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A Study on The Factors Influencing Individual Retirement Fund Choices

Year 2015, Issue: 103, 21 - 50, 30.04.2015
https://doi.org/10.33203/mfy.307217

Abstract

This study aims to identify factors having impact on
retirement fund choices and to establish guiding elements for financial
advisors. For this purpose, the conveniently chosen sample was employed. Discriminant
analysis shows that age, education and risk taking behavior are relatively
important to fund choice and presents a function predicting which fund individuals
could select according to these mentioned factors. Additionally, ANOVA shows that
certain aspects of risk perception vary according to fund type.

References

  • Acar, F. 2002. Duygusal zekâ ve liderlik. Sosyal Bilimler Enstitüsü Dergisi. 12: 53-68.
  • Altıntaş, K. M. 2009. Belirlenmiş katkı esaslı emeklilik planlarında finansal eğitimin önemi: katılımcıların finansal okuryazarlığı çerçevesinde alternatif bir yatırım eğitimi modeli. ZKÜ Sosyal Bilimler Dergisi. 5 (9): 151-176.
  • Ameriks, J., T. Wranik, Salovey, P. 2009. Emotional intelligence and investor behavior, Research Foundation of CFA Institute Monograph. pp.100-104.
  • Arano, K., C. Parker, Terry, R. 2010. Gender-based risk aversion and retirement asset allocation. Economic Inquiry. 48 (1): 147-155.
  • Barak, O. 2008. Davranışsal Finans (1.Basım) Ankara: Gazi Kitabevi.
  • Batool, B. F. 2013. Emotional intelligence and effective leadership. Journal of Business Studies Quarterly. 4 (3): 84-94.
  • Bayer, P. J., B. D. Bernheim, Scholz, J. K. 1996. The effects of financial education in the workplace: evidence from a survey of employers. NBER Working Paper Series. 5655.
  • Camgöz, S. M., M.B. Karan, Ergeneli, A. 2011. Relationship between the big five personality and the financial performance of fund managers. Current Topics in Management, 15: 137-152.
  • Clark, G.L., K. Strauss. 2008. Individual pension-related risk propensities: the effects of socio-demographic characteristics and a spousal pension entitlement on risk attitudes. Ageing and Society, 28 (6): 847-874.
  • Doğan, S., Ö. Demiral. 2007. Kurumların başarısında duygusal zekanın rolü ve önemi, Yönetim ve Ekonomi. 14 (1): 209-230.
  • Dulebohn, J.H. 2002. An investigation of the determinants of investment risk behavior in employer-sponsored retirement plans. Journal of Management. 28 (1): 3-26.
  • Dvorak, T., H. Hanley. 2010. Financial literacy and the design of retirement plans. The Journal of Socio-Economics. 39: 645-652.
  • Ergin, D.Y., M.B. Özgürol. 2011. Bilimsel tutum ve duygusal zekâ arasındaki ilişki. 2nd. International Conference on New Trends in Education and Their Implications, 27-29 April 2011, Antalya-Turkey.
  • Ezadinea, N., S. Fathi, Salami, S. 2011. The effect of emotional ıntelligence on protfolio performance of stakeholders: empirical evidence from iran. Interdisciplinary Journal of Contemporary Research in Business, 3 (5): 679-685.
  • Gibson, R., D. Michayluk, Venter, G.V. 2013. Financial risk tolerance: an analysis of unexplored factors. Financial Services Review. 22 (1): 23-50.
  • Grable, J. E., M. J., Roszkowski. 2007. Self-assessments of risk tolerance by women and men. Psychological Report. 100: 795-802.
  • Gündüz, B. 2013. Emotional intelligence, cognitive flexibility and psychological symptoms in pre-service teachers. Academic Journals, 8 (13): 1048-1056.
  • Hilgerth, M.A., J.M. Hogarth, Beverly, S.G. 2003 July. Household financial management: the connection between knowledge and behavior. Federal Reserve Bulletin. 89: 309-322. Howard, J. A. 2012. Behavioral finance: contributions of cognitive psychology and neuroscience to decision making. Journal of Organizational Psychology. 12(2): 52-70.
  • Humphrey, N., A. Curran, Morris, E., Farrell, P., Woods, K. 2007. Emotional intelligence and education: a critical review. Educational Psychology. Vol. 27 (2): 235-254. Jorfi, S. H., S. S. Jorfi, Moghadam, S. S. K. 2010. Impact of emotional intelligence on performance of employees. Postmodern Openings. 1 (4): 63-74.
  • Kamalian, A., N. Yaghoubi, Poori, M. 2011. Emotional intelligence and corporate entrepreneurship: an empirical study. Journal of Basic and Applied Scientific Research, 1 (6): 471-478.
  • Kavcar, B. 2011. Duygusal zekâ ile akademik başarı ve bazı demografik değişkenlerin ilişkileri: bir devlet üniversitesi örneği, Doktora Tezi, Ankara Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı.
  • Kidwell, B., D. M. Hardesty, Childers, T. L. 2008. Consumer emotional intelligence: conceptualization, measurement, and the prediction of consumer decision making. Journal of Consumer Research, 35 (1): 154-166.
  • Köksal, A., A.E.İ. Gazioğlu. 2007. Ergenlerde duygusal zekâ ile karar verme stratejileri arasındaki ilişki. Hasan Ali Yücel Eğitim Fakültesi Dergisi, 7 (1):133-146.
