Borsa Istanbul Review

Article	Citations
Sweetness by the pound: Sugar and currency correlations in pre-Brexit UK prices	420
Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence	327
Does the trading volume of asset management companies’ bonds contain information on non-performing loans?	237
Dimensions of global financial inclusion and their impact on the achievement of the United Nations Development Goals	166
Network readiness, financial inclusion, and sustainable development goals: Insights from a clustering approach	131
The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression	125
Decoding digital signals: AI sentiment and financial performance at islamic banks	122
Quantile-based extended joint connectedness between trade policy uncertainty and GCC Islamic stock sectoral volatility	110
The impact of religious announcements on stock prices and investment decisions on the Saudi stock exchange	97
How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS	96
Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes	93
ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe	84
Hedging Bitcoin with conventional assets	82
Does the islamic label indicate good environmental, social, and governance (ESG) performance? Evidence from sharia-compliant firms in Indonesia and Malaysia	74
Idiosyncratic risk puzzle and its pricing: Do firm characteristics matter? Evidence of BRICS countries	72
Factors affecting the credibility of islamic banking Sharī’ah approvals: Perception-based empirical study	71
A feasible approach to projecting household demand for the digital ruble in Russia	70
Antigambling interventions and corporate financialization: Evidence from China	70
Shadow banking Regulation and the stock price synchronicity --A quasi-natural experiment based on China's new asset management regulation	65
Family businesses in the GCC: What drives their capital structure?	62
How investor attention affects stock returns? Some international evidence	59
A novel distance-based moving average model for improvement in the predictive accuracy of financial time series	57
Connected but fragile: Fund-to-fund holdings and redemptions	53
Analysis of the response of exchange rates to specific FOMC announcements using high-frequency data	48
Editorial Board	48

The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level	47
Democracy and corporate R&D investment	46
The impact of control structures on firm value	45
Sustainability performance and board compensation in Japan and ASEAN-5 countries	44
Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling	43
The relative importance of textual indexes in predicting the future performance of banks: A connection weight approach	43
Impact of investor sentiment on firm innovation: Evidence from textual analysis	42
The relationship between employee experience and employee engagement with the moderating role of positive affect in finance sector	40
Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage	40
Inverted U-shaped dynamics of capital structure and firm value: Evidence from an emerging market	40
Unveiling the link between female directors’ attributes, ownership concentration, and integrated reporting strategy in Malaysia	38
The spillover effects of political risk, financial risk, and economic freedom on ecological footprint: Empirical evidence from Belt and Road Initiative countries	38
Constructing an index for participation finance	36
Multidimensional connectedness among the fourth industrial revolution assets	36
ESG practices and corporate financial performance: Evidence from Borsa Istanbul	35
The role of green finance in reducing CO2 emissions: An empirical analysis	33
Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors	33
Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting	32
Revisiting the macroeconomic determinants of non-performing loans with a deep learning technique with causal inference: Evidence from Türkiye	31
Asymmetric volatility transmission across Northeast Asian stock markets	31
Corporate ESG performance and trade credit financing: Moderating effect of life cycle	30
Does stock market listing boost or impede corporate investment?	28
The impacts of conventional and Islamic banking sectors on real sector growth: Evidence from time-varying causality analysis for Turkiye	28
Board gender diversity and debt utilization: Evidence from the global microfinance industry	28
Information shocks and the cross section of expected returns	28
Financial stability of Asian Nations: Governance quality and financial inclusion	27
Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period	27
Do precious metals hedge against global supply chain uncertainty?	27
Editorial Board	26
Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises	26
To reward or not to reward? Investors’ response to renewable energy investment by international oil companies	26
Does FinTech penetration drive financial development? Evidence from panel analysis of emerging and developing economies	25
Unveiling the dynamic interconnectedness of fossil fuels, clean energy, water, and technology assets	25
Does the financialization of agricultural commodities impact food security? An empirical investigation	25
Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies	24
Classification of the optimal rebalancing frequency for pairs trading using machine learning techniques	24
Financial literacy, stockholding, and self-directed pension investment	24
Assessing financial convergence in developing countries: The case of D-8 countries	24
Trustworthiness, good governance and risk taking in MENA countries	24
Rapid credit expansion and firm behavior: A case study from Türkiye	24
