Borsa Istanbul Review最新文献_第4页

Enhancing sustainability: The impact of ESG factors in global insurance performance 增强可持续性：ESG因素对全球保险业绩效的影响

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.bir.2025.10.030

Hasan Meral , Behlul Ersoy , Mesut Dogan

Sustainability has become a critical concern in finance, in particular for the insurance industry, which faces rising environmental and social risks. This paper examines the influence of environmental, social, and governance (ESG) factors on the performance of global insurance companies. Using a comprehensive dataset of 22 life and 59 non–life insurance firms from 2013 to 2022, we employ panel data analysis to explore the relationship between ESG scores and key performance metrics. Our findings reveal that higher ESG scores are significantly associated with a higher return on assets, more efficient management of expense and loss ratios, and increases in investment returns. These results show the importance of incorporating ESG factors into insurance decision-making to enhance sectoral resilience and corporate performance. The study concludes by emphasizing the need for insurers to leverage their technical expertise and strategic risk management capabilities in order to address sustainability challenges effectively.

可持续性已成为金融领域的一个关键问题，尤其是对面临日益上升的环境和社会风险的保险业而言。本文考察了环境、社会和治理（ESG）因素对全球保险公司绩效的影响。利用2013年至2022年22家寿险公司和59家非寿险公司的综合数据集，我们采用面板数据分析来探讨ESG得分与关键绩效指标之间的关系。我们的研究结果表明，较高的ESG分数与较高的资产回报率、更有效的费用和损失率管理以及投资回报的增加显著相关。这些结果表明，将ESG因素纳入保险决策对于提高行业弹性和公司绩效的重要性。该研究最后强调，保险公司需要利用其技术专长和战略风险管理能力，以有效应对可持续性挑战。

引用次数: 0

Stock price crash risk and institutional ownership: Evidence from Borsa Istanbul 股票价格崩溃风险和机构所有权：来自Borsa Istanbul的证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2026-01-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.028

Mehmet Benturk

This paper examines the relationship between institutional ownership and stock price crash risk for non-financial firms listed on Borsa Istanbul from 2005 to 2023. The findings show that greater institutional investor participation increases the risk of future crashes, supporting the short-termism theory rather than monitoring theory. This result aligns with research on emerging markets, such as China and Vietnam, but it contrasts with evidence from developed markets such as the US. The relationship is statistically and economically significant in the traditional framework that covers only investment funds and investment trusts, including local and foreign institutional investors. A fixed-effect model, using the first-difference of overall and local professional institutional ownership, provides robust evidence for short-termism theory: institutional investors heighten crash risk by reducing holdings (i.e., “voting with their feet”). However, this approach does not yield statistically significant results for foreign institutional investors.

本文研究了2005年至2023年在伊斯坦布尔证券交易所上市的非金融公司的机构持股与股价崩盘风险之间的关系。研究结果表明，更多的机构投资者参与会增加未来崩盘的风险，这支持了短期主义理论，而不是监控理论。这一结果与对中国和越南等新兴市场的研究结果一致，但与来自美国等发达市场的证据形成反差。在仅涵盖投资基金和投资信托（包括本地和外国机构投资者）的传统框架中，这种关系在统计上和经济上都具有重要意义。一个固定效应模型，利用整体和地方专业机构所有权的第一差异，为短期主义理论提供了有力的证据：机构投资者通过减持（即“用脚投票”）增加了崩溃风险。然而，这种方法对境外机构投资者没有显著的统计结果。

引用次数: 0

From disclosure to distortion: How strategic ESG disclosure shapes green innovation bubbles 从披露到扭曲：战略性ESG披露如何塑造绿色创新泡沫

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2026-01-01 Epub Date: 2025-10-27 DOI: 10.1016/j.bir.2025.10.019

Meiyi Li , Yufei Gan

Strategic environmental, social, and governance (ESG) disclosure practices that create favorable impressions while concealing unfavorable environmental performance have become increasingly common among corporations. This study investigates how such practices influence green technology innovation bubbles, where firms prioritize innovation quantity over quality. Drawing on institutional theory and impression management perspectives, we examine this relationship using Chinese A-share listed companies (2015–2024). Through propensity score matching, difference-in-differences, placebo tests, and IV approaches, we establish that strategic ESG disclosure positively influences green-innovation bubbles. CEO green experience weakens this relationship, whereas managerial myopia strengthens it. Information asymmetry and greenwashing mediate this relationship. The effects are stronger for non-SOEs, during periods of high economic uncertainty and under weaker environmental regulations. Our study contributes to the sustainability literature by documenting how strategic ESG behavior distorts innovation patterns and provides policy implications for designing effective disclosure regulations.

