Borsa Istanbul Review最新文献_第8页

Financial citizenship beyond borders: Validation of a model between Brazil and France 超越国界的金融公民：巴西和法国模式的验证

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-10-16 DOI: 10.1016/j.bir.2025.10.015

Ana Luiza Paraboni , Ani Caroline Grigion Potrich , Kelmara Mendes Vieira

{"title":"Financial citizenship beyond borders: Validation of a model between Brazil and France","authors":"Ana Luiza Paraboni , Ani Caroline Grigion Potrich , Kelmara Mendes Vieira","doi":"10.1016/j.bir.2025.10.015","DOIUrl":"10.1016/j.bir.2025.10.015","url":null,"abstract":"<div><div>This study proposed and validated a model of financial citizenship that integrates financial literacy, inclusion, and protection, comparing its applicability and mean differences between Brazilians and French. A sample from both countries was investigated. The data were analyzed using descriptive statistics, structural equation modeling, model invariance testing, and mean differences analysis. The invariance analysis confirmed that the model has an equivalent factor structure in both countries, enabling valid and consistent comparisons. The results indicated no significant differences in the mean scores for financial literacy and financial protection between the groups, possibly due to similarities in national financial education strategies. However, Brazilians scored significantly higher in financial inclusion and citizenship, suggesting some advances in financial practices in Brazil (e.g., the adoption of PIX) and thus expand access to digital banking services. This work advances the cross-cultural validity of the financial citizenship model and demonstrates its usefulness for international research.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 167-176"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555343","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

Financial literacy antecedents: Testing the social cognitive, consumer socialization, and planned behavior theories with Indian investors 金融素养的前因：对印度投资者的社会认知、消费者社会化和计划行为理论的检验

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-08-28 DOI: 10.1016/j.bir.2025.08.005

Sumita Jagdishprasad Shroff , Udai Lal Paliwal , Narayanage Jayantha Dewasiri

{"title":"Financial literacy antecedents: Testing the social cognitive, consumer socialization, and planned behavior theories with Indian investors","authors":"Sumita Jagdishprasad Shroff , Udai Lal Paliwal , Narayanage Jayantha Dewasiri","doi":"10.1016/j.bir.2025.08.005","DOIUrl":"10.1016/j.bir.2025.08.005","url":null,"abstract":"<div><div>Building on social cognitive theory (SCT), consumer socialization theory (TCS), and the theory of planned behavior (TPB), this study investigates the main factors that influence financial literacy among individual investors in India, an emerging market. A cross-sectional survey of 384 investors, conducted using purposive sampling and a structured questionnaire, assesses their financial behaviors, attitudes, knowledge, and nine demographic and socioeconomic variables. Our logistic regression analysis shows that gender, income, family life-cycle stage, and workplace activity significantly affect financial literacy levels. The TPB constructs, financial knowledge, behavior, and attitude, further support the model, highlighting strong links with higher financial literacy. Unlike previous research, which focuses on general or occupational groups, this study uniquely includes workplace activity as a new predictor and combines TPB with TCS to examine investor-specific dynamics. The results provide theoretical insights and practical guidance for policy makers, financial educators, and service providers seeking to enhance financial literacy among investors in India.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 128-136"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555361","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

A portfolio-focused behavioral model linking financial literacy and risk tolerance: Evidence from mutual fund investors in Türkiye 一个以投资组合为中心的行为模型，将金融知识和风险承受能力联系起来：来自<s:1> rkiye共同基金投资者的证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-09-06 DOI: 10.1016/j.bir.2025.09.001

