OOIR: Observatory of International Research

Papers

(The TQCC of Borsa Istanbul Review is 12. The table below lists those papers that are above that threshold based on CrossRef citation counts [max. 250 papers]. The publications cover those that have been published in the past four years, i.e., from 2021-05-01 to 2025-05-01.)

Article	Citations
Sweetness by the pound: Sugar and currency correlations in pre-Brexit UK prices	393
Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence	268
The impact of religious announcements on stock prices and investment decisions on the Saudi stock exchange	218
The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression	155
Does the trading volume of asset management companies’ bonds contain information on non-performing loans?	113
Quantile-based extended joint connectedness between trade policy uncertainty and GCC Islamic stock sectoral volatility	107
How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS	106
Dimensions of global financial inclusion and their impact on the achievement of the United Nations Development Goals	101
Hedging Bitcoin with conventional assets	91
ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe	84
Does the islamic label indicate good environmental, social, and governance (ESG) performance? Evidence from sharia-compliant firms in Indonesia and Malaysia	77
The impact of control structures on firm value	73
Factors affecting the credibility of islamic banking Sharī’ah approvals: Perception-based empirical study	73
Idiosyncratic risk puzzle and its pricing: Do firm characteristics matter? Evidence of BRICS countries	71
How investor attention affects stock returns? Some international evidence	67
A novel distance-based moving average model for improvement in the predictive accuracy of financial time series	64
Shadow banking Regulation and the stock price synchronicity --A quasi-natural experiment based on China's new asset management regulation	62
Antigambling interventions and corporate financialization: Evidence from China	59
Connected but fragile: Fund-to-fund holdings and redemptions	58
Analysis of the response of exchange rates to specific FOMC announcements using high-frequency data	52
Editorial Board	52
Democracy and corporate R&D investment	50
A feasible approach to projecting household demand for the digital ruble in Russia	47
Sustainability performance and board compensation in Japan and ASEAN-5 countries	43
The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level	42

The spillover effects of political risk, financial risk, and economic freedom on ecological footprint: Empirical evidence from Belt and Road Initiative countries	42
Constructing an index for participation finance	42
The relationship between employee experience and employee engagement with the moderating role of positive affect in finance sector	41
Unveiling the link between female directors’ attributes, ownership concentration, and integrated reporting strategy in Malaysia	41
Multidimensional connectedness among the fourth industrial revolution assets	38
Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling	38
The relative importance of textual indexes in predicting the future performance of banks: A connection weight approach	38
Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors	36
Impact of investor sentiment on firm innovation: Evidence from textual analysis	35
ESG practices and corporate financial performance: Evidence from Borsa Istanbul	35
Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage	34
The role of green finance in reducing CO2 emissions: An empirical analysis	33
Board gender diversity and debt utilization: Evidence from the global microfinance industry	33
Does stock market listing boost or impede corporate investment?	32
Asymmetric volatility transmission across Northeast Asian stock markets	32
Corporate ESG performance and trade credit financing: Moderating effect of life cycle	32
Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting	31
Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period	30
The impacts of conventional and Islamic banking sectors on real sector growth: Evidence from time-varying causality analysis for Turkiye	29
Information shocks and the cross section of expected returns	29
Do precious metals hedge against global supply chain uncertainty?	27
Revisiting the macroeconomic determinants of non-performing loans with a deep learning technique with causal inference: Evidence from Türkiye	27
Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises	27
Classification of the optimal rebalancing frequency for pairs trading using machine learning techniques	26
Editorial Board	26
Financial stability of Asian Nations: Governance quality and financial inclusion	26
To reward or not to reward? Investors’ response to renewable energy investment by international oil companies	24
Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies	24
Does the financialization of agricultural commodities impact food security? An empirical investigation	24
Rapid credit expansion and firm behavior: A case study from Türkiye	24
Navigating turbulence: How do geopolitical risks and oil price shocks shape global equity markets? A GVAR approach	23
Unveiling the dynamic interconnectedness of fossil fuels, clean energy, water, and technology assets	23
The impact of women's empowerment and access to finance on greenhouse gas emissions: A framework for securing environmental tranquility	23
Assessing financial convergence in developing countries: The case of D-8 countries	23
Voluntary carbon market derivatives: Growth, innovation & usage	22
Trustworthiness, good governance and risk taking in MENA countries	21
Does climate change affect sovereign credit risk? International evidence	21
Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession?	21
Political uncertainty of impeachment upon corporate investment decisions	21
The financial stability of Islamic banks and sukuk market development: Is the effect complementary or competitive?	21
Does FinTech penetration drive financial development? Evidence from panel analysis of emerging and developing economies	21
Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization	20
The benefits of sectoral diversification for investors with different risk perceptions	20
Editorial Board	20
House price connectedness and consumer sentiment in an era of destabilizing macroeconomic conditions: Empirical evidence from Türkiye	20
Gauging the dynamic interlinkage among robotics, artificial intelligence, and green crypto investment: A quantile VAR approach	20
Financial conditions and economic activity: The case of Türkiye	20
Sukuk versus bonds: New evidence from the primary market	20
Capital flows under global uncertainties: Evidence from Turkey	19
Confucian culture and informal household financing: Evidence from China's counties	19

