The Relationship between Risk Tolerance and Overconfidence in Investors

Year 2021, Volume: 18 Issue: 42, 5398 - 5424, 13.10.2021

Yasemin Kuyucular Durmuş Sezer

https://doi.org/10.26466/opus.928314

Abstract

It is an undeniable fact that many factors affect investment decisions in financial markets and because of this decision-making becomes more difficult. In general, the reasons that make decision-making difficult may be divided into two; the reasons originating from the investor himself and the others that are not originating from investor himself. The personal characteristics and the behaviours of individual investors are the most important factors that affecting the investment decision. The aim of this study is to determine the risk tolerance levels of individual investors and clearify the relations between the concept of overconfidence which effects risk tolerance levels. In this context, risk tolerance and overconfidence behavior of individual investors in Turkey have been investigated in detail. In the scope of this study, a survey has been conducted to 520 individual investors which are resident in İstanbul, Ankara and İzmir. According to analysis results, a meaningful relation is found between overconfidence and risk tolerance of investors. According to this, risk tolerance levels rise as the overconfidence level rises. Further in the study, risk tolerance is divided into components. The findings show that, there is a meaningful relation between overconfidence, investment and financial risks of investors, but none in between speculative risk and overconfidence.

Keywords

Behavioral Finance, Financial Decision Making, Investor Psychology, Risk Tolerance, Overconfidence

Yatırımcılarda Risk Toleransı ve Aşırı Güven Arasındaki İlişki

Abstract

Finansal piyasalarda yatırım kararlarını birçok faktörün etkilediği ve karar almayı zorlaştırdığı yadsınamaz bir gerçektir. Karar almayı zorlaştıran sebepler; yatırımcının kendisinden kaynaklı ve kendisi dışındaki sebepler olmak üzere temelde ikiye ayrılabilir. Bireysel yatırımcıların kişisel özellikleri ve davranışları yatırım kararını etkileyen en önemli unsurlardandır. Bu çalışmanın amacı; bireysel yatırımcıların risk tolerans düzeylerini saptamak ve risk tolerans düzeylerine etki eden aşırı güven kavramı ile aralarındaki ilişkiyi incelemektir. Bu bağlamda, çalışmada Türkiye’deki bireysel yatırımcıların risk toleransları ve aşırı güven davranışları detaylı olarak araştırılmıştır. Çalışma kapsamında; İstanbul, Ankara ve İzmir illerinde ikamet eden 520 bireysel yatırımcıya anket uygulanmıştır. Analiz sonucuna göre yatırımcıların aşırı güvenleri ile risk toleransları arasında anlamlı bir ilişki bulunmuştur. Buna göre, aşırı güven düzeyi yükseldikçe risk tolerans düzeyi de yükselmektedir. Çalışmanın devamında risk toleransı, bileşenlerine ayrılmıştır. Bulgulara göre, yatırımcıların aşırı güvenleri ile yatırım riskleri ve finansal riskleri arasında anlamlı bir ilişkiye rastlanırken, spekülatif risk ile aşırı güven arasında anlamlı bir ilişkiye rastlanmamıştır.

Keywords

Davranışsal Finans, Finansal Karar Alma, Yatırımcı Psikolojisi, Risk Toleransı, Aşırı Güven

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