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This study aims to investigate the effects of board attributes, i.e. board independence, gender diversity, board size and board activity, on the sustainability performance of 439 publicly-listed non-financial companies across 20 emerging countries over the period of 2010–2019.

We use Refinitiv environmental, social and governance (ESG) performance scores and board attributes variables derived from Thomson Reuters Eikon database. We examined the relationship between board features and sustainability performance by using the dynamic panel two-step system generalized method of moments estimator.

Overall, our findings suggest that smaller, gender diverse and independent boards that convene frequently achieve better sustainability performance. The authors document a positive relationship between board gender diversity and sustainability performance across a broad spectrum of sustainability indicators. The authors also find evidence that board independence has a positive impact on two sustainability performance measures, i.e. environmental and governance performance. Although board size does not influence aggregate sustainability measures (ESG score, ESG controversies, and ESG combined score), the authors find a negative relation between board size and governance performance. Finally, board activity seems only relevant in explaining ESG controversies, i.e. other things being equal frequently held board meetings significantly reduce sustainability issues (ESG controversies).

The authors’ findings provide implications to support regulators and emerging market companies on how to improve sustainability performance through the design and use of specific governance mechanisms. These interventions will help resolve agency problems among different stakeholders and, in turn, benefit sustainability.

This study also has social implications because it sheds light on how companies may change their attitudes towards sustainable practices through adjusting their corporate governance structures to increase the welfare of the society.

This study examines the behaviour of companies in emerging markets on sustainability performance by discussing a broad range of board characteristics and covering a large sample of emerging markets. Thus, it provides valuable insights to the companies for further growth opportunities in emerging markets.

Social media (SM) networks offer a golden opportunity for firms that particularly engage in international activities to set up sustainable customer relationships and improve competitiveness. The purpose of this study is to examine the influence of SM adoption on the export intensity (EI) of firms listed on Borsa Istanbul (BIST) for the years 2010–2020. The authors use social media index (SMI) to measure SM adoption and firm size (FSize) as a moderator on exploring the interaction of SM and EI.

Using a sample of 150 firms listed on the BIST Industrials Index, this study explores how the adoption of SM affects EI by using panel data analysis over the period of 2010–2020.

The results indicate that the SMI has a positive and significant effect on the EI. FSize positively moderates the interaction of SMI and EI, indicating that large firms benefit more from the SM in increasing export performance. The findings reflect high potential of EI improvement through adopting right SM policies in emerging markets.

The sample covers only public companies listed on the BIST Industrials Index. Future studies may extend the coverage and include multiple emerging markets to draw generalized results for the export-oriented firms. This research also analyzes solely four SM networks, i.e. Facebook, Instagram, Twitter and YouTube. However, there are many other SM networks that firms use in online marketing in foreign markets. Finally, this research did not discuss the potential factors that could influence the use of SM in emerging market firms.

This study denotes the significant role of SM adoption on the EI of firms in an emerging market setting from the perspective of resource-based view. It presents an insightful approach in understanding the mission played by SM networks in enhancing the EI of Turkish firms. Policymakers may use the findings to develop public support programs to promote the adoption and implementation of the SM among exporting firms in emerging markets.

The study provides evidence on the effects of SM adoption on the EI from the perspective of emerging countries. It also helps to gain a deeper understanding of how different SM platforms contribute to the internationalization of firms.

Building on resource dependence theory and contingency theory (CT) and focusing on an emerging market setting, this study investigates how demographic board diversity (BD) influences the export intensity (EI) of firms listed on Borsa Istanbul (BIST), with the moderating effect of firm size, as a contingency factor, on this interaction.

Using a sample of 65 exporting firms listed on the BIST Industrials Index, this study explores how demographic attributes of board members, represented by the board diversity index (BDI), affects EI by employing panel data analysis over the period of 2016–2020.

The results suggest that there is a negative relationship between BD and EI, but firm size has a positive moderating effect on the association of BD and EI, indicating that large firms with diverse boards are more prone to access foreign markets and make export. The findings further indicate that board size and CEO duality have a negative and significant effect on EI, while marketing intensity has a positive and significant impact.

