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All Journal Journal of Islamic Monetary Economics and Finance Journal of Central Banking Law and Institutions
Tekin, Hasan
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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INVESTMENT POLICY, GEOPOLITICAL RISK AND THE ROLE OF INSTITUTIONS: INTERNATIONAL EVIDENCE Tekin, Hasan
Journal of Central Banking Law and Institutions Vol. 3 No. 3 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i3.165

Abstract

In today’s world, given the increasing importance of geopolitical risk (GPR), this study investigates the impact of GPR on corporate investment, or capital expenditure, of nonfinancial firms considering institutional settings. Utilising data on 337,399 firm-years from 42 countries for the period 1996-2021 (retrieved from Datastream), empirical findings show that firms in higher GPR countries present fewer investment opportunities. Namely, firms use capital expenditures as a substitute for GPR. Next, the negative impact of governance on capital expenditures across the whole sample remains for the firms in civil law countries. However, it reverts to positive for those in common law countries. In other words, capital expenditures are a substitute for (outcome of) governance in civil (common) law countries.Overall, investors should be concerned about the level of GPR, governance, and legal system when determining where to invest. Policymakers should consider GPR and institutional quality to attract foreign investors.
HOW DOES CSR STRATEGY IMPACT CORPORATE CASH POLICY IN EMERGING MARKETS? EVIDENCE FROM THE COVID-19 OUTBREAK Polat, Ali Yavuz; Tekin, Hasan
Journal of Central Banking Law and Institutions Vol. 3 No. 2 (2024)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jcli.v3i2.181

Abstract

This study investigates the impact of corporate social responsibility (CSR) strategy on corporate cash policy in emerging markets, with a specific focus on the COVID-19 pandemic period. By analysing data from 7,731 firm-years across 30 developing countries during the period 2002-2021, the study finds that CSR has a negative effect on cash holdings. In other words, firms with lower CSR investment tend to hold more cash. However, an interesting finding is that the negative impact of CSR on cash holdings lost its significance during the COVID-19pandemic. This suggests that during this unprecedented period of economic uncertainty and disruption caused by the pandemic, firms with higher CSR were more inclined to hoard cash as a precautionary measure. In contrast, in normal times, the dominant motive for holding cash appears to be related to agency concerns. Furthermore, the study identifies countryspecific variations in the relationship between CSR and cash holdings. For instance, firms in Brazil and Saudi Arabia tend to use cash retention as a response to higher CSR, while firms in Argentina, Malaysia, Mexico, Poland, Taiwan, and Turkiye exhibit the opposite behaviour, using higher CSR as a signal for reduced cash holdings. Additionally, the study sheds light on industry-specific differences in the relationship between CSR and cash holdings. Beverage, construction and material, industrial material, oil, gas, and coal, technology hardware and equipment, telecommunications service provider, and travel and leisure firms are more likely to use cash holdings as a substitute for CSR, while alternative energy and media firms show the opposite pattern, using higher CSR as a signal for reduced cash holdings.
ENVIRONMENTAL, SOCIAL, GOVERNANCE INVESTING, COVID-19, AND CORPORATE PERFORMANCE IN MUSLIM COUNTRIES Tekin, Hasan; Güçlü, Fatih
Journal of Islamic Monetary Economics and Finance Vol 9 No 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i1.1592

Abstract

We examine the impact of Environment, Social, and Governance–ESG investing on corporate performance of non-financial firms in Muslim countries during the pandemic. Employing the random effect panel model with 1,546 firm-year observations, we find that the ESG combined score and its pillars have significant influence on corporate performance during the COVID-19 period. Namely, the performance of firms with higher ESG is relatively less affected as compared to the performance of firms with lower ESG. We also note that firms in Malaysia and the United Arab Emirates with high ESG have better operational (financial) performance. Finally, from the sectorial perspective, health care and energy (consumer staples) firms with higher ESG have higher operational (financial) performance during the pandemic. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
HOW DO CORPORATE SUSTAINABILITY AND PANDEMIC AFFECT CASH HOLDINGS IN MUSLIM COUNTRIES? Tekin, Hasan; Burgazoglu, Huseyin
Journal of Islamic Monetary Economics and Finance Vol 8 No 4 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i4.1649

Abstract

We investigate how corporate sustainability (Environmental, Social, and Governance-ESG) influences cash holdings of non-financial firms in Muslim countries from 2003 to 2021. Using panel models, we find that firms with lower ESG hold more cash over the entire period, which aligns with the agency and precautionary motives of cash holdings. We also note that the negative relation between ESG and cash holding is not affected by the COVID-19 pandemic. Looking at individual countries in the sample, we note a positive relation between ESG and cash balances for Saudi Arabia. Meanwhile, similar to the full sample, their relation is negative for firms from Malaysia and Turkiye. Finally, the ESG and cash policies of firms in different industries tend to vary. Overall, firms in Muslim countries use cash holdings as a substitute for corporate sustainability without any changes in the COVID era. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
ENVIRONMENTAL, SOCIAL, GOVERNANCE INVESTING, COVID-19, AND CORPORATE PERFORMANCE IN MUSLIM COUNTRIES Tekin, Hasan; Güçlü, Fatih
Journal of Islamic Monetary Economics and Finance Vol. 9 No. 1 (2023)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v9i1.1592

Abstract

We examine the impact of Environment, Social, and Governance–ESG investing on corporate performance of non-financial firms in Muslim countries during the pandemic. Employing the random effect panel model with 1,546 firm-year observations, we find that the ESG combined score and its pillars have significant influence on corporate performance during the COVID-19 period. Namely, the performance of firms with higher ESG is relatively less affected as compared to the performance of firms with lower ESG. We also note that firms in Malaysia and the United Arab Emirates with high ESG have better operational (financial) performance. Finally, from the sectorial perspective, health care and energy (consumer staples) firms with higher ESG have higher operational (financial) performance during the pandemic. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
HOW DO CORPORATE SUSTAINABILITY AND PANDEMIC AFFECT CASH HOLDINGS IN MUSLIM COUNTRIES? Tekin, Hasan; Burgazoglu, Huseyin
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 4 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i4.1649

Abstract

We investigate how corporate sustainability (Environmental, Social, and Governance-ESG) influences cash holdings of non-financial firms in Muslim countries from 2003 to 2021. Using panel models, we find that firms with lower ESG hold more cash over the entire period, which aligns with the agency and precautionary motives of cash holdings. We also note that the negative relation between ESG and cash holding is not affected by the COVID-19 pandemic. Looking at individual countries in the sample, we note a positive relation between ESG and cash balances for Saudi Arabia. Meanwhile, similar to the full sample, their relation is negative for firms from Malaysia and Turkiye. Finally, the ESG and cash policies of firms in different industries tend to vary. Overall, firms in Muslim countries use cash holdings as a substitute for corporate sustainability without any changes in the COVID era. Acknowledgment The authors would like to thank Bank Indonesia Institute, Bank Indonesia, for the funding that made this study possible.
Co-Authors Burgazoglu, Huseyin Güçlü, Fatih Polat, Ali Yavuz