Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)

Yusuf Polat

doi:10.38057/bifd.1840459

TR EN

Nörofinansta Hormonal Dinamikler: Testosteronun (ve Östrojenin) Etkisi

Abstract

Bu çalışma, özellikle testosteron ve ikincil olarak östrojen olmak üzere gonadal hormonların ekonomik ve finansal karar alma süreçlerini nasıl şekillendirdiğini açıklamak amacıyla bütüncül bir nörofinans çerçevesi sunmaktadır. Testosteronun yalnızca bir “risk hormonu” olarak ele alınmasının ötesine geçilerek, bu çalışmada hormonun temel işlevinin motivasyon ve arzunun davranışa dönüşmesini kolaylaştırmak olduğu ileri sürülmektedir. Nörofinans, davranışsal endokrinoloji ve bilişsel sinirbilim literatürüne dayanan analiz, testosteronun dopaminerjik, serotonerjik ve stres sistemleriyle etkileşimi yoluyla inisiyatif alma, ödül duyarlılığı, tehdit algısı ve davranışsal ketlenme üzerinde etkili olduğunu göstermektedir. Nöral düzeyde testosteronun değerleme ve ödül beklentisiyle ilişkili devreleri güçlendirdiği, buna karşılık tehdit duyarlılığıyla ilişkili bağlantıları zayıflattığı ortaya konmaktadır. Bu biyolojik yapı; aşırı özgüven, riskli karar alma ve spekülatif piyasa davranışları için tutarlı bir açıklama sunmaktadır. Çalışma, hormonal etkilerin doğrusal ve determinist olmadığını; bağlama, gelişimsel faktörlere ve sosyal çevreye duyarlı olduğunu vurgulamaktadır.

Keywords

Nörofinans, Testosteron, Östrojen, Agresyon, 2D:4D Oranı

Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)

Abstract

This paper proposes an integrative neurofinancial framework to explain how gonadal hormones – primarily testosterone, alongside estrogen – shape economic and financial decision-making. Moving beyond the conventional view of testosterone as a simple “risk hormone,” the study argues that its primary role lies in facilitating the translation of motivation and desire into action. Drawing on evidence from neurofinance, behavioral endocrinology, and cognitive neuroscience, the paper synthesizes findings on how testosterone interacts with dopaminergic, serotonergic, and stress-related systems to modulate initiative, reward sensitivity, threat processing, and behavioral inhibition. At the neural level, testosterone influences mesocorticolimbic valuation circuits while attenuating amygdala–prefrontal connectivity related to threat sensitivity. These mechanisms help explain behavioral patterns such as elevated trading frequency, overconfidence, escalation dynamics, and speculative market behavior. Importantly, hormonal effects are shown to be non-linear and context-dependent, varying with cortisol levels, developmental factors (2D:4D ratio), sex, and social environment. The paper advances a non-deterministic, multi-level framework linking endocrine dynamics to individual and collective financial behavior.

Keywords

Neurofinance, Testosterone, Estrogen, Aggression, 2D:4D Ratio

Ethical Statement

I declare that this study is a review work based solely on published information, and therefore does not require ethical committee approval and/or legal/special permissions.

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Details

Primary Language

English

Subjects

Finance

Journal Section

Review

Authors

Yusuf Polat ^*
0000-0002-2255-0658
Türkiye

Publication Date

April 30, 2026

Submission Date

December 11, 2025

Acceptance Date

March 13, 2026

Published in Issue

Year 2026 Volume: 9 Number: 1

DOI

https://doi.org/10.38057/bifd.1840459

IZ

https://izlik.org/JA46DP32XA

APA

Polat, Y. (2026). Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen). Bucak İşletme Fakültesi Dergisi, 9(1), 50-64. https://doi.org/10.38057/bifd.1840459

AMA

1.Polat Y. Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen). Bucak İşletme Fakültesi Dergisi. 2026;9(1):50-64. doi:10.38057/bifd.1840459

Chicago

Polat, Yusuf. 2026. “Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)”. Bucak İşletme Fakültesi Dergisi 9 (1): 50-64. https://doi.org/10.38057/bifd.1840459.

EndNote

Polat Y (April 1, 2026) Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen). Bucak İşletme Fakültesi Dergisi 9 1 50–64.

IEEE

[1]Y. Polat, “Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)”, Bucak İşletme Fakültesi Dergisi, vol. 9, no. 1, pp. 50–64, Apr. 2026, doi: 10.38057/bifd.1840459.

ISNAD

Polat, Yusuf. “Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)”. Bucak İşletme Fakültesi Dergisi 9/1 (April 1, 2026): 50-64. https://doi.org/10.38057/bifd.1840459.

JAMA

1.Polat Y. Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen). Bucak İşletme Fakültesi Dergisi. 2026;9:50–64.

MLA

Polat, Yusuf. “Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)”. Bucak İşletme Fakültesi Dergisi, vol. 9, no. 1, Apr. 2026, pp. 50-64, doi:10.38057/bifd.1840459.

Vancouver

1.Yusuf Polat. Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen). Bucak İşletme Fakültesi Dergisi. 2026 Apr. 1;9(1):50-64. doi:10.38057/bifd.1840459

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This work is licensed under a Creative Commons Attribution 4.0 International License.

Nörofinansta Hormonal Dinamikler: Testosteronun (ve Östrojenin) Etkisi

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Hormonal Dynamics in Neurofinance: The Roles of Testosterone (and Estrogen)

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