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Erratum: Türk Ticaret Borsalarında Finansal Risk Toleransı

Year 2023, Volume: 4 Issue: 2, 19 - 37, 31.12.2023
The original article was published on November 24, 2021. https://dergipark.org.tr/en/pub/iyd/issue/65892/973323

Erratum Note

'Bu çalışma Abdullah Kılıçarslan'ın Prof. Dr. Osman Okka danışmanlığında hazırladığı” Ticaret Borsaları ve İslami Ticaret Borsalarında Risk Yönetiminde Bir Model Önerisi: Vadeli Ürün Satış Modeli” başlıklı doktora tezinden türetilmiştir'

Abstract

Bu çalışma, ticaret borsalarının finansal risk toleransını ölçmek amacıyla satış salonu olan ve olmayan ticaret borsaları üzerinden karşılaştırmalı bir analiz yapmayı amaçlamaktadır. Ayrıca, çalışma kapsamında ticaret borsalarının risk algılamaları, gelecek beş yıl içerisinde faaliyetleri üzerinde etkili olabilecek riskler, risk stratejileri ve kullandıkları enstrümanlar tespit edilmekte, risk stratejileri ile kullanılan enstrümanlar arasındaki ilişki de incelenmektedir.
Yapılan çalışma, ticaret borsalarının risk farkındalığının analiz edilmesi ve tescil kayıplarının önüne geçilmesi, borsaların kaynaklarını etkin şekilde yönetebilmesi, sunulan ürün ve hizmet kalitesinin iyileştirilmesi, borsaların bölgesel borsa çatısı altında bir araya gelerek sürdürülebilir rekabet avantajı elde edilmesi bağlamında yol gösterici sonuçlar ortaya konulması açısından önem arz etmektedir.
Elde edilen bulgulara göre ticaret borsalarının gelecek beş yıl içerisinde faaliyetlerini etkileme bakımından söz konusu olabilecek risklerde ilk sırada üretim riski, son sırada ise insankaynakları riski yer almaktadır. Ticaret borsalarının finansal risk tolerans düzeyleri orta seviyelidir. Satış salonuna sahip olan borsalar ile satış salonu bulunmayan borsaların finansal risk toleransları arasında anlamlı bir fark bulunmamaktadır. Risk genellikle belirsizlik olarak algılanmaktadır. Risk ölçüm yöntemlerinde analitik yöntemler tercih edilmemektedir.

References

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  • ANBAR, A., ve EKER, M. (2010). An Empirical Investigation For Determining of The Relation Between Personal Financial Risk Tolerance and Demographic Characteristic. Ege Academic Review, 10(2), 503-523.
  • ANBAR, A., ve EKER, M. (2019). The Effect Of Sociodemographic Variables And Love Of Money On Financial Risk Tolerance Of Bankers. Business And Economics Research Journal, 10(4), 855-866. AUSTRALIAN BUREAU OF STATISTICS. (2020, 11 23). Sample Size Calculator. Erişim adresi https://www.abs.gov.au/websitedbs/d3310114.nsf/home/sample+size+calculator
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  • BELOZERTSEV, A., RUTTEN, L., ve HOLLINGER, F. (2011). Commodity Exchanges In Europe And Central Asia A Means For Management Of Price Risk. Rome: FAO.
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  • HORCHER, K. A. (2005). Essentials of Financial Risk Management. Hoboken: John Wiley & Sons, Inc.
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  • KARSLI, M., KARAMAN, H., ŞAFAK, A., ve BAYINDIR, A. (1994). İslami Açıdan Borsa. İstanbul: Ensar Neşriyat.
  • KÜBILAY, B. (2015). Yatırım Psikolojisi Açısından Yatırımcı Önyargıları, Finansal Risk Toleransı ve Finansal Kişilik: Bireysel Yatırımcılar Üzerine Bir Alan Araştırması (Yayınlanmamış Doktora Tezi), Muğla Sıtkı Koçman Üniversitesi, Sosyal Bilimler Enstitüsü, Muğla.
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  • KUTLU, Ö., ve ERGUN, H. (2018). Tarımsal Emtia Ticareti ve Ticaret Borsalarında Paradigma Değişimi: İslami Finans İçin bir Model. A. Gedikli, & S. Erdoğan içinde, Politik İslam Ekonomisi (s. 176-211). Kocaeli: Umuttepe Yayınları . KUYUCULAR, Y. (2020). Bireysel Yatırımcılarda Risk Toleransı ve Aşırı Güven Kavramının Karşılaştırmalı Olarak İncelenmesi (Yayınlanmamış Doktora Tezi), Aydın Adnan Menderes Üniversitesi, Sosyal Bilimler Enstitüsü, Aydın.
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  • LAWRENSON, J., ve DICKASON-KOEKEMOER, Z. (2020). A Model for Female South African İnvestors' Financial Risk Tolerance. Cogent Economics & Finance, 8(1794493), 1-14.
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Erratum: Financial Risk Tolerance at Turkish Commodity Exchanges