  • Law, K., C. Wong, Huang, G., Li, X. 2008. The effect of emotional ıntelligence on job performance and life satisfaction for the research and development scientists in china, Asia Pasific Journal of Management, 25: 51-69.
  • Lusardi, A., O. S. Mitchell. 2007a. Baby boomer retirement security: the roles of planning, financial literacy and housing wealth. Journal of Monetary Economics. 54: 205-224.
  • Lusardi, A., O. S. Mitchell. 2007b. Financial literacy and retirement preparedness: evidence and implications for financial education. Business Economics, 42 (1): 35-44.
  • Lusardi, A., O. S. Mitchell. 2008. Planning and financial literacy: how do women fare? NBER Working Paper Series. 13750.
  • Lusardi, A., Tufano P. 2008. Debt literacy, financial experience and overindebtedness. NBER Working Paper Series. 14808.
  • Mayfield, C., G. Perdue, Wooten, K. 2008. Investment management and personality type. Financial Services Review. 17: 219-236. Millar, M., D. Devonish. 2009. Attitudes, savings choices, level of knowledge and investment preferences of employees toward pensions and retirement planning: survey evidence from barbados. Pensions. 14 (4): 299–317.
  • Nakip, M. 2006. Pazarlama Araştırmaları Teknikler ve (SPSS Teknikli) Uygulamalar (Genişletilmiş 2. Basım) Ankara: Seçkin Yayınları.
  • Nicholson, N., E. Soane, Fenton-O’Creevy, M., Willman, P. 2005. Personality and domain-specific risk taking. journal of risk research, 8(2): 157-176.
  • Peggs, K. 2000. Which pension?: women, risk and pension choice.The Sociological Review, 48 (3): 349-364.
  • Rana, H.M., J. Khan, Baig, A. A. 2014. Information searches as a mediator between ıncome and risky decision-making behavior and ınfluence of education on risky decision-making behavior: a study from pakistan. The Business & Management Review. 4 (3), 81-93.
  • Rooij, M. C. J., A. Lusardi, Alessie, R. J. M. 2011a. Financial literacy and retirement planning in the netherlands. Journal of Economic Psychology. 32: 593-608.
  • Rooij, M. C. J., A. Lusardi, Alessie, R. J. M. 2012. Financial literacy, retirement planning and household wealth. The Economic Journal. 122: 449-478.
  • Rooij, M.V., A. Lusardi, Alessie, R. 2011b. Financial literacy and stock market participation. Journal of Financial Economics. 101: 449-472.
  • Rosete, D., J. Ciarrochi. 2005. Emotional intelligence and its relationship to workplace performance outcomes of leadership effectiveness. Leadership & Organization Development Journal. 26 (5/6): 388-399.
  • Şahin, Ş., H. Rittersberger-Tılıç, Elveren, A. Y. 2010. The individual pension system in turkey: a gendered perspective. Ekonomik Yaklaşım. 21 (77): 115-142.
  • Salovey, P., J.D. Mayer. 1990. Emotional intelligence, Imagination, Cognition and Personality, 9: 185-211. Schutte, N.S., J.M. Malouff, Hall, L.E., Haggerty, D.J., Cooper, J.T., Golden, C.J., Dornheim, L. 1998. Development and validation of a measure of emotional intelligence. Personality and Individual Differences. 25: 167-177. Sjöberg, L., E. Engelberg. 2009. Attitudes to economic risk taking, sensation seeking and values of business students specializing in finance. Journal of Behavioral Finance. 10 (1): 33-
  • Sosic, J. J., L.E. Megerian. 1999. Understanding leader emotional intelligence and performance the role of self-other agreement on transformation leadership perceptions. Group Organization Management. 24 (3): 367-390. Speelman, C. P., M. Clark-Murphy, Gerrans, P. 2013. Decision making clusters in retirement savings: gender differences dominate. Journal of Family and Economic Issues. 34 (3): 329–339.
  • Swanson, A. C., R. Braidfoot. 2013. An assessment of emotional intelligence understanding in the field of financial planning. Global Conference on Business and Finance Proceedings, 8 (2): 41-50.
  • Uygur, E. 2012. Türkiye'de tasarrufların seyri ve etkileyen bazı unsurlar. Türkiye Ekonomi Kurumu Tartışma Metni. 2012/108.
  • Watson, J., M. McKnaughton. 2007. Gender differences in risk aversion and expected retirement benefits, Financial Analysts Journal, 63 (4): 52-62.
  • Yeniçeri, T. 2005. Tüketicilerin mağaza imajı algılamaları ve sosyo-demografik özelliklerinin alışveriş tutarları itibariyle karşılaştırılması. İktisadi ve İdari Bilimler Dergisi. 19 (2): 373-393.
  • Yeşilyaprak, B. 2001. Duygusal zeka ve eğitim açısından doğurguları, Kuram ve Uygulamada Eğitim Yönetimi. 25: 139-146.
  • Yilmazer T., A. C. Lyons. 2010. Marriage and the allocation of assets in women’s defined contribution plans. Journal of Family and Economic Issues. 31: 121–137.
  • Yip, J. A., S. Côté, 2012. The emotionally intelligent decision maker: emotion-understanding ability reduces the effect of incidental anxiety on risk taking. Psychological Science. 6: 1-8.

