FİRMALARIN FİNANSMAN VE YATIRIM KARARLARI ÜZERİNDE İYİMSERLİK ÖNYARGISININ ETKİSİ

Yıl 2018, Cilt: 10 Sayı: 18, 158 - 171, 30.05.2018

Bilgehan Tekin

https://doi.org/10.20990/kilisiibfakademik.428627

Cited By: 1

Öz

Bu çalışma,
genel anlamda davranışsal finans disiplininin bulgularının firma yöneticileri
bağlamında ele alınması sonucu ortaya çıkmış “davranışsal kurumsal finans”
konusunu ele almaktadır. Bu bağlamda daha çok uluslararası alanda yapılan
çalışmalara konu olan “davranışsal önyargıların firmaların finansal kararları
üzerindeki etkisi” konusu Türkiye’deki KOBİ’ ler bağlamında ampirik açıdan ele
alınmıştır. Daha özelde ise KOBİ yöneticilerinin sergiledikleri iyimserlik
önyargısının finansman (sermaye yapısı) ve yatırım kararları üzerindeki etkisi
tespit edilmeye çalışılmıştır. İyimserliğin ölçülmesi amacıyla “Genel Öz
Yeterlilik Ölçeği” kullanılmıştır. Söz konusu ölçeğin dahil edildiği ve aynı
zamanda  finansal kararlara ilişkin
ifadeleri içeren anket İstanbul’ da faaliyet gösteren 255 adet KOBİ ölçeğindeki
firmaya uygulanmıştır. Elde edilen veriler korelasyon analizi, bağımsız gruplar
t testi ve frekans analizi ile analiz edilmiştir. Çalışma sonucunda firma
yöneticilerinin iyimserlik önyargısı sahibi oldukları ve iyimserlik düzeyi ile firma
yatırım kararları arasında belirli düzeyde ilişki bulunduğu tespit edilmiştir.
Bu çalışma kapsamında finansman kararları ile iyimserlik arasında ise anlamlı
bir ilişki bulunamamıştır.

