Davranışsal önyargıların yatırım kararları üzerindeki etkileri: İstanbul borsasından kanıtlar

Year 2025, Volume: 15 Issue: 2, 948 - 960, 29.06.2025

Adem Özbek

https://doi.org/10.48146/odusobiad.1388180

Abstract

Makro veya mikro ölçekte verilen her yatırım kararı beraberinde kar elde etme isteğini taşımaktadır. Kar, sermayenin sürükleyicilik ve devamlılık rolünü üstlenmektedir. Bu rolün hayata geçmesinde bilgi önemli bir yere sahiptir. Finans literatürüne farklı bir pencere açan davranışsal finans alanı yatırımcıların finansal kararlarda tamamen rasyonel davranmadıklarını ileri sürmektedir. Davranışsal finans bilgiyi etkileyen bilinçaltı faktörlerin varlığından söz etmektedir. Çalışmada, Borsa İstanbul’da işlem yapan bireylerin yatırım kararlarını etkileyen davranışsal önyargı faktörlerinin belirlenmesi amaçlanmıştır. Kayıptan kaçınma, beklenti, kesinlik, sürü etkisi, sezgisel faktörler ve çapalama gibi rasyonel olmayan bilişsel unsurların bireylerin yatırım kararları üzerindeki etkileri araştırılmıştır. Yapılan analizlerde kesinlik, sürü davranışı, çapalama ve sezgisel faktörlerin verilen yatırım kararları üzerinde etkilerinin olduğu sonucu elde edilmiştir.

Keywords

Davranışsal Önyargı , Borsa , Yatırım

Ethical Statement

Bu çalışmanın, özgün bir çalışma olduğunu; çalışmanın hazırlık, veri toplama, analiz ve bilgilerin sunumu olmak üzere tüm aşamalarından bilimsel etik ilke ve kurallarına uygun davrandığımı; bu çalışma kapsamında elde edilmeyen tüm veri ve bilgiler için kaynak gösterdiğimi ve bu kaynaklara kaynakçada yer verdiğimi; kullanılan verilerde herhangi bir değişiklik yapmadığımı, çalışmanın Committee on Publication Ethics (COPE)' in tüm şartlarını ve koşullarını kabul ederek etik görev ve sorumluluklara riayet ettiğimi beyan ederim. Herhangi bir zamanda, çalışmayla ilgili yaptığım bu beyana aykırı bir durumun saptanması durumunda, ortaya çıkacak tüm ahlaki ve hukuki sonuçlara razı olduğumu bildiririm.

The effects of behavioral biases on investment decisions: The stock exchange İstanbul sample

Abstract

Every investment decision at the macro or micro scale carries with it the desire to make a profit. Profit assumes the driving and sustainability role of capital. Information assumes a crucial role in the realization of this role. The field of behavioral finance, which opens a different window to the finance literature, argues that investors do not act completely rationally in financial decisions. Behavioral finance argues that there are subconscious factors that affect information. This study aims to detect the behavioral bias factors influencing the investment decisions of individuals trading in Borsa Istanbul. The effects of non-rational cognitive factors such as loss aversion, expectation, precision, herd effect, heuristics and anchoring on individuals' investment decisions are investigated. The analysis revealed that precision, herd behavior, anchoring and heuristics factors have effects on investment decisions.

Keywords

BehavioralBias , Exchange , Investment

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