Bireysel Emeklilik Fon Tercihlerini Etkileyen Unsurlar Üzerine Bir Çalışma

Year 2015, Issue: 103, 21 - 50, 30.04.2015
https://doi.org/10.33203/mfy.307217

Abstract

Bu çalışmanın amacı, bireysel emeklilik fon tercihlerini
etkileyen değişkenleri ve finansal danışmanlara tavsiyede bulunurken rehberlik
edecek unsurları belirlemektir. Bunun için kolayda örnekleme yöntemiyle bireysel
emeklilik sistemine katılmış bireylerden oluşan örneklem kullanılmıştır. Diskriminant
analiziyle yaş, eğitim ve risk alma davranışının fon tercihinde görece yüksek öneme
sahip olduğu tespit edilmiş, bireylerin seçeceği fon türünü tahminleyen bir
fonksiyon hesaplanmıştır. Ayrıca, risk algısının değişip değişmediği ANOVA ile
araştırılmış, fon türüne göre risk algısının bazı boyutlarında değişiklik
olduğu tespit edilmiştir.

References

  • Acar, F. 2002. Duygusal zekâ ve liderlik. Sosyal Bilimler Enstitüsü Dergisi. 12: 53-68.
  • Altıntaş, K. M. 2009. Belirlenmiş katkı esaslı emeklilik planlarında finansal eğitimin önemi: katılımcıların finansal okuryazarlığı çerçevesinde alternatif bir yatırım eğitimi modeli. ZKÜ Sosyal Bilimler Dergisi. 5 (9): 151-176.
  • Ameriks, J., T. Wranik, Salovey, P. 2009. Emotional intelligence and investor behavior, Research Foundation of CFA Institute Monograph. pp.100-104.
  • Arano, K., C. Parker, Terry, R. 2010. Gender-based risk aversion and retirement asset allocation. Economic Inquiry. 48 (1): 147-155.
  • Barak, O. 2008. Davranışsal Finans (1.Basım) Ankara: Gazi Kitabevi.
  • Batool, B. F. 2013. Emotional intelligence and effective leadership. Journal of Business Studies Quarterly. 4 (3): 84-94.
  • Bayer, P. J., B. D. Bernheim, Scholz, J. K. 1996. The effects of financial education in the workplace: evidence from a survey of employers. NBER Working Paper Series. 5655.
  • Camgöz, S. M., M.B. Karan, Ergeneli, A. 2011. Relationship between the big five personality and the financial performance of fund managers. Current Topics in Management, 15: 137-152.
  • Clark, G.L., K. Strauss. 2008. Individual pension-related risk propensities: the effects of socio-demographic characteristics and a spousal pension entitlement on risk attitudes. Ageing and Society, 28 (6): 847-874.
  • Doğan, S., Ö. Demiral. 2007. Kurumların başarısında duygusal zekanın rolü ve önemi, Yönetim ve Ekonomi. 14 (1): 209-230.
  • Dulebohn, J.H. 2002. An investigation of the determinants of investment risk behavior in employer-sponsored retirement plans. Journal of Management. 28 (1): 3-26.
  • Dvorak, T., H. Hanley. 2010. Financial literacy and the design of retirement plans. The Journal of Socio-Economics. 39: 645-652.
  • Ergin, D.Y., M.B. Özgürol. 2011. Bilimsel tutum ve duygusal zekâ arasındaki ilişki. 2nd. International Conference on New Trends in Education and Their Implications, 27-29 April 2011, Antalya-Turkey.
  • Ezadinea, N., S. Fathi, Salami, S. 2011. The effect of emotional ıntelligence on protfolio performance of stakeholders: empirical evidence from iran. Interdisciplinary Journal of Contemporary Research in Business, 3 (5): 679-685.
  • Gibson, R., D. Michayluk, Venter, G.V. 2013. Financial risk tolerance: an analysis of unexplored factors. Financial Services Review. 22 (1): 23-50.
  • Grable, J. E., M. J., Roszkowski. 2007. Self-assessments of risk tolerance by women and men. Psychological Report. 100: 795-802.
