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Katılım Bankası Müşterileri ile Konvansiyonel Banka Müşterilerinin Risk Toleransları ve Yatırım Kararlarının Karşılaştırılması

Year 2022, , 150 - 158, 17.10.2022
https://doi.org/10.30976/susead.1167436

Abstract

Bu çalışma, katılım ve geleneksel banka müşterilerinin finansal risk toleranslarının yapısını ve risk algılarını incelemektedir. Katılım bankası müşterilerinin demografik özellikleri ile genel risk algısı ve finansal risk algısı arasındaki ilişkiyi ortaya koymaktadır. Sonuçlarımız, geleneksel banka müşterilerinin hem genel risk toleransında hem de finansal risk toleransında daha yüksek bir ortalamaya sahip olduğunu göstermektedir. Bu da katılım bankası müşterilerinin daha fazla riskten kaçındığı anlamına gelmektedir. Ancak katılma hesabının temelinde kar-zarar paylaşımı yani risk paylaşımı yer alır. Bu nedenle katılma hesabı sahiplerinin daha fazla risk alan yatırımcılar olması beklenmektedir. Sonuçlar tam tersini göstermekte ve müşteri portföylerinin mudaraba ve muşaraka gibi daha riskli ürünlere yatırım yapmaya hazır olmadığını iddia eden katılım bankalarının yönetici ve çalışanlarını desteklemektedir.

References

  • Arano, K., Parker, C., & Terry, R. (2010). Gender-Based Risk Aversion and Retirement Asset Allocation. Economic Inquiry, 48(1), 147–155. https://doi.org/10.1111/j.1465-7295.2008.00201.x
  • Asutay, M. (2012). Conceptualising and locating the social failure of Islamic Finance: aspirations of Islamic moral economy vs. the realities of Islamic finance. Asian and African Area Studies, 11(2), 93–113.
  • Aysan, A. F., Disli, M., Duygun, M., & Ozturk, H. (2018). Religiosity versus rationality: Depositor behavior in Islamic and conventional banks. Journal of Comparative Economics, 46(1), 1–19. https://doi.org/10.1016/j.jce.2017.03.001
  • Berkelaar, A. B., Kouwenberg, R., & Post, T. (2004). Optimal Portfolio Choice under Loss Aversion. The Review of Economics and Statistics, 86(4), 973–987.
  • Charness, G., & Gneezy, U. (2012). Strong Evidence for Gender Differences in Risk Taking. Journal of Economic Behavior & Organization, 83(1), 50–58. https://doi.org/10.1016/j.jebo.2011.06.007
  • Dimmock, S. G., & Kouwenberg, R. (2010). Loss-aversion and household portfolio choice. Journal of Empirical Finance, 17(3), 441–459. https://doi.org/10.1016/j.jempfin.2009.11.005
  • Grable, J. E. (2000). Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money. Journal of Business and Psychology, 14, 625–630. https://doi.org/doi.org/10.1023/A:1022994314982
  • Grable, J. E., & Lytton, R. H. (1998). Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors. Journal of Financial Counseling and Planning, 9(1), 61–74.
  • Haliassos, M., & Bertaut, C. C. (1995). Why do so Few Hold Stocks? The Economic Journal, 105(432), 1110. https://doi.org/10.2307/2235407
  • Khan, F. (2010). How “Islamic” is Islamic Banking? Journal of Economic Behavior and Organization, 76(3), 805–820. https://doi.org/10.1016/j.jebo.2010.09.015
  • Kwon, K.-N., & Lee, J. (2009). The effects of reference point, knowledge, and risk propensity on the evaluation of financial products. Journal of Business Research, 62(7), 719–725. https://doi.org/10.1016/j.jbusres.2008.07.002
  • Lestari, I. P., Ginanjar, W., & Warokka, A. (2021). Multidimensional Risk and Religiosity Towards Indonesian Muslims’ Sharia Investment Decision. Journal of Islamic Monetary Economics and Finance, 7(2), 369–400. https://doi.org/10.21098/jimf.v7i2.1321
  • Lippi, A., & Rossi, S. (2020). Run for the hills: Italian investors’ risk appetite before and during the financial crisis. International Journal of Bank Marketing, 38(5), 1195–1213. https://doi.org/10.1108/IJBM-02-2020-0058
  • Mishra, S., & Mishra, M. (2014). Financial Risk Tolerance: A Literature Review. Siddhant- A Journal of Decision Making, 14(1), 10. https://doi.org/10.5958/j.2231-0657.14.1.002
  • Noviarini, J., Coleman, A., Roberts, H., & Whiting, R. H. (2021). Financial literacy, debt, risk tolerance and retirement preparedness: Evidence from New Zealand. Pacific-Basin Finance Journal, 68, 101598. https://doi.org/10.1016/j.pacfin.2021.101598
  • Qambar, R. S. O. (2020). An Exploratory Study of Risk Perception and Consumer Decision Making in Islamic Banking Products in UAE. Cardiff Metropolitan University.
  • Saputra, S. E., Natassia, R., & Utami, H. Y. (2020). The Effect of Religiosity Moderation with Loss Aversion on the Investment Decision of Personal Investors Kind of Stock Security in Padang City. Andalas Management Review, 4(1), 40–55.
  • Thanki, H., & Baser, N. (2021). Determinants of Financial Risk Tolerance (FRT): An Empirical Investigation. The Journal of Wealth Management, 24(2), 48–64. https://doi.org/10.3905/jwm.2021.1.144
  • TKBB. (2020). Sektör Mukayese Raporu. https://tkbb.org.tr/veri/sektormukayese
  • Wang, H. N., & Hanna, S. D. (1998). Does Risk Tolerance Decrease With Age? SSRN Electronic Journal, 8(2). https://doi.org/10.2139/ssrn.95489
  • Yao, Z., & Rabbani, A. G. (2021). Association between investment risk tolerance and portfolio risk: The role of confidence level. Journal of Behavioral and Experimental Finance, 30, 100482. https://doi.org/10.1016/j.jbef.2021.100482
  • Zakir Hossain, M. (2009). Why is interest prohibited in Islam? A statistical justification. Humanomics, 25(4), 241–253. https://doi.org/10.1108/08288660910997610
  • Zaman, N., & Asutay, M. (2009). Divergence between Aspirations and Realities of Islamic Economics: A Political Economy Approach to Bridging the Divide. IIUM Journal of Economics & Management, 17(1), 73–96.

