Borsa Istanbul Review最新文献_第9页

Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies 实际期权框架下的企业环境、社会和公司治理投资与公司价值：来自两个世界领先经济体的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.01.002

Tanveer Bagh , Jiang Fuwei , Muhammad Asif Khan

{"title":"Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies","authors":"Tanveer Bagh , Jiang Fuwei , Muhammad Asif Khan","doi":"10.1016/j.bir.2024.01.002","DOIUrl":"10.1016/j.bir.2024.01.002","url":null,"abstract":"<div><p>Under the UN sustainable development goals (SDGs), the United States (US) and China have ambitious environmental, social, and governance (ESG) investment plans. However, dichotomy is found in the literature about how rising ESG practices affect firm value (FV). This study examines the linear and nonlinear effect of ESG practices on FV and how growth-option value (GV) moderates this connection in the real-option framework. We use data on 5220 listed US and Chinese firms from 2018 to 2022 with a generalized method of moments model. The empirical results confirm that ESG practices nonlinearly affect FV, implying that ESG practices turn FV trajectory from positive to negative, and the degree of this effect varies across the sample but is more pronounced at Chinese firms than US firms. We also find that GV negatively moderates the nexus between ESG practices and FV across the sample. Our endogeneity-adjusted results pass robustness tests and have important policy implications.</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/S2214845024000036/pdfft?md5=6e3fc86bcf628be67bb6fc4828dc2d82&pid=1-s2.0-S2214845024000036-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139394262","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 the financialization of agricultural commodities impact food security? An empirical investigation 农产品金融化对粮食安全有影响吗？实证调查

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.01.001

Manogna R. L., Nishil Kulkarni

{"title":"Does the financialization of agricultural commodities impact food security? An empirical investigation","authors":"Manogna R. L., Nishil Kulkarni","doi":"10.1016/j.bir.2024.01.001","DOIUrl":"10.1016/j.bir.2024.01.001","url":null,"abstract":"<div><p>The possible effect of the financialization of agricultural commodities on food security has become an evolving worry in recent years. This study seeks to empirically investigate this complicated problem and influence policy choices to ensure a more stable and secure food system by analyzing the role of financialization in global food markets. The study uses the panel data regression model, moderating effects model, and panel data regression with threshold variable to analyze financialization due to three agricultural commodities: wheat, maize, and soybean. For wheat, maize, and soybean futures traded on the Chicago Board of Trade, we utilize data related to annual trading volume, annual open interest contracts, and a ratio of annual trading volume to annual open interest contracts. The sample covers five developed countries - the United States, Australia, Canada, France, and Germany, and seven developing countries- China, Russia, India, Indonesia, Brazil, Vietnam, and Thailand. Annual panel data are constructed for the 2000–2021 period. The Human Development Index (HDI) is the threshold variable to differentiate the impact across these countries. The findings reveal that the financialization of agricultural commodities has negatively impacted food security globally, with wheat and soybean having a greater negative impact than corn. Also, there is a more considerable impact on developing countries compared to developed countries. The study finds that monetary policy can potentially reduce the impact of agricultural financialization on food security. The findings of this paper act as a guide to assist policymakers in ensuring that the world's food supply stays secure and available.</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/S2214845024000012/pdfft?md5=b64004cb7fe71601ee468521550c812c&pid=1-s2.0-S2214845024000012-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139394612","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

A novel distance-based moving average model for improvement in the predictive accuracy of financial time series 提高金融时间序列预测准确性的新型基于距离的移动平均模型

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.01.011

Uğur Ejder , Selma Ayşe Özel

{"title":"A novel distance-based moving average model for improvement in the predictive accuracy of financial time series","authors":"Uğur Ejder , Selma Ayşe Özel","doi":"10.1016/j.bir.2024.01.011","DOIUrl":"10.1016/j.bir.2024.01.011","url":null,"abstract":"<div><p>Time-series forecasting is essential for system analysis. Many traditional studies have paid attention to individual stock-oriented solutions and disregarded general approaches on financial time series or skipped the dynamics of the system and its triggering components. It is difficult to fully adapt to evolving market conditions with stable financial indicators. For this reason, the proposed novel distance-based exponential moving-average (DBEMA) model is dynamically designed to overcome the changing conditions of financial time series. A novel distance-based moving-average feature model can produce an adaptive prediction approach for financial time series. To evaluate the impact of the novel proposed DBEMA features, they are compared to the features selected by recursive feature elimination using classification and regression trees among the financial indicators, using benchmark classification models. To confirm the performance of the proposed novel distance-based moving-average features, the forecasting results of the features are compared using linear regression, bagged trees regressor, Gaussian naive Bayes, k-nearest neighbors, random forests, multilayer perceptron, convolutional neural network, long short-term memory, gated recurrent unit, and relative strength index method benchmark models. The experimental analysis has shown that methods with our proposed novel DBEMA features has better forecasting accuracy with respect to the methods without DBEMA. Therefore, the proposed novel distance-based moving-average methodology designed for financial time-series analysis demonstrates that it guides a new perspective in nonlinear time-series trends.</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/S2214845024000206/pdfft?md5=40715c2aa74db6ab5d0c60d7a210fe73&pid=1-s2.0-S2214845024000206-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139678551","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

Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model 探索金融知识对预测农民信贷违约的影响：使用混合机器学习模型进行分析

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.01.006

Zhiqiang Lu , Hongyu Li , Junjie Wu

{"title":"Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model","authors":"Zhiqiang Lu , Hongyu Li , Junjie Wu","doi":"10.1016/j.bir.2024.01.006","DOIUrl":"10.1016/j.bir.2024.01.006","url":null,"abstract":"<div><p>This study explores whether financial literacy can enhance the ability to predict credit default by farmers using machine-learning models. It introduces a hybrid model combining k-means clustering and Adaboost to predict loan default using data on 10,396 farmers who obtained credit from Chinese rural commercial banks, including demographics, household finance, credit history, and financial literacy. We systemically compare the results of models with and without financial literacy variables, which indicate significant improvement in the predictive accuracy about credit risk when financial literacy factors are included. Our findings confirm that financial literacy is a crucial indicator of farmers' ability to make informed financial decisions, reducing their likelihood of loan default and suggesting its utility as a screening tool or supplementary credit risk assessment variable. This research has profound implications for financial inclusion and credit risk management, indicating that financial institutions can leverage financial literacy data to evaluate farmers’ creditworthiness and design effective financial education programs. This study enriches the literature on credit risk prediction by introducing financial literacy as a predictor of credit default.</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/S2214845024000061/pdfft?md5=8afc6aa319dadb8027221dd528a983c3&pid=1-s2.0-S2214845024000061-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139633691","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

Blockchain mania: A perspective on corporate executive opportunism 区块链狂热：企业高管机会主义透视

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.02.003

Qilin Wang , Yanhao Ding , Jinzhao Liu , Yehua Huang

{"title":"Blockchain mania: A perspective on corporate executive opportunism","authors":"Qilin Wang , Yanhao Ding , Jinzhao Liu , Yehua Huang","doi":"10.1016/j.bir.2024.02.003","DOIUrl":"10.1016/j.bir.2024.02.003","url":null,"abstract":"<div><p>This study investigates whether investors' overreactions to blockchain-related announcements is driven by corporate executive opportunism in the Chinese capital market. We manually collect blockchain-related announcements made by Chinese listed firms over 2016–2022 and conduct an event study to estimate market reaction. The announcements are further categorized as value-driven and speculation-driven announcements. Although both announcement types elicit positive short-term market reactions, the long-term reactions to speculation-driven announcements fade and even reverse, while the value-driven ones remain positive. Additionally, we determine that speculation-driven announcements are followed by seasoned equity offerings, negative news releases, and reductions in the stockholdings of large shareholders and executives, suggesting corporate executive opportunism. Finally, we demonstrate the efficacy of internal and external corporate governance in reducing corporate executive opportunism. Our study sheds light on market reactions to blockchain-related announcements from the perspective of executives’ opportunism.</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/S2214845024000231/pdfft?md5=f5738d424f743260aef571b8bc061c52&pid=1-s2.0-S2214845024000231-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139965614","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

ESG performance and organizational resilience ——based on an “extreme heat event” 基于 "极端高温事件 "的 ESG 业绩和组织复原力

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2023.12.007

Haiyue Liu , Qin Zhang , Xin Xia , Xite Yang , Zhimin Yi , Longfei Yue , Linya Huang

{"title":"ESG performance and organizational resilience ——based on an “extreme heat event”","authors":"Haiyue Liu , Qin Zhang , Xin Xia , Xite Yang , Zhimin Yi , Longfei Yue , Linya Huang","doi":"10.1016/j.bir.2023.12.007","DOIUrl":"10.1016/j.bir.2023.12.007","url":null,"abstract":"<div><p>This study evaluated the organizational resilience of Chinese listed companies under extreme heat events based on the cumulative abnormal return of stocks during severe environmental disturbances. Based on institutional, stakeholder, and risk management theories, the extreme heat event in August 2022 was chosen as the research setting to evaluate the relationships between environmental, social, and governance (ESG) performances and organizational resilience. Results showed that ESG performances significantly improve company resilience in market short-term response. The significantly improved resilience effects were observed in non-state-owned enterprises and companies in low-carbon pilot cities. Further analysis revealed that companies with varying levels of ESG performances demonstrate significant differences in long-term profitability potential. This study has important implications for further research on the effect of ESG performance on company resilience and provides a basis for enhancing company stability and flexibility during frequent extreme weather events.</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/S2214845023001588/pdfft?md5=fc555989d1e5d30de6190a321e9b930b&pid=1-s2.0-S2214845023001588-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139190560","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

The role of financial and trade globalization in enhancing environmental sustainability: Evaluating the effectiveness of carbon taxation and renewable energy in EU member countries 金融和贸易全球化在提高环境可持续性方面的作用：评估欧盟成员国碳税和可再生能源的有效性

