5=1eb5494c30834a81987436cde1588dfc&pid=1-s2.0-S2214845024000310-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140466590","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

Corporate environmental, social, and governance activities and financial reporting quality: An international investigation 企业环境、社会和治理活动与财务报告质量：一项国际调查

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.03.001

Gökhan Özer , Nagihan Aktaş , İlhan Çam

引用次数: 0

Intellectual capital and asset quality: A nonlinear investigation in the Turkish Banking sector 智力资本与资产质量：土耳其银行业的非线性调查

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-05-01 DOI: 10.1016/j.bir.2024.03.005

Nasif Ozkan, Emin Zeytinoglu

{"title":"Intellectual capital and asset quality: A nonlinear investigation in the Turkish Banking sector","authors":"Nasif Ozkan, Emin Zeytinoglu","doi":"10.1016/j.bir.2024.03.005","DOIUrl":"10.1016/j.bir.2024.03.005","url":null,"abstract":"<div><p>This study aims to investigate the intricate relationship between intellectual capital and asset quality within the context of the Turkish banking sector to determine the optimal level of intellectual capital investment that can enhance the asset quality of deposit banks. The study relies on panel data regression analysis to explore this complex relationship, and its dataset encompasses 22 deposit banks over 17 years, from 2005 to 2021. The study provides compelling evidence of a nonlinear relationship between intellectual capital and asset quality. It pinpoints an optimal threshold for intellectual capital investments, beyond which further increases can erode asset quality. Furthermore, the study identifies specific intellectual capital components that impact the asset quality of state-owned, privately owned, and foreign deposit banks differently. The findings indicate that optimizing human capital efficiency and capital employed efficiency is critical for enhancing the asset quality of deposit banks. In contrast, the significance of structural and relational capital efficiency may vary, demanding a careful balance of investment strategies.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000450/pdfft?md5=25ddccd10cedbbe4c750e6426855b3e0&pid=1-s2.0-S2214845024000450-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140146898","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