Borsa Istanbul Review最新文献

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The critical role of financial literacy in enhancing firm success 金融知识在促进企业成功中的关键作用

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

Simona-Mihaela Ichim , Alin Vid

The role of financial literacy in fostering firm performance has gained increasing attention in contemporary research. This paper introduces a novel methodology for identifying successful companies, utilizing unique and granular data derived from financial statements and the Central Credit Registry. To determine the critical importance of financial literacy for firm success, this study examines a substantial sample of firms to evaluate their financial capabilities, fill gaps in empirical evidence, and enhance the reliability and generalizability of the results. Our analysis investigates how varying levels of financial literacy, digitalization, and educational attainment among firm managers impact company success. By employing logit models, we identify a series of characteristics that have proven to be important for company success in Romania. According to the results, essential characteristics shaping company success include the educational attainment of top management, the level of financial literacy, and digitalization, as well as solvency, liquidity, and the firm's financing through bank loans. Our insights underscore the need for targeted financial literacy programs and policy interventions aimed at improving managerial competencies. Thus, we provide valuable findings for both policymakers and academia, suggesting that investing in financial literacy is essential for the performance and long-term viability of firms.

在当代研究中，金融知识在促进企业绩效方面的作用越来越受到关注。本文介绍了一种识别成功公司的新方法，利用来自财务报表和中央信用登记处的独特和颗粒数据。为了确定财务素养对企业成功的关键重要性，本研究考察了大量公司样本，以评估其财务能力，填补经验证据的空白，并提高结果的可靠性和普遍性。我们的分析调查了公司管理人员中不同水平的金融知识、数字化和教育程度如何影响公司的成功。通过采用logit模型，我们确定了一系列已被证明对罗马尼亚公司成功至关重要的特征。根据研究结果，决定公司成功的基本特征包括高层管理人员的受教育程度、金融知识水平和数字化，以及偿付能力、流动性和公司通过银行贷款的融资。我们的见解强调了有针对性的金融知识普及计划和旨在提高管理能力的政策干预的必要性。因此，我们为政策制定者和学术界提供了有价值的发现，表明投资金融知识对公司的绩效和长期生存能力至关重要。

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引用次数: 0

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

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

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

This study examines whether financial literacy influences the adoption of Central Bank Digital Currencies (CBDCs) across countries. While existing literature emphasizes technological, macroeconomic, and institutional factors, this paper introduces financial literacy as a novel determinant shaping public readiness for sovereign digital money. This work uses a unique panel dataset of 65 nations from 2020 to 2024 and nonlinear models with fixed effects to detect the causal influence, which is backed by instrumental variable estimation, propensity score matching, and robustness tests. Results indicate that higher national financial literacy significantly increases the probability of advancing in CBDC adoption stages. The effect is stronger for knowledge of inflation and risk diversification, buhed t it is moderated by internet infrastructure, financial instability, and cryptocurrency dynamics. The findings underscore the importance of financial capability in driving digital monetary innovation and suggest that enhancing financial literacy should be a strategic component of CBDC design and implementation policies across diverse national contexts.

本研究考察了金融素养是否会影响各国央行数字货币（cbdc）的采用。虽然现有文献强调技术、宏观经济和制度因素，但本文将金融素养作为塑造公众对主权数字货币的准备程度的新决定因素。这项工作使用了2020年至2024年65个国家的独特面板数据集和具有固定效应的非线性模型来检测因果影响，该模型得到了工具变量估计、倾向得分匹配和稳健性测试的支持。结果表明，较高的国民金融素养显著增加了在CBDC采用阶段推进的可能性。对通胀和风险分散知识的影响更大，但受到互联网基础设施、金融不稳定和加密货币动态的缓和。研究结果强调了金融能力在推动数字货币创新方面的重要性，并建议提高金融素养应成为不同国家背景下CBDC设计和实施政策的战略组成部分。

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引用次数: 0

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

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

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

This paper examines the determinants of consumer financial anxiety using data from the 2021 National Financial Capability Study (NFCS), which covers the COVID-19 pandemic. Using an ordinal logistic regression, we control for demographic variables and demonstrate that negative events, such as job loss and income reduction, significantly increase financial anxiety, whereas having precautionary savings substantially reduces it. Then, we use a partial least squares structural equation model (PLS-SEM) to study the impacts of financial literacy and financial practices on anxiety. Our findings reveal that, whereas financial literacy has a modest direct effect, positive financial behaviors, such as saving and budgeting, play a significantly greater role in alleviating financial anxiety. The empirical lessons from the study and the analytical framework that we propose extend to post-pandemic consumer financial well-being, with important implications for policy, education, and mental health interventions.

