Borsa Istanbul Review

Article	Citations
Hedging Bitcoin with conventional assets	575
Network readiness, financial inclusion, and sustainable development goals: Insights from a clustering approach	193
The impact of religious announcements on stock prices and investment decisions on the Saudi stock exchange	181
Risk or resilience? Assessing the impact of climate policy uncertainty on MENA stock markets: A ST-VECM analysis	162
Dimensions of global financial inclusion and their impact on the achievement of the United Nations Development Goals	136
Decoding digital signals: AI sentiment and financial performance at İslamic banks	127
The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression	126
How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS	100
ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe	97
Financial literacy and decision-making: The impact of knowledge gaps on financial outcomes	87
Quantile-based extended joint connectedness between trade policy uncertainty and GCC Islamic stock sectoral volatility	84
Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence	83
Editorial Board	78
Connected but fragile: Fund-to-fund holdings and redemptions	71
From safe-haven to industrial driver: The influence of gold and precious metals on manufacturing growth in Türkiye	71
A feasible approach to projecting household demand for the digital ruble in Russia	62
Family businesses in the GCC: What drives their capital structure?	59
Idiosyncratic risk puzzle and its pricing: Do firm characteristics matter? Evidence of BRICS countries	57
Do ownership structure and governance matter in asset allocation decisions of Islamic and conventional mutual funds? Empirical evidence from Pakistan	55
Sustainability and profitability: The ESG impact on eurozone emission-intensive sectors	55
Sustainability performance and board compensation in Japan and ASEAN-5 countries	55
Factors affecting the credibility of islamic banking Sharī’ah approvals: Perception-based empirical study	50
Shielding against oil shocks: Contagion dynamics in Islamic versus conventional markets	48
Can financial literacy training improve financially responsible behavior? Experimental evidence from Turkish undergraduates	47
Global risk factors and the time-varying connectedness between clean and dirty cryptocurrencies	47

The monitoring role of pension fund ownership in ESG firm controversies	47
Shadow banking Regulation and the stock price synchronicity --A quasi-natural experiment based on China's new asset management regulation	43
The impact of control structures on firm value	42
Does Islamic Financial Development Foster Environmental Sustainability? A Nonlinear Perspective from Leading Dual-Banking Systems	42
Impact of climate transition and physical risks on clean–dirty stock connectedness across market conditions	42
The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level	40
Antigambling interventions and corporate financialization: Evidence from China	38
A novel distance-based moving average model for improvement in the predictive accuracy of financial time series	37
Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling	35
Inverted U-shaped dynamics of capital structure and firm value: Evidence from an emerging market	35
The relationship between employee experience and employee engagement with the moderating role of positive affect in finance sector	35
Multidimensional connectedness among the fourth industrial revolution assets	35
Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors	33
The architecture of sustainable banking: Financial, institutional and risk patterns behind environmental performance	32
Constructing an index for participation finance	32
Unveiling the link between female directors’ attributes, ownership concentration, and integrated reporting strategy in Malaysia	32
Impact of investor sentiment on firm innovation: Evidence from textual analysis	31
The spillover effects of political risk, financial risk, and economic freedom on ecological footprint: Empirical evidence from Belt and Road Initiative countries	31
The relative importance of textual indexes in predicting the future performance of banks: A connection weight approach	30
Board gender diversity and debt utilization: Evidence from the global microfinance industry	30
The impacts of conventional and Islamic banking sectors on real sector growth: Evidence from time-varying causality analysis for Turkiye	29
Revisiting the macroeconomic determinants of non-performing loans with a deep learning technique with causal inference: Evidence from Türkiye	29
Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period	29
Information shocks and the cross section of expected returns	27
Corporate ESG performance and trade credit financing: Moderating effect of life cycle	27
To reward or not to reward? Investors’ response to renewable energy investment by international oil companies	27
From disclosure to distortion: How strategic ESG disclosure shapes green innovation bubbles	27
Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises	27
Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting	27
Do precious metals hedge against global supply chain uncertainty?	27
Editorial Board	27
Does the financialization of agricultural commodities impact food security? An empirical investigation	26
Unveiling the dynamic interconnectedness of fossil fuels, clean energy, water, and technology assets	26
Assessing financial convergence in developing countries: The case of D-8 countries	26
The impact of women's empowerment and access to finance on greenhouse gas emissions: A framework for securing environmental tranquility	25