Year 2023, Volume: 4 Issue: 2, 19 - 37, 31.12.2023
The original article was published on November 24, 2021. https://dergipark.org.tr/en/pub/iyd/issue/65892/973323

Erratum Note

Abstract

This study aims to make a comparative analysis over commodity exchanges with and without a sales hall to measure the financial risk tolerance of commodity exchanges. The study also identifies the risk perceptions of the commodity exchanges, the risks that may affect their activities in the next five years, risk strategies and instruments they use, and examines the relationship between risk strategies and instruments used. This study is important in the context of delivering guiding results for analyzing the risk awareness of the commodity exchanges and preventing the loss of registration fee, managing the resources of exchanges efficiently, improving the quality of the products and services offered and bringing together exchanges under the regional exchange to provide sustainable competitive advantage. Based on the findings, production risk ranks first and human resources risk ranks last for the risks regarding affecting the operations of commodity exchanges in the next five years. Financial risk tolerance levels of commodity exchanges are moderate. There is no significant difference between the financial risk tolerances of the exchanges that have sales halls and those that do not have a sales hall. Risk is often perceived as uncertainty. Analytical methods are not preferred in risk measurement methods.

References

  • AHMED, Z. H. (2010). Genetic Algorithm for the Traveling Salesman Problem using Sequential Constructive Crossover Operator. International Journal of Biometrics & Bioinformatics (IJBB), 3(6), 96–105.
  • 5174 Sayılı Kanun. (2004). Türkiye Odalar ve Borsalar Birliği ile Odalar ve Borsalar Kanunu. T.C. Resmi Gazete (25479. 1 Haziran 2004).
  • ALWAHAIBI, S. S. (2019). Is Demographic Information Influence Risk Tolerance/Aversion In Investment Decision? Evidences From Literature Review. International Journal Of Academic Research In Accounting, Finance And Management Sciences, 9(1), 111-122.
  • ANBAR, A., ve EKER, M. (2010). An Empirical Investigation For Determining of The Relation Between Personal Financial Risk Tolerance and Demographic Characteristic. Ege Academic Review, 10(2), 503-523.
  • ANBAR, A., ve EKER, M. (2019). The Effect Of Sociodemographic Variables And Love Of Money On Financial Risk Tolerance Of Bankers. Business And Economics Research Journal, 10(4), 855-866. AUSTRALIAN BUREAU OF STATISTICS. (2020, 11 23). Sample Size Calculator. Erişim adresi https://www.abs.gov.au/websitedbs/d3310114.nsf/home/sample+size+calculator
  • BAER, J. B., ve SAXON, O. G. (1949). Commodity Exchanges and Futures Trading. Principles and Operating Methods. New York: Harper & Brothers.
  • BELOZERTSEV, A., ve MARKHAM, J. W. (1992). Commodity Exchanges And The Privatization Of The Agricultural Sector In The Commonwealth Of Independent States-Needed Steps In Creating A Market Economy. Law and Contemporary Problems, 55(4), 119-155.
  • BELOZERTSEV, A., RUTTEN, L., ve HOLLINGER, F. (2011). Commodity Exchanges In Europe And Central Asia A Means For Management Of Price Risk. Rome: FAO.
  • BOADO , L. S., ve GROSS, A. (2006). Overview Of The World’s Commodity Exchanges. 27th International SFOA Bürgenstock Conference. Geneva: UNCTAD Secretariat.
  • BROWN, J. D. (1997). Questions and Answers about Language Testing Statistics: Skewness and Kurtosis. Jalt Testing & Evaluation Sig Newsletter, 1(1), 20-23.
