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THE EFFECTS OF RISK PROPENSITY ON FINANCIAL WELL-BEING: AN APPLICATION ON BANKING EMPLOYEES

Year 2018, Volume: 7 Issue: 1, 191 - 197, 01.09.2018
https://doi.org/10.17261/Pressacademia.2018.879

Abstract

Purpose- One of the most important factors affecting individuals’ financial well-being is the financial behaviors of individuals as mentioned in the related studies. The risk propensity is defined as the risk taking tendencies of indivudials in the literature. In the studies conducted, it is seen that as individuals prefer risky investment instruments, risk propensity increase; financialbehaviors affect financial well-being level, while rational financial behaviors increase one's level of financial well-being whereas mismanaged financial processes leave someone with short and long term problems. This study aims to determine the impact of risk propensity on financial well-being.

Methodology- A face-to-face survey was conducted with the employees of the banks located in the Gulf region of Balıkesir Province during the implementation phase of the workshop. The risk propensity scale from the study of Hunjra and Qureshi (2017) and the financial well-being scale developed by Norvilitis, Szablicki and Wilson (2003) used in this study. The data obtained from the questionnaire were subjected to statistical analysis and the results were interpreted.

Findings- A negative relationship between the risk propensity and the future financial situation expectation which is one of the sub-dimension of financial well-being, was determined in the study. A positive relationship between the present financial situation and the future financial situation expectation which are the sub-dimensions of financial well-being, was also detected. It has been determined that the risk propensity is negatively and low-level influencing the future financial condition expectation which is the sub-dimension of financial well-being.

Conclusion- As a result of the study, it was determined that the risk propensity has a negative and low-level effect on the future financial situation expectation dimension of financial well-being. This situation can be explained that the higher risk propensity increases financial expectations and in terms of future financial situation the individuals see inadequate themselves compared to the higher expectations formed, conversely with lower risk propensity individuals see adequate themselves in terms of future financial situation because of not the higher financial expectation.