The sample covers only public companies listed on the BIST Industrials Index, and the impact of board characteristics on the EI is analyzed for a limited time frame, i.e. from 2016 to 2020.

The findings help business executives better understand the contribution of the firm size on the interaction of BD and EI and offers valuable insights to companies to gain a competitive edge in international markets.

The study provides evidence on the effects of board attributes on the EI from the perspective of emerging countries. It also helps to gain a deeper understanding of how board dynamics contribute to the internationalization of companies.

This study aims to investigate the effects of board characteristics on the cost of debt for non-financial companies in the Turkish capital markets.

Using a sample of 211 non-financial companies listed on Borsa Istanbul, this study examines how chairperson gender and board characteristics affect the cost of debt by using panel data analysis over the period of 2016–2020. A system generalized method of moments model is also applied to test the endogeneity issue.

The findings show that the presence of female chairperson and female directors on board reduces the cost of debt and the perceptions of default risk by fund providers, while board independence and board size do not have a significant impact on the cost of debt. The results provide insightful information for companies and policymakers. Companies can alter board composition through gender diversity, while policymakers can introduce new policies in encouraging the presence of female directors on boards.

This study primarily enriches the literature on the effect of board diversity on debt financing cost in a leading emerging market, enabling companies in emerging markets to better mitigate agency costs and finance their investment through effective board composition. Second, it provides evidence that financial institutions consider companies with chairwomen and women directors on the boards less risky and charge them less for debt financing than they do for companies with man chairperson. Finally, the results support policymakers to take actions to increase female presence on board.

The purpose of this study is to investigate the effects of ownership structure, board attributes and eXtensible Business Reporting Language (XBRL) on annual financial reporting timeliness of non-financial companies listed on Borsa Istanbul (BIST).

To conduct the analyses, the authors used two samples. The main sample consists of 187 companies, while the subsample includes 54 companies in the BIST 100 index. The data set covers the 2010–2018 period. To investigate the influence of ownership structure, board attributes and XBRL on timeliness, panel regression and univariate analyses were used. To explore the factors associated with the likelihood of late filing, panel logistic regression analyses were employed.

The findings provide evidence that companies that have a high level of institutional ownership and women board membership file earlier. In line with prior studies, profitable companies file their accounts faster. Highly leveraged companies are late reporters. Further, XBRL has a positive influence on the filing of financial reports for the BIST 100 companies due to technological agility. Finally, companies that have less institutional ownership and that get qualified audit opinions are more subject to late filing.

The authors acknowledge that this study has certain limitations. First, the results may not be generalized to the entire BIST population due to the exclusion of financial companies from the samples. Future research may explore the financial reporting timeliness of these companies. Second, the study did not investigate the relationship between timeliness and the information content in financial statements and the market reactions they arouse. Third, this study is trying to find out early evidence on the mandatory adoption of XBRL filings, which cover only three-year period due to the recent implementation of this regulatory practice. Thus, it needs further elaboration after the accumulation of data in the forthcoming years by the expansion of the sample beyond the 2016–2018 period. As companies would have more time to become familiar with XBRL, a more reliable conclusion may be drawn. Further, the study particularly focuses on the effect of XBRL adoption on the timeliness among filers. XBRL could also influence investors, auditors and other stakeholders. Future research could investigate the influence of XBRL on different stakeholders to produce more insightful implications.