Navigating turbulence: How do geopolitical risks and oil price shocks shape global equity markets? A GVAR approach	25
Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies	24
Classification of the optimal rebalancing frequency for pairs trading using machine learning techniques	24
Voluntary carbon market derivatives: Growth, innovation & usage	24
Does FinTech penetration drive financial development? Evidence from panel analysis of emerging and developing economies	24
Financial literacy, stockholding, and self-directed pension investment	24
Editorial Board	23
Rapid credit expansion and firm behavior: A case study from Türkiye	23
Sukuk versus bonds: New evidence from the primary market	22
Financial conditions and economic activity: The case of Türkiye	22
Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization	22
Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession?	22
Does climate change affect sovereign credit risk? International evidence	22
Gauging the dynamic interlinkage among robotics, artificial intelligence, and green crypto investment: A quantile VAR approach	22
The benefits of sectoral diversification for investors with different risk perceptions	22

How uncertainty transmits across Turkish equity sectors	22
House price connectedness and consumer sentiment in an era of destabilizing macroeconomic conditions: Empirical evidence from Türkiye	22
The financial stability of Islamic banks and sukuk market development: Is the effect complementary or competitive?	21
The role of corporate governance in the nexus between litigation risk and corporate innovation	21
Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies	21
Editorial Board	21
AI-driven insights into working capital strategies: An application on Borsa Istanbul	21
Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa	21
Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye	21
Words that yield: The invisible hand of financial storytelling	21
Confucian culture and informal household financing: Evidence from China's counties	20
Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye	20
Corrigendum to immigrants and natives “Financial decision making: Evidence from Türkiye [Borsa Istanbul Review 23-S2 (2023) S29–S37/4]	20
Investor psychology in the stock market: An empirical study of the impact of overconfidence on firm valuation	20
The impact of the global financial cycle on systemic risk and the role of macroprudential policies	20
Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects	19
Evolving roles of energy futures markets: A survey	19
Is ESG investing an ‘equity vaccine’ in times of crisis? Evidence from the 2020 Wuhan Lockdown and the 2022 Shanghai Lockdown	19
Religious investors and equity crowdfunding success	19
From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance	19
Threshold effects of institutional quality on the financial inclusion and stability nexus: International evidence	18
Do non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China	18
If Money Talks: Climate change-related regulation and firms’ cost of debt	18
Market- and future-level sentiment and futures returns in Chinese agricultural futures markets	18
A new model for screening Shariah-compliant firms	18
Correlated information consumption and comovement in the stock market	18
The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance?	17
Does financial liberalization spur economic growth? A meta-analysis	17
The agency cost of investing in ethical funds: A style analysis approach	17
A sentiment-based financial stress index for Russia	17
China's trilemma: Exchange rate marketization, RMB internationalization, and exchange rate pricing power	17
The impact of non-financial disclosure on labor investment: International evidence	17
International financial integration: Too much?	17
US political sanctions and earnings management	17
The capital maintenance regime matters for creditors	17
Editorial Board	16
Foreign residency rights, extradition agreement and environmental decoupling: The moderating role of political connections and independent directors	16
Guest Editors’ introduction: Borsa Istanbul history (1836–2023) and an overview of selected papers on the 150th anniversary of the founding of Borsa Istanbul	16
Biodiversity risk and corporate real earnings management: Empirical evidence from China	16
The crisis resilience of optimal participation portfolios: A comparison with conventional counterparts on Borsa Istanbul	16
Impact of digital financial literacy on individual's experience of digital payment adoption: The case of Turkiye	16
Asset securitization and bank stock price performance: Bubble increase or risk transfer?	16
Spillovers between Twitter Uncertainty Indexes and sector indexes: Evidence from the US	15
Air pollution, bid price bias, and IPO underpricing	15
Using quantum spherical fuzzy decision support system as a novel sustainability index approach for analyzing industries listed in the stock exchange	15
The contagion effect of the FTX cryptocurrency exchange's crash on the stock markets	15
Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity?	15
Term premium in Turkish lira interest rates: The role of foreign investors’ share	15
COVID-19 and connectedness between Sustainable and Islamic equity markets	14
More than just sentiment: Using social, cognitive, and behavioral information of social media to predict stock markets with artificial intelligence and big data	14
When does urbanisation drive climate transition? Leveraging financialisation and taxation for UK's environmental change	14
Finance for a Greener future: Evolving the financial sector for ESG and sustainable corporate debt management	14
