Borsa Istanbul Review最新文献

英文中文

Can artificial intelligence mitigate environmental inequality? Evidence from leading robotic-driven economies using quantile-based methods 人工智能能缓解环境不平等吗？来自主要机器人驱动型经济体的证据，使用基于分位数的方法

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-07-26 DOI: 10.1016/j.bir.2025.07.012

Brahim Bergougui

The rapid integration of AI into global economies raises critical questions about its environmental impact, especially concerning the equitable distribution of carbon emissions. This aspect of climate justice remains largely unexplored. Existing literature extensively examines AI's aggregate environmental impacts; however, it largely overlooks the differential effects across emission quantiles and their implications for environmental inequality. This oversight creates a significant research gap. This study addresses this critical void by investigating the dynamic relationship between AI adoption and carbon emissions inequality (CEI) across ten technologically advanced economies from 2000 to 2023, employing a novel multivariate quantile-on-quantile regression (MQQR) methodology that captures nonlinear dependencies and heterogeneous effects across the entire distribution of environmental inequality. The empirical findings reveal stark heterogeneity across nations and quantile distributions, demonstrating the complex, non-uniform nature of AI's environmental equity implications. European economies exhibit a three-phase trajectory: early AI adoption increases emissions inequality; mid-level adoption stabilizes it; and advanced integration reduces it, particularly in Denmark, France, and Sweden. Germany displays persistent positive effects across all quantiles. Among Asian economies, Japan and Singapore transition from initial increases to reductions in emissions inequality at higher quantiles, while Korea shows consistently positive effects. China presents an oscillating pattern, and the United States exhibits alternating effects across different quantiles. These results underscore the double-edged role of AI in environmental equity, revealing that the relationship between technological advancement and climate justice is neither universal nor linear. The findings provide crucial insights for policymakers, emphasizing the need for quantile-specific, country-tailored AI governance strategies that account for national developmental stages and distributional impacts to ensure AI-driven transformation contributes to environmental justice objectives.

人工智能与全球经济的快速融合引发了关于其环境影响的关键问题，特别是关于碳排放的公平分配。气候正义的这一方面在很大程度上仍未得到探索。现有文献广泛研究了人工智能的总体环境影响；然而，它在很大程度上忽略了排放分位数之间的差异效应及其对环境不平等的影响。这种疏忽造成了重大的研究空白。本研究通过调查2000年至2023年10个技术先进经济体中人工智能采用与碳排放不平等（CEI）之间的动态关系，解决了这一关键空白，采用了一种新颖的多变量分位数对分位数回归（MQQR）方法，捕捉了整个环境不平等分布中的非线性依赖关系和异质效应。实证研究结果揭示了不同国家和分位数分布的明显异质性，表明人工智能对环境公平影响的复杂性和不一致性。欧洲经济体呈现出三阶段轨迹：早期采用人工智能加剧了排放不平等；中层的采用稳定了它；而高度一体化则降低了这一比例，尤其是在丹麦、法国和瑞典。德国在所有分位数上都显示出持续的积极影响。在亚洲经济体中，日本和新加坡从最初的增加过渡到更高分位数的排放不平等减少，而韩国则一直表现出积极的影响。中国呈现出振荡模式，而美国在不同的分位数上表现出交替的影响。这些结果强调了人工智能在环境公平方面的双刃剑作用，揭示了技术进步与气候正义之间的关系既不是普遍的，也不是线性的。研究结果为政策制定者提供了重要见解，强调需要制定分位数具体的、针对国家的人工智能治理战略，考虑到国家发展阶段和分配影响，以确保人工智能驱动的转型有助于实现环境正义目标。

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引用次数: 0

Unveiling the nexus of financial inclusion and political stability for capital market participation in South Asian regions 揭示普惠金融与政治稳定对南亚地区资本市场参与的关系

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-06-25 DOI: 10.1016/j.bir.2025.06.008