The impact of women's empowerment and access to finance on greenhouse gas emissions: A framework for securing environmental tranquility	24
Gauging the dynamic interlinkage among robotics, artificial intelligence, and green crypto investment: A quantile VAR approach	23
Navigating turbulence: How do geopolitical risks and oil price shocks shape global equity markets? A GVAR approach	23
Voluntary carbon market derivatives: Growth, innovation & usage	23
On systemic risk contagion in the euro area: Evidence from frequency connectedness and the DY approaches	22
Financial conditions and economic activity: The case of Türkiye	22
Editorial Board	22
Does climate change affect sovereign credit risk? International evidence	21
The benefits of sectoral diversification for investors with different risk perceptions	21
The financial stability of Islamic banks and sukuk market development: Is the effect complementary or competitive?	21

Sukuk versus bonds: New evidence from the primary market	21
House price connectedness and consumer sentiment in an era of destabilizing macroeconomic conditions: Empirical evidence from Türkiye	20
Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession?	20
Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization	20
If Money Talks: Climate change-related regulation and firms’ cost of debt	19
Threshold effects of institutional quality on the financial inclusion and stability nexus: International evidence	19
Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye	18
From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance	18
Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa	18
Corrigendum to immigrants and natives “Financial decision making: Evidence from Türkiye [Borsa Istanbul Review 23-S2 (2023) S29–S37/4]	18
Confucian culture and informal household financing: Evidence from China's counties	18
Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects	18
The role of corporate governance in the nexus between litigation risk and corporate innovation	17
Investor psychology in the stock market: An empirical study of the impact of overconfidence on firm valuation	17
Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye	17
AI-Driven Insights into Working Capital Strategies: An Application on Borsa Istanbul*	17
Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies	16
The capital maintenance regime matters for creditors	16
International financial integration: Too much?	16
Evolving roles of energy futures markets: A survey	16
A sentiment-based financial stress index for Russia	16
Market- and future-level sentiment and futures returns in Chinese agricultural futures markets	16
Is ESG investing an ‘equity vaccine’ in times of crisis? Evidence from the 2020 Wuhan Lockdown and the 2022 Shanghai Lockdown	16
Correlated information consumption and comovement in the stock market	16
Do non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China	16
A new model for screening Shariah-compliant firms	15
US political sanctions and earnings management	15
The impact of non-financial disclosure on labor investment: International evidence	15
The agency cost of investing in ethical funds: A style analysis approach	15
China's trilemma: Exchange rate marketization, RMB internationalization, and exchange rate pricing power	15
Corporate growth – Trade credit relationship: Evidence from a panel of countries	15
Does financial liberalization spur economic growth? A meta-analysis	15
The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance?	15
The crisis resilience of optimal participation portfolios: A comparison with conventional counterparts on Borsa Istanbul	15
Asset securitization and bank stock price performance: Bubble increase or risk transfer?	15
Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity?	14
Air pollution, bid price bias, and IPO underpricing	14
Finance for a Greener future: Evolving the financial sector for ESG and sustainable corporate debt management	14
Guest Editors’ introduction: Borsa Istanbul history (1836–2023) and an overview of selected papers on the 150th anniversary of the founding of Borsa Istanbul	14
Spillovers between Twitter Uncertainty Indexes and sector indexes: Evidence from the US	13
Can ESG mitigate the diversification discount in cross-border M&A?	13
Does a search attention index explain portfolio returns in India?	13
Using quantum spherical fuzzy decision support system as a novel sustainability index approach for analyzing industries listed in the stock exchange	13
More than just sentiment: Using social, cognitive, and behavioral information of social media to predict stock markets with artificial intelligence and big data	13
Term premium in Turkish lira interest rates: The role of foreign investors’ share	13
COVID-19 and connectedness between Sustainable and Islamic equity markets	13
Board social capital in an emerging market: Do directors’ connections affect corporate risk-taking?	12
The efficacy of green finance for environmental sustainability: Does control of corruption makes a difference?	12
Indirect effects of flow-performance sensitivity on fund performance	12
Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle	12
Does air pollution matter in a supplier's trade credit strategy? Evidence from an emerging market	12
Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability	12
Oil assets and portfolio diversification: Firm-level analysis for Borsa Istanbul	12
How do loan officer-borrower gender-driven behavioural differences impact on the microfinance lending market?	12
The relationship between global wealth and happiness: An analytical study of returns and volatility spillovers	12
