Borsa Istanbul Review最新文献_第7页

Words that yield: The invisible hand of financial storytelling 有用的词汇：金融故事中看不见的手

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-27 DOI: 10.1016/j.bir.2025.10.027

Atta ul Mustafa , Ahmet Faruk Aysan , Nasim Shah Shirazi

引用次数: 0

Unraveling the influence of ESG performance on working capital management: An empirical analysis of a global panel dataset 揭示ESG绩效对营运资金管理的影响：基于全球面板数据集的实证分析

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-07 DOI: 10.1016/j.bir.2025.100772

Ilker Yilmaz

引用次数: 0

Risk or resilience? Assessing the impact of climate policy uncertainty on MENA stock markets: A ST-VECM analysis 风险还是韧性？评估气候政策不确定性对中东和北非股市的影响：ST-VECM分析

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-06 DOI: 10.1016/j.bir.2025.100765

Ali Yavuz Polat , Erhan Mugaloglu , Khaled Elmawazini

{"title":"Risk or resilience? Assessing the impact of climate policy uncertainty on MENA stock markets: A ST-VECM analysis","authors":"Ali Yavuz Polat , Erhan Mugaloglu , Khaled Elmawazini","doi":"10.1016/j.bir.2025.100765","DOIUrl":"10.1016/j.bir.2025.100765","url":null,"abstract":"<div><div>We investigate the dynamic interplay between climate policy uncertainty (CPU), geopolitical risk (GPR), oil prices, and stock market performance within the Middle East and North Africa (MENA) region, considering the dependence of the region's economies on oil. CPU is used to capture a nuanced understanding of how global environmental policy uncertainties shape financial market dynamics. Employing a Smooth Transition Vector Error Correction Model, we analyze both long-term co-integration and short-term fluctuations. The results reveal that oil and capital market shocks have a similar, initially positive impact on the Dow Jones MENA index (DJMENA), while the responses to CPU and GPR differ over time. Geopolitical shocks initially boost the DJMENA index owing to supply disruptions, but eventually exert a negative impact as alternative energy investments may increase in the long run. However, the DJMENA index responds positively to increasing uncertainty in the CPU. In the short run, oil and capital market shocks account for up to 98 % of the variation in the DJMENA index, whereas the CPU and GPR play a larger role in the long run. The historical decomposition highlights how the COVID-19 pandemic and the Russia–Ukraine conflict further intensified market volatility. Although the GPR exerts a more pronounced immediate effect, CPU's impact intensifies over time, highlighting the necessity for MENA markets to account for climate uncertainty in their financial strategies. These findings underscore the importance of adapting to shifting global pressures to maintain resilient performance in oil-dependent economies.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100765"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015725","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

Enhancing sustainability: The impact of ESG factors in global insurance performance 增强可持续性：ESG因素对全球保险业绩效的影响

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.bir.2025.10.030

Hasan Meral , Behlul Ersoy , Mesut Dogan

引用次数: 0

Stock price crash risk and institutional ownership: Evidence from Borsa Istanbul 股票价格崩溃风险和机构所有权：来自Borsa Istanbul的证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.028

Mehmet Benturk

引用次数: 0

From disclosure to distortion: How strategic ESG disclosure shapes green innovation bubbles 从披露到扭曲：战略性ESG披露如何塑造绿色创新泡沫

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-27 DOI: 10.1016/j.bir.2025.10.019

Meiyi Li , Yufei Gan

{"title":"From disclosure to distortion: How strategic ESG disclosure shapes green innovation bubbles","authors":"Meiyi Li , Yufei Gan","doi":"10.1016/j.bir.2025.10.019","DOIUrl":"10.1016/j.bir.2025.10.019","url":null,"abstract":"<div><div>Strategic environmental, social, and governance (ESG) disclosure practices that create favorable impressions while concealing unfavorable environmental performance have become increasingly common among corporations. This study investigates how such practices influence green technology innovation bubbles, where firms prioritize innovation quantity over quality. Drawing on institutional theory and impression management perspectives, we examine this relationship using Chinese A-share listed companies (2015–2024). Through propensity score matching, difference-in-differences, placebo tests, and IV approaches, we establish that strategic ESG disclosure positively influences green-innovation bubbles. CEO green experience weakens this relationship, whereas managerial myopia strengthens it. Information asymmetry and greenwashing mediate this relationship. The effects are stronger for non-SOEs, during periods of high economic uncertainty and under weaker environmental regulations. Our study contributes to the sustainability literature by documenting how strategic ESG behavior distorts innovation patterns and provides policy implications for designing effective disclosure regulations.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100746"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015777","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

Wavelet-enhanced multimodel framework for stock market forecasting: A comprehensive analysis across market regimes 股票市场预测的小波增强多模型框架：跨市场机制的综合分析

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-07 DOI: 10.1016/j.bir.2025.100771

