Borsa Istanbul Review

Article	Citations
The role of green finance in reducing CO2 emissions: An empirical analysis	291
Does green finance really deliver what is expected? An empirical perspective	145
Do institutional quality and financial development affect sustainable economic growth? Evidence from South Asian countries	108
Impact of ESG performance on firm value and profitability	96
The COVID-19 outbreak and high frequency information transmission between major cryptocurrencies: Evidence from the VAR-DCC-GARCH approach	91
Global and country-specific geopolitical risk uncertainty and stock return of fragile emerging economies	82
Network analysis of global stock markets at the beginning of the coronavirus disease (Covid-19) outbreak	78
Financial inclusion and stability in the Asian region using bank-level data	77
ESG practices and corporate financial performance: Evidence from Borsa Istanbul	73
Can digital finance promote urban innovation? Evidence from China	69
Digital financial inclusion and sustainable employment: Evidence from countries along the belt and road	67
Business cycles and energy intensity. Evidence from emerging economies	66
Does financial development matter for economic growth in the emerging markets?	58
Promoting enterprise productivity: The role of digital transformation	54
Policy uncertainty and Bitcoin returns	54
ESG performance, institutional investors’ preference and financing constraints: Empirical evidence from China	53
Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage	52
Exploring market overreaction, investors’ sentiments and investment decisions in an emerging stock market	52
Pandemics and the emerging stock markets	50
Intellectual capital efficiency and bank performance: Evidence from islamic banks	45
Institutional quality and the financial inclusion-poverty alleviation link: Empirical evidence across countries	43
Revisiting the nexus among foreign direct investment, corruption and growth in developing and developed markets	42
The role of audit quality in the ESG-corporate financial performance nexus: Empirical evidence from Western European companies	41
The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being	39
Commodity price shocks related to the war in Ukraine and exchange rates of commodity exporters and importers	38

Using quantum spherical fuzzy decision support system as a novel sustainability index approach for analyzing industries listed in the stock exchange	38
Financial stability of Asian Nations: Governance quality and financial inclusion	37
Volatility spillover effects between Islamic stock markets and exchange rates: Evidence from three emerging countries	37
Female CEOs and corporate investment efficiency: Evidence from China	31
Testing the random walk hypothesis for leading cryptocurrencies	30
Asymmetric volatility connectedness among main international stock markets: A high frequency analysis	30
Does ESG performance affect the financial performance of environmentally sensitive industries? A comparison between emerging and developed markets	30
ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe	30
Does the islamic label indicate good environmental, social, and governance (ESG) performance? Evidence from sharia-compliant firms in Indonesia and Malaysia	29
The necessity of financial inclusion for enhancing the economic impacts of remittances	29
Oil prices and the green bond market: Evidence from time-varying and quantile-varying aspects	28
The spillover effects of political risk, financial risk, and economic freedom on ecological footprint: Empirical evidence from Belt and Road Initiative countries	27
Risk transmissions between sectoral Islamic and conventional stock markets during COVID-19 pandemic: What matters more between actual COVID-19 occurrence and speculative and sentiment factors?	27
Does intellectual capital efficiency explain corporate social responsibility engagement-firm performance relationship? Evidence from environmental, social and governance performance of US listed firms	26
Environmental consequences of financial development in emerging and growth-leading economies: A multidimensional assessment	25
The response of exchange rates to economic policy uncertainty: Evidence from Russia	25
Examining the relationship between digital finance and financial inclusion: Evidence from MENA countries	24
Corporate cash holdings in emerging markets	23
Do precious metals hedge against global supply chain uncertainty?	22
Macroeconomic drivers of Public Private Partnership (PPP) projects in low income and developing countries: A panel data analysis	22
Does Islamic microfinance serve maqāsid al-shari'a?	21
Crash risk and ESG disclosure	21
The impacts of foreign portfolio flows and monetary policy responses on stock markets by considering COVID-19 pandemic: Evidence from Turkey	21
The influence of country governance on the capital structure and investment financing decisions of firms: An international investigation	19
The impact of the global financial crisis on corporate cash holdings: Evidence from Eastern European countries	18
Trustworthiness, good governance and risk taking in MENA countries	17
Board gender diversity and stock price crash risk: Going beyond tokenism	17
The impact of air pollution on corporate cash holdings	17
