Borsa Istanbul Review最新文献

{"title":"How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS","authors":"Zhichao Yu ,&nbsp;Umar Farooq ,&nbsp;Mohammad Mahtab Alam ,&nbsp;Jiapeng Dai","doi":"10.1016/j.bir.2024.02.007","DOIUrl":"10.1016/j.bir.2024.02.007","url":null,"abstract":"<div><p>Integrating environmental, social, and governance (ESG) principles into investment decisions has garnered increased attention in the business landscape. Thus, the current study aims to investigate the intricate interplay between ESG performance and investment patterns (capital vs. environmental) within the corporate setting. This study sought to identify the influence of ESG scores on earnings-driven investments (capital investment) and environmental investments, exploring potential trade-offs and implications for corporate decision-making. The analysis was conducted by sampling nonfinancial sector enterprises from BRICS nations from 2010 to 2022. For regression analysis, system generalized method of moments (GMM) was employed to address endogeneity concerns. The findings revealed a significant positive correlation between ESG performance and earnings-driven investments (capital investment). However, a negative relationship emerged between ESG scores and environmental investments, signifying potential trade-offs between financial profitability and dedicated environmental spending within companies. Other variables, including firm size, debt ratios, cash holdings, and CO₂ emissions, significantly impacted investment patterns. The study’s outcomes provide valuable guidance for corporate managers navigating sustainable investment strategies. Emphasizing earnings-driven investments, particularly capital projects, with a high ESG focus could align financial objectives with sustainable practices, enhancing long-term viability and stakeholder trust. The study’s insights contribute to the broader discourse on responsible corporate practices and sustainability. The findings shed light on the complexities of balancing financial objectives with environmental responsibilities, emphasizing the need for a balanced approach reconciling financial goals with ESG commitments. This study contributes novel insights by dissecting the nuanced relationships between ESG performance and investment decisions. The analysis provides a novel perspective on companies' trade-offs between the investment mix and pursuing ESG performance.</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/S2214845024000279/pdfft?md5=1707693a2e9e39603494fd6a869ddda0&pid=1-s2.0-S2214845024000279-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140008320","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}

{"title":"Board gender diversity and debt utilization: Evidence from the global microfinance industry","authors":"Arpita Sharma ,&nbsp;Swati Chauhan ,&nbsp;Md Aslam Mia ,&nbsp;Sunil Sangwan ,&nbsp;Shoaib Alam Siddiqui ,&nbsp;Sanjeev Kumar","doi":"10.1016/j.bir.2024.02.012","DOIUrl":"10.1016/j.bir.2024.02.012","url":null,"abstract":"<div><p>To support the continued expansion of their operations, microfinance institutions (MFIs) worldwide rely heavily on debt, which exposes them to bankruptcy risk. This underscores the need for prudent selection of debt instruments by MFIs. Therefore, this study aims to investigate the possible influence of board gender diversity on the choice of debt instruments utilized by MFIs. Data from unique 1670 MFIs in 93 countries, spanning the period of 2010–2018, were collected from the World Bank and analyzed using various econometric methods, including Random Effects Model (REM), Fixed Effects Model (FEM), Pooled Ordinary Least Squares (POLS), Generalized Least Squares (GLS), and endogeneity-corrected techniques such as the Generalized Method of Moments (GMM). The study revealed that gender-diverse boards tend to utilize fewer debt instruments, reflecting the risk-averse nature of the female board members, as observed in the existing literature. However, the statistical significance of these outcomes varies depending on the specific debt, proxies, sub-sample, and econometric methods considered in the analysis.</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/S2214845024000322/pdfft?md5=94b88556ff351610726739d760a3bd73&pid=1-s2.0-S2214845024000322-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140055089","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}

{"title":"The domino effect of silicon valley Bank's bankruptcy and the role of FED's monetary policy","authors":"Elif Erer ,&nbsp;Deniz Erer","doi":"10.1016/j.bir.2024.03.002","DOIUrl":"10.1016/j.bir.2024.03.002","url":null,"abstract":"<div><p>This paper examines the spillover effects of bankruptcy by important tech industry banks—Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank—on the top 10 institutions in the MSCI Bank Index and the role that monetary policy by the US Federal Reserve (the Fed) played in this contagion, using Dynamic Conditional Correlation-Exponentional Generalized Autoregressive (DCC-EGARCH) and time-varying Granger-causality models. Our findings show that the dynamic conditional correlations among the banks were higher during the period of the SVB crisis, implying the presence of financial contagion from the bank's bankruptcy due to uncertainty triggered by its collapse. Financial contagion emerges between SVB and the top 10 banks, and the degree of contagion rises during the crisis period. Moreover, the Fed's monetary policy plays a significant role in contagion due to bank failures. The deepening of financial contagion followed the Fed's increases in the federal funds rate to combat inflation.</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/S2214845024000437/pdfft?md5=4bed7a2974db172df14803509033be9f&pid=1-s2.0-S2214845024000437-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140146811","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}