References

  • Brüggen, E., Hogreve, J., Holmlu, M., Kabadayi, S., Löfgren, M. (2017). Financial well-being: a conceptualization and research agenda. Journal of Business Research, 79, 228-237.
  • Erdem, F. (2001). Girişimcilerde risk alma eğilimi ve belirsizliğe tolerans ilişkisine kültürel yaklaşım. Akdeniz University Faculty of Economics & Administrative Sciences Faculty Journal/Akdeniz Universitesi Iktisadi ve Idari Bilimler Fakultesi Dergisi, 1(2), 43-61.
  • Falahati, L., Paim, L. (2011). Gender differences in financial well-being among college students. Australian Journal of Basic and Applied Sciences, 5(9), 1765-1776.
  • Gaskin, J. (2018). Confirmatory factor analysis. Gaskination's StatWiki, http://statwiki.kolobkreations.com, (Erişim Tarihi: 15.05.2018)
  • Gutter, M., Fontes, A. (2006). Racial differences in risky asset ownership: a two-stage model of the investment decision-making process. Journal of Financial Counseling and Planning,, 17(2), 64-78.
  • Gutter, M., Copur, Z. (2011). Financial behaviors and financial well-being of college students: evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714.
  • Hair, J., Black, W., Babin, B., Anderson , R. (2010). Multivariate data analysis (7. baskı b.). Pearson.
  • Hunjra, A., Qureshi, Riaz, L. (2017). Psychological factors and investment decision making: a confirmatory factor analysis. Journal of Contemporary Management Sciences, 2(1), 65-82.
  • İslamoğlu, A. H., Alnıaçık, Ü. (2016). Sosyal bilimlerde araştırma yöntemleri. Genişletilmiş 5. Baskı, Beta Yayınevi.
  • Joo, S., Grable, J. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50.
  • Kim, J. (2000). The effects of workplace financial education on personal finances and work Unpublished doctoral dissertation. Virginia Polytechnic Institute and State: Blacksburg.
  • Kutbay, A., Özbek, V., Koç, F. (2017). Kişisel faktörler ve postmodern tüketim şekillerinin finansal iyi olma hali üzerindeki etkisi. In Proceedings of 2 nd International Conference on Scientific Cooperation for the Future in the Economics and Administrative Sciences , 262-273.
  • Linnas, A. (2012). Risk propensity of corporate financial executives: cross-country comparison. (Doctoral dissertation, Tartu Ülikool).
  • Malone, K., Stewart, S., Wilson, J., Korschi, P. (2010). Perceptions of financial well-being among American women in diverse families. Journal of Family and Economic Issues, 31(1), 63–81.
  • Norvilitis, J., Szablicki, B., Wilson, S. D. (2003). Factors influencing levels of credit-card debt in college students. Journal of Applied Social Psychology, 33(5), 935-94.
  • Nosic, A., Weber, M. (2007). Determinants of risk taking behavior: the role of risk attitudes, risk perceptions and beliefs. University at Mannheim, SFB 504,(07-56), 1-33.
  • Prawitz, A., Garman, E., Sorhaindo, B., O’Neill, B., Kim, J., Drentea, P. (2006). InCharge financial distress/ financial well-being scale: development, administration, and score interpretation. Financial Counseling and Planning, 17(1), 34-50.
  • Sabri, M., Falahati, L. (2012). Estimating a model of subjective financial well-being among college students. International Journal of Humanities and Social Science, 2(18), 191-199.
  • Saraç, M., Kahyaoğlu, M. (2011). Bireysel yatırımcıların risk alma eğilimine etki eden sosyo-ekonomik ve demografik faktörlerin analizi. Journal of BRSA Banking & Financial Markets, 5(2), 135- 157.
  • Shim, S., Xiao, J., Barber, B., Lyons, A. (2009). Pathways to life success: a conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723.
  • Sitkin, S., Pablo, A. (1992). Reconceptualizing the determinants of risk behavior. Academy of Management Review, 17(1), 9-38.
  • Stewart Jr, W., Roth, P. (2001). Risk propensity differences between entrepreneurs and managers: a meta-analytic review. Journal of Applied Psychology, 86(1), 145-153.
  • Taft, M., Hosein, Z., Mehrizi, S., Rosha, A. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11), 63-75.
  • TDK (2018). Genel Türkçe sözlük, Türk Dil Kurumu, http://www.tdk.gov.tr/index.php?option=com_gts, (Erişim Tarihi: 17.05.2018).
  • Vosloo, W., Fouche, J., Barnard, J. (2014). The relationship between financial efficacy, satisfaction with remuneration and personal financial well-being. International Business and Economics Research Journal, 13(6), 1455–1470.

RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA

Year 2018, Volume: 7 Issue: 1, 191 - 197, 01.09.2018
https://doi.org/10.17261/Pressacademia.2018.879

Abstract

Amaç- Bireylerin finansal iyi olma halini etkileyen en önemli faktörlerin başında bireylerin finansal davranışlarının yer aldığı, konu ile ilgili yapılan çalışmalarda belirtilmektedir. Risk eğilimi literatürde bireyin risk alma eğilimleri olarak tanımlanmıştır. Yapılan çalışmalarda, bireylerin riskli yatırım araçlarını tercih ettikçe risk eğilimlerinin arttığı, finansal davranış eğilimlerinin finansal iyi olma hali seviyesini etkileyeceği, rasyonel finansal davranışların kişinin finansal iyi olma hali seviyesini arttıracağı, buna karşın yanlış yönetilen finansal sürecin ise, kişiyi kısa ve uzun vadede sorunlarla karşı karşıya bırakacağı ileri sürülmektedir. Bu çalışma, risk eğiliminin finansal iyi olma üzerindeki etkisini tespit etme amacını taşımaktadır.

Yöntem- Çalışmanın uygulama aşamasında Balıkesir ilinin Körfez bölgesinde yer alan bankaların çalışanlarıyla yüz yüze anket çalışması yapılmıştır. Çalışmada Hunjra ve Qureshi (2017) ‘nin çalışmasından alınan risk eğilimi ölçeği ile Norvilitis, Szablicki ve Wilson (2003) tarafından geliştirilen finansal iyi olma hali ölçeği kullanılmıştır. Anket çalışmasından elde edilen veriler istatistiksel analizlere tabi tutulmuş ve sonuçlar yorumlanmıştır.