Towards sustainable financing models: A proof-of-concept for a waqf-based alternative financing model for renewable energy investments	17
Diversity and risk taking in Islamic banks: Does public listing matter?	16
Return and risk spillovers between the ESG global index and stock markets: Evidence from time and frequency analysis	16
Green finance and green transition by enterprises: An exploration of market-oriented governance mechanisms	16
Time-varying propagations between oil market shocks and a stock market: Evidence from Turkey	16
Does air pollution matter in a supplier's trade credit strategy? Evidence from an emerging market	16
Do market differences matter on dividend policy?	16
Earnings management and theoretical adjustment in capital structure performance pattern: Evidence from APTA economies	15
How does the monetary transmission mechanism work? Evidence from Turkey	15
Can ESG mitigate the diversification discount in cross-border M&A?	15
Does an Islamic-SRI portfolio really matter? Empirical application of valuation models in Indonesia	15
Overconfidence bias and investment performance: A mediating effect of risk propensity	15
Dividend policy and earnings management: Do agency problem and financing constraints matter?	15
Emerging market portfolios and Islamic financial markets: Diversification benefits and safe havens	15
Optimal hedge ratios and hedging effectiveness: An analysis of the Turkish futures market	15
Do institutional investors drive the IPO valuation?	15
Effect of air quality on corporate environmental disclosure: The moderating role of institutional investors	15
The effects of national culture on financial sector development: Evidence from emerging and developing economies	14
Do financial inclusion and income inequality matter for human capital? Evidence from sub-Saharan economies	14
Frequency connectedness and spillovers among oil and Islamic sector stock markets: Portfolio hedging implications	14
Stock liquidity, stock price crash risk, and foreign ownership	13
Determinants of corporate carbon disclosure: A step towards sustainability reporting	13

Does innovation in environmental, social, and governance disclosures pay off in China? An integrated reporting perspective	13
Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets	13
COVID-19 and connectedness between Sustainable and Islamic equity markets	13
Hedging Bitcoin with conventional assets	13
Dependence structure across equity sectors: Evidence from vine copulas	13
Investor sentiment, corporate social responsibility, and financial performance: Evidence from Japanese companies	13
Dimensions of global financial inclusion and their impact on the achievement of the United Nations Development Goals	13
Does managerial ability transform organization from the inside out? Evidence from sustainability performance of financially constrained firms in an emerging economy	12
The impact of corruption on the performance of newly established enterprises: Empirical evidence from a transition economy	12
Short and long-term volatility transmission from oil to agricultural commodities – The robust quantile regression approach	12
The impact of fintech and banks M&A on Acquirer's performance: A strategic win or loss?	12
The nexus between asymmetric financial inclusion and economic growth: Evidence from the top 10 financially inclusive economies	12
Finance, talent and income inequality: Cross-country evidence	12
The effect of the internal control regulation on reporting quality in China	12
Internal and external corporate social responsibility activities and firm value: Evidence from the shared growth in the supply chain	11
How do market capitalization and intellectual capital determine industrial investment?	11
Board age and value diversity: Evidence from a collectivistic and paternalistic culture	11
Value drivers of startup valuation from venture capital equity-based investing: A global analysis with a focus on technological factors	11
Credit portfolio optimization: A multi-objective genetic algorithm approach	11
A new multivariate approach for assessing corporate financial risk using balance sheets	11
Does FinTech penetration drive financial development? Evidence from panel analysis of emerging and developing economies	10
How does corporate social performance affect investment inefficiency? An empirical study of China market	10
The causal linkages between investor sentiment and excess returns on Borsa Istanbul	10
Market multiples and stock returns among emerging and developed financial markets	10
Testing the pecking order theory of capital structure: Evidence from Turkey using panel quantile regression approach	10
Testing the validity of purchasing power parity in alternative markets: Evidence from the fourier quantile unit root test	10
Investigating the volatility spillover effect between derivative markets and spot markets via the wavelets: The case of Borsa İstanbul	10
Corporate social responsibility disclosure and financial reporting quality: Evidence from Gulf Cooperation Council countries	9
The impact of investor sentiment on returns, cash flows, discount rates, and performance	9
Synergy between stock prices and investor sentiment in social media	9
What are the effects of financial stress on economic activity and government debt? An empirical examination in an emerging economy	9