Crash risk and ESG disclosure	12
Exploring the sentiment in Borsa Istanbul with deep learning	12
Bank market power and discouraged SMEs: International evidence	12
Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies	12
Option-based variables and future stock returns in normal times and recessions	12
Why companies go public and private: The case of Türkiye	12
Safe-haven and hedging roles of precious metals for BRICS and Turkey	12
Impact of ESG performance on firm value and profitability	12
Do ex-bureaucrats on boards improve efficiency in intellectual capital? Evidence from an emerging country	12
Performance of islamic vs conventional banks in OIC countries: Resilience and recovery during Covid-19	11
Interconnectedness and idiosyncratic risks in sub-Saharan forex markets: Implications for investment, portfolio management, and policy formulation	11
Unlocking profitability in Borsa Istanbul: The impact of noncash credit and maturity breakdown of cash credit on corporate performance	11
Managerial overconfidence and corporate information disclosure	11
From tweets to markets: Lebanon’s policy uncertainty and volatility spillovers in MENA stock markets	11
Does environmental innovation improve investment efficiency?	11
Dynamic responses of Bitcoin, gold, and green bonds to geopolitical risk: A quantile wavelet analysis	11
U.S. options exchange-traded funds: Performance dynamics and managerial expertise	10
Immigrants and natives’ financial decision making: Evidence from Türkiye	10
The relationship between shari’ah convergence and market-to-book value: A case study of firms in Islamic countries	10
The impacts of foreign portfolio flows and monetary policy responses on stock markets by considering COVID-19 pandemic: Evidence from Turkey	10
Stock liquidity, stock price crash risk, and foreign ownership	10
Can artificial intelligence mitigate environmental inequality? Evidence from leading robotic-driven economies using quantile-based methods	10
Robo-Sukuk pricing for Chinese equities	10
Climate change governance, Shariah governance quality, and financed emission mitigation: Evidence from Islamic banks in Southeast and West Asia	10
Directional predictability in foreign exchange rates of emerging markets: New evidence using a cross-quantilogram approach	10

Pairs trading: is it applicable to exchange-traded funds?	10
Volatility transmitter or receiver? Investigating dynamic connectedness between the carry trade and financial markets	10
Dynamic interlinkages between geopolitical stress and agricultural commodity market: Novel findings in the wake of the Russian Ukrainian conflict	10
Overconfidence bias and investment performance: A mediating effect of risk propensity	10
The role of institutional quality in the relationship between financial development and economic growth: Emerging markets and middle-income economies	9
The value relevance of risk-related disclosure: Does the tone of disclosure matter?	9
Corrigendum to “Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting” [Borsa Istanbul Review 23-5 (2023) 1037–1057/4]	9
Oil and GCC foreign exchange forward markets: A wavelet analysis	9
The impact of non-performing loan sales on the stock market: The role of corporate governance in an emerging market	9
Do firms defer or accelerate green investment under carbon price uncertainty?	9
Market efficiency and the capacity of stock prices to track a firm's future profitability	9
Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets	9
Investor trends during periods of geopolitical risk in Türkiye: Which assets serve as safe havens?	9
Impact of FinTech on capital allocation: Empirical evidence from Jordan and Palestine	9
Common institutional ownership and investment efficiency: Empirical evidence from China	8
Blind following in the boardroom: Evidence of overconfidence contagion in Chinese listed companies	8
Asymmetric volatility connectedness among main international stock markets: A high frequency analysis	8
Financial literacy among Chinese rural households and its impact on stock-market participation	8
Multiple directorships and dividends in Spanish listed firms	8
Stock price prediction using the Sand Cat Swarm Optimization and an improved deep Long Short Term Memory network	8
Return and risk spillovers between the ESG global index and stock markets: Evidence from time and frequency analysis	8
ESG performance and organizational resilience ——based on an “extreme heat event”	8
Impact of geopolitical risk on firm financial fragility: International evidence from listed companies	8
Effect of air quality on corporate environmental disclosure: The moderating role of institutional investors	8
Access to an educated workforce and the performance of private firms during the COVID-19 pandemic	8
The role of audit quality in the ESG-corporate financial performance nexus: Empirical evidence from Western European companies	8
Do financial inclusion and income inequality matter for human capital? Evidence from sub-Saharan economies	8
CDS risk premia forecasting with multi-featured deep RNNs: An application on BR[I]CS countries	8
The domino effect of silicon valley Bank's bankruptcy and the role of FED's monetary policy	8
Unveiling the nexus of financial inclusion and political stability for capital market participation in South Asian regions	7
What determines the success of equity derivatives markets? A global perspective	7
Editorial Board	7
US Treasury market default risk and global interbank liquidity risk	7
Financial inclusion for the elderly in Thailand and the role of information communication technology	7
Reporting quality, stock market integration, and investment efficiency in Latin America	7