Bithe Rani Aich, Mohammad Tareque, Tasfia Tasneem Ahmed, Md Mominur Rahman

Frequent political uncertainty, governance challenges, financial inaccessibility, and inconsistent policy environments in South Asian countries undermine investor confidence and obstruct the development of capital markets. Thus, this study is motivated to investigate the long-term and short-term consequences of financial inclusion and political stability on capital market participation in South Asian countries. We used a panel ARDL model as the estimates demonstrated no cross-sectional dependence, considerable cointegration, and variables with mixed-level stationarity. The results highlighted financial inclusion, literacy, and savings as the most significant determinants influencing capital market participation in South Asian economies. Interestingly, while political stability did not show a direct long-term effect, its indirect influence through variables such as investor confidence and institutional trust warrants further exploration. The findings suggest that policymakers should prioritize expanding financial inclusion initiatives, improving financial and general literacy rates, and adopting policies that encourage a balanced-saving-investment behavior among citizens to strengthen capital markets.

南亚国家频繁的政治不确定性、治理挑战、融资难及不一致的政策环境削弱了投资者信心，阻碍了资本市场的发展。因此，本研究的动机是探讨金融普惠和政治稳定对南亚国家资本市场参与的长期和短期影响。我们使用了面板ARDL模型，因为估计显示没有横截面依赖性，相当大的协整性，变量具有混合水平平稳性。研究结果强调，金融包容性、识字率和储蓄是影响南亚经济体资本市场参与的最重要决定因素。有趣的是，虽然政治稳定没有显示出直接的长期影响，但其通过投资者信心和机构信任等变量产生的间接影响值得进一步探索。研究结果表明，政策制定者应优先考虑扩大金融普惠举措，提高金融和一般识字率，并采取鼓励公民平衡储蓄-投资行为的政策，以加强资本市场。

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引用次数: 0

Is firms’ low-carbon transition conducive to improving maturity mismatch of investment and financing? 企业低碳转型是否有利于改善投融资期限错配？

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.2025.10.022

Hao Shu, Wenhui Qi, Taiyun Zhou

Transitioning to a low-carbon economy is an effective approach to tackling the climate crisis, and offers a referable strategy for realizing the coordination of development and security. This study demonstrates a robust negative relationship between firms’ low-carbon transition and investment-financing maturity mismatch. Crucially, this relationship is stronger for non-state-owned and asset heavy firms, and firms located in cities with strict environmental regulation and higher administrative levels. Next, improving asset utilization efficiency, strengthening long-term financing capabilities, and attracting external attention are reasonable channels for mitigating the mismatch. In addition, the low-carbon transition has within-industry and backward supply-chain spillover effects, and can reduce the bankruptcy risk and resource allocation efficiency loss caused by the maturity mismatch. Our findings provide valuable theoretical insights and practical foundations for promoting the low-carbon transition and addressing the risk of maturity mismatch to maintain financial security.

向低碳经济转型是应对气候危机的有效途径，也是实现发展与安全协调的可借鉴战略。研究表明，企业低碳转型与投融资期限错配之间存在显著的负相关关系。至关重要的是，这种关系对于非国有企业和重资产企业，以及位于环境监管严格、行政级别较高的城市的企业更为明显。其次，提高资产利用效率、增强长期融资能力、吸引外部关注是缓解错配的合理途径。此外，低碳转型具有行业内和落后供应链溢出效应，可以降低因期限错配而导致的破产风险和资源配置效率损失。研究结果为促进低碳转型、化解期限错配风险、维护金融安全提供了有价值的理论见解和实践基础。

引用次数: 0

Managing capital flow volatility with capital controls: Do volatility-absorbing mechanisms matter? 用资本管制管理资本流动波动：波动吸收机制重要吗？

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-07-14 DOI: 10.1016/j.bir.2025.07.005

Zühal Kurul

This paper investigates the role of capital controls in managing volatile capital flows by examining how developing countries (DCs) absorb this volatility. Using data from 44 DCs over the 2000–2019 period, we distinguish the extent to which countries offset inflow surges with outflows. We find that higher capital controls fuel the volatility of inflows in countries where gross outflows heavily offset inflow surges. In contrast, capital controls reduce inflow volatility in countries that are less reliant on offsetting with gross outflows. We also provide evidence that capital controls can mitigate the impact of global shocks on volatility.