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.01.004

Ayhan Nadiri , Veclal Gündüz , Tomiwa Sunday Adebayo

{"title":"The role of financial and trade globalization in enhancing environmental sustainability: Evaluating the effectiveness of carbon taxation and renewable energy in EU member countries","authors":"Ayhan Nadiri , Veclal Gündüz , Tomiwa Sunday Adebayo","doi":"10.1016/j.bir.2024.01.004","DOIUrl":"10.1016/j.bir.2024.01.004","url":null,"abstract":"<div><p>The study addresses the pressing issue of environmental degradation, pinpointing carbon dioxide (CO<sub>2</sub>) emissions as its primary driver, posing a threat to global environmental sustainability, including the member countries of the European Union (EU). Global warming problems persist, but previous studies have not adequately explored the factors that contribute to a reduction in carbon emissions in EU countries. The paper fills the gap by assessing the efficacy of carbon tax and eco-innovation in mitigating CO<sub>2</sub> levels from 1994 to 2019, considering the influence of renewable energy and various aspects of globalization. The study establishes long-term associations among the indicators examined using advanced methodologies, including the cross-sectional autoregressive distributed lag approach and the Westerlund cointegration method. Notably, the results highlight that carbon taxes, eco-innovation, renewable energy, and globalization contribute to slowing environmental deterioration, and economic progress plays a role in mitigating environmental sustainability challenges in EU member states. These findings reinforce the importance of robust strategies for reducing CO<sub>2</sub> emissions and minimizing adverse environmental impacts.</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/S2214845024000024/pdfft?md5=97deadb3b84a90c76da65bb4c2ea9a47&pid=1-s2.0-S2214845024000024-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373228","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

The relationship between shari’ah convergence and market-to-book value: A case study of firms in Islamic countries 伊斯兰教法趋同与市场账面价值之间的关系：伊斯兰国家企业案例研究

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2024.02.001

Deniz Parlak , Mehmet Emin Yildiz , Naci Yilmaz

引用次数: 0

Managerial overconfidence and corporate information disclosure 管理者过度自信与公司信息披露

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2023.12.011

Yang Hu , Yingying Ye , Xiaobo Yu , Xiuting Piao , Lan Huang , Baohua Li

{"title":"Managerial overconfidence and corporate information disclosure","authors":"Yang Hu , Yingying Ye , Xiaobo Yu , Xiuting Piao , Lan Huang , Baohua Li","doi":"10.1016/j.bir.2023.12.011","DOIUrl":"10.1016/j.bir.2023.12.011","url":null,"abstract":"<div><p>By extracting detailed birth information for managers of Chinese listed firms from 2011 to 2021, we developed a novel measure of overconfidence and applied it to the corporate information disclosure. Our findings demonstrated a close association between managerial overconfidence and both mandatory and voluntary disclosure behaviors exhibited by firms. Specifically, managerial overconfidence significantly contributed to an increase in accrual-based earnings management and the voluntary disclosure of Corporate Social Responsibility (CSR) information by firms. Furthermore, we observed that overconfident managers were more inclined to adopt a positive disclosure tone and tend to underestimate future risks in forward-looking information disclosure. In our additional analysis, we uncovered evidence suggesting that various factors, including corporate governance practices, the types of actual controllers, financing constraints, analyst following, and market competition, might all play a role in influencing corporate information disclosure behavior driven by managerial overconfidence. This study expands on the economic implications of the Upper Echelons Theory and offers pertinent recommendations to enhance the quality of information disclosure.</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/S221484502300162X/pdfft?md5=17ab159081d5973835fc3af9c732c864&pid=1-s2.0-S221484502300162X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139128742","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

The link between Chinese belt and road initiative and foreign direct investment inflows in Southern Africa 中国的 "一带一路 "倡议与流入南部非洲的外国直接投资之间的联系

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-03-01 DOI: 10.1016/j.bir.2023.12.012

Gift Andrew Sabola

{"title":"The link between Chinese belt and road initiative and foreign direct investment inflows in Southern Africa","authors":"Gift Andrew Sabola","doi":"10.1016/j.bir.2023.12.012","DOIUrl":"10.1016/j.bir.2023.12.012","url":null,"abstract":"<div><p>This study investigates the association between infrastructure development in China's Belt and Road Initiative (BRI) and foreign direct investment (FDI) inflows to southern Africa, using a propensity score matching–difference-in-difference (PSM-DID) regression. The empirical examination is based on a sample of eight southern African countries selected based on data availability. We find that China's BRI has significantly positive effects on FDI inflows to southern Africa. Therefore, governments and development policy makers in southern African countries are recommended to devise supporting policies in order to ensure that the BRI leads to sustainable FDI inflows and sustainable economic growth. The study makes significant contributions to theory, policy, and practice. In policy and practice, our study is valuable for policy-making on driving FDI inflows. However, the context of the study is specifically southern Africa, hence, the results might not be generalizable to other African regions or Africa as a whole, so further research is needed to consider those areas.</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/S2214845023001631/pdfft?md5=d78d1c3a976e2e7acbf0e9c19e6b534f&pid=1-s2.0-S2214845023001631-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139187963","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