本文利用涵盖COVID-19大流行的2021年国家金融能力研究（NFCS）的数据，研究了消费者金融焦虑的决定因素。使用有序逻辑回归，我们控制了人口变量，并证明了负面事件，如失业和收入减少，显着增加了财务焦虑，而预防性储蓄则大大减少了财务焦虑。然后，采用偏最小二乘结构方程模型（PLS-SEM）研究金融素养和金融实践对焦虑的影响。我们的研究结果表明，尽管财务素养有适度的直接影响，但积极的财务行为，如储蓄和预算，在缓解财务焦虑方面发挥了更大的作用。本研究的经验教训和我们提出的分析框架延伸到大流行后的消费者金融福祉，对政策、教育和心理健康干预具有重要意义。

引用次数: 0

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

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

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

This study examines the extent to which variations in financial knowledge, attitudes and risk preferences shape the educational investment behaviour of academic and non-academic university staff. Our findings revealed distinct patterns. We documented that being armed with a sound financial knowledge significantly influences the educational investment decisions of academic staff, thus facilitating informed decision-making. We also documented that financial attitudes and risk tolerance exert positive impacts, thus indicating that confidence in terms of one's financial management informs educational advancement. Conversely, a sound financial knowledge does not predict the take-up of further education for non-academic staff, while financial attitudes and risk aversion exert negative impacts, thus suggesting that financial constraints and limited careers inhibit investment in higher education. Institutional dynamics and socio-economic conditions further moderate these relationships and expose structural barriers to financial literacy. The findings identified the necessity for tailored financial literacy intervention measures that address the occupational stratifications and institutional constraints that hinder educational progression.

本研究考察了金融知识、态度和风险偏好的变化在多大程度上影响了学术和非学术大学员工的教育投资行为。我们的发现揭示了不同的模式。我们证明，拥有良好的金融知识会显著影响学术人员的教育投资决策，从而促进明智的决策。我们还证明了财务态度和风险承受能力会产生积极影响，从而表明个人财务管理方面的信心会影响教育进步。相反，良好的财务知识并不能预测非学术人员继续接受教育，而财务态度和风险规避则会产生负面影响，从而表明财务约束和有限的职业限制了高等教育的投资。制度动态和社会经济条件进一步缓和了这些关系，并暴露了金融知识的结构性障碍。研究结果表明，有必要采取量身定制的金融素养干预措施，解决阻碍教育进步的职业分层和制度限制问题。

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引用次数: 0

The impact of financial literacy on financial development: A cross-country analysis 金融素养对金融发展的影响：一个跨国分析

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

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

This study investigates the impact of financial literacy on financial development across a large set of countries, utilizing data from the Global Financial Inclusion and Consumer Protection (GFICP) surveys conducted in 2017 and 2022. Using baseline OLS regressions, the results reveal that financial literacy significantly enhances financial development, particularly in upper-middle-, lower-middle-, and low-income countries. The study also highlights regional variations, with the East Asia and Pacific region demonstrating the most substantial positive relationship. Additionally, the quantile regression analysis indicates that the effect of financial literacy on financial development is more pronounced in countries with either highly developed or underdeveloped financial systems. These results underscore the importance of designing context-specific financial education policies, particularly in developing economies, where improvements in foundational financial knowledge can play a catalytic role in strengthening financial systems.

本研究利用2017年和2022年进行的全球金融普惠和消费者保护（GFICP）调查的数据，调查了金融素养对许多国家金融发展的影响。使用基线OLS回归，结果显示金融知识显著促进了金融发展，特别是在中高、中低和低收入国家。该研究还强调了地区差异，东亚和太平洋地区表现出最实质性的积极关系。此外，分位数回归分析表明，金融素养对金融发展的影响在金融体系高度发达或不发达的国家更为明显。这些结果强调了设计针对具体情况的金融教育政策的重要性，特别是在发展中经济体，基础金融知识的改善可以在加强金融体系方面发挥催化作用。

引用次数: 0

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

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

Walaa J.K. Almoghayer , Haitham A. Mahmoud

This study analyzes cross-border payment systems in Belt and Road Initiative (BRI) countries, exploring how technological, regulatory, and socioeconomic factors shape their adoption. By combining quantitative data from 43 BRI countries (2018–2024) with insights from interviews with 127 stakeholders, we identify four distinct adoption archetypes: digital pioneers (high technological and cultural acceptance), regulatory harmonizers (policy driven), institutional trust builders (focused on governance), and hybrid adopters (selective integration). Our findings reveal that successful adoption hinges on the interplay of infrastructure, regulation, and cultural attitudes, not just technology. We introduce a Cross-Border Payment Adoption Index (CPAI) to measure payment system maturity across technological, regulatory, institutional, and cultural dimensions and predict paths for integration. Our research extends the technology acceptance model to multinational contexts and offers actionable insights for policy makers and financial institutions, particularly as digital currencies reshape the BRI payment environment.

