Araştırma Makalesi
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FARKLI DEMOGRAFİK PROFİLLERDEKİ KADINLARIN YATIRIM KARARLARINA İLİŞKİN FİNANSAL RİSK ALGILARININ İNCELENMESİ

Yıl 2018, Cilt: 5 Sayı: 3, 705 - 724, 27.12.2018
https://doi.org/10.30798/makuiibf.414065

Öz

Literatürde, finansal kararlarda önemli
rol oynayan finansal risk toleransının kadınlarda daha düşük olmasının,
verdikleri yatırım kararlarına da yansıdığı yapılan çalışmalarda
vurgulanmıştır. Yatırım kararı verirken, kadınların erkeklere kıyasla daha yüksek
risk algısına sahip olmalarından dolayı, geleceğe yönelik adımlarında daha
ihtiyatlı davrandıkları ve dolayısıyla daha az getiri elde edecek olmalarına
rağmen, daha az risk içeren yatırım araçlarını tercih ettikleri görülmektedir.
Kadın yatırımcıların risk algısının, erkeklerden yüksek olduğu görüşü ve bu
konudaki çalışmaların bulguları dikkate aldığımızda, kadın yatırımcılar
açısından risk algısına etki eden faktörlerin detaylı şekilde incelenmesi
gerektiği anlaşılmaktadır. Çalışma, yatırımın riskine ilişkin mevcut
uyaranların kadınlar tarafından, bulundukları durum ve çeşitli faktörlerin de
etkisiyle farklı algılanabileceğini, dolayısıyla farklı yorumlanabileceğini ve
bunun sonucunda kadınları farklı yatırım davranışlarına yönlendirebileceğine
odaklanmaktadır. Bu doğrultuda araştırmanın amacı; farklı demografik
profillerdeki kadınların yatırım kararlarına ilişkin finansal risk algılarının,
katılımcıların kendilerini özgürce ifade edebilmelerine imkân veren odak grup
görüşmesiyle incelenerek ortaya konulmasıdır. Çalışmada nitel araştırma
tekniklerinden durum deseni kullanılmıştır. Örneklem, belirli gelir düzeyinde
olan, ancak farklı demografik özelliklere sahip ve yatırım yapan altı kadın
yatırımcıdan oluşmaktadır. Çalışmanın sonucunda; finansal risk algılarını en
çok etkileyen etmenlerin sosyo-ekonomik ve demografik özellikler ile insan
sermayesi ve bilgi düzeyi temalarının altında yer alan gelir düzeyi, finansal
okuryazarlık düzeyi, yetiştirilme tarzı ve pişmanlıktan kaçınmanın olduğu
anlaşılmıştır.

Kaynakça

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  • Anbar, A., ve Eker, M. (2009), Bireysel Yatırımcıların Finansal Risk Algılamalarını Etkileyen Demografik ve Sosyoekonomik Faktörler, ZKU Journal of Social Sciences, 5(9): 129–150.
  • Arano, K., Parker, C., ve Terry, R. (2010), Gender-Based Risk Aversion and Retirement Asset Allocation, Economic Inquiry, 48(1): 147–155.
  • Awais, M., Laber, M. F., Rasheed, N., ve Khursheed, A. (2016), Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from Pakistan, International Journal of Economics and Financial Issues, 6(1): 73–79.
  • Baker, H. K., ve Nofsinger, J. R. (2002), Psychological Biases of Investors, Financial Services Review, 11(2): 97–116.
  • Balhara, Y. S., Verma, R., ve Gupta, C. (2012), Gender Differences in Stress Response: Role of Developmental and Biological Determinants, Industrial Psychiatry Journal, 20(1): 4.
  • Bannier, C. E., ve Neubert, M. (2016), Gender Differences in Financial Risk Taking: The Role of Financial Literacy and Risk Tolerance, Economics Letters, 145: 130–135.
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ANALYSIS OF FINANCIAL RISK PERCEPTIONS ON INVESTMENT DECISIONS OF WOMEN WITH DIFFERENT DEMOGRAPHIC PROFILES

Yıl 2018, Cilt: 5 Sayı: 3, 705 - 724, 27.12.2018
https://doi.org/10.30798/makuiibf.414065

Öz

In the
literature, it is emphasized in the studies that women’s low level of financial
risk tolerance, which plays an important role in financial decisions, reflects
in their investment decisions. While making investment decision, due to the
fact that women have higher level of financial risk perception than men, it
seems that they prefer to invest carefully and in investment instruments with
less risk although they will get less return. When we consider the opinion that
risk perception of female investors is higher than that of male investors and
the findings of the studies on this topic, it is understood that the factors
affecting risk perception should be examined in detail for female investors. This
study focuses on the fact that current stimuli on investment risk can be
perceived differently by women, by their condition and by the influence of
various factors, so that they can be interpreted differently and consequently
lead women to different investment behaviors. Accordingly, the purpose of the
research is that the financial risk perceptions of investment decisions of
women in different demographic profiles are examined through a focus group
interview that allows participants to express themselves comfortably. The
sample consists of six female investors who have a certain level of income but
have different demographic characteristics and investing. At the end of the
study, it has been understood that the factors that most affect financial risk
perceptions are the level of income, financial literacy, upbringing style, and
regret that are under the socio-economic and demographic characteristics and
human capital and knowledge level themes.