战略环境、社会和治理（ESG）披露实践在创造良好印象的同时掩盖不利的环境绩效，在企业中变得越来越普遍。本研究探讨了这些实践如何影响绿色技术创新泡沫，其中企业优先考虑创新数量而不是质量。利用制度理论和印象管理的视角，我们以中国a股上市公司（2015-2024年）为研究对象考察了这一关系。通过倾向得分匹配、差异中的差异、安慰剂检验和IV方法，我们确定了战略ESG披露对绿色创新泡沫的正向影响。CEO的绿色经验削弱了这种关系，而管理者的短视则加强了这种关系。信息不对称和“漂绿”是这种关系的中介。在经济高度不确定和环境法规较弱的时期，这种影响对非国有企业更为强烈。我们的研究通过记录战略性ESG行为如何扭曲创新模式，并为设计有效的披露法规提供政策启示，从而为可持续性文献做出了贡献。

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引用次数: 0

Wavelet-enhanced multimodel framework for stock market forecasting: A comprehensive analysis across market regimes 股票市场预测的小波增强多模型框架：跨市场机制的综合分析

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2026-01-01 Epub Date: 2025-12-07 DOI: 10.1016/j.bir.2025.100771

Yüksel Okşak , Yasin Büyükkör , Tufan Sarıtaş

In this study, we develop a hybrid forecasting framework that integrates discrete wavelet transform with multiple machine and deep learning architectures to address nonlinearity and regime-dependent dynamics in financial markets. Log-return series using daily data from the BIST 100, S&P 500, and Shanghai Composite indexes spanning 2015–2025 are subject to three-level Daubechies-4 wavelet decomposition, which yields approximation and detail coefficients that capture multiresolution temporal patterns. Four feature configurations are systematically evaluated: base (lagged returns only), pure wavelet approximation (A1–A3), hybrid wavelet approximation (lags combined with A1–A3), and wavelet approximation-detail (A1–A3 with D1–D3). Random forest, Support Vector Regression, Long Short-Term Memory, and Gated Recurrent Unit models are trained on each configuration, enabling direct assessment of the effectiveness of wavelet feature engineering. A three-state Gaussian hidden Markov model identifies bull, bear, and sideways regimes based on risk-adjusted returns, stratifying out-of-sample results to examine model robustness across varying market conditions without influencing training procedures. Our results demonstrate that wavelet-enhanced configurations, in particular the full approximation-detail specification, reduce forecast errors by 20–40 percent across all indexes and algorithms. Diebold–Mariano tests confirm statistical significance both globally and within each market regime. Our findings confirm that discrete wavelet transform is essential preprocessing for volatile financial markets, offering actionable insights for algorithmic trading, risk management, and policy frameworks in emerging economies.

在本研究中，我们开发了一个混合预测框架，该框架将离散小波变换与多个机器和深度学习架构集成在一起，以解决金融市场中的非线性和制度相关动态。利用2015-2025年北京标准普尔100指数、标准普尔500指数和上证综合指数的日常数据进行对数回归序列，采用三级Daubechies-4小波分解，得出近似系数和细节系数，捕捉多分辨率时间模式。系统地评估了四种特征配置：基础（仅滞后返回），纯小波近似（A1-A3），混合小波近似（滞后与A1-A3结合）和小波近似-细节（A1-A3与D1-D3）。随机森林、支持向量回归、长短期记忆和门控循环单元模型在每种配置上进行了训练，从而能够直接评估小波特征工程的有效性。三状态高斯隐马尔可夫模型根据风险调整后的收益识别牛市、熊市和横盘状态，对样本外结果进行分层，以检查模型在不同市场条件下的稳健性，而不影响训练过程。我们的研究结果表明，小波增强的配置，特别是完整的近似细节规范，在所有索引和算法中减少了20 - 40%的预测误差。Diebold-Mariano检验证实了全球和每个市场机制内的统计显著性。我们的研究结果证实，离散小波变换是动荡的金融市场必不可少的预处理，为新兴经济体的算法交易、风险管理和政策框架提供了可操作的见解。

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引用次数: 0

Do ownership structure and governance matter in asset allocation decisions of Islamic and conventional mutual funds? Empirical evidence from Pakistan 所有权结构和治理在伊斯兰和传统共同基金的资产配置决策中是否重要？来自巴基斯坦的经验证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.bir.2025.10.018

