Borsa Istanbul Review

Article	Citations
Hedging Bitcoin with conventional assets	562
Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence	298
The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression	184
Network readiness, financial inclusion, and sustainable development goals: Insights from a clustering approach	183
The impact of religious announcements on stock prices and investment decisions on the Saudi stock exchange	174
Risk or resilience? Assessing the impact of climate policy uncertainty on MENA stock markets: A ST-VECM analysis	158
Does the trading volume of asset management companies’ bonds contain information on non-performing loans?	136
Decoding digital signals: AI sentiment and financial performance at İslamic banks	125
Dimensions of global financial inclusion and their impact on the achievement of the United Nations Development Goals	124
How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS	98
ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe	95
Quantile-based extended joint connectedness between trade policy uncertainty and GCC Islamic stock sectoral volatility	85
Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes	84
Editorial Board	83
Antigambling interventions and corporate financialization: Evidence from China	82
From safe-haven to industrial driver: The influence of gold and precious metals on manufacturing growth in Türkiye	76
Connected but fragile: Fund-to-fund holdings and redemptions	70
A feasible approach to projecting household demand for the digital ruble in Russia	68
Sustainability and profitability: The ESG impact on eurozone emission-intensive sectors	59
Family businesses in the GCC: What drives their capital structure?	57
A novel distance-based moving average model for improvement in the predictive accuracy of financial time series	56
Idiosyncratic risk puzzle and its pricing: Do firm characteristics matter? Evidence of BRICS countries	55
Do ownership structure and governance matter in asset allocation decisions of Islamic and conventional mutual funds? Empirical evidence from Pakistan	54
Global risk factors and the time-varying connectedness between clean and dirty cryptocurrencies	54
Can financial literacy training improve financially responsible behavior? Experimental evidence from Turkish undergraduates	47

Factors affecting the credibility of islamic banking Sharī’ah approvals: Perception-based empirical study	47
The monitoring role of pension fund ownership in ESG firm controversies	47
Shielding against oil shocks: Contagion dynamics in Islamic versus conventional markets	47
Democracy and corporate R&D investment	46
How investor attention affects stock returns? Some international evidence	45
Shadow banking Regulation and the stock price synchronicity --A quasi-natural experiment based on China's new asset management regulation	43
The impact of control structures on firm value	42
Sustainability performance and board compensation in Japan and ASEAN-5 countries	42
The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level	40
Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling	39
Multidimensional connectedness among the fourth industrial revolution assets	37
Inverted U-shaped dynamics of capital structure and firm value: Evidence from an emerging market	37
Constructing an index for participation finance	36
Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors	35
Impact of investor sentiment on firm innovation: Evidence from textual analysis	35
Unveiling the link between female directors’ attributes, ownership concentration, and integrated reporting strategy in Malaysia	34
ESG practices and corporate financial performance: Evidence from Borsa Istanbul	33
The architecture of sustainable banking: Financial, institutional and risk patterns behind environmental performance	32
The relationship between employee experience and employee engagement with the moderating role of positive affect in finance sector	32
The relative importance of textual indexes in predicting the future performance of banks: A connection weight approach	32
The spillover effects of political risk, financial risk, and economic freedom on ecological footprint: Empirical evidence from Belt and Road Initiative countries	31
From disclosure to distortion: How strategic ESG disclosure shapes green innovation bubbles	30
Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises	30
The impacts of conventional and Islamic banking sectors on real sector growth: Evidence from time-varying causality analysis for Turkiye	29
Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting	29
Revisiting the macroeconomic determinants of non-performing loans with a deep learning technique with causal inference: Evidence from Türkiye	29
Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period	28
Board gender diversity and debt utilization: Evidence from the global microfinance industry	28
Corporate ESG performance and trade credit financing: Moderating effect of life cycle	27
Information shocks and the cross section of expected returns	27
Rapid credit expansion and firm behavior: A case study from Türkiye	27
Do precious metals hedge against global supply chain uncertainty?	27
To reward or not to reward? Investors’ response to renewable energy investment by international oil companies	26
Navigating turbulence: How do geopolitical risks and oil price shocks shape global equity markets? A GVAR approach	26
Editorial Board	25
Assessing financial convergence in developing countries: The case of D-8 countries	25
Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies	25