本研究分析了“一带一路”倡议国家的跨境支付系统，探讨了技术、监管和社会经济因素如何影响其采用。通过将来自43个“一带一路”国家（2018-2024年）的定量数据与对127名利益相关者的访谈见解相结合，我们确定了四种不同的采用原型：数字先锋（高技术和文化接受）、监管协调者（政策驱动）、机构信任建设者（专注于治理）和混合采用者（选择性整合）。我们的研究结果表明，成功的采用取决于基础设施、监管和文化态度的相互作用，而不仅仅是技术。我们引入了跨境支付采用指数（CPAI）来衡量支付系统在技术、监管、制度和文化方面的成熟度，并预测整合的路径。我们的研究将技术接受模型扩展到跨国背景，并为政策制定者和金融机构提供可操作的见解，特别是在数字货币重塑“一带一路”支付环境的情况下。

引用次数: 0

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

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

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

Yunus Emre Akdogan

This study employs machine learning and explainable artificial intelligence to examine the impact of working capital strategies—aggressive, moderate, and conservative—on Tobin's Q and EBITDA (earnings before interest, taxes, depreciation, and amortization), identifying key financial indicators for each approach. When the LightGBM algorithm is run, the R² values for Tobin's Q are 57 percent (aggressive), 40 percent (moderate), and 55 percent (conservative) and, for EBITDA, the R² values were 43 percent, 60 percent, and 60 percent, respectively. SHAP-based analyses reveal that Tobin's Q is predominantly affected by macroeconomic variables, especially in aggressive and moderate strategies, while EBITDA is mainly determined by operational efficiency and liquidity indicators across all strategies. The findings indicate that advanced algorithms—such as random forest, LightGBM, and XGBoost, when paired with SHAP explainability—capture the complex dynamics of working capital management more effectively than traditional approaches. Practically, these insights can help firms optimize liquidity, profitability, and debt policies to enhance sustainable competitive advantage.

本研究使用机器学习和可解释的人工智能来检查营运资金策略（激进，温和和保守）对托宾Q和EBITDA（利息，税项，折旧和摊销前收益）的影响，确定每种方法的关键财务指标。当LightGBM算法运行时，托宾Q的R2值为57%（激进），40%（中等）和55%（保守），对于EBITDA， R2值分别为43%，60%和60%。基于shap的分析表明，托宾Q主要受宏观经济变量的影响，特别是在积极和温和的策略中，而EBITDA主要由所有策略的运营效率和流动性指标决定。研究结果表明，先进的算法，如随机森林、LightGBM和XGBoost，当与SHAP可解释性相结合时，比传统方法更有效地捕捉到营运资金管理的复杂动态。实际上，这些见解可以帮助企业优化流动性、盈利能力和债务政策，以增强可持续的竞争优势。

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引用次数: 0

Shielding against oil shocks: Contagion dynamics in Islamic versus conventional markets 防范石油冲击：伊斯兰市场与传统市场的传染动态

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.021

Adnan Aslam , Mohammad Khaleq Newaz

This paper empirically examines the decoupling hypothesis by assessing the asymmetric transmissions and contagion effects of oil price shocks on Islamic and conventional stock indices in major oil-importing and -exporting countries. Using the Asymmetric Dynamic Conditional Correlation GARCH (ADCC-GARCH) model, we analysed the dynamic relationships between oil price shocks and stock indices during three critical periods: the Global Financial Crisis (GFC, 2007–2009), the European Sovereign Debt Crisis (ESDC, 2010–2012), and the Oil Price Plunge (OPP, 2014–2016). Our findings indicate that oil-importing and -exporting countries mostly demonstrate insignificant asymmetric responses, suggesting that Islamic and conventional indices are not excessively affected by negative oil shocks. The contagion analysis reveals that oil price shocks predominantly exhibited contagion effects in Islamic and conventional stock indices during the GFC. However, Islamic stock indices in countries such as Japan, Korea, Saudi Arabia, the UAE, Norway, Oman, and Brazil were less affected by these shocks compared with their conventional counterparts. Notably, Islamic indices in Korea, Italy, Saudi Arabia, and Qatar during the ESDC, as well as in the USA, India, Korea, and Germany during the OPP, demonstrated strong resilience to oil price shocks, lending support to the decoupling hypothesis. Portfolio analysis further shows that incorporating Islamic indices into conventional portfolios enhances risk-adjusted returns and hedging effectiveness, with performance improving as the allocation to Islamic indices increases. These findings hold significant implications for investors, portfolio managers, policymakers, and market participants.