Fatima Khaleel, Hajra Ihsan, Abdul Rashid

Diversification in asset management companies is the key feature delivered by mutual funds. Fund managers are responsible for allocating assets in the fund's portfolio to improve risk-adjusted performance and decrease risk. This study analyzes the diversification and governance mechanisms of mutual funds in Pakistan. Moreover, it examines the impact of corporate governance on the asset allocation of Islamic and conventional mutual funds. The main findings revealed that the diversification level of mutual funds is quite satisfactory, which means that funds in Pakistan are diversified on average. Surprisingly, Islamic mutual funds are more diversified than their conventional counterparts. The comparative analysis of Islamic and conventional mutual funds shows that Shariah governance supports the equity type, sukuks, and income funds investment, while it negatively affects the bonds, T-bills, and cash investments. It is also observed that conventional mutual funds prefer to invest in equity and cash-type investments. Similarly, domestic, managerial, and foreign ownership increases diversification in conventional mutual funds, while government, trustees, and institutional ownership escalate diversification in Islamic mutual funds. These findings have important implications for the governance set-up, ownership structure, and diversification of the mutual fund industry to improve the efficiency of asset allocation decisions. The findings also guide managers in a strategic direction to identify the fund's governance features and their impact on the fund's diversification.

资产管理公司的多元化是共同基金的主要特点。基金经理负责分配基金投资组合中的资产，以提高经风险调整后的业绩并降低风险。本研究分析了巴基斯坦共同基金的多元化和治理机制。此外，本文还考察了公司治理对伊斯兰和传统共同基金资产配置的影响。主要研究结果显示，共同基金的多元化水平相当令人满意，这意味着巴基斯坦基金的平均多元化程度较高。令人惊讶的是，伊斯兰共同基金比传统基金更加多样化。对伊斯兰基金和传统共同基金的比较分析表明，伊斯兰教法治理对股票型、伊斯兰债券型和收益型基金投资有利，而对债券型、国库券型和现金型投资不利。此外，传统的共同基金更倾向于投资于股票和现金类型的投资。同样，国内、管理和外国所有权增加了传统共同基金的多样化，而政府、受托人和机构所有权则增加了伊斯兰共同基金的多样化。这些发现对共同基金行业的治理结构、股权结构和多元化以提高资产配置决策的效率具有重要意义。研究结果还在战略方向上指导基金经理确定基金的治理特征及其对基金多元化的影响。

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引用次数: 0

Can financial literacy training improve financially responsible behavior? Experimental evidence from Turkish undergraduates 金融知识培训能提高财务负责行为吗？来自土耳其本科生的实验证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-12-01 Epub Date: 2025-09-13 DOI: 10.1016/j.bir.2025.08.004

Metin İlbasmış , Hakan Altın , Büşra Yılmaz

This study examines the causal impact of financial literacy education on financially responsible behavior using a quasi-experimental design among 125 undergraduate students in Türkiye. The study compares outcomes between a treatment group that received structured financial literacy training and a control group that did not. The results show that even a brief educational intervention significantly enhances objective financial literacy and leads to more prudent financial behaviors, including budgeting, saving, purchasing insurance, and investment planning. By addressing endogeneity concerns and targeting individuals at a critical decision-making stage of life, this study provides empirical evidence of the effectiveness of financial education, offering valuable insights for policy development in emerging market contexts.

本研究采用准实验设计，考察了金融素养教育对财务负责行为的因果影响。该研究比较了接受结构化金融知识培训的治疗组和未接受培训的对照组的结果。结果表明，即使是短暂的教育干预也能显著提高客观财务素养，并导致更谨慎的财务行为，包括预算、储蓄、购买保险和投资计划。通过解决内生性问题并针对处于人生关键决策阶段的个人，本研究提供了金融教育有效性的实证证据，为新兴市场背景下的政策制定提供了有价值的见解。

引用次数: 0

Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes 财务素养与决策：知识差距对财务结果的影响

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-12-01 Epub Date: 2025-07-21 DOI: 10.1016/j.bir.2025.07.010

Abdullah Kürşat Merter , Yavuz Selim Balcıoğlu

This study addresses a critical gap in understanding why financial literacy interventions often prove ineffective by examining the role of metacognitive miscalibration in financial decision-making. We investigate how individuals who systematically overestimate their financial knowledge exhibit distinct behavioral patterns that undermine financial outcomes across multiple domains. Drawing on nationally representative data from the 2021 U.S. National Financial Capability Study, we analyzed decision-making patterns among individuals exhibiting financial overconfidence compared to equally knowledgeable peers without such overconfidence. Results demonstrated that overconfident individuals significantly reduce their investment participation, retirement planning, and emergency savings behaviors. Paradoxically, these individuals reported higher financial satisfaction despite objectively poorer outcomes, creating a feedback loop that prevents corrective learning. These findings showed that misjudging one's own financial knowledge was a consistent obstacle to being financially healthy, as it leads to reduces help-seeking behavior and poor risk evaluation, clarifying why regular financial education programs often don't work well.