Capital flows under global uncertainties: Evidence from Turkey	9
Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies	9
The effect of product market competition on stability and capital ratio of banks in Southeast Asian countries	9
Investor psychology in the stock market: An empirical study of the impact of overconfidence on firm valuation	9
Leveraging financial inclusion through Islamic microfinance: A new model proposal for participation banks in Turkiye	9
Trustworthiness and margins in Islamic small business financing: Evidence from Indonesia	9
Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity?	9
On systemic risk contagion in the euro area: Evidence from frequency connectedness and the DY approaches	8
Voluntary carbon market derivatives: Growth, innovation & usage	8
How investor attention affects stock returns? Some international evidence	8
How does corporate social responsibility affect the cost of equity capital through operating risk?	8
Realized volatility transmission within Islamic stock markets: A multivariate HAR-GARCH-type with nearest neighbor truncation estimator	8
Common institutional ownership and investment efficiency: Empirical evidence from China	8
Directional predictability in foreign exchange rates of emerging markets: New evidence using a cross-quantilogram approach	8
Fintech adoption, the regulatory environment and bank stability: An empirical investigation from GCC economies	8
Spillovers between Twitter Uncertainty Indexes and sector indexes: Evidence from the US	8
Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession?	7
The effect of managerial ability on voluntary disclosure of carbon emissions	7
Political uncertainty of impeachment upon corporate investment decisions	7
Hedging Dow Jones Islamic and conventional emerging market indices with CDS, oil, gold and the VSTOXX: A comparison between DCC, ADCC and GO-GARCH models	7
Is short-term debt a substitute for or complementary to good governance?	7
Dynamic interlinkages between geopolitical stress and agricultural commodity market: Novel findings in the wake of the Russian Ukrainian conflict	7
Asymmetric volatility transmission across Northeast Asian stock markets	7
Global financial cycles and exchange rate forecast: A factor analysis	7
Venture capital healthcare investments and health care sector growth: A panel data analysis of Europe	7
The financial stability of Islamic banks and sukuk market development: Is the effect complementary or competitive?	7
Investors’ net buying pressure and implied volatility dynamics	7
Dividend payout policies of politically connected firms: Evidence from Malaysia	6
Oil assets and portfolio diversification: Firm-level analysis for Borsa Istanbul	6
The relative importance of textual indexes in predicting the future performance of banks: A connection weight approach	6
The value relevance of risk-related disclosure: Does the tone of disclosure matter?	6
How does green finance asymmetrically affect greenhouse gas emissions? Evidence from the top-ten green bond issuer countries	6
Performance of islamic vs conventional banks in OIC countries: Resilience and recovery during Covid-19	6
CEE and SEE equity market return spillovers: Creating profitable investment strategies	6
Financial constraints and firm employment: Evidence from Turkey	6
The impact of corporate political activity on innovation in Sub-Saharan African countries: A double-edged sword	6
The role of institutional quality in the relationship between financial development and economic growth: Emerging markets and middle-income economies	6
Concentration, capital, and bank stability in emerging and developing countries	6
Frontier economies and economic growth: Evidence from European and Central Asian Countries	6
Effects of commodity exchange-traded note introductions: Adjustment for seasonality	6
Democracy and corporate R&D investment	6
Pricing the common stocks in an emerging capital market: Comparison of the factor models	6
Further evidence on co-movement between equity funds and business cycle variables in BRICS: A Wavelet analysis	6
Does auditing multiple clients affiliated with the same business group reduce audit quality? Evidence from an emerging market	5
Does climate change affect sovereign credit risk? International evidence	5
Employee turnover and the credit risk of microfinance institutions (MFIs): International evidence	5
The relationship between global wealth and happiness: An analytical study of returns and volatility spillovers	5
Investors' personal characteristics and trading decisions under distressed market conditions	5
What drives US stock markets during the COVID-19 pandemic? A global sensitivity analysis	5

International financial integration: Too much?	5
Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value	5
Food insecurity and sovereignty threat to uncontrolled price spillover effects in financialized agricultural products: The red meat case in Turkiye	5
Sukuk versus bonds: New evidence from the primary market	5
The impact of financial inclusion on tax revenue in EMEA countries: A threshold regression approach	5
A comparison of bid-ask spread proxies and determinants of bond bid-ask spread	5
Does the financialization of agricultural commodities impact food security? An empirical investigation	5
Does stock market listing boost or impede corporate investment?	5