This study offers several implications for managers, regulators and policy makers. First, companies that do not make timely financial reporting may find it more difficult to attract long-term capital by means of institutional investors. Since these investors view timely reporting as an ideal ingredient in corporate governance, it may have a positive impact on company reputation and corporate sustainability. The results also provide insights for regulatory authorities, policy makers and auditors on the causes of the reporting lag, thereby increasing their awareness and helping them in their decision-making process since improvements in timely availability and accessibility of financial information reduce information asymmetry for users and increase market efficiency. Additionally, companies that reduce their filing timeframe will be able to compare their results with other companies. However, the XBRL mandate could be much more burdensome to smaller firms. This may stem from the fact that larger firms may tend to use the in-house approach for XBRL and can afford more advanced financial reporting systems with automated coding algorithms attached to streamline their XBRL filings, whereas smaller firms are more likely to use the outsourcing approach due to the difference in the level of resources available for XBRL preparation. This finding also lends support to recent concerns that new technology creates an unleveled benefit in reporting efficiency for large companies, but not for small ones (e.g. Blankespoor et al., 2014). This benefit may change the dynamics of the financial market and information environment, leading to further segmentation of the capital markets. The positive effects of XBRL adoption may accrue over time due to the potential benefits of learning curve experience since the XBRL mandate will help companies automate their reporting process and information processing, thereby strengthening internal control over financial reporting (Deloitte, 2013; Du et al., 2013; Li, 2017). Companies may also efficiently incorporate auditor-proposed adjustments by cross-referencing impacted accounts and prepare revised versions of the financial reports, which are automatically rendered in various formats for auditors to assess (Wu and Vasarhelyi, 2004). Finally, investors and other users of financial information benefit from having quicker access to data, since this allows them to make more timely and reliable decisions, leading to greater benefits.

This paper contributes to the literature on the impact of adopting XBRL on the timeliness of financial reporting in emerging markets. Second, this study extends the literature and provides evidence on determinants of timeliness, covering both ownership structure and board attributes besides firm-specific characteristics. Hence, it provides valuable insights for companies, investors, auditing firms and policy makers.

The purpose of this study is to investigate the impact of board demographic diversity on the dividend payout policy in Turkish capital markets.

Using a sample of 67 non-financial companies listed on Borsa Istanbul 100 index from 2013 to 2018, this study examines the influence of board demographic diversity on dividend payout policies in Turkish capital markets. The authors also create a Demographic Board Diversity Index (DBDI) to estimate the composite cognitive diversity. The authors use dividend payment probability, dividend payout ratio, and dividend yield to measure the dividend policy and employ panel logit and tobit regression models.

The results indicate that diversity in nationality, experience and educational background play an influential role in encouraging companies to pay high dividends, while gender, tenure and age diversity are insignificant in affecting dividend payments. The findings also suggest that the DBDI positively affects the companies in formulating the dividend payout policies. Finally, the findings show that the family-owned companies with diverse board members have a negative influence on dividend payment intensity.

The results offer valuable insights for companies and policymakers in emerging markets to develop a more refined governance structure accommodating board demographic diversity attributes to mitigate agency conflicts between controlling and minority shareholders through setting up effective dividend payout policies.

This paper aims to examine the convergence pattern of residential house prices in a panel of 55 major cities in Turkey over the period between 2010 and 2018 and to investigate the determinants of convergence club formations.

The authors applied the log t-test to identify the convergence clubs and estimated ordered logit model to determine the key drivers.

The results suggest that there are five convergence clubs and confirm the heterogeneity of the Turkish housing market. Istanbul, the commercial capital, and Mugla, an attractive tourist destination, are at the top of the housing market and followed by the cities located in the western part, particularly along the Aegean and Mediterranean coasts of Turkey. Moreover, the ordered logit model results point out that the differences in employment rate, climate, population density and having a metropolitan municipality play a significant role in determining convergence club membership.

Large-scale policy measures aiming to increase employment opportunities in rural cities of central and eastern provinces and providing lower land prices and property taxes in the metropolitan cities of Turkey can help mitigate some of the divergence in the house prices across cities.

The novelty of this study lies in employing a new data set at the city level containing 55 cities in Turkey, which is by far the largest in terms of city coverage among emerging market economies to implement the log t-test. It also contributes to the literature on city-specific determinants of convergence club formation in the case of an emerging economy.