Kaynakça

  • Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., ve Evanoff, D. D. (2015), Financial Literacy and Financial Planning: Evidence from India, Journal of Housing Economics, 27: 4–21.
  • Ali, I., ve Waheed, M. S. (2013), Determinants of Small Equity Investor's Risk Assumption Attitude, 2nd International Conference on Humanities, Economics and Geography (ICHEG’2013), Haziran 17-18, London.
  • Almenberg, J., ve Dreber, A. (2015), Gender, Stock Market Participation and Financial Literacy, Economics Letters, 137: 140–142.
  • Alpay, E. E., Yavuz, M., ve Kahyaoğlu, M. B. (2015), Gelir Durumunun Risk Algısına Etki Eden Diğer Sosyo-Ekonomik ve Demografik Faktörler Üzerindeki Etkisi, Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 16(1): 205–226.
  • Anbar, A., ve Eker, M. (2009), Bireysel Yatırımcıların Finansal Risk Algılamalarını Etkileyen Demografik ve Sosyoekonomik Faktörler, ZKU Journal of Social Sciences, 5(9): 129–150.
  • Arano, K., Parker, C., ve Terry, R. (2010), Gender-Based Risk Aversion and Retirement Asset Allocation, Economic Inquiry, 48(1): 147–155.
  • Awais, M., Laber, M. F., Rasheed, N., ve Khursheed, A. (2016), Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from Pakistan, International Journal of Economics and Financial Issues, 6(1): 73–79.
  • Baker, H. K., ve Nofsinger, J. R. (2002), Psychological Biases of Investors, Financial Services Review, 11(2): 97–116.
  • Balhara, Y. S., Verma, R., ve Gupta, C. (2012), Gender Differences in Stress Response: Role of Developmental and Biological Determinants, Industrial Psychiatry Journal, 20(1): 4.
  • Bannier, C. E., ve Neubert, M. (2016), Gender Differences in Financial Risk Taking: The Role of Financial Literacy and Risk Tolerance, Economics Letters, 145: 130–135.
  • Barber, B. M., ve Odean, T. (2000), The Courage of Misguided Convictions: The Trading Behavior of Individual Investors, SSRN Electronic Journal: 41–55.
  • Barber, B. M., ve Odean, T. (2001), Boys will be Boys: Gender, Overconfidence, and Common Stock Investment, The Quarterly Journal of Economics, 116(1): 261–292.
  • Baş, T., ve Akturan, U. (2017) Sosyal Bilimlerde Bilgisayar Destekli Nitel Araştırma Yöntemleri, Ankara: Seçkin Yayınevi.
  • Bayazıt Hayta, A. (2014), Bireysel Yatırımcıların Finansal Risk Algısına Etki Eden Psikolojik Önyargılar, Türkiye Sosyal Araştırmalar Dergisi, 18(3): 329–352.
  • Beckmann, D., ve Menkhoff, L. (2008), Will Women Be Women? Analyzing the Gender Difference Among Financial Experts, Kyklos, 61(3): 364–384.
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  • Hallahan, T., Faff, R., ve McKenzie, M. (2003), An Exploratory İnvestigation Of The Relation Between Risk Tolerance Scores And Demographic Characteristics, Journal of Multinational Financial Management, 13(4–5): 483–502.
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  • Hawley, C. B., ve Fujii, E. T. (1993), An Empirical Analysis of Preferences for Financial Risk: Further Evidence on the Friedman–Savage Model, Journal of Post Keynesian Economics, 16(2): 197–204.
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  • Irandoust, M. (2017), Factors Associated With Financial Risk Tolerance Based On Proportional Odds Model: Evidence From Sweden, Journal of Financial Counseling and Planning, 28(1): 155–164.
  • Isidore, R. (2017), Review of the Influence of Investor Personality (The Big 5 Model) on Investor Behavior, International Journal of Research in Finance and Marketing, 7(7): 23–32.
  • Jamshidinavid, B., Chavoshani, M., ve Amiri, S. (2012), The Impact of Demographic and Psychological Characteristics on the Investment Prejudices in Tehran Stock, European Journal of Business and Social Sciences, 1(5): 41–53.
  • Jianakoplos, N. A., ve Bernasek, A. (1998), Are Women More Risk Averse?, Economic Inquiry, 36(4): 620–630.