本研究通过考察元认知错误在财务决策中的作用，解决了理解为什么金融素养干预往往被证明无效的关键差距。我们调查了系统地高估自己的金融知识的个人如何表现出不同的行为模式，这些行为模式会破坏多个领域的财务结果。根据2021年美国国家财务能力研究的全国代表性数据，我们分析了表现出财务过度自信的个人与没有这种过度自信的同等知识的同龄人的决策模式。结果表明，过度自信显著降低了个体的投资参与、退休计划和应急储蓄行为。矛盾的是，这些人报告了更高的财务满意度，尽管客观上较差的结果，创造了一个反馈循环，阻碍了纠正学习。这些发现表明，错误判断自己的金融知识一直是财务健康的障碍，因为它会导致寻求帮助的行为减少，风险评估不佳，这就解释了为什么常规的金融教育项目往往不起作用。

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引用次数: 0

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 Q1 BUSINESS, FINANCE

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

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.

本研究提出并验证了一个集金融素养、包容性和保护于一体的金融公民模型，并比较了该模型在巴西人和法国人之间的适用性和均值差异。对两国的样本进行了调查。采用描述性统计、结构方程建模、模型不变性检验和均值差异分析对数据进行分析。不变性分析证实，该模型在两国具有等效的因子结构，使比较有效和一致。结果显示，两组学生在金融素养和金融保护方面的平均分没有显著差异，这可能是由于各国的金融教育策略相似所致。然而，巴西人在金融包容性和公民身份方面的得分明显更高，这表明巴西在金融实践方面取得了一些进步（例如，采用PIX），从而扩大了数字银行服务的可及性。本研究提高了金融公民模型的跨文化有效性，并证明了其对国际研究的有用性。

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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 Q1 BUSINESS, FINANCE

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

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.

本研究以社会认知理论（SCT）、消费者社会化理论（TCS）和计划行为理论（TPB）为基础，探讨影响新兴市场印度个人投资者金融素养的主要因素。对384名投资者进行了横断面调查，采用有目的抽样和结构化问卷，评估了他们的金融行为、态度、知识以及9个人口和社会经济变量。我们的逻辑回归分析显示，性别、收入、家庭生命周期阶段和工作场所活动显著影响金融素养水平。TPB结构——金融知识、行为和态度——进一步支持了该模型，突出了与更高的金融素养之间的紧密联系。与以往关注一般或职业群体的研究不同，本研究独特地将工作场所活动作为一种新的预测因素，并将TPB与TCS结合起来，研究投资者特定的动态。研究结果为寻求提高印度投资者金融素养的政策制定者、金融教育者和服务提供商提供了理论见解和实践指导。

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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 Q1 BUSINESS, FINANCE

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

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.

本研究建立了一个以投资组合为中心的行为模型，以探讨金融知识、态度和行为的多维成分如何影响 rkiye共同基金投资者的金融风险承受能力。尽管大多数论文使用广泛的投资者样本来评估金融素养对投资决策的影响，但本研究以做出专业管理的、基于投资组合的投资决策的个人为中心，从而对文献做出了贡献。共同基金投资者通常具有更高的金融意识和结构化的决策过程，从而能够更细致地分析金融素养维度对风险承受能力的影响。利用行为金融学、财务能力理论和计划行为理论，该模型追溯了从识字成分到风险偏好的直接和间接路径。基于703名土耳其共同基金投资者的数据，并使用经验证的经济合作与发展组织(OECD)/国际金融教育网络（INFE）和Grable-Lytton量表，我们的结构方程模型（SEM）显示，金融行为是风险承受能力的主要驱动因素，中介知识和态度的影响。这些发现强调，金融知识主要通过行为转化为与风险相关的决策。该研究强调了新兴市场金融能力的行为动态，并呼吁开展超越知识转移的金融教育项目，培养知情投资者的可操作态度和主动行为。

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引用次数: 0