The impact of women's empowerment and access to finance on greenhouse gas emissions: A framework for securing environmental tranquility	25
Voluntary carbon market derivatives: Growth, innovation & usage	25
Classification of the optimal rebalancing frequency for pairs trading using machine learning techniques	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	24
Financial literacy, stockholding, and self-directed pension investment	23
Gauging the dynamic interlinkage among robotics, artificial intelligence, and green crypto investment: A quantile VAR approach	23
On systemic risk contagion in the euro area: Evidence from frequency connectedness and the DY approaches	23
Does FinTech penetration drive financial development? Evidence from panel analysis of emerging and developing economies	23
The benefits of sectoral diversification for investors with different risk perceptions	23
Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization	23
Editorial Board	23
House price connectedness and consumer sentiment in an era of destabilizing macroeconomic conditions: Empirical evidence from Türkiye	23

Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession?	22
The financial stability of Islamic banks and sukuk market development: Is the effect complementary or competitive?	22
Does climate change affect sovereign credit risk? International evidence	22
Sukuk versus bonds: New evidence from the primary market	22
Editorial Board	21
Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects	21
Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye	21
Corrigendum to immigrants and natives “Financial decision making: Evidence from Türkiye [Borsa Istanbul Review 23-S2 (2023) S29–S37/4]	21
Financial conditions and economic activity: The case of Türkiye	21
How uncertainty transmits across Turkish equity sectors	21
Evolving roles of energy futures markets: A survey	20
AI-driven insights into working capital strategies: An application on Borsa Istanbul	20
Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies	20
The role of corporate governance in the nexus between litigation risk and corporate innovation	20
Words that yield: The invisible hand of financial storytelling	20
The impact of the global financial cycle on systemic risk and the role of macroprudential policies	20
Confucian culture and informal household financing: Evidence from China's counties	20
From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance	20
Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye	20
Religious investors and equity crowdfunding success	20
Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa	19
Is ESG investing an ‘equity vaccine’ in times of crisis? Evidence from the 2020 Wuhan Lockdown and the 2022 Shanghai Lockdown	19
Investor psychology in the stock market: An empirical study of the impact of overconfidence on firm valuation	19
Threshold effects of institutional quality on the financial inclusion and stability nexus: International evidence	19
Biodiversity risk and corporate real earnings management: Empirical evidence from China	18
The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance?	18
Foreign residency rights, extradition agreement and environmental decoupling: The moderating role of political connections and independent directors	18
If Money Talks: Climate change-related regulation and firms’ cost of debt	18
Market- and future-level sentiment and futures returns in Chinese agricultural futures markets	18
The impact of non-financial disclosure on labor investment: International evidence	18
The capital maintenance regime matters for creditors	17
A new model for screening Shariah-compliant firms	17
The agency cost of investing in ethical funds: A style analysis approach	17
China's trilemma: Exchange rate marketization, RMB internationalization, and exchange rate pricing power	17
Asset securitization and bank stock price performance: Bubble increase or risk transfer?	17
Does financial liberalization spur economic growth? A meta-analysis	16
The crisis resilience of optimal participation portfolios: A comparison with conventional counterparts on Borsa Istanbul	16
A sentiment-based financial stress index for Russia	16
US political sanctions and earnings management	16
Do non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China	16
International financial integration: Too much?	16
Impact of digital financial literacy on individual's experience of digital payment adoption: The case of Turkiye	16
Correlated information consumption and comovement in the stock market	16
Guest Editors’ introduction: Borsa Istanbul history (1836–2023) and an overview of selected papers on the 150th anniversary of the founding of Borsa Istanbul	15
Artificial intelligence and unethical financial practices: Examining the mediating role of environmental; social; and governance (ESG) performance in the Saudi financial sector	15
Editorial Board	15
Air pollution, bid price bias, and IPO underpricing	15
Spillovers between Twitter Uncertainty Indexes and sector indexes: Evidence from the US	15
Using quantum spherical fuzzy decision support system as a novel sustainability index approach for analyzing industries listed in the stock exchange	15
Term premium in Turkish lira interest rates: The role of foreign investors’ share	15
The contagion effect of the FTX cryptocurrency exchange's crash on the stock markets	15
Economic uncertainty, financial inclusion, and income inequality in developing countries: Evidence from a dynamic panel threshold analysis	15
Option-based variables and future stock returns in normal times and recessions	14
Why companies go public and private: The case of Türkiye	14