本文通过研究发展中国家（dc）如何吸收这种波动性来研究资本管制在管理波动性资本流动中的作用。利用2000年至2019年期间44个发展中国家的数据，我们区分了各国用流出抵消流入激增的程度。我们发现，在总流出严重抵消流入激增的国家，更高的资本管制加剧了流入的波动性。相比之下，在那些不太依赖总流出抵消的国家，资本管制降低了流入的波动性。我们还提供证据表明，资本管制可以减轻全球冲击对波动性的影响。

引用次数: 0

Is financial constraint an impediment to Firm's high growth? 财务约束是公司高增长的障碍吗？

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-07-01 DOI: 10.1016/j.bir.2025.06.009

Aykut Şengül , Sermet Pekin , Ufuk Alkan

This paper investigates how financial constraints impede firms’ ability to achieve high growth. Using a comprehensive panel dataset of Turkish firms from 2012 to 2021, we analyze the relationship between short-term debt intensity — our proxy for financial constraints — and firms' likelihood of becoming high-growth enterprises, measured by turnover and employment expansion. Employing rigorous econometric techniques, including fixed-effects logit, instrumental variable estimations, and dynamic panel GMM, we find that higher short-term debt significantly reduces the probability of high growth. Our findings highlight the crucial role of external financial frictions in shaping firm growth dynamics, particularly in emerging markets characterized by underdeveloped long-term credit markets. These results offer new insights into the broader literature on high-growth firms by integrating external financing constraints into the growth narrative.

本文研究了金融约束如何阻碍企业实现高增长的能力。利用2012年至2021年土耳其企业的综合面板数据集，我们分析了短期债务强度（我们的财务约束代理）与企业成为高增长企业的可能性之间的关系，以营业额和就业扩张为衡量标准。采用严格的计量经济学技术，包括固定效应logit、工具变量估计和动态面板GMM，我们发现较高的短期债务显著降低了高增长的可能性。我们的研究结果强调了外部金融摩擦在塑造企业增长动态方面的关键作用，特别是在长期信贷市场不发达的新兴市场。这些结果通过将外部融资约束整合到增长叙事中，为高增长公司的更广泛文献提供了新的见解。

引用次数: 0

Corporate diversification and 10-K narratives: A novel approach using large language models 公司多样化和10-K叙述：使用大型语言模型的新方法

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-08-08 DOI: 10.1016/j.bir.2025.08.002

Md Enayet Hossain , K.S.M. Tozammel Hossain

We examine the impact of corporate diversification on the narrative characteristics of firms’ 10-K filings. Using a novel measure based on a pretrained large language model, we find that diversification significantly reduces the readability of 10-K filings. This reduction in readability is not driven by the inherent complexity associated with diversification but might be due to managerial obfuscation. Our cross-sectional analysis reveals that the effect is more pronounced for firms with poor internal controls, limited external monitoring, and poor audit quality. We also find that diversification is associated with a significantly less negative tone in the 10-K filings, suggesting that managers might use a neutral or less pessimistic tone to offset investor concerns about firm performance. Prior research has focused on the impact of diversification on financial performance, risk, and investment policies, however, our study is among the first to examine how diversification shapes managerial communication with external stakeholders.

我们研究了公司多元化对公司10-K文件叙述特征的影响。使用基于预训练的大型语言模型的新度量，我们发现多样化显着降低了10-K文件的可读性。这种可读性的降低不是由与多样化相关的固有复杂性造成的，而可能是由于管理上的混乱。我们的横断面分析显示，对于内部控制较差、外部监督有限、审计质量较差的公司，这种影响更为明显。我们还发现，在10-K文件中，多元化与负面基调明显减少有关，这表明经理人可能会使用中性或不那么悲观的基调来抵消投资者对公司业绩的担忧。先前的研究集中在多元化对财务绩效、风险和投资政策的影响上，然而，我们的研究是第一个研究多元化如何塑造与外部利益相关者的管理沟通的研究之一。

引用次数: 0

Why companies go public and private: The case of Türkiye 为什么公司要上市和私有化：以<s:1> rkiye为例

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-07-10 DOI: 10.1016/j.bir.2025.07.003

S. Burcu Avci

This study examines the factors that influence companies’ decisions to go public or private in Türkiye. We find that firm size, profitability, age, and market valuations have a positive impact on the decision to go public, but growth, leverage, financial investment, and tangibility have a negative effect. “Administrative expenses and fees,” “trading liquidity,” “information production costs,” and “windows of opportunity” theories are found to be key exploratory factors in the decision to go public. High financial investment, leverage, tangibility, and size, as well as low R&D expenses, are associated with decisions to go private, supporting the theories of “loss of confidentiality,” “overcoming borrowing costs,” and “free cash flow agency problems.” Because of the scarcity of financial research on the determinants of initial public offerings, regardless of underpricing concerns in Türkiye, and the limited financial research on the likelihood of going private worldwide, this study is novel.