Bulgular- Çalışmada risk eğilimi ile finansal iyi olma halinin alt boyutlarından gelecekteki finansal durum beklentisi arasında negatif ilişki belirlenmiştir. Finansal iyi olma halinin alt boyutlarından mevcut finansal durum ile gelecekteki finansal durum beklentisi arasında ise pozitif ilişki tespit edilmiştir. Çalışmada risk eğiliminin finansal iyi olma halinin alt boyutlarından gelecekteki finansal durum beklentisi boyutu üzerinde negatif yönde ve düşük düzeyde etkili olduğu belirlenmiştir.

Sonuç- Çalışma sonucunda, risk eğiliminin finansal iyi olma halinin gelecekteki finansal durum beklentisi boyutu üzerinde negatif yönlü ve düşük düzeyde anlamlı bir etkisinin olduğu belirlenmiştir. Bu durum; risk eğilimi yükseldikçe finansal açıdan beklentilerin de artması ve göreceli olarak bu bireylerin yüksek beklentilerine kıyasla kendilerini gelecekteki finansal durum açıdan yetersiz görmesi, tersine risk eğilimi düşük bireylerin finansal açıdan da yüksek bir beklentide olmayarak kendilerini gelecekteki finansal durum açıdan yeterli görmesi şeklinde açıklanabilir.

References

  • Brüggen, E., Hogreve, J., Holmlu, M., Kabadayi, S., Löfgren, M. (2017). Financial well-being: a conceptualization and research agenda. Journal of Business Research, 79, 228-237.
  • Erdem, F. (2001). Girişimcilerde risk alma eğilimi ve belirsizliğe tolerans ilişkisine kültürel yaklaşım. Akdeniz University Faculty of Economics & Administrative Sciences Faculty Journal/Akdeniz Universitesi Iktisadi ve Idari Bilimler Fakultesi Dergisi, 1(2), 43-61.
  • Falahati, L., Paim, L. (2011). Gender differences in financial well-being among college students. Australian Journal of Basic and Applied Sciences, 5(9), 1765-1776.
  • Gaskin, J. (2018). Confirmatory factor analysis. Gaskination's StatWiki, http://statwiki.kolobkreations.com, (Erişim Tarihi: 15.05.2018)
  • Gutter, M., Fontes, A. (2006). Racial differences in risky asset ownership: a two-stage model of the investment decision-making process. Journal of Financial Counseling and Planning,, 17(2), 64-78.
  • Gutter, M., Copur, Z. (2011). Financial behaviors and financial well-being of college students: evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714.
  • Hair, J., Black, W., Babin, B., Anderson , R. (2010). Multivariate data analysis (7. baskı b.). Pearson.
  • Hunjra, A., Qureshi, Riaz, L. (2017). Psychological factors and investment decision making: a confirmatory factor analysis. Journal of Contemporary Management Sciences, 2(1), 65-82.
  • İslamoğlu, A. H., Alnıaçık, Ü. (2016). Sosyal bilimlerde araştırma yöntemleri. Genişletilmiş 5. Baskı, Beta Yayınevi.
  • Joo, S., Grable, J. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25(1), 25–50.
  • Kim, J. (2000). The effects of workplace financial education on personal finances and work Unpublished doctoral dissertation. Virginia Polytechnic Institute and State: Blacksburg.
  • Kutbay, A., Özbek, V., Koç, F. (2017). Kişisel faktörler ve postmodern tüketim şekillerinin finansal iyi olma hali üzerindeki etkisi. In Proceedings of 2 nd International Conference on Scientific Cooperation for the Future in the Economics and Administrative Sciences , 262-273.
  • Linnas, A. (2012). Risk propensity of corporate financial executives: cross-country comparison. (Doctoral dissertation, Tartu Ülikool).
  • Malone, K., Stewart, S., Wilson, J., Korschi, P. (2010). Perceptions of financial well-being among American women in diverse families. Journal of Family and Economic Issues, 31(1), 63–81.
  • Norvilitis, J., Szablicki, B., Wilson, S. D. (2003). Factors influencing levels of credit-card debt in college students. Journal of Applied Social Psychology, 33(5), 935-94.
  • Nosic, A., Weber, M. (2007). Determinants of risk taking behavior: the role of risk attitudes, risk perceptions and beliefs. University at Mannheim, SFB 504,(07-56), 1-33.
  • Prawitz, A., Garman, E., Sorhaindo, B., O’Neill, B., Kim, J., Drentea, P. (2006). InCharge financial distress/ financial well-being scale: development, administration, and score interpretation. Financial Counseling and Planning, 17(1), 34-50.
  • Sabri, M., Falahati, L. (2012). Estimating a model of subjective financial well-being among college students. International Journal of Humanities and Social Science, 2(18), 191-199.
  • Saraç, M., Kahyaoğlu, M. (2011). Bireysel yatırımcıların risk alma eğilimine etki eden sosyo-ekonomik ve demografik faktörlerin analizi. Journal of BRSA Banking & Financial Markets, 5(2), 135- 157.
  • Shim, S., Xiao, J., Barber, B., Lyons, A. (2009). Pathways to life success: a conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30(6), 708–723.
  • Sitkin, S., Pablo, A. (1992). Reconceptualizing the determinants of risk behavior. Academy of Management Review, 17(1), 9-38.
  • Stewart Jr, W., Roth, P. (2001). Risk propensity differences between entrepreneurs and managers: a meta-analytic review. Journal of Applied Psychology, 86(1), 145-153.
  • Taft, M., Hosein, Z., Mehrizi, S., Rosha, A. (2013). The relation between financial literacy, financial wellbeing and financial concerns. International Journal of Business and Management, 8(11), 63-75.
  • TDK (2018). Genel Türkçe sözlük, Türk Dil Kurumu, http://www.tdk.gov.tr/index.php?option=com_gts, (Erişim Tarihi: 17.05.2018).
  • Vosloo, W., Fouche, J., Barnard, J. (2014). The relationship between financial efficacy, satisfaction with remuneration and personal financial well-being. International Business and Economics Research Journal, 13(6), 1455–1470.
There are 25 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