  • Kahyaoğlu, M. B. (2011), Yatırım Kararlarına Etki Eden Çeşitli Duygusal ve Psikolojik Faktörlere Maruz Kalma Düzeyi Üzerinde Cinsiyetin Rolü: İMKB Bireysel Hisse Senedi Yatırımcıları Üzerine Bir Uygulama, Ekonomik ve Sosyal Araştırmalar Dergisi, 7(1): 29–51.
  • Kahyaoğlu, M. B., ve Ülkü, S. (2012), Temsililik Hevristikinin Algılanan Risk Üzerindeki Etkisi : İMKB Bireysel Hisse Senedi Yatırımcıları Üzerine Bir Uygulama, International Journal of Alanya Faculty of Business, 4(1): 53–59.
  • Kannadhasan, M., Aramvalarthan, S., Mitra, S. K., ve Goyal, V. (2016), Relationship between Biopsychosocial Factors and Financial Risk Tolerance: An Empirical Study, Vikalpa, 41(2): 117–131.
  • Kitzinger, J. (1994), The Methodology Of Focus Groups: The İmportance Of İnteraction Between Research Participants, Sociology of Health and Illness, 16(1): 103–121.
  • Kumar, M. D., Kambuaya, M., Jamil, F., ve Muneer, S. (2015), Determinants of the Risk Tolerance of Individual Investors, International Journal of Economics and Financial Issues, 5(Special Issue): 373–378.
  • Kübilay, B., ve Bayrakdaroğlu, A. (2017), Finansta Psikososyal Boyut: Yatırım Psikolojisi ve Sosyolojik Faktörler Açısından Bir İnceleme, Ankara: Detay Yayıncılık.
  • Küçüksille, E. (2004), Optimal Portföy Oluşturmaya Davranışsal Bir Yaklaşım, Basılmamış Yüksek Lisans Tezi, Isparta, Süleyman Demirel Üniversitesi Sosyal Bilimler Enstitüsü.
  • Lemaster, P., ve Strough, J. (2014), Beyond Mars and Venus: Understanding Gender Differences in Financial Risk Tolerance, Journal of Economic Psychology, 42: 148–160.
  • Lin, H. (2011), Elucidating the Influence of Demographics and Psychological Traits on Investment Biases, World Academy of Science, Engineering and Technology, 5(5): 145–150.
  • Lin, H. (2012), How Herding Bias could be derived from Individual Investor Types and Risk Tolerance ?, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 6(6): 1395–1400.
  • Lo, A. W., Repin, D. V, ve Steenbarger, B. N. (2005), Fear and Greed in Financial Markets: A Clinical Study of Day-Traders, American Economic Review, 95(2): 352–359.
  • Lommen, M. J. J., Engelhard, I. M., ve van den Hout, M. A. (2010), Neuroticism and Avoidance of Ambiguous Stimuli: Better Safe Than Sorry?, Personality and Individual Differences, 49(8): 1001–1006.
  • Lusardi, A. (2015), Financial Literacy: Do People Know the ABCs of Finance?, Public Understanding of Science, 24(3): 260–271.
  • Mayfield, C., Perdue, G., ve Wooten, K. (2008), Investment Management and Personality Type, Financial Services Review, 17: 219–236.
  • Moreschi, R. W. (2005), An Analysis Of The Ability Of Individuals To Predict Their Own Risk Tolerance, Journal of Business ve Economics Research, 3(2): 39–48.
  • Muzindutsi, P.-F., ve Ramudzuli, P. M. (2015), Financial Knowledge And Subjective Financial Risk Tolerance Among Students At A South African University, Risk Governance and Control: Financial Markets ve Institutions, 5(3): 180–185.
  • Neelekantan, U. (2010), Estimation and Impact of Gender Differences in Risk Tolerance, Economic Inquiry, 48(1): 228–233.
  • Nguyen, L., Gallery, G., ve Newton, C. (2017), The Joint Influence Of Financial Risk Perception And Risk Tolerance On Individual İnvestment Decision-Making, Accounting ve Finance.
  • Nicholson, N., Soane, E., Fenton‐O’Creevy, M., ve Willman, P. (2005), Personality and Domain‐Specific Risk Taking, Journal of Risk Research, 8(2): 157–176.
  • Niszczota, P. (2014), Neuroticism, Uncertainty, and Foreign Investment, SSRN Electronic Journal.
  • Oehler, A., Wendt, S., Wedlich, F., ve Horn, M. (2017), Investors’ Personality Influences Investment Decisions: Experimental Evidence on Extraversion and Neuroticism, Journal of Behavioral Finance, 7560(September): 1–19.