Comparison of Risk Tolerances and Investment Decisions of Participation Bank Customers and Conventional Bank Customers

Year 2022, , 150 - 158, 17.10.2022
https://doi.org/10.30976/susead.1167436

Abstract

This study investigates the structure of financial risk tolerances and risk perceptions of participation and conventional bank customers. Our results show that conventional bank clients have a higher average in both overall risk tolerance and financial risk tolerance. This means that participation bank clients are more risk-averse. However, the basis of the participation account includes profit-loss sharing, namely, risk sharing. Therefore, participation account holders were expected to be more risk-taking investors. The results show the opposite and support the managers and employees of participation banks who claim that their customer portfolios are not ready to invest in riskier products such as mudaraba and musharakah.

References

  • Arano, K., Parker, C., & Terry, R. (2010). Gender-Based Risk Aversion and Retirement Asset Allocation. Economic Inquiry, 48(1), 147–155. https://doi.org/10.1111/j.1465-7295.2008.00201.x
  • Asutay, M. (2012). Conceptualising and locating the social failure of Islamic Finance: aspirations of Islamic moral economy vs. the realities of Islamic finance. Asian and African Area Studies, 11(2), 93–113.
  • Aysan, A. F., Disli, M., Duygun, M., & Ozturk, H. (2018). Religiosity versus rationality: Depositor behavior in Islamic and conventional banks. Journal of Comparative Economics, 46(1), 1–19. https://doi.org/10.1016/j.jce.2017.03.001
  • Berkelaar, A. B., Kouwenberg, R., & Post, T. (2004). Optimal Portfolio Choice under Loss Aversion. The Review of Economics and Statistics, 86(4), 973–987.
  • Charness, G., & Gneezy, U. (2012). Strong Evidence for Gender Differences in Risk Taking. Journal of Economic Behavior & Organization, 83(1), 50–58. https://doi.org/10.1016/j.jebo.2011.06.007
  • Dimmock, S. G., & Kouwenberg, R. (2010). Loss-aversion and household portfolio choice. Journal of Empirical Finance, 17(3), 441–459. https://doi.org/10.1016/j.jempfin.2009.11.005
  • Grable, J. E. (2000). Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money. Journal of Business and Psychology, 14, 625–630. https://doi.org/doi.org/10.1023/A:1022994314982
  • Grable, J. E., & Lytton, R. H. (1998). Investor risk tolerance: Testing the efficacy of demographics as differentiating and classifying factors. Journal of Financial Counseling and Planning, 9(1), 61–74.
  • Haliassos, M., & Bertaut, C. C. (1995). Why do so Few Hold Stocks? The Economic Journal, 105(432), 1110. https://doi.org/10.2307/2235407
  • Khan, F. (2010). How “Islamic” is Islamic Banking? Journal of Economic Behavior and Organization, 76(3), 805–820. https://doi.org/10.1016/j.jebo.2010.09.015
  • Kwon, K.-N., & Lee, J. (2009). The effects of reference point, knowledge, and risk propensity on the evaluation of financial products. Journal of Business Research, 62(7), 719–725. https://doi.org/10.1016/j.jbusres.2008.07.002