本研究探讨了影响公司决定在日本上市或私有化的因素。我们发现，公司规模、盈利能力、成立时间和市场估值对上市决策有正向影响，而成长性、杠杆率、财务投资和有形性对上市决策有负向影响。“管理费用和费用”、“交易流动性”、“信息生产成本”和“机会之窗”理论是影响上市决策的关键探索性因素。高的财务投资、杠杆、有形性和规模，以及低的研发费用，都与私有化的决定有关，这支持了“保密性丧失”、“克服借贷成本”和“自由现金流代理问题”等理论。由于对首次公开发行（ipo）决定因素的金融研究缺乏，不考虑 rkiye的定价过低问题，以及对全球私有化可能性的金融研究有限，因此本研究是新颖的。

引用次数: 0

The price of backlash: Performance of Israeli firms Post-Gaza War 反弹的代价：加沙战争后以色列公司的表现

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-10-10 DOI: 10.1016/j.bir.2025.10.006

Ihlas Sovbetov

This study examines the financial price of reputational backlash against Israeli firms following the Gaza War on October 7, 2023. We develop a sentiment–trade interaction framework that integrates Google Trends hostility queries, GDELT media tone, and a composite sentiment index with Israel's bilateral trade exposure. Using a panel of 516 Israeli listed firms, we estimate a triple-interaction model that separates direct war effects from reputational backlash transmitted through bilateral trade linkages. Results show that a one-standard-deviation rise in backlash erased one to two months of typical equity gains, with effects most pronounced in Muslim-majority countries. Sectoral regressions reveal severe penalties in industrials, financials, basic materials, energy, and consumer-facing sectors, while defense and technology were comparatively insulated. Firm-level heterogeneity highlights stronger losses among firms with high foreign institutional ownership, insider concentration, ESG risk, and leverage. A step-dummy approach confirms persistence, underscoring how moral backlash imposes market penalties absent formal sanctions.

本研究考察了2023年10月7日加沙战争后以色列公司声誉反弹的财务代价。我们开发了一个情绪-贸易互动框架，该框架集成了谷歌趋势敌意查询，GDELT媒体语气以及与以色列双边贸易敞口的综合情绪指数。利用516家以色列上市公司的面板，我们估计了一个三重互动模型，该模型将直接战争影响与通过双边贸易联系传播的声誉反弹分离开来。结果显示，反弹的一个标准差上升抹去了一到两个月的典型股票收益，影响在穆斯林占多数的国家最为明显。行业回归显示，工业、金融、基础材料、能源和面向消费者的行业受到严重打击，而国防和科技行业相对不受影响。公司层面的异质性表明，在外资机构持股、内部人集中度、ESG风险和杠杆率较高的公司中，损失更大。step-dummy方法证实了持久性，强调了道德反弹如何在没有正式制裁的情况下施加市场惩罚。

引用次数: 0

Family businesses in the GCC: What drives their capital structure? 海湾合作委员会的家族企业：是什么驱动了它们的资本结构？

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-06-30 DOI: 10.1016/j.bir.2025.06.012

