Borsa Istanbul Review最新文献_第8页

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 : 2025-09-06 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

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 : 2025-09-01 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

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 : 2025-08-29 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

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 : 2025-08-28 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

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 : 2025-07-21 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

The moderating role of audit quality in the relationship between ESG practices and the cost of capital: Evidence from the United Kingdom 审计质量在ESG实践与资本成本关系中的调节作用：来自英国的证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-06-23 DOI: 10.1016/j.bir.2025.06.007

Saddam A. Hazaea , Chun Cai , Saleh F.A. Khatib , Mohammed Hael

This study investigates the impact of environmental, social, and governance (ESG) performance on the cost of capital, using a sample of 406 non-financial companies in the United Kingdom from 2014 to 2023. We examined how ESG performance and audit quality influence the cost of equity (CoE), cost of debt (CoD), and weighted average cost of capital (WACC). The findings reveal a significant negative relationship between ESG performance and all three measures, indicating that strong ESG practices can reduce financing costs. Additionally, higher audit fees are positively associated with WACC and CoE, with a particularly pronounced effect on CoD. Engagement with Big 4 auditors moderates these relationships. Overall, the results demonstrate that ESG performance not only enhances corporate reputation and sustainability but also delivers financial advantages by lowering the cost of capital. These insights have significant implications for corporate financing decisions and provide guidance for managers, investors, policymakers, regulators, and government entities.

本研究调查了环境、社会和治理（ESG）绩效对资本成本的影响，使用了2014年至2023年英国406家非金融公司的样本。我们研究了ESG绩效和审计质量如何影响股本成本（CoE）、债务成本（CoD）和加权平均资本成本（WACC）。研究结果显示，ESG绩效与这三项指标之间存在显著的负相关关系，表明强有力的ESG实践可以降低融资成本。此外，较高的审计费用与WACC和CoE呈正相关，对CoD的影响尤为显著。与四大会计师事务所的合作缓和了这些关系。总体而言，结果表明，ESG绩效不仅提高了企业的声誉和可持续性，而且通过降低资金成本提供了财务优势。这些见解对企业融资决策具有重要意义，并为管理者、投资者、政策制定者、监管机构和政府实体提供指导。

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引用次数: 0

Impact of FinTech on capital allocation: Empirical evidence from Jordan and Palestine 金融科技对资本配置的影响：来自约旦和巴勒斯坦的经验证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-06-13 DOI: 10.1016/j.bir.2025.06.004

Aladeen Hmoud , Fu'ad Magableh , Nemer Badwan , Mohammad Almashaqbeh

The explosive growth of financial technology (Fintech) has transformed the credit and equity markets, providing small businesses with unprecedented access to capital and driving financial inclusion. However, how this financial inclusion affects the effectiveness of capital allocation remains unclear. Addressing this question, this study examines the impact of Fintech on capital allocation efficiency using data on Fintech firms from Jordan and Palestine between 2010 and 2020. Our central hypothesis is that while Fintech promotes financial inclusion, it may simultaneously lead to capital allocation inefficiencies. To measure the presence of Fintech, we use the number of Fintech firms in Jordan and Palestine. We find a striking pattern: the expansion of Fintech firms is associated reduce resource allocation to more efficient firms, suggesting systemic inefficiencies. Both the industry and corporate levels exhibit this trend. Mechanisms analysis reveals that this effect is driven by increased competition in the lending market and efficient stock swaps. Overall, we highlight how changes induced by Fintech in debt financing are the main cause of these inefficiencies. Our findings offer implications and insights for policymakers and Fintech companies by stressing the dual impacts of Fintech on financial markets in Jordan and Palestine. This underlines the necessity for a balanced approach to integrating Fintech innovations to ensure that the benefits of enhanced financial inclusion do not compromise financial efficiency and capital allocation. This study significantly contributes to the literature by delivering a comprehensive analysis of the intricate dynamics between Fintech, financial inclusion, and capital allocation efficiency in Jordan and Palestine.