{"title":"Reverse technological spillovers from outward FDI on home countries’ total factor productivity: Does the mode of investment matter?","authors":"Ayesha Ashraf ,&nbsp;Federico Carril-Caccia ,&nbsp;Nadia Doytch","doi":"10.1016/j.bir.2024.03.006","DOIUrl":"10.1016/j.bir.2024.03.006","url":null,"abstract":"<div><p>We examine the effect of outward foreign direct investment (OFDI) on total factor productivity (TFP) of home (source of FDI) countries in a global sample of 85 economies, distinguishing between outward greenfield FDI (OGFDI) and outward cross-border merger and acquisition (M&amp;A) purchases. The goal of the study is to test for <em>reverse technological spillovers</em> to the FDI source country. The hypothesis is that OGFDI and M&amp;As have different capabilities of carrying out <em>reverse technological spillovers,</em> which would affect the TFP of home countries differently. We apply a two-step system generalized method of moments (GMM) to deal with possible endogeneity and find the following results. <em>First</em>, total OFDI has no effect on the home country's TFP. <em>Second</em>, disentangling OFDI by mode of investment reveals both positive and negative <em>reverse spillovers</em> from FDI to TFP. While OGFDI produces <em>negative reverse spillovers</em> on the TFP of an MNE's home country due to displacement of production and reduced competition at home, M&amp;A purchases produce <em>positive reverse spillovers</em> on the TFP of an MNE's home country due to their potential to acquire high-value knowledge assets. <em>Third</em>, home countries' human capital development positively moderates the impact of OGFDI and M&amp;A purchases on TFP, while trade openness positively moderates only the M&amp;A impact on TFP. Our findings imply that policies that seek to promote OFDI can be beneficial once countries have reached a certain degree of human capital development and participation in international trade.</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/S2214845024000474/pdfft?md5=340f0caa0234fa4692020fe0b2dff1cc&pid=1-s2.0-S2214845024000474-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140146812","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}

{"title":"Antigambling interventions and corporate financialization: Evidence from China","authors":"Xun Hu ,&nbsp;Zhineng Long ,&nbsp;Cheng Xue ,&nbsp;Yanyu Zhang ,&nbsp;Xiangfang Zhao","doi":"10.1016/j.bir.2024.03.003","DOIUrl":"10.1016/j.bir.2024.03.003","url":null,"abstract":"<div><p>This study investigates the impact of local antigambling interventions (AGIs) on corporate financialization. From the perspective of formal institutions’ influence on culture, our findings suggest that firms located in regions with more effective AGIs exhibit lower levels of financialization. Mechanism tests show that AGIs reduce local risk preferences, subsequently influencing corporate financialization. Heterogeneity tests reveal that the main results are more pronounced when government trust is stronger, cultural transmission efficiency is higher, local firm interactions are more extensive, and community attention to antigambling initiatives is greater. This study enhances the understanding of the influence of the institutional environment on corporate investment decisions.</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/S2214845024000449/pdfft?md5=e13057ace4774d1eccda756c4ae175d7&pid=1-s2.0-S2214845024000449-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140083919","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}

{"title":"Term premium in Turkish lira interest rates: The role of foreign investors’ share","authors":"Halil İbrahim Aydın ,&nbsp;Özgür Özel","doi":"10.1016/j.bir.2024.01.005","DOIUrl":"10.1016/j.bir.2024.01.005","url":null,"abstract":"<div><p>In this paper we decompose Turkish Lira interest rates into expected short rate and term premium components, using two well-established methods. Then we focus on the impact of the share of foreign investors on bond yields by instrumenting that share with VIX and Merry Lynch option volatility estimate (Move) indices while controlling for other macroeconomic determinants of term premium. We find that a one-percentage-point increase in the foreign investors’ share in the bond market reduces the 5-year term premium by 55 basis points, which could be attributed to the impact of yield-seeking foreign investors in emerging markets.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S221484502400005X/pdfft?md5=4cdd36ecf3ff07ef72d74709af87164a&pid=1-s2.0-S221484502400005X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373229","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}