本文通过评估石油价格冲击对主要石油进口国和出口国的伊斯兰和传统股票指数的不对称传导和传染效应，实证检验了脱钩假说。使用非对称动态条件相关GARCH （ADCC-GARCH）模型，我们分析了三个关键时期油价冲击与股指之间的动态关系：全球金融危机（GFC, 2007-2009）、欧洲主权债务危机（ESDC, 2010-2012）和油价暴跌（OPP, 2014-2016）。我们的研究结果表明，石油进口国和出口国大多表现出微不足道的不对称反应，这表明伊斯兰和传统指数没有受到负面石油冲击的过度影响。传染分析表明，在全球金融危机期间，油价冲击在伊斯兰和传统股票指数中主要表现出传染效应。然而，与传统股指相比，日本、韩国、沙特阿拉伯、阿联酋、挪威、阿曼和巴西等国的伊斯兰股指受这些冲击的影响较小。值得注意的是，在ESDC期间，韩国、意大利、沙特阿拉伯和卡塔尔的伊斯兰指数，以及在OPP期间美国、印度、韩国和德国的伊斯兰指数，都表现出对油价冲击的强大抵御能力，为脱钩假说提供了支持。投资组合分析进一步表明，将伊斯兰指数纳入传统投资组合可以提高风险调整后的收益和对冲效果，并且随着伊斯兰指数配置的增加，绩效也会提高。这些发现对投资者、投资组合经理、政策制定者和市场参与者具有重要意义。

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引用次数: 0

Whom do institutional investors serve as stewards? An empirical analysis of stewardship code-compliant investors in Korea 机构投资者是谁的管家？韩国管理规范合规投资者的实证分析

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.023

Ji Seon Yoo , Ja Eun Koo

Institutional investors now exceed individual investors in number of shares held. To provide empirical support for the stewardship role of institutional investors, we examine the relationships of the presence of stewardship code-compliant institutional investors among shareholders with micro- and macro-oriented outcomes in Korea. We find that firms held by code-compliant investors have higher firm value, dividend payouts, and ESG ratings. Our results imply that code-compliant institutional investors act as stewards of their investee firms, fund beneficiaries, and market or society, in line with agency theory, agency capitalism, universal ownership, and stakeholder theory. Using latent class mixture modeling, we assign firms into latent classes according to the particular outcomes that their institutional investors pursue. We further conduct multinominal logit regression and find that firm characteristics differ between latent classes that emphasize distinct outcomes. Our study provides empirical evidence supporting multiple theoretical frameworks that have traditionally been discussed in a normative manner.

目前，机构投资者持有的股票数量超过了个人投资者。为了为机构投资者的管理角色提供实证支持，我们研究了韩国股东中符合管理规范的机构投资者的存在与微观和宏观导向结果的关系。我们发现，符合法规的投资者持有的公司具有更高的公司价值、股息支付和ESG评级。我们的研究结果表明，符合准则的机构投资者在代理理论、代理资本主义、普遍所有权和利益相关者理论中扮演着被投资公司、基金受益人和市场或社会的管家的角色。利用潜在类别混合模型，我们根据机构投资者追求的特定结果将公司划分为潜在类别。我们进一步进行多项逻辑回归，发现强调不同结果的潜在类别之间的公司特征不同。我们的研究提供了实证证据，支持传统上以规范方式讨论的多种理论框架。

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引用次数: 0

Common institutional ownership and M&A insider trading: Governance or collusion? 共同机构所有权与并购内幕交易：治理还是共谋？

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-07-30 DOI: 10.1016/j.bir.2025.07.015

Fangfang Zhou, Yu Cheng

Merger and acquisition (M&A) transactions are highly information sensitive, frequently making them insider trading targets, which undermines market fairness and stability. This paper examines how common institutional ownership affects insider trading in M&A through a 2010 to 2023 analysis of Chinese listed firms. The findings reveal that common institutional ownership significantly reduces insider trading during M&A events, thereby supporting the governance perspective of institutional investors. Mechanism analysis indicates that this effect functions by diminishing insiders' information advantages and enhancing internal controls. Moreover, the mitigating effect is more pronounced in firms with higher information asymmetry, lower investor attention, and greater insider ownership. This study contributes to the literature on institutional investor governance and offers critical insights for emerging markets aiming to mitigate illegal insider trading, optimize institutional ownership structures, and enhance regulatory frameworks.

并购交易具有高度的信息敏感性，经常成为内幕交易的目标，破坏了市场的公平和稳定。本文通过对2010 - 2023年中国上市公司的分析，考察了共同机构所有权对并购A公司内幕交易的影响。研究结果表明，共同机构所有权显著减少了并购A事件中的内幕交易，从而支持了机构投资者的治理观点。机制分析表明，这一效应通过减少内部人的信息优势和加强内部控制来发挥作用。此外，在信息不对称程度较高、投资者关注度较低、内部人持股比例较高的公司中，缓解效应更为明显。本研究为机构投资者治理方面的文献做出了贡献，并为新兴市场旨在减少非法内幕交易、优化机构所有权结构和加强监管框架提供了重要见解。

引用次数: 0

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