Çağrı Hamurcu , Adalet Hazar , Şenol Babuşcu

{"title":"A portfolio-focused behavioral model linking financial literacy and risk tolerance: Evidence from mutual fund investors in Türkiye","authors":"Çağrı Hamurcu , Adalet Hazar , Şenol Babuşcu","doi":"10.1016/j.bir.2025.09.001","DOIUrl":"10.1016/j.bir.2025.09.001","url":null,"abstract":"<div><div>This study develops a portfolio-focused behavioral model to investigate how the multidimensional components of financial literacy—knowledge, attitude, and behavior—shape financial risk tolerance among mutual fund investors in Türkiye. Whereas most papers evaluate the influence of financial literacy on investment decisions using broad investor samples, this study centers on individuals who make professionally managed, portfolio-based investment decisions, thereby making a contribution to the literature. Mutual fund investors typically have higher financial awareness and structured decision-making processes, enabling a more nuanced analysis of the impact of financial literacy dimensions on risk tolerance. Drawing on behavioral finance, financial capability theory, and the theory of planned behavior, the model traces direct and indirect paths from literacy components to risk preferences. Based on data from 703 Turkish mutual fund investors and using validated Organization for Economic Cooperation and Development (OECD)/International Network on Financial Education (INFE) and Grable-Lytton scales, our structural equation model (SEM) reveals that financial behavior is the primary driver of risk tolerance, mediating the influence of knowledge and attitudes. These findings emphasize that financial literacy translates into risk-related decision-making primarily through behavior. The study highlights the behavioral dynamics of financial capability in emerging markets and calls for financial education programs that go beyond knowledge transfer to cultivate actionable attitudes and proactive behaviors among informed investors.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 119-127"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555432","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 critical role of financial literacy in enhancing firm success 金融知识在促进企业成功中的关键作用

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-10-11 DOI: 10.1016/j.bir.2025.10.014

Simona-Mihaela Ichim , Alin Vid

{"title":"The critical role of financial literacy in enhancing firm success","authors":"Simona-Mihaela Ichim , Alin Vid","doi":"10.1016/j.bir.2025.10.014","DOIUrl":"10.1016/j.bir.2025.10.014","url":null,"abstract":"<div><div>The role of financial literacy in fostering firm performance has gained increasing attention in contemporary research. This paper introduces a novel methodology for identifying successful companies, utilizing unique and granular data derived from financial statements and the Central Credit Registry. To determine the critical importance of financial literacy for firm success, this study examines a substantial sample of firms to evaluate their financial capabilities, fill gaps in empirical evidence, and enhance the reliability and generalizability of the results. Our analysis investigates how varying levels of financial literacy, digitalization, and educational attainment among firm managers impact company success. By employing logit models, we identify a series of characteristics that have proven to be important for company success in Romania. According to the results, essential characteristics shaping company success include the educational attainment of top management, the level of financial literacy, and digitalization, as well as solvency, liquidity, and the firm's financing through bank loans. Our insights underscore the need for targeted financial literacy programs and policy interventions aimed at improving managerial competencies. Thus, we provide valuable findings for both policymakers and academia, suggesting that investing in financial literacy is essential for the performance and long-term viability of firms.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 156-166"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555342","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

Does financial literacy drive digital currency innovation? cross-country evidence on CBDC adoption 金融知识驱动数字货币创新吗？关于CBDC采用的跨国证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-08-29 DOI: 10.1016/j.bir.2025.08.006

Charilaos Mertzanis , Mohamed Shaker Ahmed , Rouhi Faisal , Reem Ahmed Al Suwaidi

{"title":"Does financial literacy drive digital currency innovation? cross-country evidence on CBDC adoption","authors":"Charilaos Mertzanis , Mohamed Shaker Ahmed , Rouhi Faisal , Reem Ahmed Al Suwaidi","doi":"10.1016/j.bir.2025.08.006","DOIUrl":"10.1016/j.bir.2025.08.006","url":null,"abstract":"<div><div>This study examines whether financial literacy influences the adoption of Central Bank Digital Currencies (CBDCs) across countries. While existing literature emphasizes technological, macroeconomic, and institutional factors, this paper introduces financial literacy as a novel determinant shaping public readiness for sovereign digital money. This work uses a unique panel dataset of 65 nations from 2020 to 2024 and nonlinear models with fixed effects to detect the causal influence, which is backed by instrumental variable estimation, propensity score matching, and robustness tests. Results indicate that higher national financial literacy significantly increases the probability of advancing in CBDC adoption stages. The effect is stronger for knowledge of inflation and risk diversification, buhed t it is moderated by internet infrastructure, financial instability, and cryptocurrency dynamics. The findings underscore the importance of financial capability in driving digital monetary innovation and suggest that enhancing financial literacy should be a strategic component of CBDC design and implementation policies across diverse national contexts.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 109-118"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555431","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