金融科技（Fintech）的爆炸式增长改变了信贷和股票市场，为小企业提供了前所未有的融资渠道，推动了金融包容性。然而，这种普惠金融如何影响资本配置的有效性仍不清楚。为了解决这个问题，本研究利用2010年至2020年约旦和巴勒斯坦金融科技公司的数据，考察了金融科技对资本配置效率的影响。我们的中心假设是，虽然金融科技促进了金融普惠，但它可能同时导致资本配置效率低下。为了衡量金融科技的存在，我们使用了约旦和巴勒斯坦的金融科技公司数量。我们发现了一个惊人的模式：金融科技公司的扩张与减少资源分配给效率更高的公司有关，这表明系统效率低下。行业和企业层面都表现出这种趋势。机制分析表明，这种效应是由借贷市场竞争加剧和有效的股票互换驱动的。总体而言，我们强调金融科技在债务融资中引发的变化是这些低效率的主要原因。我们的研究结果通过强调金融科技对约旦和巴勒斯坦金融市场的双重影响，为政策制定者和金融科技公司提供了启示和见解。这凸显了采取平衡方法整合金融科技创新的必要性，以确保增强普惠金融的好处不会损害金融效率和资本配置。本研究通过全面分析约旦和巴勒斯坦金融科技、普惠金融和资本配置效率之间错综复杂的动态关系，对文献做出了重大贡献。

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引用次数: 0

Weekdays vs. weekends: How reporting timing influences the sentiment of annual reports 工作日与周末：报告时间如何影响年度报告的情绪

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-06-12 DOI: 10.1016/j.bir.2025.06.003

Levent Çinko , Abdullah Kürşat Merter , Yavuz Selim Balcıoğlu , Sedat Çerez , Gökhan Alataş

This study examines the impact of financial disclosure timing on the sentiment of corporate reports within an emerging market context. Leveraging a comprehensive dataset covering quarterly reports from all firms listed on Borsa Istanbul between 2018 and 2023, we categorized firms into three groups: firms transitioning disclosures from weekdays to weekends, from weekends to weekdays, and firms maintaining consistent disclosure timing. Utilizing XLNet sentiment analysis on this extensive dataset, we uncovered robust sentiment patterns linked to disclosure timing. Our findings align with investor inattention and strategic disclosure theories, showing that managers prefer weekdays for positive announcements to maximize attention, while relegating negative news to weekends. Moreover, a comparative analysis across pre-pandemic, pandemic, and post-pandemic periods indicated that these disclosure timing effects intensified during the COVID-19 crisis. The study highlights strategic managerial behavior in disclosure timing, providing insights that are likely to be of significance for investors, stakeholders and regulators in emerging markets.

本研究考察了在新兴市场背景下财务披露时机对公司报告情绪的影响。利用涵盖2018年至2023年在伊斯坦布尔证券交易所（Borsa Istanbul）上市的所有公司季度报告的综合数据集，我们将公司分为三组：从工作日到周末、从周末到工作日披露的公司，以及保持一致披露时间的公司。利用XLNet对这个广泛数据集的情绪分析，我们发现了与披露时间相关的稳健情绪模式。我们的研究结果与投资者注意力不集中和战略披露理论相一致，表明管理者更喜欢在工作日发布积极消息，以最大限度地提高注意力，而把负面消息推到周末。此外，对大流行前、大流行和大流行后时期的比较分析表明，在2019冠状病毒病危机期间，这些披露时间效应加剧。该研究强调了披露时机方面的战略管理行为，提供的见解可能对新兴市场的投资者、利益相关者和监管机构具有重要意义。

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引用次数: 0

Corporate social responsibility, financial leverage, and earnings management: Evidence from an emerging market 企业社会责任、财务杠杆与盈余管理：来自新兴市场的证据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-06-12 DOI: 10.1016/j.bir.2025.06.005