Yousif Abdelbagi Abdalla , Ibrahim Elsiddig Ahmed , Adam Yahya Jafeel

This study examines the determinants of the capital structure at family-owned businesses in the member countries of the Gulf Cooperation Council (GCC), focusing on internal company characteristics and their impact on leverage decisions. It analyzes panel data on 99 family-owned companies in the London Stock Exchange Group (LSEG) database (2015–2023), using fixed-effects regression and instrumental variable–two-stage least squares (IV-2SLS) approaches to address potential endogeneity. The findings reveal that profitability and sales growth negatively impact leverage, supporting the pecking order theory, while asset tangibility and firm size positively influence leverage. Liquidity, the market-to-book value, and firm age become significant, with different effects in addressing endogeneity. The interest rate negatively predicts leverage, whereas regulatory quality contributes to an increase in the size of leverage. This study contributes to the sparse research on the determinants of the capital structure at GCC family businesses by providing insights into how family ownership influences financing decisions in gulf countries and examining the relevance of capital-structure theories in this context. The findings offer valuable insights for family business owners, managers, and policy makers in the GCC, contributing to effective financial management, succession planning, and the long-term sustainability of family businesses.

本研究考察了海湾合作委员会（GCC）成员国家族企业资本结构的决定因素，重点关注内部公司特征及其对杠杆决策的影响。它分析了伦敦证券交易所集团（LSEG）数据库中99家家族企业的面板数据（2015-2023），使用固定效应回归和工具变量两阶段最小二乘（IV-2SLS）方法来解决潜在的内结构性问题。研究结果显示，盈利能力和销售增长对杠杆产生负向影响，支持优先顺序理论，而资产有形性和公司规模对杠杆产生正向影响。流动性、市净率和公司年龄变得重要，在解决内生性方面有不同的效果。利率负向预测杠杆，而监管质量有助于杠杆规模的增加。本研究提供了家族所有权如何影响海湾国家融资决策的见解，并考察了资本结构理论在此背景下的相关性，从而有助于对海湾合作委员会家族企业资本结构决定因素的稀疏研究。研究结果为海湾合作委员会的家族企业所有者、管理者和政策制定者提供了有价值的见解，有助于有效的财务管理、继任规划和家族企业的长期可持续性。

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引用次数: 0

The dilemma of growth: High growth expectation and borrower discouragement 增长的困境：高增长预期和借款人气馁

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-11-01 Epub Date: 2025-07-23 DOI: 10.1016/j.bir.2025.07.011

Vu Tuan Chu, Trang Hanh Lam Pham

This paper investigates the dilemma of growth in which the expectation of high growth is the source of discouragement among borrowers. Using the panel probit model on a cross-country panel of firms studies in waves of the Survey on Access to Finance of Enterprises, we do not find any evidence that high-growth firms can be considered discouraged borrowers. However, firms that expect to grow rapidly in the future are discouraged from borrowing because those that are growth oriented understand the uncertainty of their growth plans and do not want to send negative signals to stakeholders if their loan applications are scaled back or rejected. This applies to all forms of financing and includes both first-time rapidly growing aspirants and enterprises looking for their next spurt of high growth. Finally, improvement in credit relationships with banks reduces information asymmetry and increases the frequency of interaction between banks and firms planning for high growth. Therefore, better banking relationships increase the borrowing discouragement of firms planning for high growth. The paper proposes that growth expectation (not necessarily high-growth performance) is an underexplored source of financial constraints. This distinction introduces a new theoretical perspective: the expectation of growth, rather than its realization, play a critical role in discouragement behavior. Policy makers and financial institutions should design tailored financial instruments for high-growth aspirants.

本文研究了高增长预期是借款人气馁的来源的增长困境。在“企业融资渠道调查”中，我们对跨国公司研究小组使用了面板概率模型，我们没有发现任何证据表明高增长公司可以被视为气馁的借款人。然而，那些期望在未来快速增长的公司不鼓励借款，因为那些以增长为导向的公司了解其增长计划的不确定性，并且不希望在贷款申请缩减或被拒绝时向利益相关者发出负面信号。这适用于所有形式的融资，包括首次快速增长的有志者和寻求下一个高增长井喷的企业。最后，改善与银行的信贷关系减少了信息不对称，并增加了银行与计划高增长的企业之间的互动频率。因此，更好的银行关系增加了企业计划高增长的借贷积极性。本文提出，增长预期（不一定是高增长业绩）是一个未被充分发掘的金融约束来源。这种区别引入了一种新的理论视角：对增长的预期，而不是其实现，在阻碍行为中起着关键作用。政策制定者和金融机构应该为有志于实现高增长的企业设计量身定制的金融工具。

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