Anahtar Kelimeler

İyimserlik, Finansal Kararlar, KOBİ, Davranışsal Kurumsal Finans

Kaynakça

• AYPAY, A. (2010). “Genel Öz Yeterlik Ölçeği’nin (GÖYÖ) Türkçe’ye Uyarlama Çalışması”. İnönü Üniversitesi Eğitim Fakültesi Dergisi, 11(2): 113-131.
• AZOUZI, M. A. ve JARBOUI, A. (2013). “Why CEO Emotional Biases Affect Firm Assets Specificity Choice Bayesian Network Method: The Evidence from Tunisia”. Asian Journal of Empirical Research, 3(3): 329-350.
• BACCAR, A., MOHAMED, B. E. ve BOURI, A. (2013), “Managerial Optimism, Overconfidence and Board Characteristics: Toward a New Role of Corporate Governance”. Australian Journal of Basic and Applied Sciences, 7(7): 287-301.
• BAKER, M., Ruback, R. ve Wurgler, J., 2006. Behavioral corporate finance: a survey. In: Eckbo, E. (Ed.), Handbook of Corporate Finance: Empirical Corporate Finance. North Holland, Amsterdam, pp. 145–186
• BANDURA, A. (1982). “Self-efficacy mechanism in human agency”. American Psychologist, 37, 122-147.
• BANDURA, A. (1997). Self efficacy: The exercise of control. New York: W.H. Freeman and Company
• BARROS, L. A. B. D. C. ve DA SILVEIRA, A. D. M. (2007). Overconfidence, managerial optimism and the determinants of capital structure. Available at SSRN 953273.
• BEN-DAVID, I., GRAHAM, J. R. ve HARVEY, C. R. (2007). Managerial overconfidence and corporate policies (No. w13711). National Bureau of Economic Research. http://www.nber.org/papers/w13711.pdf
• BOUWMAN, C. H. (2009). Managerial optimism and the market’s reaction to dividend changes. Case Western Reserve University Working Paper.
• BOUWMAN, C. H. (2014). “Managerial optimism and earnings smoothing”. Journal of Banking & Finance, 41, 283-303.
• CAMPBELL, T. C., GALLMEYER, M., JOHNSON, S. A., RUTHERFORD, J. ve STANLEY, B. W. (2011). “CEO optimism and forced turnover”. Journal of Financial Economics, 101: 695-712.
• CHEN, I. J. ve LIN, S. H. (2012). “Will managerial optimism affect the investment efficiency of a firm?”. Procedia Economics and Finance, 2, 73-80.
• CLEARY, S. (1999). “The Relationship between Firm Investment and Financial Status”. The Journal of Finance, 54(2).
• ÇOLAKOĞLU, M. H. (2002). Kobi Rehberi. TOBB Genel Yayın, (359-PM), 2.
• COŞAR, E. E. (2016), Firmaların Sabit Sermaye Yatırım Kararlarının Analizi: Türkiye İmalat Sanayine Dair Bulgular, TCMB Çalışma Tebliği No: 16/16.
• DEANGELO, H., DEANGELO, L. ve SKINNER, D. J. (1996). “Reversal of fortune dividend signaling and the disappearance of sustained earnings growth”. Journal of financial economics, 40(3): 341-371.
• ENGLMAIER, F. (2010). “Managerial optimism and investment choice”. Managerial and decision Economics, 31(4): 303-310.
• FAIRCHILD, R. J. (2012). “From behavioural to emotional corporate finance: A new research direction”. International Journal of Behavioural Accounting and Finance, 3(3-4): 221-243.
• FUSS, C. ve VERMEULEN, P. (2008). “Firms’ investment decisions in response to demand and price uncertainty”. Applied Economics, 40(18): 2337-2351.
• GELLER, E. S. (2003). The psychology of helping behavior: How to build an actively caring culture. In ASSE Professional Development Conference and Exposition. American Society of Safety Engineers.
• GERVAIS, S. (2009). Behavioral finance: Capital budgeting and other investment decisions. Fuqua School of Business Duke University, 3.
• GERVAIS, S., HEATON, J. B. ve ODEAN, T. (2002). The positive role of overconfidence and optimism in investment policy. Rodney L Whıte Center For Fınancıal Research-Workıng Papers-. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.7755&rep=rep1&type=pdf
• GLASER, M., SCHAFERS, P. ve WEBER, M., (2008). Managerial Optimism and Corporate Investment: Is the CEO Alone Responsible for the Relation? AFA 2008 New Orleans Meetings Paper. Available at SSRN: http://ssrn.com/abstract=967649
• GRAHAM, J. R., HARVEY, C. R. ve PURI, M. (2007). Managerial attitudes and corporate actions. https://weatherhead.case.edu/departments/banking-and-finance/Documents/Puripaper.pdf
• HACKBARTH, D. (2009). “Determinants of corporate borrowing: A behavioral perspective”. Journal of Corporate Finance, 15(4): 389-411.
• HACKBARTH, D., (2004a). Managerial Traits and Capital Structure Decisions, Mimeo.
• HACKBARTH, D., (2004b). Determinants of Corporate Borrowing: A Behavioral Perspective, Mimeo.
• HEATON, J. B. (2002). “Managerial optimism and corporate finance”. Financial management, 31(2): 33-45.