More than just sentiment: Using social, cognitive, and behavioral information of social media to predict stock markets with artificial intelligence and big data	14
COVID-19 and connectedness between Sustainable and Islamic equity markets	14
Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies	14
Finance for a Greener future: Evolving the financial sector for ESG and sustainable corporate debt management	14
Can ESG mitigate the diversification discount in cross-border M&A?	14
Oil assets and portfolio diversification: Firm-level analysis for Borsa Istanbul	14
The investment portfolio selection with a hesitant fuzzy decision-making method based on aggregation operators	14
Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity?	14
From emotion to action: How intraday investor sentiment drives market microstructure	13
Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle	13
Exploring the sentiment in Borsa Istanbul with deep learning	13
The efficacy of green finance for environmental sustainability: Does control of corruption makes a difference?	13
Board social capital in an emerging market: Do directors’ connections affect corporate risk-taking?	13
Indirect effects of flow-performance sensitivity on fund performance	13
Editorial Board	13
How do loan officer-borrower gender-driven behavioural differences impact on the microfinance lending market?	13
Safe-haven and hedging roles of precious metals for BRICS and Turkey	13
Dynamic responses of Bitcoin, gold, and green bonds to geopolitical risk: A quantile wavelet analysis	12
Bank market power and discouraged SMEs: International evidence	12
Does environmental innovation improve investment efficiency?	12
Impact of ESG performance on firm value and profitability	12
Crash risk and ESG disclosure	12
Do ex-bureaucrats on boards improve efficiency in intellectual capital? Evidence from an emerging country	12
Biodiversity risk and global stock markets: A cross-national heterogeneity analysis based on quantile-on-quantile methods	12
Interconnectedness and idiosyncratic risks in sub-Saharan forex markets: Implications for investment, portfolio management, and policy formulation	12
Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability	11

From tweets to markets: Lebanon’s policy uncertainty and volatility spillovers in MENA stock markets	11
Unlocking profitability in Borsa Istanbul: The impact of noncash credit and maturity breakdown of cash credit on corporate performance	11
Can artificial intelligence mitigate environmental inequality? Evidence from leading robotic-driven economies using quantile-based methods	11
Managerial overconfidence and corporate information disclosure	11
A portfolio-focused behavioral model linking financial literacy and risk tolerance: Evidence from mutual fund investors in Türkiye	11
Performance of islamic vs conventional banks in OIC countries: Resilience and recovery during Covid-19	11
Climate change governance, Shariah governance quality, and financed emission mitigation: Evidence from Islamic banks in Southeast and West Asia	10
Pairs trading: is it applicable to exchange-traded funds?	10
Overconfidence bias and investment performance: A mediating effect of risk propensity	10
Financial literacy and the impact of central bank communication on consumer inflation expectations	10
Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets	10
Immigrants and natives’ financial decision making: Evidence from Türkiye	10
Robo-Sukuk pricing for Chinese equities	10
Dynamic interlinkages between geopolitical stress and agricultural commodity market: Novel findings in the wake of the Russian Ukrainian conflict	10
U.S. options exchange-traded funds: Performance dynamics and managerial expertise	10
Stock liquidity, stock price crash risk, and foreign ownership	10
Market efficiency and the capacity of stock prices to track a firm's future profitability	10
Impact of FinTech on capital allocation: Empirical evidence from Jordan and Palestine	9
The relationship between shari’ah convergence and market-to-book value: A case study of firms in Islamic countries	9
The value relevance of risk-related disclosure: Does the tone of disclosure matter?	9
The impact of financial literacy on financial development: A cross-country analysis	9
Do firms defer or accelerate green investment under carbon price uncertainty?	9
Return and risk spillovers between the ESG global index and stock markets: Evidence from time and frequency analysis	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
The role of institutional quality in the relationship between financial development and economic growth: Emerging markets and middle-income economies	9
Is firms’ low-carbon transition conducive to improving maturity mismatch of investment and financing?	9
The impact of non-performing loan sales on the stock market: The role of corporate governance in an emerging market	9
Oil and GCC foreign exchange forward markets: A wavelet analysis	9
Volatility transmitter or receiver? Investigating dynamic connectedness between the carry trade and financial markets	9
Is insider trading politically informative?	9
Financial literacy antecedents: Testing the social cognitive, consumer socialization, and planned behavior theories with Indian investors	9
Do financial inclusion and income inequality matter for human capital? Evidence from sub-Saharan economies	9
ESG performance and organizational resilience ——based on an “extreme heat event”	8
Blind following in the boardroom: Evidence of overconfidence contagion in Chinese listed companies	8