  • Lestari, I. P., Ginanjar, W., & Warokka, A. (2021). Multidimensional Risk and Religiosity Towards Indonesian Muslims’ Sharia Investment Decision. Journal of Islamic Monetary Economics and Finance, 7(2), 369–400. https://doi.org/10.21098/jimf.v7i2.1321
  • Lippi, A., & Rossi, S. (2020). Run for the hills: Italian investors’ risk appetite before and during the financial crisis. International Journal of Bank Marketing, 38(5), 1195–1213. https://doi.org/10.1108/IJBM-02-2020-0058
  • Mishra, S., & Mishra, M. (2014). Financial Risk Tolerance: A Literature Review. Siddhant- A Journal of Decision Making, 14(1), 10. https://doi.org/10.5958/j.2231-0657.14.1.002
  • Noviarini, J., Coleman, A., Roberts, H., & Whiting, R. H. (2021). Financial literacy, debt, risk tolerance and retirement preparedness: Evidence from New Zealand. Pacific-Basin Finance Journal, 68, 101598. https://doi.org/10.1016/j.pacfin.2021.101598
  • Qambar, R. S. O. (2020). An Exploratory Study of Risk Perception and Consumer Decision Making in Islamic Banking Products in UAE. Cardiff Metropolitan University.
  • Saputra, S. E., Natassia, R., & Utami, H. Y. (2020). The Effect of Religiosity Moderation with Loss Aversion on the Investment Decision of Personal Investors Kind of Stock Security in Padang City. Andalas Management Review, 4(1), 40–55.
  • Thanki, H., & Baser, N. (2021). Determinants of Financial Risk Tolerance (FRT): An Empirical Investigation. The Journal of Wealth Management, 24(2), 48–64. https://doi.org/10.3905/jwm.2021.1.144
  • TKBB. (2020). Sektör Mukayese Raporu. https://tkbb.org.tr/veri/sektormukayese
  • Wang, H. N., & Hanna, S. D. (1998). Does Risk Tolerance Decrease With Age? SSRN Electronic Journal, 8(2). https://doi.org/10.2139/ssrn.95489
  • Yao, Z., & Rabbani, A. G. (2021). Association between investment risk tolerance and portfolio risk: The role of confidence level. Journal of Behavioral and Experimental Finance, 30, 100482. https://doi.org/10.1016/j.jbef.2021.100482
  • Zakir Hossain, M. (2009). Why is interest prohibited in Islam? A statistical justification. Humanomics, 25(4), 241–253. https://doi.org/10.1108/08288660910997610
  • Zaman, N., & Asutay, M. (2009). Divergence between Aspirations and Realities of Islamic Economics: A Political Economy Approach to Bridging the Divide. IIUM Journal of Economics & Management, 17(1), 73–96.
There are 23 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Mervan Selçuk 0000-0001-8384-373X

Salih Ülev 0000-0002-0653-6821

Hüseyin Burgazoğlu 0000-0001-8504-1853

Publication Date October 17, 2022
Submission Date August 26, 2022
Acceptance Date October 15, 2022
Published in Issue Year 2022

Cite

APA Selçuk, M., Ülev, S., & Burgazoğlu, H. (2022). Comparison of Risk Tolerances and Investment Decisions of Participation Bank Customers and Conventional Bank Customers. Sosyal Ekonomik Araştırmalar Dergisi, 22(2), 150-158. https://doi.org/10.30976/susead.1167436