Abdullah Alsaadi

This study investigates the interplay between corporate social responsibility (CSR) and firm leverage as determinants of earnings management in Saudi Arabia, a context shaped by Islamic principles and evolving corporate governance norms. Using a dataset for Saudi listed firms between 2017 and 2022, this study finds that although CSR engagement is associated with higher earnings management, suggesting strategic, rather than purely ethical motivations, low leverage is linked to lower earnings manipulation, highlighting the mitigating role of financial pressure. The interaction between CSR and leverage is negatively correlated with earnings management, indicating that these factors jointly strengthen ethical and religious imperatives in shaping financial behavior. The findings contribute to the literature by providing empirical evidence on the dual impact of CSR and leverage on earnings management. It reveals that cultural frameworks can function as informal regulatory mechanisms, reducing earnings manipulation. This research has implications for policy makers and investors seeking to align corporate governance with ethical and religious principles, emphasizing the need to consider the interplay of CSR and leverage in promoting financial reporting quality.

本研究调查了企业社会责任（CSR）和企业杠杆之间的相互作用，作为沙特阿拉伯盈余管理的决定因素，这是由伊斯兰原则和不断发展的公司治理规范形成的背景。本研究使用了2017年至2022年期间沙特上市公司的数据集，发现尽管企业社会责任参与与较高的盈余管理有关，这表明战略动机而非纯粹的道德动机，但低杠杆率与较低的盈余操纵有关，突出了财务压力的缓解作用。企业社会责任和杠杆之间的相互作用与盈余管理呈负相关，表明这些因素共同加强了塑造财务行为的道德和宗教必要性。研究结果为企业社会责任和杠杆对盈余管理的双重影响提供了实证证据，从而对文献有所贡献。它揭示了文化框架可以作为非正式的监管机制，减少盈余操纵。这项研究对寻求将公司治理与道德和宗教原则相结合的政策制定者和投资者具有启示意义，强调需要考虑企业社会责任和杠杆在促进财务报告质量方面的相互作用。

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引用次数: 0

Examining the financial effects of boycotting Israel: Event-study and modern portfolio theory approaches with data from Borsa Istanbul 检查抵制以色列的金融影响：事件研究和现代投资组合理论方法与Borsa伊斯坦布尔的数据

IF 7.1 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-06-06 DOI: 10.1016/j.bir.2025.06.002

Burak Dogan

This study evaluates how the current Israel boycotts affect Borsa Istanbul. An event study in a 45-day window around October 7, 2023 tests abnormal returns for a value-weighted portfolio of 22 boycotted firms using four models (Market, Market-Return, Constant-Mean, CAPM). All detect a clear one-day price hit, though magnitudes vary. For longer horizons we re-create the BIST 30, BIST 100 and Participation 30 indices without the boycotted stocks and follow them to December 31, 2024. Sharpe, Sortino, Treynor and Jensen metrics drift modestly higher, and the revised indices edge ahead in cumulative return, but significance tests give mixed signals. Overall, boycott targets suffer a short-run valuation loss, while indices that exclude them record slightly better risk-adjusted performance over the next year.

这项研究评估了当前以色列的抵制如何影响Borsa伊斯坦布尔。在2023年10月7日左右的45天窗口内的事件研究中，使用四种模型（市场，市场回报，常数均值，CAPM）测试了22家抵制公司的价值加权投资组合的异常回报。它们都预测到明显的单日价格下跌，尽管幅度各不相同。从更长远的角度来看，我们重新创建了不含抵制股票的BIST 30、BIST 100和Participation 30指数，并跟踪它们至2024年12月31日。夏普（Sharpe）、索蒂诺（Sortino）、特雷纳（Treynor）和詹森（Jensen）指标小幅上升，修正后的指数在累积回报方面略微领先，但显著性检验给出了不同的信号。总体而言，抵制目标遭受短期估值损失，而排除它们的指数在未来一年的风险调整后表现略好。

引用次数: 0