  • Gündüz, B. 2013. Emotional intelligence, cognitive flexibility and psychological symptoms in pre-service teachers. Academic Journals, 8 (13): 1048-1056.
  • Hilgerth, M.A., J.M. Hogarth, Beverly, S.G. 2003 July. Household financial management: the connection between knowledge and behavior. Federal Reserve Bulletin. 89: 309-322. Howard, J. A. 2012. Behavioral finance: contributions of cognitive psychology and neuroscience to decision making. Journal of Organizational Psychology. 12(2): 52-70.
  • Humphrey, N., A. Curran, Morris, E., Farrell, P., Woods, K. 2007. Emotional intelligence and education: a critical review. Educational Psychology. Vol. 27 (2): 235-254. Jorfi, S. H., S. S. Jorfi, Moghadam, S. S. K. 2010. Impact of emotional intelligence on performance of employees. Postmodern Openings. 1 (4): 63-74.
  • Kamalian, A., N. Yaghoubi, Poori, M. 2011. Emotional intelligence and corporate entrepreneurship: an empirical study. Journal of Basic and Applied Scientific Research, 1 (6): 471-478.
  • Kavcar, B. 2011. Duygusal zekâ ile akademik başarı ve bazı demografik değişkenlerin ilişkileri: bir devlet üniversitesi örneği, Doktora Tezi, Ankara Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı.
  • Kidwell, B., D. M. Hardesty, Childers, T. L. 2008. Consumer emotional intelligence: conceptualization, measurement, and the prediction of consumer decision making. Journal of Consumer Research, 35 (1): 154-166.
  • Köksal, A., A.E.İ. Gazioğlu. 2007. Ergenlerde duygusal zekâ ile karar verme stratejileri arasındaki ilişki. Hasan Ali Yücel Eğitim Fakültesi Dergisi, 7 (1):133-146.
  • Law, K., C. Wong, Huang, G., Li, X. 2008. The effect of emotional ıntelligence on job performance and life satisfaction for the research and development scientists in china, Asia Pasific Journal of Management, 25: 51-69.
  • Lusardi, A., O. S. Mitchell. 2007a. Baby boomer retirement security: the roles of planning, financial literacy and housing wealth. Journal of Monetary Economics. 54: 205-224.
  • Lusardi, A., O. S. Mitchell. 2007b. Financial literacy and retirement preparedness: evidence and implications for financial education. Business Economics, 42 (1): 35-44.
  • Lusardi, A., O. S. Mitchell. 2008. Planning and financial literacy: how do women fare? NBER Working Paper Series. 13750.
  • Lusardi, A., Tufano P. 2008. Debt literacy, financial experience and overindebtedness. NBER Working Paper Series. 14808.
  • Mayfield, C., G. Perdue, Wooten, K. 2008. Investment management and personality type. Financial Services Review. 17: 219-236. Millar, M., D. Devonish. 2009. Attitudes, savings choices, level of knowledge and investment preferences of employees toward pensions and retirement planning: survey evidence from barbados. Pensions. 14 (4): 299–317.
  • Nakip, M. 2006. Pazarlama Araştırmaları Teknikler ve (SPSS Teknikli) Uygulamalar (Genişletilmiş 2. Basım) Ankara: Seçkin Yayınları.
  • Nicholson, N., E. Soane, Fenton-O’Creevy, M., Willman, P. 2005. Personality and domain-specific risk taking. journal of risk research, 8(2): 157-176.
  • Peggs, K. 2000. Which pension?: women, risk and pension choice.The Sociological Review, 48 (3): 349-364.
  • Rana, H.M., J. Khan, Baig, A. A. 2014. Information searches as a mediator between ıncome and risky decision-making behavior and ınfluence of education on risky decision-making behavior: a study from pakistan. The Business & Management Review. 4 (3), 81-93.
