SPATIAL ECONOMETRIC ANALYSIS OF GENDER DIFFERENCES IN STOCK MARKET PARTICIPATION: EVIDENCE FROM TURKEY

Abstract

This study employs spatial econometric analysis to investigate gender differences in stock market participation across Turkey, using data from 2011 to 2022. Leveraging province-based and gender-disaggregated data from the Central Registry Agency, we explore whether significant gender-based disparities exist among equity security investors in Turkish securities markets and whether these differences exhibit spatial correlations across 81 provinces. Initial findings suggest that while overall participation in financial markets has risen, substantial gender gaps persist, potentially influenced by socioeconomic, cultural, and educational factors. The research contributes to the broader understanding of gender inequality in financial inclusion and proposes implications for policy interventions to reduce gender disparities in economic participation.

Keywords

• Spatial Analysis
• Gender Equity
• Stock Markets

Supporting Institution

Scientific Research Projects Coordination Unit of Istanbul University

Project Number

40278

HİSSE SENEDİ PİYASASI KATILIMINDA CİNSİYET FARKLILIKLARININ MEKÂNSAL EKONOMETRİK ANALİZİ: TÜRKİYE'DEN KANITLAR

Abstract

Bu çalışmada, 2011-2022 yıllarını kapsayan veriler kullanılarak, Türkiye genelinde hisse senedi piyasasına katılımda cinsiyet farklılıklarını araştırmak için mekânsal ekonometrik analiz kullanılmıştır. Merkezi Kayıt Kuruluşu'nun il bazlı ve cinsiyete göre ayrıştırılmış verilerinden yararlanarak, Türk menkul kıymet piyasalarında hisse senedi yatırımcıları arasında cinsiyete dayalı önemli farklılıklar olup olmadığını ve bu farklılıkların ülkenin 81 ilinde mekânsal korelasyonlar sergileyip sergilemediğini araştırıyoruz. İlk bulgular, finansal piyasalara genel katılım artarken, potansiyel olarak sosyo-ekonomik, kültürel ve eğitim faktörlerinden etkilenen önemli cinsiyet farklılıklarının devam ettiğini göstermektedir. Araştırma, finansal katılımda cinsiyet eşitsizliğinin daha geniş bir şekilde anlaşılmasına katkıda bulunmakta ve ekonomik katılımda cinsiyet eşitsizliklerini azaltmayı amaçlayan politika müdahaleleri için çıkarımlar önermektedir.

Keywords

• Mekansal Ekonometri
• Cinsiyet Eşitliği
• Menkul Kıymet Piyasaları

Project Number

40278

References

1. Aggarwal, N., & Gupta, M. (2016). Gender, financial literacy and stock market participation: An experience with university and college teachers. Indian Journal of Economics and Development, 12(1), 49. The Society of Economics and Development.
2. Al-Amir, E. A., Othman, J., & Qureshi, N. I. (2020). Women and stock market participation: Empirical evidence from the Saudi stock market. Asian Social Science, 16(5), 29. Canadian Center of Science and Education. Retrieved March 1, 2024, from https://ccsenet.org/journal/index.php/ass/article/view/0/42642
3. Almenberg, J., & Dreber, A. (2015). Gender, stock market participation and financial literacy. Economics Letters, 137, 140–142. North-Holland.
4. Anselin, L. (1988). Spatial econometrics: methods and models. Springer Science & Business Media.
5. Anselin, L. (1999). Chapter 6: Spatial econometrics. Handbook of Spatial Analysis in the Social Sciences (pp. 101–122). Retrieved from https://www.elgaronline.com/view/book/9781789903942/book-part-9781789903942-14.xml
6. Barasinska, N., & Schäfer, D. (2018). Gender role asymmetry and stock market participation–evidence from four European household surveys. European Journal of Finance, 24(12), 1026–1046. Retrieved March 1, 2024, from https://www.tandfonline.com/action/journalInformation?journalCode=rejf20
7. Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. Quarterly Journal of Economics, 116(1), 261–292.
8. Bernasek, A., & Bajtelsmit, V. L. (2002). Predictors of women’s involvement in household financial decision making - AFCPE. The Journal of the Association for Financial Counseling and Planning Education, 13(2). Retrieved March 1, 2024, from https://www.afcpe.org/news-and-publications/journal-of-financial-counseling-and-planning/volume-13-2/predictors-of-womens-involvement-in-household-financial-decision-making/

9. Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474.
10. Data Analysis Platform. (2024). Central securities depository of Türkiye. Retrieved from vap.org.tr
11. Fungáčová, Z., & Weill, L. (2015). Understanding financial inclusion in China. China Economic Review, 34, 196–206.
12. G20. (2012). G20 Leaders Declaration.
13. Hair, J. F., Black, W. C., Babin, B. C., & Anderson, R. E. (2010). Multivariate Data Analysis (7th Editio.). Pearson.
14. Hausmann, R., Tyson, L. D., & Zahidi, S. (2019). Global Gender Gap Report. World Economic Forum.
15. Kaur, M., & Vohra, T. (2012). Women and stock market participation: A review of empirical evidences. Management and Labour Studies, 37(4), 283–293. SAGE PublicationsSage India: New Delhi, India. Retrieved March 1, 2024, from https://journals.sagepub.com/doi/10.1177/0258042X13484868
16. Koengkan, M., Fuinhas, J. A., Belucio, M., Kazemzadeh, E., Eliana, Y., Poveda, M., Alavijeh, N. K., et al. (2022). The consequences of gender inequality on Latin America’s economic growth: Macroeconomic evidence. Sexes 2022, Vol. 3, Pages 396-412, 3(3), 396–412. Multidisciplinary Digital Publishing Institute. Retrieved March 1, 2024, from https://www.mdpi.com/2411-5118/3/3/30/htm
17. Li, L., Lee, S., & Luo, D. (2021). Gender differences in stock market participation: Evidence from Chinese households. SSRN Electronic Journal. Elsevier BV. Retrieved March 1, 2024, from https://papers.ssrn.com/abstract=3775478
18. Martenson, R. (2008). Are men better investors than women? Gender differences in mutual fund and pension investments. Journal of Financial Services Marketing, 13(1), 72–81. Palgrave. Retrieved March 1, 2024, from https://link.springer.com/article/10.1057/fsm.2008.7
19. Munir, I. U., Yue, S., Ijaz, M. S., Hussain, S., & Zaidi, S. Y. (2020). Financial literacy and stock market participation: Does gender matter? Singapore Economic Review. World Scientific Publishing Company. Retrieved March 1, 2024, from https://www.worldscientific.com/worldscinet/ser
20. OECD. (2019). SIGI 2019 Global Report: Transforming Challenges into Opportunities, Social Institutions and Gender Index. Paris.
21. Vohra, T., & Kaur, M. (2018). Determining reasons for lower participation of women in Indian stock market: A comparative study of stock investors and non-investors. Jindal Journal of Business Research, 7(2), 87–102.