• HILARY, G., HSU, C., SEGAL, B. ve WANG, R. (2014). The bright side of managerial over-optimism. INSEAD Working Paper No. 2013/82/AC. Available at SSRN: http://ssrn.com/abstract=2286226 or http://dx.doi.org/10.2139/ssrn.2286226
• HOGAN, C. E. ve LEWIS, C. M. (2005). “Long-run investment decisions, operating performance, and shareholder value creation of firms adopting compensation plans based on economic profits”. Journal of Financial and Quantitative Analysis, 40(4): 721-745.
• HUANG, J., PADMANABHAN, K. ve COLLINS, O. M. (2011). “The sampling theorem with constant amplitude variable width pulses”. Circuits and Systems I: Regular Papers, IEEE Transactions on, 58(6): 1178-1190.
• LANDIER, A. ve THESMAR, D. (2009). F”inancial contracting with optimistic entrepreneurs”. Review of financial studies, 22(1): 117-150.
• LIN, Y. H., HU, S. Y. ve CHEN, M. S. (2005). “Managerial optimism and corporate investment: Some empirical evidence from Taiwan”. Pacific-Basin Finance Journal, 13(5): 523-546.
• KORKMAZ, T., BAŞARAN, Ü. ve GÖKBULUT, R. İ. (2009). “İMKB’de işlem gören otomotiv ve otomotiv yan sanayi işletmelerinin sermaye yapısı kararlarını etkileyen faktörler: Panel veri analizi”. İktisat İşletme ve Finans, 24(277): 29-60.
• KUNDA, Ziva. 1987. “Motivated Inference: Self-Serving Generation and Evaluation of Causal Theories”. Journal of Personality and Social Psychology 53(4): 636-647.
• MALMENDIER, U. ve TATE, G. (2005a). “CEO overconfidence and corporate investment. The journal of finance”, 60(6): 2661-2700.
• MALMENDIER, U. ve TATE, G. (2005b). “Does overconfidence affect corporate investment? CEO overconfidence measures revisited”. European Financial Management, 11(5): 649-659.
• MALMENDIER, U. ve TATE, G. (2008). “Who makes acquisitions? CEO overconfidence and the market's reaction”. Journal of financial Economics, 89(1): 20-43.
• OTTO, C. A. (2014). CEO optimism and incentive compensation. Journal of Financial Economics, 114(2), 366-404.
• PEALE, N. V. (1952). The power of positive thinking. New York: Fawcett Crest.
• RABIEGA, J. ve CANNON, B. (2001). The relationship of optimism with psychological and physical well-being. Journal of Psychology and Behavioural Sciences. (15). Retrieved on June 24, 2005 from: http://alpha.fdu.edu/psychweb/vol16-17/rabiega.pdf
• ROLL, R. (1986). “The hubris hypothesis of corporate takeovers”. Journal of business, 197-216.
• ROTTER, J. B. (1966). “Generalized expectancies for internal versus external control of reinforcement”. Psychological monographs: General and applied, 80(1): 1.
• SCHEIER, M. F. ve CARVER, C. S. (1985). “Optimism, coping, and health: assessment and implications of generalized outcome expectancies”. Health psychology, 4(3): 219.
• SCHEIER, M. F. ve CARVER, C. S. (1992). Effects of optimism on psychological and physical well-being: Theoretical overview and empirical update. Cognitive therapy and research, 16(2): 201-228.
• SCHUMACHER, B., (2006), Assessing the Relationship Between Optimism and Academic Success, Athabasca University, Master of Arts, Integrated Studies Project.
• SCHWARZER R ve JERUSALEM M (1995). Generalized Self-Efficacy scale. In Measures in health psychology: A user's portfolio. Causal and control beliefs Windsor. Weinman J, Wright S, Johnston M, Nfer-nelson UK, 35-37.
• SCHWARZER, R. ve SCHOLZ, U. (2000). Cross-Cultural Assessment of Coping Resources: The General Perceived Self-Efficacy Scale. Paper presented at the First Asian Congress of Health Psychology: Health Psychology and Culture, Tokyo, Japan.
• SHILLER, R. J. (2003). “From efficient markets theory to behavioral finance”. The Journal of Economic Perspectives, 17(1): 83-104.
• THALER, R., H., (2005), Advances in Behavioral Finance, 2nd Ed. /The Roundtable Series in Behavioral Economics, Princeton University Press.
• TÜRKÜM, A.S. (2011). Optimism: Its Benefits and Deficits on Individuals’ Behaviors. Psychology of Optimism. (Ed. P. R. Brandt). USA: Nova Publishing.
• WEINSTEIN, N. D. (1980). “Unrealistic optimism about future life events”. Journal of personality and social psychology, 39(5): 806.
• WEINSTEIN, N. D. (1982). “Unrealistic optimism about susceptibility to health problems”. Journal of behavioral medicine, 5(4): 441-460.
• YEŞİLAY, A., SCHWARZER, R. ve JERUSALEM, M (1996). Turkish Adaptation of the General Perceived Self-Efficacy Scale (http://userpage.fu-berlin.de/~health/turk.htm).