Common institutional ownership and investment efficiency: Empirical evidence from China	8
Financial literacy among Chinese rural households and its impact on stock-market participation	8
Two-layer execution architecture for illiquid SME equity markets	8
What determines the success of equity derivatives markets? A global perspective	8
Investor trends during periods of geopolitical risk in Türkiye: Which assets serve as safe havens?	8
CDS risk premia forecasting with multi-featured deep RNNs: An application on BR[I]CS countries	8
The role of audit quality in the ESG-corporate financial performance nexus: Empirical evidence from Western European companies	8
Stock price prediction using the Sand Cat Swarm Optimization and an improved deep Long Short Term Memory network	8
Stock market development and economic growth: The role of institutional quality	8
Multiple directorships and dividends in Spanish listed firms	8
Investigating spillovers of education policy: The impact on household saving behavior	8
Access to an educated workforce and the performance of private firms during the COVID-19 pandemic	8
Impact of geopolitical risk on firm financial fragility: International evidence from listed companies	8
Financialization, governance, and economic growth	8
The domino effect of silicon valley Bank's bankruptcy and the role of FED's monetary policy	8
Investors’ net buying pressure and implied volatility dynamics	8
Determinants of corporate carbon disclosure: A step towards sustainability reporting	7
Green banking strategies: Evidence from Turkish banks	7
From synchronicity to fragility: How corporate ESG performance reshapes systemic risk	7
The impact of ESG rating disagreement on the financial performance of environmentally sensitive industry companies worldwide	7
The moderating role of audit quality in the relationship between ESG practices and the cost of capital: Evidence from the United Kingdom	7
Impact of geographic dispersion of carbon emissions on firm valuation	7
The dilemma of growth: High growth expectation and borrower discouragement	7
Fintech environment and gender disparity in financial Inclusion: Empirical evidence from emerging markets	7
Editorial Board	7
Investor attention and its impact on portfolio volatility and sectoral risk spillovers in Borsa Istanbul	7
The adoption of cross-border payment: A comparative study of belt and road countries	7
Unveiling the nexus of financial inclusion and political stability for capital market participation in South Asian regions	7
US Treasury market default risk and global interbank liquidity risk	7
Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model	6
Price discovery and government intervention during the COVID-19 pandemic: Evidence from European cross-listed firms	6
Oil prices and the green bond market: Evidence from time-varying and quantile-varying aspects	6
Exchange rates, credit default swaps and market volatility of emerging markets: Panel CS-ARDL approach	6
The factors influencing the selection of fund management companies by Malaysian retail investors in the context of islamic unit trust funds	6
Financial inclusion for the elderly in Thailand and the role of information communication technology	6
Does digital technology enhance the global value chain position?	6
Reporting quality, stock market integration, and investment efficiency in Latin America	6
“Trust but verify” financial inclusion in the MENA region	6
Foreign investment dynamics: The impact of benchmark-driven versus unconstrained investors on local credit conditions	6
Powering perception, echoing green voices: The interplay of Cryptocurrency's energy footprint and environmental discourse in steering the direction of the market	6
Composing a High-Frequency Financial Conditions Index and The Implications for Economic Activity	6
Editorial Board	6
Editorial Board	6
Financial literacy overconfidence, poor financial behaviour, and loan-taking propensity: The mediating role of financial fragility	6
Asset pricing anomalies: The case of dividends in the US for Sharia-compliant firms	5
Digital inclusive finance and corporate environmental performance: Insights from Chinese micro, small- and medium-sized manufacturing enterprises	5
Debt maturity structure and stock price crash risk: The case of Turkiye	5
How does green finance asymmetrically affect greenhouse gas emissions? Evidence from the top-ten green bond issuer countries	5
When to bet against beta? Ask Google	5
Financing or taxation? Assessing the effectiveness of carbon emissions reduction programs	5
Knowledge, attitude or risk? What drives the financial literacy gaps of university staff?	5
Unlocking the green vault: A comparative analysis on the impact of green financing initiatives in mitigating ecological footprint in Europe	5
The good, the better and the challenging: Insights into predicting high-growth firms using machine learning	5
Frequency connectedness and spillovers among oil and Islamic sector stock markets: Portfolio hedging implications	5
Cross-border sovereign risk transmission in BRICIT Nations: Unveiling asymmetries and the role of country risk premiums	5
Do industries lead the stock market? Evidence from an emerging stock market	5
From macro to micro: Enhancing real GDP predictions through business tendency and bank loans surveys	5
Option pricing with neural networks vs. Black-Scholes under different volatility forecasting approaches for BIST 30 index options	5
Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test	5
Oil hedging with a multivariate semiparametric value-at-risk portfolio	5
Financing R&D and shaping capital structure in Türkiye	5