Do institutional quality and financial development affect sustainable economic growth? Evidence from South Asian countries	7
Product market competition and financial analysts' forecast quality: The mediating role of financial reporting quality	7
Emerging market portfolios and Islamic financial markets: Diversification benefits and safe havens	7
Investors’ net buying pressure and implied volatility dynamics	7
Financial literacy overconfidence, poor financial behaviour, and loan-taking propensity: The mediating role of financial fragility	7
Powering perception, echoing green voices: The interplay of Cryptocurrency's energy footprint and environmental discourse in steering the direction of the market	7
The moderating role of audit quality in the relationship between ESG practices and the cost of capital: Evidence from the United Kingdom	7
Digital financial inclusion and sustainable employment: Evidence from countries along the belt and road	7
The impact of ESG rating disagreement on the financial performance of environmentally sensitive industry companies worldwide	7
The dilemma of growth: High growth expectation and borrower discouragement	7
Credit portfolio optimization: A multi-objective genetic algorithm approach	7
Determinants of corporate carbon disclosure: A step towards sustainability reporting	7
Green banking strategies: Evidence from Turkish banks	7
Composing a High-Frequency Financial Conditions Index and The Implications for Economic Activity	7
Will the cryptocurrency exuberance last? An empirical assessment using AI and the ARDL approach	6
“Trust but verify” financial inclusion in the MENA region	6
Board gender diversity and stock price crash risk: Going beyond tokenism	6
Does managerial ability transform organization from the inside out? Evidence from sustainability performance of financially constrained firms in an emerging economy	6
Employee turnover and the credit risk of microfinance institutions (MFIs): International evidence	6
Exchange rate uncertainty and the connectedness of inflation	6
Does digital technology enhance the global value chain position?	6
Oil prices and the green bond market: Evidence from time-varying and quantile-varying aspects	6
Editorial Board	6
The dynamic effect of corporate financial hedging on firm value: The case of Indian MNCs	6
ESG ratings and firm performance: The moderating role of ESG rating disagreement	6
Exchange rates, credit default swaps and market volatility of emerging markets: Panel CS-ARDL approach	6
Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model	6
Investor attention and its impact on portfolio volatility and sectoral risk spillovers in Borsa Istanbul	6
Environmental consequences of financial development in emerging and growth-leading economies: A multidimensional assessment	6
The factors influencing the selection of fund management companies by Malaysian retail investors in the context of islamic unit trust funds	6
The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being	5
Asset pricing anomalies: The case of dividends in the US for Sharia-compliant firms	5
Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies	5
From macro to micro: Enhancing real GDP predictions through business tendency and bank loans surveys	5
Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test	5
The impact of air pollution on corporate cash holdings	5
Conditional effects of higher order co-moments in asset pricing: Evidence from Borsa Istanbul	5
Editorial Board	5
Optimal hedge ratios and hedging effectiveness: An analysis of the Turkish futures market	5
Financing or taxation? Assessing the effectiveness of carbon emissions reduction programs	5
Debt maturity structure and stock price crash risk: The case of Turkiye	5
Editorial Board	5
The good, the better and the challenging: Insights into predicting high-growth firms using machine learning	5
Unveiling the impact of firm-characteristics on sustainable development goals disclosure: A cross-country study on non-financial companies in Asia	5
Option pricing with neural networks vs. Black-Scholes under different volatility forecasting approaches for BIST 30 index options	5
Digital inclusive finance and corporate environmental performance: Insights from Chinese micro, small- and medium-sized manufacturing enterprises	5
The effect of the internal control regulation on reporting quality in China	4
A Pandemic's grip: Volatility spillovers in Asia-Pacific equity markets during the onset of Covid-19	4
Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value	4
A new multivariate approach for assessing corporate financial risk using balance sheets	4
Cross-border sovereign risk transmission in BRICIT Nations: Unveiling asymmetries and the role of country risk premiums	4
Derivatives holdings and bank systemic risk: Cross-country evidence	4
Editorial Board	4
The role of financial and trade globalization in enhancing environmental sustainability: Evaluating the effectiveness of carbon taxation and renewable energy in EU member countries	4
Examining the relationship between digital finance and financial inclusion: Evidence from MENA countries	4
The impact of ESG controversies on the financial performance of firms: An analysis of industry and country clusters	4
Is excess of everything bad? Ramifications of excess liquidity on bank stability: Evidence from the dual banking system	4
International issuance of Sukuk and companies' systematic risk: An empirical study	4
Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach	4
Frequency connectedness and spillovers among oil and Islamic sector stock markets: Portfolio hedging implications	4