In the last few decades, the increasing urban population and heterogeneous quality, the expansion of urban areas, the intensification of developments within existing cities, the continued proliferation of the high rise and other intensive building types, the deterioration of both natural and cultural resources, and the results of the recent struggles for international capital as secure and favorite places has been threatening the image and identity of cities more than ever. In this context, the concepts of transformation and identity, which in turn reflect on urban sustainability, need to be rein-tegrated into the agenda of planners and designers. As cities are always changing and evolving in response to social, economic and political forces, the urban environment has to be considered in a time-based perspective identifying the changes in the local context. In line with these, this paper searches for urban identity in the case of samsun, a symbolic city which has played an important role on the development of modern Turkey, where transformations are dramatic. As the general understanding and the majority of the literature have been restricted to the perspective of form and other physical issues, and neglected to consider the social dimension of environment, which in turn brings about standardized ‘urban design guide' or ‘make-up' type solutions, this will enable the paper to have a holistic framework dealing with all aspects of transformation and provide the reader with a broad-based and innovative perspective towards the vision of cities with place identity.

Research carried out within the scope of the present new emerging optimum market to Greek regional airlines. This study (based on interconnected flight network) aims to provide an optimal alternative for flights to be carried out by small Greek airlines to Eskisehir Airport in Turkey. The airlines seek to sustainable demand base to improve themselves in a profitable way.

In this study, the analytical network process method was used. In the construction of network models, specific criteria have been considered, and the analysis has been accomplished as multi-criteria decision-making problem because of the relationship and interaction between them. A number of professionals with high knowledge of the Greek and Turkish aviation market were participated in the study.

Both Greek and Turkish experts think that the scenarios should include more airports (multi leg flights) to benefit from the increased traffic from all these destinations. Although, the model showed that more sustainable and effective routes are the simplest ones (single leg flights). Thus, the experts suggested the following five routes: Athens (ATH)-Antalya (AYT)-Eskisehir (AOE)-ATH; Heraklion (HER)-AOE-ATH; ATH-Istanbul (IST)-AOE-Thessaloniki (SKG); ATH-AOE-Cologne (CGN)-ATH and ATH-AOE-Izmir (ADB)-CGN-ATH. In addition, the experts pointed out the routes Eskisehir (AOE)-Brussel (BRU) and AOE-Cologne (CGN), as the passenger demand for them is high. These are considerable suggestions and should be examined by airlines’ managers, while aviation authorities should take these under consideration.

There are some factors that limit the potential extension of the small Greek regional airlines to Eskisehir airport. Istanbul’s Atatürk International Airport is the most used airport for international connected flight in Turkey, and the most airlines prefer this as a destination airport, although it has slots limitations and intense traffic. According to a previous project, sustainable flight network may include Istanbul and Izmir. Also, the bilateral agreement between Greece and Turkey according to Memorandum of Understanding between the Aeronautical Authorities of the Republic of Turkey and Hellenic Republic consists the main limitation of the traffic increase.

Connected flight network model suggestions developed in this research may provide contribution to airlines’ research and development activities. Also this kind of studies may contribute to the increase of the passengers’ traffic between the two countries with mutual benefits.

Based on the current study, with determined the grid network flights, new flights can be scheduled that are offering significant benefits. Also passengers will have the ability to travel to an attractive destination. In particular, the study may positively contribute to the further development of AOE and to the region around the city. On the other side, the Greek regional airlines can find an important market. Anadolu University’s entrepreneurship ability will be improved and also AOE’s business will be increased. This study will enforce the stronger links between both Greek [Hellenic (Greek) Civil Aviation Authority] and Turkish (General Directorate of Civil Aviation) aviation authorities. In addition, this study may contribute to the improvement of the economic relations between Greece and Turkey with mutual benefits.

It is thought that this research shows Greek and Turkish airports feasibility to cooperate providing benefits to passengers, airlines and the countries’ economies. The study includes current social, economic and cultural dynamics of the countries making significant contribution to academic literature. The capacity and demand analysis is useful for the management of the specific Greek carriers. Expert opinions are consulted over the course of taking strategic decisions. The analysis has been conducted, based on expert opinions and referred to for these pairwise comparisons. Airlines and airport managers based on the suggested methodology may examine potential flights, although more numerical data are necessary.