On systemic risk contagion in the euro area: Evidence from frequency connectedness and the DY approaches	19
Threshold effects of institutional quality on the financial inclusion and stability nexus: International evidence	19
Evolving roles of energy futures markets: A survey	19
Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies	19
Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye	18
Is ESG investing an ‘equity vaccine’ in times of crisis? Evidence from the 2020 Wuhan Lockdown and the 2022 Shanghai Lockdown	18
Does an Islamic-SRI portfolio really matter? Empirical application of valuation models in Indonesia	17
If Money Talks: Climate change-related regulation and firms’ cost of debt	17
Investor psychology in the stock market: An empirical study of the impact of overconfidence on firm valuation	16
The agency cost of investing in ethical funds: A style analysis approach	16
Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa	16
Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects	16
A sentiment-based financial stress index for Russia	16
The role of corporate governance in the nexus between litigation risk and corporate innovation	16
From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance	16
Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye	16
The capital maintenance regime matters for creditors	15
Correlated information consumption and comovement in the stock market	15
International financial integration: Too much?	15
Asset securitization and bank stock price performance: Bubble increase or risk transfer?	15
The impact of non-financial disclosure on labor investment: International evidence	15
Market- and future-level sentiment and futures returns in Chinese agricultural futures markets	15
The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance?	15
Does financial liberalization spur economic growth? A meta-analysis	15
Do non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China	14
US political sanctions and earnings management	14
China's trilemma: Exchange rate marketization, RMB internationalization, and exchange rate pricing power	14
A new model for screening Shariah-compliant firms	14
Air pollution, bid price bias, and IPO underpricing	13
Corporate growth – Trade credit relationship: Evidence from a panel of countries	13
Guest Editors’ introduction: Borsa Istanbul history (1836–2023) and an overview of selected papers on the 150th anniversary of the founding of Borsa Istanbul	13
Using quantum spherical fuzzy decision support system as a novel sustainability index approach for analyzing industries listed in the stock exchange	13
Can ESG mitigate the diversification discount in cross-border M&A?	13
The crisis resilience of optimal participation portfolios: A comparison with conventional counterparts on Borsa Istanbul	13
Term premium in Turkish lira interest rates: The role of foreign investors’ share	12
COVID-19 and connectedness between Sustainable and Islamic equity markets	12
Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies	12
Finance for a Greener future: Evolving the financial sector for ESG and sustainable corporate debt management	12
Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity?	12
Indirect effects of flow-performance sensitivity on fund performance	12
Does a search attention index explain portfolio returns in India?	12
More than just sentiment: Using social, cognitive, and behavioral information of social media to predict stock markets with artificial intelligence and big data	12
Spillovers between Twitter Uncertainty Indexes and sector indexes: Evidence from the US	12
Exploring the sentiment in Borsa Istanbul with deep learning	12