Borsa Istanbul Review最新文献

This study examines the influence of environmental, social, and governance (ESG) performance on corporate trade credit financing based on Chinese A-share listed companies' data from 2018 to 2022. The empirical results revealed that enterprises with better ESG performance receive more trade credit from suppliers. This study found that ESG performance has a significant effect on trade credit in customer industries, polluting industries, and enterprises with high supplier concentration and low government grants. The Mechanism analysis indicated that ESG performance minimizes information and agency risks, thereby affecting trade credit. Further examination indicated that a firm's degree of maturity weakens the beneficial influence of ESG performance on trade credit and that a substitution relationship exists between corporate maturity and ESG performance in trade credit financing.

This study responds to the need for deeper empirical investigation into the relationship between corporate social responsibility (CSR) and financial performance in the banking industry. Specifically, it investigates whether and how CSR performance and social values influence bank performance. Furthermore, it explores the moderating role of social values on the CSR and bank performance relationship. To address these research questions, we use the generalized method of moments estimator technique described by Arellano and Bover (1995) and analyze a sample of 3139 banks worldwide over the period 2010–2020. Dividing the countries into two groups based on their income level, that is, middle- and high-income countries, we show a positive association between CSR and bank performance. Furthermore, we illustrate that all dimensions of national culture have a positive impact on bank performance. The results on the moderating role of social values in the relationship between CSR and bank performance indicate that, in societies with higher indulgence, uncertainty avoidance, and a long-term orientation, increasing CSR performance has a positive impact on bank performance. However, the relationship between CSR and bank performance is stronger in countries that are low in individualism, masculinity, and power distance than in countries that are high in individualism, masculinity, and power distance. These results vary widely across levels of country income in terms of the significance, sign, and size of the effect. Nonetheless, our findings have important implications for regulators, managers, and scholars that highlight the influence of social values on the effectiveness of legal settings and regulations on financial performance. Specifically, this research is particularly useful for scholars and practitioners in finance and CSR, suggesting that customizing CSR strategies to align with local social values can enhance financial performance.

Amid ongoing discussion over the merits and demerits of litigation, this study addresses the impact of litigation risk on corporate innovation at Chinese listed firms from 2014 to 2022. We exploit Two-Stage GMM, DID model, and PSM techniques to address endogeneity. We find that both litigation risk and financial constraints significantly hinder innovation. We highlight the corporate governance index as a potential moderator, which mitigates the negative impacts of litigation risk and fosters innovation. Additionally, our findings emphasize the pronounced decline in innovation among highly constrained firms compared to their counterparts with low constraints. Recent changes in China's Patent Law and Copyright Law suggest a tangible increase in innovation activities since their implementation, even within a stringent legal environment. Our findings remain robust to the use of alternative measures and estimation techniques. By addressing significant gaps in the literature, our research offers actionable insights for decision makers, emphasizing the strategic importance of corporate governance in navigating legal complexities, enhancing innovative capacity, and driving sustainable growth and competitive advantage in today's business landscape.

This study investigates the time-varying frequency of spillovers between European stock markets and oil during the COVID-19 pandemic and the Russia-Ukraine war. Using the spillover index by Diebold & Yilmaz, 2012 and Baruník & Křehlík, 2018, we analyze high-frequency data at a 5-min interval to analyze the interplay between crude oil market returns and the Stoxx 600 index returns, including sectors such as auto, basic material, banks, chemicals, food and beverage, health, industrials, insurance, oil and gas, retail, real estate, technology (tech), telecommunication (telecom), and utilities. The sample period is January 3, 2022, to March 25, 2022. Our findings reveal a substantial degree of connectedness within this financial network, with specific sectors—auto, chemicals, food, industrials, insurance, real estate, retail, tech, and telecom—acting as net transmitters of shocks, while other sectors assume the role of net receivers. The Russia-Ukraine war is a significant driver of these interconnected dynamics. Spillovers are most prevalent in the medium-term horizon, with the time dimension affecting the role of sectors and oil. Furthermore, our research highlights the potential benefits of adding oil assets to portfolios, enhancing risk-adjusted performance. However, ongoing risk management remains crucial due to the dynamic hedge ratios. This study offers practical insights for investors and policy makers, aiding risk management and investment strategies in turbulent markets.

We analyze the hedging feature of gold against inflation by analyzing the factors affecting gold prices for the post-2013 period, including the tapering process in the United States. Our results show that especially demand for gold Exchange Traded Funds (ETFs) and US 10-year bond rates are effective on gold prices in this period. Inflation has no statistically significant effect on gold prices over the sample period; however, in the subperiod, excluding 2014–2019, inflation has a statistically significant positive impact on gold prices. We conclude that gold does provide a partial hedge against inflation as an investment tool, at least for the recent period. Furthermore, our analysis of Bitcoin's effect on gold prices starting in the second half of 2016 shows no statistically significant relationship.

This study analyzes the impact of directors belonging to several boards (multiple directorships) on the dividend policy of firms. As the composition of a board has an impact on its effectiveness and the quality of corporate governance, this study focuses on the presence of multiple directorships. Theoretically, the literature presents two competing hypotheses regarding the impact of this type of directorship on firm performance—reputation and dedication hypotheses. Based on a sample of nonfinancial companies listed on the Spanish stock market from 2008 to 2019, the study finds that a greater presence of multiple directorships increases the propensity of firms to pay dividends, as well as the level of cash dividends, supporting the reputation hypothesis. In addition, we find that ownership concentration moderates the relationship between multiple directorships and dividends.