Economic uncertainty, financial inclusion, and income inequality in developing countries: Evidence from a dynamic panel threshold analysis	14
The investment portfolio selection with a hesitant fuzzy decision-making method based on aggregation operators	14
Artificial intelligence and unethical financial practices: Examining the mediating role of environmental; social; and governance (ESG) performance in the Saudi financial sector	14
High-Frequency Volatility Measurement on Borsa Istanbul: A TTSE-Anchored Comparison of Range Estimators	14
From emotion to action: How intraday investor sentiment drives market microstructure	13
Safe-haven and hedging roles of precious metals for BRICS and Turkey	13
Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle	13
How do loan officer-borrower gender-driven behavioural differences impact on the microfinance lending market?	13
Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies	13
Option-based variables and future stock returns in normal times and recessions	13
Indirect effects of flow-performance sensitivity on fund performance	13
Biodiversity risk and global stock markets: A cross-national heterogeneity analysis based on quantile-on-quantile methods	12
The efficacy of green finance for environmental sustainability: Does control of corruption makes a difference?	12
Why companies go public and private: The case of Türkiye	12
Explainable artificial intelligence-driven fraud detection: Behavioral proxies of digital financial literacy in online payment models	12
Board social capital in an emerging market: Do directors’ connections affect corporate risk-taking?	12
Financial cognition, behavior, and well-being in a generational context: A Bayesian-SEM perspective from Türkiye	12
Editorial Board	12
Impact of ESG performance on firm value and profitability	11
Managerial overconfidence and corporate information disclosure	11
A portfolio-focused behavioral model linking financial literacy and risk tolerance: Evidence from mutual fund investors in Türkiye	11
Dynamic responses of Bitcoin, gold, and green bonds to geopolitical risk: A quantile wavelet analysis	11
Crash risk and ESG disclosure	11
Interconnectedness and idiosyncratic risks in sub-Saharan forex markets: Implications for investment, portfolio management, and policy formulation	11
Bank market power and discouraged SMEs: International evidence	11
Exploring the sentiment in Borsa Istanbul with deep learning	11
Do ex-bureaucrats on boards improve efficiency in intellectual capital? Evidence from an emerging country	11
From tweets to markets: Lebanon’s policy uncertainty and volatility spillovers in MENA stock markets	11

Unlocking profitability in Borsa Istanbul: The impact of noncash credit and maturity breakdown of cash credit on corporate performance	10
Does environmental innovation improve investment efficiency?	10
The relationship between shari’ah convergence and market-to-book value: A case study of firms in Islamic countries	10
Immigrants and natives’ financial decision making: Evidence from Türkiye	10
Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability	10
Can artificial intelligence mitigate environmental inequality? Evidence from leading robotic-driven economies using quantile-based methods	10
Volatility transmitter or receiver? Investigating dynamic connectedness between the carry trade and financial markets	10
Performance of islamic vs conventional banks in OIC countries: Resilience and recovery during Covid-19	10
Pairs trading: is it applicable to exchange-traded funds?	10
Robo-Sukuk pricing for Chinese equities	10
Is insider trading politically informative?	9
U.S. options exchange-traded funds: Performance dynamics and managerial expertise	9
Climate change governance, Shariah governance quality, and financed emission mitigation: Evidence from Islamic banks in Southeast and West Asia	9
The role of institutional quality in the relationship between financial development and economic growth: Emerging markets and middle-income economies	9
Do financial inclusion and income inequality matter for human capital? Evidence from sub-Saharan economies	9
Impact of FinTech on capital allocation: Empirical evidence from Jordan and Palestine	9
Dynamic interlinkages between geopolitical stress and agricultural commodity market: Novel findings in the wake of the Russian Ukrainian conflict	9
Is firms’ low-carbon transition conducive to improving maturity mismatch of investment and financing?	9
Financial literacy and the impact of central bank communication on consumer inflation expectations	9
Corrigendum to “Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting” [Borsa Istanbul Review 23-5 (2023) 1037–1057/4]	9
Do firms defer or accelerate green investment under carbon price uncertainty?	9
Editorial Board	9
Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets	9
The impact of financial literacy on financial development: A cross-country analysis	9
Overconfidence bias and investment performance: A mediating effect of risk propensity	9
The impact of non-performing loan sales on the stock market: The role of corporate governance in an emerging market	9
Oil and GCC foreign exchange forward markets: A wavelet analysis	9
Financial literacy antecedents: Testing the social cognitive, consumer socialization, and planned behavior theories with Indian investors	9
Investor trends during periods of geopolitical risk in Türkiye: Which assets serve as safe havens?	8
CDS risk premia forecasting with multi-featured deep RNNs: An application on BR[I]CS countries	8
Stock price prediction using the Sand Cat Swarm Optimization and an improved deep Long Short Term Memory network	8
Two-layer execution architecture for illiquid SME equity markets	8
