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  • Küçük Resim
    Öğe
    Does ESG performance affect the financial performance of environmentally sensitive industries? A comparison between emerging and developed markets
    (Borsa Istanbul Anonim Sirketi, 2022) Naeem, Nasruzzaman; Cankaya, Serkan; Bildik, Recep
    Purpose- The study aims to investigate whether the ESG performance of corporations from environmentally sensitive industries has any effects on their financial performance and whether the impacts of the ESG performance of environmentally sensitive corporations differ between developed and emerging countries. Methodology- The ESG performance scores and financial performance scores for a 10-year period have been collected from the Thomson Reuters Eikon database and panel regression analyses have been carried out to evaluate the economic value of the ESG performance of these corporations. Findings- Our findings show that the overall ESG performance of environmentally sensitive corporations has a significant positive relationship with the return on equity (ROE) and the Tobin’s Q of the corporations. In addition, the overall ESG performance of the environmentally sensitive corporations from developed countries has positive impact on the ROE and on the Tobin’s Q whereas the ESG performance score of the environmentally sensitive corporations from emerging countries does not have any significant effect on their corporate financial performance. The findings also indicate that the impacts of the ESG performance of environmentally sensitive corporations on their financial performance are stronger in developed countries than in emerging countries. Conclusion- This study contributes to the literature by adding a better understanding of the ESG-financial performance relationship of environmentally sensitive corporations from both developed and emerging market contexts
  • Küçük Resim
    Öğe
    Trading halts and the advantage of institutional investors: Historical evidence from Borsa Istanbul
    (Borsa Istanbul Anonim Sirketi, 2024) Bildik, Recep
    The effects and effectiveness of trading halts remain controversial among academics and regulators. This paper provides historical evidence regarding the efficacy of trading halts from a leading emerging market with a unique microstructure, Borsa Istanbul (Istanbul Stock Exchange), by examining the return, volatility, and volume behavior around news-initiated trading halts using trade-by-trade data and 15-min intervals from January 1999–April 2003. It also investigates, for the first time, the trading behavior of different types of investors, such as individuals, mutual funds, and brokerage houses, around trading halts. Findings indicate that most of the new information is absorbed by prices within 15 min following the resumption of trading after a halt. The reaction of investors to bad news is slower and stronger than good news. Despite halts, institutional investors employ the price advantage of new information during the cessation period ahead of individual investors utilizing better timing in trading after the halts. Institutional investors systematically buy and sell at more favorable prices around halts than individual investors. Finally, overall evidence suggests that trading halts are effective in the dissemination of valuable information and play an important role in enhancing the efficiency of the price dis covery mechanism.