Yüksel Okşak , Yasin Büyükkör , Tufan Sarıtaş

{"title":"Wavelet-enhanced multimodel framework for stock market forecasting: A comprehensive analysis across market regimes","authors":"Yüksel Okşak , Yasin Büyükkör , Tufan Sarıtaş","doi":"10.1016/j.bir.2025.100771","DOIUrl":"10.1016/j.bir.2025.100771","url":null,"abstract":"<div><div>In this study, we develop a hybrid forecasting framework that integrates discrete wavelet transform with multiple machine and deep learning architectures to address nonlinearity and regime-dependent dynamics in financial markets. Log-return series using daily data from the BIST 100, S&P 500, and Shanghai Composite indexes spanning 2015–2025 are subject to three-level Daubechies-4 wavelet decomposition, which yields approximation and detail coefficients that capture multiresolution temporal patterns. Four feature configurations are systematically evaluated: base (lagged returns only), pure wavelet approximation (A1–A3), hybrid wavelet approximation (lags combined with A1–A3), and wavelet approximation-detail (A1–A3 with D1–D3). Random forest, Support Vector Regression, Long Short-Term Memory, and Gated Recurrent Unit models are trained on each configuration, enabling direct assessment of the effectiveness of wavelet feature engineering. A three-state Gaussian hidden Markov model identifies bull, bear, and sideways regimes based on risk-adjusted returns, stratifying out-of-sample results to examine model robustness across varying market conditions without influencing training procedures. Our results demonstrate that wavelet-enhanced configurations, in particular the full approximation-detail specification, reduce forecast errors by 20–40 percent across all indexes and algorithms. Diebold–Mariano tests confirm statistical significance both globally and within each market regime. Our findings confirm that discrete wavelet transform is essential preprocessing for volatile financial markets, offering actionable insights for algorithmic trading, risk management, and policy frameworks in emerging economies.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100771"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015770","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

Do ownership structure and governance matter in asset allocation decisions of Islamic and conventional mutual funds? Empirical evidence from Pakistan 所有权结构和治理在伊斯兰和传统共同基金的资产配置决策中是否重要？来自巴基斯坦的经验证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.bir.2025.10.018

Fatima Khaleel, Hajra Ihsan, Abdul Rashid

{"title":"Do ownership structure and governance matter in asset allocation decisions of Islamic and conventional mutual funds? Empirical evidence from Pakistan","authors":"Fatima Khaleel, Hajra Ihsan, Abdul Rashid","doi":"10.1016/j.bir.2025.10.018","DOIUrl":"10.1016/j.bir.2025.10.018","url":null,"abstract":"<div><div>Diversification in asset management companies is the key feature delivered by mutual funds. Fund managers are responsible for allocating assets in the fund's portfolio to improve risk-adjusted performance and decrease risk. This study analyzes the diversification and governance mechanisms of mutual funds in Pakistan. Moreover, it examines the impact of corporate governance on the asset allocation of Islamic and conventional mutual funds. The main findings revealed that the diversification level of mutual funds is quite satisfactory, which means that funds in Pakistan are diversified on average. Surprisingly, Islamic mutual funds are more diversified than their conventional counterparts. The comparative analysis of Islamic and conventional mutual funds shows that <em>Shariah</em> governance supports the equity type, <em>sukuks,</em> and income funds investment, while it negatively affects the bonds, T-bills, and cash investments. It is also observed that conventional mutual funds prefer to invest in equity and cash-type investments. Similarly, domestic, managerial, and foreign ownership increases diversification in conventional mutual funds, while government, trustees, and institutional ownership escalate diversification in Islamic mutual funds. These findings have important implications for the governance set-up, ownership structure, and diversification of the mutual fund industry to improve the efficiency of asset allocation decisions. The findings also guide managers in a strategic direction to identify the fund's governance features and their impact on the fund's diversification.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100745"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015769","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

Can financial literacy training improve financially responsible behavior? Experimental evidence from Turkish undergraduates 金融知识培训能提高财务负责行为吗？来自土耳其本科生的实验证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-09-13 DOI: 10.1016/j.bir.2025.08.004

Metin İlbasmış , Hakan Altın , Büşra Yılmaz

引用次数: 0

Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes 财务素养与决策：知识差距对财务结果的影响

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-07-21 DOI: 10.1016/j.bir.2025.07.010

Abdullah Kürşat Merter , Yavuz Selim Balcıoğlu

{"title":"Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes","authors":"Abdullah Kürşat Merter , Yavuz Selim Balcıoğlu","doi":"10.1016/j.bir.2025.07.010","DOIUrl":"10.1016/j.bir.2025.07.010","url":null,"abstract":"<div><div>This study addresses a critical gap in understanding why financial literacy interventions often prove ineffective by examining the role of metacognitive miscalibration in financial decision-making. We investigate how individuals who systematically overestimate their financial knowledge exhibit distinct behavioral patterns that undermine financial outcomes across multiple domains. Drawing on nationally representative data from the 2021 U.S. National Financial Capability Study, we analyzed decision-making patterns among individuals exhibiting financial overconfidence compared to equally knowledgeable peers without such overconfidence. Results demonstrated that overconfident individuals significantly reduce their investment participation, retirement planning, and emergency savings behaviors. Paradoxically, these individuals reported higher financial satisfaction despite objectively poorer outcomes, creating a feedback loop that prevents corrective learning. These findings showed that misjudging one's own financial knowledge was a consistent obstacle to being financially healthy, as it leads to reduces help-seeking behavior and poor risk evaluation, clarifying why regular financial education programs often don't work well.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 101-108"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555430","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