  • Rooij, M. C. J., A. Lusardi, Alessie, R. J. M. 2011a. Financial literacy and retirement planning in the netherlands. Journal of Economic Psychology. 32: 593-608.
  • Rooij, M. C. J., A. Lusardi, Alessie, R. J. M. 2012. Financial literacy, retirement planning and household wealth. The Economic Journal. 122: 449-478.
  • Rooij, M.V., A. Lusardi, Alessie, R. 2011b. Financial literacy and stock market participation. Journal of Financial Economics. 101: 449-472.
  • Rosete, D., J. Ciarrochi. 2005. Emotional intelligence and its relationship to workplace performance outcomes of leadership effectiveness. Leadership & Organization Development Journal. 26 (5/6): 388-399.
  • Şahin, Ş., H. Rittersberger-Tılıç, Elveren, A. Y. 2010. The individual pension system in turkey: a gendered perspective. Ekonomik Yaklaşım. 21 (77): 115-142.
  • Salovey, P., J.D. Mayer. 1990. Emotional intelligence, Imagination, Cognition and Personality, 9: 185-211. Schutte, N.S., J.M. Malouff, Hall, L.E., Haggerty, D.J., Cooper, J.T., Golden, C.J., Dornheim, L. 1998. Development and validation of a measure of emotional intelligence. Personality and Individual Differences. 25: 167-177. Sjöberg, L., E. Engelberg. 2009. Attitudes to economic risk taking, sensation seeking and values of business students specializing in finance. Journal of Behavioral Finance. 10 (1): 33-
  • Sosic, J. J., L.E. Megerian. 1999. Understanding leader emotional intelligence and performance the role of self-other agreement on transformation leadership perceptions. Group Organization Management. 24 (3): 367-390. Speelman, C. P., M. Clark-Murphy, Gerrans, P. 2013. Decision making clusters in retirement savings: gender differences dominate. Journal of Family and Economic Issues. 34 (3): 329–339.
  • Swanson, A. C., R. Braidfoot. 2013. An assessment of emotional intelligence understanding in the field of financial planning. Global Conference on Business and Finance Proceedings, 8 (2): 41-50.
  • Uygur, E. 2012. Türkiye'de tasarrufların seyri ve etkileyen bazı unsurlar. Türkiye Ekonomi Kurumu Tartışma Metni. 2012/108.
  • Watson, J., M. McKnaughton. 2007. Gender differences in risk aversion and expected retirement benefits, Financial Analysts Journal, 63 (4): 52-62.
  • Yeniçeri, T. 2005. Tüketicilerin mağaza imajı algılamaları ve sosyo-demografik özelliklerinin alışveriş tutarları itibariyle karşılaştırılması. İktisadi ve İdari Bilimler Dergisi. 19 (2): 373-393.
  • Yeşilyaprak, B. 2001. Duygusal zeka ve eğitim açısından doğurguları, Kuram ve Uygulamada Eğitim Yönetimi. 25: 139-146.
  • Yilmazer T., A. C. Lyons. 2010. Marriage and the allocation of assets in women’s defined contribution plans. Journal of Family and Economic Issues. 31: 121–137.
  • Yip, J. A., S. Côté, 2012. The emotionally intelligent decision maker: emotion-understanding ability reduces the effect of incidental anxiety on risk taking. Psychological Science. 6: 1-8.
There are 47 citations in total.

Details

Journal Section Articles
Authors

Selim Aren

Sibel Dinç Aydemir This is me

Arzu Rahime Uçar This is me

Publication Date April 30, 2015
Submission Date April 19, 2017
Published in Issue Year 2015 Issue: 103

Cite

APA Aren, S., Dinç Aydemir, S., & Uçar, A. R. (2015). Bireysel Emeklilik Fon Tercihlerini Etkileyen Unsurlar Üzerine Bir Çalışma. Maliye Ve Finans Yazıları, 1(103), 21-50. https://doi.org/10.33203/mfy.307217
  • The journal specializes in all the fields of finance and banking.