  • CINQUEGRANA, P. (2008). The Need for Transparency in Commodity and Commodity Derivatives Markets. ECMI.
  • CMA/AOC . (2009). Building Blocks for the Creation of an African Commodity Exchange in West Africa. Conference Ministers of Agriculture of African Countries, Dakar Conference on Agriculture in Africa.
  • EASTAGRI. (2016). Enhancing Grain Market Transparency in Kazakhstan, Kazakhstan - Commodity Exchanges. EastAgri. Erişim adresi: http://www.eastagri.org/docs/group/473/CommodityExchanges_KazGrainMarket_1201.pdf Erişim tarihi: 22 Ağustos 2020.
  • ELEJE, E. O., JOSAPHAT, U. O., ve NWOKEJİ, N. N. (2008). Commodity Exchange Markets And Economic Development. Nigerian Journal Of Banking And Finance(8), 132-146.
  • EVANS, J. R., ve MATHUR, A. (2005). The Value of Online Surveys. Internet Research, 15(2), 195-219. doi: 10.1108/10662240510590360.
  • GABRE-MADHİN, E. Z., ve GOGGİN, I. (2005). Does Ethiopia Need a Commodity Exchange? An Integrated Approach to Market Development. Ethiopian Development Research Institute (EDRI). EDRI-ESSP Policy Working Paper(4), 1-25.
  • GABRE-MADHIN, E. Z. (2009). A Market For All Farmers: Market Institutions And Smallholder Participation. Center Of Evaluation For Global Action Working Paper Series, AfD-0903, University of California, Berkeley.
  • GRABLE, J. E. (1997). Investor Risk Tolerance: Testing The Efficacy Of Demographics As Differentiating And Classifying Factors (Doktora Tezi), Faculty Of The Virginia Polytechnic Institute And State University. Erişim adresi https://vtechworks.lib.vt.edu/bitstream/handle/10919/30762/ETD2.PDF?sequence=1&isAllowed=y
  • GRABLE, J. E. (2008). Risk Tolerance. J. J. Xiao, ve J. J. Xiao (Ed.), Handbook of Consumer Finance Research (3-19. ss.). New York: Springer.
  • GRABLE, J. E. (2017). Financial Risk Tolerance: A Psychometric Review. CFA Institute Research Foundation, 1-19.
  • GRABLE, J. E., MCGILL, S., ve BRITT, S. L. (2009). Risk Tolerance Estimation Bias: The Age Effect. Journal Of Business & Economics Research, 7(7), 1-12.
  • GRABLE, J. E., ve LYTTON, R. H. (2001). Assessing The Concurrent Validity of The SCF Risk Tolerance Question. Financial Counseling And Planning, 12(2), 43-52.
  • GUSTAFSSON, C., ve OMARK, L. (2015). Financial Literacy’s Effect on Financial Risk Tolerance. Umea School Of Business And Economics.
  • HORCHER, K. A. (2005). Essentials of Financial Risk Management. Hoboken: John Wiley & Sons, Inc.
  • HSEE, C. K., ve WEBER, E. U. (1999). Cross-National Differences in Risk Preference and Lay Predictions. Journal Of Behavioral Decision Making, 12, 165-179.
  • İSTANBUL TICARET BORSASI. (2019). Stratejik Plan 2019-2023. İstanbul. Erişim adresi: https://www.istib.org.tr/resim/siteici/files/SP%202019-2023.pdf, Erişim Tarihi: 18 Nisan 2020. İSTANBUL TICARET BORSASI. (2020). 2019 Yılı Faaliyet Raporu. İstanbul: İTB. Erişim adresi https://www.istib.org.tr/resim/siteici/files/%c4%b0ST%c4%b0B%202019%20Faaliyet%20Raporu.pdf
  • JANKOVIĆ, I., JELOČNIK, M., ve ZUBOVIĆ, J. (2018). Possibilities For Development Of Commodity Exchange In Serbia. Economics of Agriculture, 65(4), 1557-1571. doi:10.5937/ekoPolj1804557J
  • KARAGÖZ, Y. (2019). SPSS AMOS Uygulamalı Bilimsel Araştırma Yöntemleri ve Yayın Etiği. Ankara: Nobel Akademik Yayıncılık.
  • KARSLI, M., KARAMAN, H., ŞAFAK, A., ve BAYINDIR, A. (1994). İslami Açıdan Borsa. İstanbul: Ensar Neşriyat.