Investigating spillovers of education policy: The impact on household saving behavior	8
ESG performance and organizational resilience ——based on an “extreme heat event”	8
Access to an educated workforce and the performance of private firms during the COVID-19 pandemic	8
Impact of geopolitical risk on firm financial fragility: International evidence from listed companies	8
The domino effect of silicon valley Bank's bankruptcy and the role of FED's monetary policy	8
The Hormuz shock and Asian equity markets: Volatility without liquidity withdrawal in 161 firms across six markets	8
Return and risk spillovers between the ESG global index and stock markets: Evidence from time and frequency analysis	8
Multiple directorships and dividends in Spanish listed firms	8
Financialization, governance, and economic growth	8
Financial literacy among Chinese rural households and its impact on stock-market participation	8
From synchronicity to fragility: How corporate ESG performance reshapes systemic risk	7
Investors’ net buying pressure and implied volatility dynamics	7
Unveiling the nexus of financial inclusion and political stability for capital market participation in South Asian regions	7
Stock market development and economic growth: The role of institutional quality	7
The impact of ESG rating disagreement on the financial performance of environmentally sensitive industry companies worldwide	7
The role of audit quality in the ESG-corporate financial performance nexus: Empirical evidence from Western European companies	7
Impact of geographic dispersion of carbon emissions on firm valuation	7
The dilemma of growth: High growth expectation and borrower discouragement	7
Green banking strategies: Evidence from Turkish banks	7
Editorial Board	7
Common institutional ownership and investment efficiency: Empirical evidence from China	7
What determines the success of equity derivatives markets? A global perspective	7
Fintech environment and gender disparity in financial Inclusion: Empirical evidence from emerging markets	7
The adoption of cross-border payment: A comparative study of belt and road countries	7
US Treasury market default risk and global interbank liquidity risk	7
Editorial Board	6
Investor attention and its impact on portfolio volatility and sectoral risk spillovers in Borsa Istanbul	6
Determinants of corporate carbon disclosure: A step towards sustainability reporting	6
Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model	6
Composing a High-Frequency Financial Conditions Index and The Implications for Economic Activity	6
Are parametric models still useful to measure the market risk of bank securities holdings?	6
Does digital technology enhance the global value chain position?	6
Price discovery and government intervention during the COVID-19 pandemic: Evidence from European cross-listed firms	6
Financial inclusion for the elderly in Thailand and the role of information communication technology	6
Financial literacy overconfidence, poor financial behaviour, and loan-taking propensity: The mediating role of financial fragility	6
The moderating role of audit quality in the relationship between ESG practices and the cost of capital: Evidence from the United Kingdom	6
Oil prices and the green bond market: Evidence from time-varying and quantile-varying aspects	6
Reporting quality, stock market integration, and investment efficiency in Latin America	6
Powering perception, echoing green voices: The interplay of Cryptocurrency's energy footprint and environmental discourse in steering the direction of the market	6
“Trust but verify” financial inclusion in the MENA region	6
Exchange rates, credit default swaps and market volatility of emerging markets: Panel CS-ARDL approach	6
Editorial Board	5
Exchange rate uncertainty and the connectedness of inflation	5
The effect of societal cultures on financial development and openness levels: A comparison of selected Western and Turkic countries	5
How does green finance asymmetrically affect greenhouse gas emissions? Evidence from the top-ten green bond issuer countries	5
Unlocking the green vault: A comparative analysis on the impact of green financing initiatives in mitigating ecological footprint in Europe	5
Asset pricing anomalies: The case of dividends in the US for Sharia-compliant firms	5
Conditional effects of higher order co-moments in asset pricing: Evidence from Borsa Istanbul	5
The factors influencing the selection of fund management companies by Malaysian retail investors in the context of islamic unit trust funds	5
ESG ratings and firm performance: The moderating role of ESG rating disagreement	5
The good, the better and the challenging: Insights into predicting high-growth firms using machine learning	5
Editorial Board	5
Financing or taxation? Assessing the effectiveness of carbon emissions reduction programs	5
Option pricing with neural networks vs. Black-Scholes under different volatility forecasting approaches for BIST 30 index options	5
From macro to micro: Enhancing real GDP predictions through business tendency and bank loans surveys	5
Foreign investment dynamics: The impact of benchmark-driven versus unconstrained investors on local credit conditions	5
Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies	5
The dynamic effect of corporate financial hedging on firm value: The case of Indian MNCs	5
Financing R&D and shaping capital structure in Türkiye	5
Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test	5
Debt maturity structure and stock price crash risk: The case of Turkiye	5
Knowledge, attitude or risk? What drives the financial literacy gaps of university staff?	5
Will the cryptocurrency exuberance last? An empirical assessment using AI and the ARDL approach	5