İsmail Atabay This is me 0000-0001-8979-5548

Aysegul Yildirim Kutbay 0000-0002-3100-2928

Fatih Karakas This is me 0000-0002-7982-8454

Fatih Koc 0000-0002-4751-2340

Bayram Alamur This is me 0000-0002-1364-5604

Publication Date September 1, 2018
Published in Issue Year 2018 Volume: 7 Issue: 1

Cite

APA Atabay, İ., Kutbay, A. Y., Karakas, F., Koc, F., et al. (2018). RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA. PressAcademia Procedia, 7(1), 191-197. https://doi.org/10.17261/Pressacademia.2018.879
AMA Atabay İ, Kutbay AY, Karakas F, Koc F, Alamur B. RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA. PAP. September 2018;7(1):191-197. doi:10.17261/Pressacademia.2018.879
Chicago Atabay, İsmail, Aysegul Yildirim Kutbay, Fatih Karakas, Fatih Koc, and Bayram Alamur. “RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA”. PressAcademia Procedia 7, no. 1 (September 2018): 191-97. https://doi.org/10.17261/Pressacademia.2018.879.
EndNote Atabay İ, Kutbay AY, Karakas F, Koc F, Alamur B (September 1, 2018) RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA. PressAcademia Procedia 7 1 191–197.
IEEE İ. Atabay, A. Y. Kutbay, F. Karakas, F. Koc, and B. Alamur, “RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA”, PAP, vol. 7, no. 1, pp. 191–197, 2018, doi: 10.17261/Pressacademia.2018.879.
ISNAD Atabay, İsmail et al. “RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA”. PressAcademia Procedia 7/1 (September 2018), 191-197. https://doi.org/10.17261/Pressacademia.2018.879.
JAMA Atabay İ, Kutbay AY, Karakas F, Koc F, Alamur B. RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA. PAP. 2018;7:191–197.
MLA Atabay, İsmail et al. “RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA”. PressAcademia Procedia, vol. 7, no. 1, 2018, pp. 191-7, doi:10.17261/Pressacademia.2018.879.
Vancouver Atabay İ, Kutbay AY, Karakas F, Koc F, Alamur B. RİSK EĞİLİMİNİN FİNANSAL İYİ OLMA HALİ ÜZERİNDEKİ ETKİLERİ: BANKA ÇALIŞANLARI ÜZERİNDE BİR UYGULAMA. PAP. 2018;7(1):191-7.

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