Consumer financial anxiety during the COVID-19 pandemic COVID-19大流行期间消费者的金融焦虑

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-09-01 DOI: 10.1016/j.bir.2025.08.008

Wei Feng , David Spohn , Lianfen Qian , Mohammad Kabir Hassan

引用次数: 0

Knowledge, attitude or risk? What drives the financial literacy gaps of university staff? 知识、态度还是风险？是什么导致了大学员工的金融知识差距？

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-10-27 DOI: 10.1016/j.bir.2025.10.032

Ibrahim Ayoade Adekunle , Tolulope Oyakhilome Williams , Robin Maialeh , Muiz Adeniji Adegbenro

{"title":"Knowledge, attitude or risk? What drives the financial literacy gaps of university staff?","authors":"Ibrahim Ayoade Adekunle , Tolulope Oyakhilome Williams , Robin Maialeh , Muiz Adeniji Adegbenro","doi":"10.1016/j.bir.2025.10.032","DOIUrl":"10.1016/j.bir.2025.10.032","url":null,"abstract":"<div><div>This study examines the extent to which variations in financial knowledge, attitudes and risk preferences shape the educational investment behaviour of academic and non-academic university staff. Our findings revealed distinct patterns. We documented that being armed with a sound financial knowledge significantly influences the educational investment decisions of academic staff, thus facilitating informed decision-making. We also documented that financial attitudes and risk tolerance exert positive impacts, thus indicating that confidence in terms of one's financial management informs educational advancement. Conversely, a sound financial knowledge does not predict the take-up of further education for non-academic staff, while financial attitudes and risk aversion exert negative impacts, thus suggesting that financial constraints and limited careers inhibit investment in higher education. Institutional dynamics and socio-economic conditions further moderate these relationships and expose structural barriers to financial literacy. The findings identified the necessity for tailored financial literacy intervention measures that address the occupational stratifications and institutional constraints that hinder educational progression.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 ","pages":"Pages 192-200"},"PeriodicalIF":7.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145555428","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 financial literacy on financial development: A cross-country analysis 金融素养对金融发展的影响：一个跨国分析

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-12-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.017

Asuman Koç Yurtkur , Yunus Kilic , Mehmet Fatih Bugan , Sel Dibooglu , Emrah I. Cevik

引用次数: 0

The adoption of cross-border payment: A comparative study of belt and road countries 跨境支付的采用：一带一路国家的比较研究

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-11-01 Epub Date: 2025-10-13 DOI: 10.1016/j.bir.2025.10.011

Walaa J.K. Almoghayer , Haitham A. Mahmoud

引用次数: 0

AI-driven insights into working capital strategies: An application on Borsa Istanbul 人工智能驱动的营运资本战略洞察：Borsa Istanbul的应用

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2025-11-01 Epub Date: 2025-07-31 DOI: 10.1016/j.bir.2025.07.017

Yunus Emre Akdogan

{"title":"AI-driven insights into working capital strategies: An application on Borsa Istanbul","authors":"Yunus Emre Akdogan","doi":"10.1016/j.bir.2025.07.017","DOIUrl":"10.1016/j.bir.2025.07.017","url":null,"abstract":"<div><div>This study employs machine learning and explainable artificial intelligence to examine the impact of working capital strategies—aggressive, moderate, and conservative—on Tobin's Q and EBITDA (earnings before interest, taxes, depreciation, and amortization), identifying key financial indicators for each approach. When the LightGBM algorithm is run, the <em>R</em><sup>2</sup> values for Tobin's Q are 57 percent (aggressive), 40 percent (moderate), and 55 percent (conservative) and, for EBITDA, the <em>R</em><sup>2</sup> values were 43 percent, 60 percent, and 60 percent, respectively. SHAP-based analyses reveal that Tobin's Q is predominantly affected by macroeconomic variables, especially in aggressive and moderate strategies, while EBITDA is mainly determined by operational efficiency and liquidity indicators across all strategies. The findings indicate that advanced algorithms—such as random forest, LightGBM, and XGBoost, when paired with SHAP explainability—capture the complex dynamics of working capital management more effectively than traditional approaches. Practically, these insights can help firms optimize liquidity, profitability, and debt policies to enhance sustainable competitive advantage.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 6","pages":"Pages 1359-1377"},"PeriodicalIF":7.1,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145528113","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