Measuring Behavioral Biases in SME Investment Decisions: A Scale Development Study

Abstract

This study aims to develop and validate a behavioral bias scale specifically designed to measure the cognitive and emotional biases influencing investment decisions among financial decision-makers in small and medium-sized enterprises (SMEs). The research identifies nine key biases that are likely to affect investment decisions: anchoring, loss aversion, self-control, regret aversion, endowment effect, status quo bias, conservatism, familiarity bias, and confirmation bias. The scale development process began with a comprehensive literature review and in-depth interviews with SME managers. Based on this, a draft scale consisting of 34 items was created and tested using data collected from 334 participants through Exploratory Factor Analysis (EFA). The results demonstrated high internal consistency and initial construct validity. After cleaning the dataset, Confirmatory Factor Analysis (CFA) was conducted with 279 participants, and the model fit indices were found to be within acceptable levels. As a result, the final scale, consisting of 33 items and 9 factors, was shown to be a valid and reliable instrument for measuring cognitive and emotional biases in the investment decisions of SME managers. This scale provides a solid foundation for further research in behavioral corporate finance and offers practical insights for reducing bias in real-world investment decisions. Key Words: Behavioral Biases, Behavioral Finance, Financial Decision-Making, Smes, Investment Decisions, Scale Development, Behavioral Corporate Finance JEL Classification: G40, G41, D81, L26, C38

Keywords

• Behavioral Biases
• Behavioral Finance
• Financial Decision-Making
• Smes
• Investment Decisions
• Scale Development
• Behavioral Corporate Finance

Davranışsal Ön Yargıların KOBİ Yatırım Kararlarına Etkisi: Bir Ölçek Geliştirme Çalışması

Abstract

Bu çalışma, küçük ve orta ölçekli işletmelerde (KOBİ) finansal karar alıcıların yatırım kararlarında etkili olan davranışsal ön yargıları ölçmek amacıyla özel bir ölçek geliştirmeyi ve geçerliliğini test etmeyi amaçlamaktadır. Araştırmada, yatırım kararlarını etkileyebileceği düşünülen dokuz temel ön yargı belirlenmiştir: çıpalama, kayıptan kaçınma, öz kontrol, pişmanlıktan kaçınma, sahiplik etkisi, statüko yanlılığı, muhafazakârlık, aşinalık yanlılığı ve doğrulama ön yargısı. Ölçek geliştirme süreci, literatür taraması ve KOBİ yöneticileriyle yapılan görüşmelerle başlamış, ardından oluşturulan 34 maddelik taslak ölçek, 334 kişiden toplanan verilerle keşfedici faktör analiziyle (KFA) test edilmiştir. Elde edilen sonuçlar, ölçeğin yüksek iç tutarlılık ve geçerlilik taşıdığını göstermiştir. Verilerin temizlenmesinin ardından 279 katılımcıyla doğrulayıcı faktör analizi (DFA) gerçekleştirilmiş ve modelin uyum düzeyi uygun bulunmuştur. Sonuç olarak, geliştirilen 33 maddelik ve 9 faktörlü bu ölçek, KOBİ yöneticilerinin yatırım kararlarında ortaya çıkan bilişsel ve duygusal ön yargıları ölçmek için geçerli ve güvenilir bir araç olarak kullanılabilecektir. Bu ölçek, davranışsal kurumsal finans araştırmaları için sağlam bir temel sunarken, pratikte de yatırım kararlarında ön yargıların azaltılmasına katkı sağlayabilecek uygulamalara ışık tutacaktır. Anahtar Kelimeler: Davranışsal Ön Yargılar, Davranışsal Finans, Finansal Karar Alma, KOBİ, Yatırım Kararları, Ölçek Geliştirme, Davranışsal Kurumsal Finans JEL Sınıflandırması: G40, G41, D81, L26, C38

Keywords

• finansal karar alma
• kobi
• yatırım kararları
• ölçek geliştirme
• davranışsal kurumsal finans
• davranışsal finans
• davranışsal ön yargılar

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