{"title":"The impact of women's empowerment and access to finance on greenhouse gas emissions: A framework for securing environmental tranquility","authors":"Juan Li ,&nbsp;Jianying Li ,&nbsp;Abdelmohsen A. Nassani ,&nbsp;Imran Naseem ,&nbsp;Khalid Zaman","doi":"10.1016/j.bir.2024.01.008","DOIUrl":"10.1016/j.bir.2024.01.008","url":null,"abstract":"<div><p>This study explores corporate environmental responsibility, which is an integral aspect of corporate social responsibility, through the lens of women's empowerment and their role in shaping eco-friendly policies. Examining 74 nations, the study reveals that women's influence significantly reduces greenhouse gas emissions within an empowerment index of 67.5–75. However, we observe a decline in corporate environmental quality beyond the 82.5 threshold. In particular, loans and money supply exacerbate emissions, indicating that financial activities have an influence on environmental quality. Considering different financial indicators, the study underscores that women's empowerment is distinctly correlated with lowering emissions within the $3.77 million to $14.71 million range. This financial range signifies a critical zone in which women's impact is most pronounced. Environmental quality also improves above $31.59 million. This study emphasises the critical importance of integrating women into corporate environmental initiatives, showcasing the potential for advancing long-term benefits and a greener corporate image.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000085/pdfft?md5=23098b2dea4623a772b3a2e3dc6d5aa8&pid=1-s2.0-S2214845024000085-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139459793","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}

{"title":"Justice and finance: Does judicial efficiency contribute to financial system efficiency?","authors":"Muhammad Atif Khan ,&nbsp;Muhammad Asif Khan ,&nbsp;Mohammed Arshad Khan ,&nbsp;Shahid Hussain ,&nbsp;Veronika Fenyves","doi":"10.1016/j.bir.2023.12.013","DOIUrl":"10.1016/j.bir.2023.12.013","url":null,"abstract":"<div><p>Efficient financial systems play a crucial role in promoting economic growth and development. This study explores the impact of judicial efficiency (JE) on financial system efficiency (FSE) and its components, financial institutions efficiency (FIE) and financial markets efficiency (FME), across 108 countries over the period from 2004 to 2020. Utilizing a fixed effect regression for our baseline analysis and a two-stage least squares (2SLS) regression to address endogeneity, we find robust evidence that JE has a positive and significant effect on FSE and its components, FIE and FME. Moreover, we find that JE's positive impact on FSE and its components holds across different levels of per capita income, including high-income, low-income, and emerging market economies. Our findings, which are confirmed by several robustness checks, highlight the universal importance of a well-functioning, efficient judicial system in driving FSE regardless of a country's economic context. The results show that countries should prioritize reforms to strengthen judicial institutions and enhance efficient contract enforcement. An efficient legal framework and judicial process are conducive to creating an environment in which an efficient financial system can develop, paving the way for sustainable economic growth.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845023001709/pdfft?md5=17265b8f131e09808a0fa2b581fcceb0&pid=1-s2.0-S2214845023001709-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139071576","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}

{"title":"From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance","authors":"Zheng Gong ,&nbsp;Liuji Gong ,&nbsp;Zeeshan Rasool","doi":"10.1016/j.bir.2024.01.010","DOIUrl":"10.1016/j.bir.2024.01.010","url":null,"abstract":"<div><p>Green finance is the beacon of hope in a world striving for sustainability, where financial growth and environmental responsibility go hand in hand. The BRICS, containing five emerging economies (Brazil, Russia, India, China, and South Africa), recently announced Iran, Egypt, Argentina, Ethiopia, Saudi Arabia, and the UAE as six potential new members. This expansion offers promising prospects for advancing environmental sustainability through green finance, which can be an excellent tool. In this respect, this research examines how green finance affects the carbon footprint in BRICS+6 economies. Earlier studies used panel data techniques to probe the association between these variables but overlooked that certain countries still needed to possess such a link separately. Hence, this research adopts the Quantile-on-Quantile approach, which provides a holistic universal view and customized findings for each country. The outcomes display that green finance improves environmental quality by diminishing carbon footprint at distinct quantiles of data distribution.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000176/pdfft?md5=de8b83cc40ab0e2cbfbad047ed2588fd&pid=1-s2.0-S2214845024000176-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139638694","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}

{"title":"Russian Currency's external shocks and domestic policy effectiveness amid geopolitical tensions","authors":"Anna Gainetdinova ,&nbsp;Kazi Sohag ,&nbsp;Nahla Samargandi","doi":"10.1016/j.bir.2024.02.002","DOIUrl":"10.1016/j.bir.2024.02.002","url":null,"abstract":"<div><p>This study examines the dynamics of the Russian currency against the US dollar, exploring its responses to geopolitical risk, domestic policies, and oil and gas price shocks. Based on our quantile and time-frequency analyses from January 1998 to July 2022, focused on a subsample that covers the Russia-Ukraine conflict (January–July 2022), our research reveals that the Russian currency has significant vulnerability to geopolitical risk. Domestic policies have a moderate impact on currency valuation, whereas oil prices play a pivotal role, exceeding the impact of domestic policies. Our findings offer strategic insights for hedging, identifying safe-haven assets, and diversification strategies based on Russian-foreign currency dynamics, oil, and gas prices. These considerations are especially relevant amid geopolitical tensions and uncertainty, across various time periods and quantile levels.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S221484502400022X/pdfft?md5=9c50cc14ec12a51cf96976c4dcc920d7&pid=1-s2.0-S221484502400022X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139872411","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}