  • KÜBILAY, B. (2015). Yatırım Psikolojisi Açısından Yatırımcı Önyargıları, Finansal Risk Toleransı ve Finansal Kişilik: Bireysel Yatırımcılar Üzerine Bir Alan Araştırması (Yayınlanmamış Doktora Tezi), Muğla Sıtkı Koçman Üniversitesi, Sosyal Bilimler Enstitüsü, Muğla.
  • KUMLUCA TICARET BORSASI. (2018). 2018-2021 Stratejik Planı. Antalya. Erişim adresi: https://view.publitas.com/mbt/2018-2021-rev-kumluca-ticaret-borsasi-stratejik-plani/page/2-3, (01.05.2020).
  • KUTLU, Ö., ve ERGUN, H. (2018). Tarımsal Emtia Ticareti ve Ticaret Borsalarında Paradigma Değişimi: İslami Finans İçin bir Model. A. Gedikli, & S. Erdoğan içinde, Politik İslam Ekonomisi (s. 176-211). Kocaeli: Umuttepe Yayınları . KUYUCULAR, Y. (2020). Bireysel Yatırımcılarda Risk Toleransı ve Aşırı Güven Kavramının Karşılaştırmalı Olarak İncelenmesi (Yayınlanmamış Doktora Tezi), Aydın Adnan Menderes Üniversitesi, Sosyal Bilimler Enstitüsü, Aydın.
  • KUZNIAK, S., RABBANI, A., HEO, W., RUIZ-MENJIVAR, J., ve GRABLE, J. E. (2015). The Grable and Lytton Risk-Tolerance Scale: A 15-Year Retrospective. Financial Services Review, 24, 177-192.
  • LAWRENSON, J., ve DICKASON-KOEKEMOER, Z. (2020). A Model for Female South African İnvestors' Financial Risk Tolerance. Cogent Economics & Finance, 8(1794493), 1-14.
  • MARKHAM, J. W. (1991). Manipulation of Commodity Futures Prices-The Unprosecutable Crime. Yale Journal on Regulation, 8, 281-389.
  • MELLAHI, K., ve HARRIS, L. C. (2015). Response Rates in Business and Management Research: An Overview of Current Practice and Suggestions for Future Direction. British Journal Of Management, 1–12. doi: 10.1111/1467-8551.12154
  • NGMENIPUO, M. I., ve ISSAH, O. (2015). Developing an Organized Commodity Exchange in Ghana: Challenges and Economic Prospects. Journal of Economic ve Financial Studies, 3(2), 41-54. doi:10.18533/jefs.v3i02.155
  • NICHOLSON, W., ve SNYDER, C. (2008). Microeconomics Theory: Basic Principles And Extensions (10th ed.). Mason: Thomson South-Western.
  • OKKA, O., ve KAZAK, H. (2020). İslami Finansal Yönetim Sistem ve Uygulama (Konvansiyonel Finansla Mukayeseli). Ankara: Nobel Yayıncılık.
  • ÖZTOP, A. O., ve KUYU, E. (2020). Sosyo-Demografik Özelliklerin, Finansal Okuryazarlığın ve Moodun Finansal Risk Toleransı Üzerindeki Etkisi. İşletme Ekonomisi ve Finansı Dergisi, 9(3), 209-222. doi:10.17261/Pressacademia.2020.1297
  • PAUL, I. (2011). An Assessment Of The Opportunities And Challenges Of The Ethiopian Commodity Exchange. Journal Of Sustainable Development In Africa, 13(1), 44-59.
  • PENNINGS, J. M., ve MEULENBERG, M. (1999). The Financial Industry’s Challenge of Developing Commodity Derivatives. Office for Futures and Options Research (OFOR) at the University of Illinois at Urbana-Champaign, Working Paper 99-01, 1-28.
  • PRABA, S. (2016). Financial Risk Tolerance and The Influence of Socio-Demographic Characteristics Of Retail Investors. ISBR Management Journal, 1(1), 65-79.
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Details

Primary Language Turkish
Subjects Finance
Journal Section Research Articles
Authors

Abdullah Kılıçarslan 0000-0002-7251-9990

Osman Okka 0000-0002-7761-3951

Early Pub Date January 4, 2024
Publication Date December 31, 2023
Submission Date July 19, 2021
Published in Issue Year 2023 Volume: 4 Issue: 2

Cite

APA Kılıçarslan, A., & Okka, O. (2023). Türk Ticaret Borsalarında Finansal Risk Toleransı. İzmir Yönetim Dergisi, 4(2), 19-37.

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