Impact of air pollution on corporate investment: New empirical evidence from BRICS	5
Determinants of ICO success and post-ICO performance	5
Commodity market dynamics: Who's behind booms and busts?	5
Testing mispricing-augmented factor models in an emerging market: A quest for parsimony	5
Tail-risk connectedness between sukuk and conventional bond markets and their determinants: Evidence from a country-level analysis	5
Information cascades, short-selling constraints, and herding in equity markets	5
Exchange rate uncertainty and the connectedness of inflation	5
Safe-haven and hedging roles of precious metals for BRICS and Turkey	5
Do analysts pay attention to managerial sentiment? Evidence from analysts' following decisions and earnings forecasts	5
Corporate growth – Trade credit relationship: Evidence from a panel of countries	5
International issuance of Sukuk and companies' systematic risk: An empirical study	5
Is ESG investing an ‘equity vaccine’ in times of crisis? Evidence from the 2020 Wuhan Lockdown and the 2022 Shanghai Lockdown	5
The role of financial and trade globalization in enhancing environmental sustainability: Evaluating the effectiveness of carbon taxation and renewable energy in EU member countries	5
Debt maturity structure and stock price crash risk: The case of Turkiye	4
The grass is greener on the other side: Comparison of green versus brown corporate bonds	4
Financial inclusion for the elderly in Thailand and the role of information communication technology	4
Multidimensional connectedness among the fourth industrial revolution assets	4
An agent-based model of financial market efficiency dynamics	4
Who affects whom? Impact of the national culture of international audit firms and their affiliates on the financial reporting quality of audit clients	4
Bank market power and discouraged SMEs: International evidence	4
A novel approach to using modern portfolio theory	4
Underpricing and aftermarket performance of IPOs during the Covid-19 period: Evidence from Istanbul stock exchange	4
Does information communication promote financial development? Empirical evidence from China	4
Robo-Sukuk pricing for Chinese equities	4
Clustering of firms based on environmental, social, and governance ratings: Evidence from BIST sustainability index	4
The impacts of conventional and Islamic banking sectors on real sector growth: Evidence from time-varying causality analysis for Turkiye	4
Digital financial inclusion in the context of financial development: Environmental destruction or the driving force for technological advancement	4
Confucian culture and informal household financing: Evidence from China's counties	4
Influences of Taiwan's corporate social responsibility report management policy on the information transparency of its capital market	4
Does green innovation promote trade credit activities? New empirical evidence from BRICS	3
The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level	3
Oil and GCC foreign exchange forward markets: A wavelet analysis	3
Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye	3
Is Relationship between Carbon Emissions and Innovation Nonlinear? Evidence from OECD countries	3
Earnings management uncertainty, implicit guarantees, and the corporate bond yield spread: Evidence from China	3
Do ex-bureaucrats on boards improve efficiency in intellectual capital? Evidence from an emerging country	3
Firm location, investor recognition, and the liquidity of Chinese publicly listed SMEs	3
The varying impact of financial development on the environmental footprint due to geopolitical risk: The difference between high- and middle-income countries	3
Can financial sector distress be detected early?	3
Institutional shareholding and the dividend payout policy of Islamic mutual funds: Evidence from international Islamic funds industry	3
Bank contribution to financial sector systemic risk and expected returns: Evidence from large U.S. banks	3
Is excess of everything bad? Ramifications of excess liquidity on bank stability: Evidence from the dual banking system	3
How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS	3
Pairs trading: is it applicable to exchange-traded funds?	3
Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test	3
Justice and finance: Does judicial efficiency contribute to financial system efficiency?	3
Indirect effects of flow-performance sensitivity on fund performance	3
Determinants of a global financial center: An exploratory analysis	3
Impact of investor sentiment on firm innovation: Evidence from textual analysis	3
Air pollution and local government financing costs: Evidence from the Chinese municipal corporate bond spread	3
Oil hedging with a multivariate semiparametric value-at-risk portfolio	3
Turkish IPOs in a changing regulatory and economic environment	3
Option pricing with neural networks vs. Black-Scholes under different volatility forecasting approaches for BIST 30 index options	3
Reexamining the relationship between ESG and firm performance: Evidence from the role of Buddhism	3
The dynamic effect of corporate financial hedging on firm value: The case of Indian MNCs	3
Does gender diversity affect nonperforming loans? International evidence from microfinance institutions	3
A model validation of robo-advisers for stock investment	3