  • Olsen, R. A., ve Cox, C. M. (2001), The Influence of Gender on the Perception and Response to Investment Risk: The Case of Professional Investors, Journal of Psychology and Financial Markets, 2(1): 29–36.
  • Öncü, M. A., ve Özevin, O. (2017), Kadınların Yatırım Alışkanlıklarının Davranışsal Finans Açısından Değerlendirilmesi, Elektronik Sosyal Bilimler Dergisi, 16(61): 583–601.
  • Paradi, J. C., Sherman, H. D., ve Tam, F. K. (2018), Financial Services Beyond Banking: Risk Tolerance Measures for Portfolio Investors, Springer, Cham.
  • Patton, M. Q. (1990), Qualitative Evaluation and Research Methods, CA: Sage Publications.
  • Peñaranda, F. (2016), Understanding Portfolio Efficiency with Conditioning Information, Journal of Financial and Quantitative Analysis, 51(3): 985–1011.
  • Pompian, M. M., ve Longo, J. M. (2004), A New Paradigm for Practical Application of Behavioral Finance, The Journal of Wealth Management, 7(2): 9–15.
  • Powell, M., ve Ansic, D. (1997), Gender Differences in Risk Behaviour in Financial Decision-Making: An Experimental Analysis, Journal of Economic Psychology, 18(6): 605–628.
  • Prinz, S., Gründer, G., Hilgers, R. D., Holtemöller, O., ve Vernaleken, I. (2014), Impact of Personal Economic Environment and Personality Factors on Individual Financial Decision Making, Frontiers in Psychology, 5(MAR): 1–11.
  • Rau, H. A. (2014), The Disposition Effect and Loss Aversion: Do Gender Differences Matter, Economics Letters, 123(1): 33–36.
  • Ricciardi, V., ve Simon, H. K. (2000), What is behavioral finance?, Business, Education and Technology, (Fall): 1–12.
  • Roszkowski, M. J., ve Grable, J. E. (2010), Gender Differences in Personal Income and Financial Risk Tolerance: How Much of a Connection?, The Career Development Quarterly, 58(3): 270–275.
  • Sachse, K., Jungermann, H., ve Belting, J. M. (2012), Investment Risk – The Perspective of Individual Investors, Journal of Economic Psychology, 33(3): 437–447.
  • Sadi, R., Asl, H. G., Rostami, M. R., Gholipour, A., ve Gholipour, F. (2011), Behavioral Finance: The Explanation of Investors’ Personality and Perceptual Biases Effects on Financial Decisions, International Journal of Economics and Finance, 3(5): 234–241.
  • Saraç, M., ve Kahyaoğlu, M. B. (2011), Bireysel Yatırımcıların Risk Alma Eğilimine Etki Eden Sosyo-Ekonomik ve Demografik Faktörlerin Analizi, BDDK Bankacılık ve Finansal Piyasalar, 5(2): 135–157.
  • Schubert, R., Brown, M., Gysler, M., ve Brachinger, H. W. (1999), Financial Decision-Making: Are Women Really More Risk Averse?, American Economic Review, 89(2): 381–385.
  • Seetharaman, A., Niranjan, I., Patwa, N., ve Kejriwal, A. (2017), A Study of the Factors Affecting the Choice of Investment Portfolio by Individual Investors in Singapore, Accounting and Finance Research, 6(3): 153.
  • Sefil, S., ve Çilingiroğlu, H. (2011), Davranışsal Finansın Temelleri: Karar Vermenin Bilişsel Ve Duygusal Eğilimleri, İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 10(19): 247–268.
  • Shah, S. Z. A., Ahmad, M., ve Mahmood, F. (2018), Heuristic Biases in Investment Decision-Making and Perceived Market Efficiency, Qualitative Research in Financial Markets, 10(1): 85–110.
  • Sridhar, S., Shetty, S., ve K.B., K. (2015), Personality and Investment Decision Making of Individuals, Finance India (Indian Institute of Finance), 29(4): 1213–1235.
  • Şimşek, H., ve Yıldırım, A. (2016), Sosyal Bilimlerde Nitel Araştırma Yöntemleri, Ankara: Seçkin Yayınevi.
  • Thanki, H. (2015), Risk Tolerance Dependent on What ? Demographics or Personality Type : Findings from an Empirical Research, Journal of Marketing and Consumer Research, 6: 48–56.
  • Thomas, T. C., ve Rajendran, G. (2012), BB & K Five-way Model and Investment Behavior of Individual Investors : Evidence from India, International Journal of Economics and Management, 6(1): 115–127.
  • Tversky, A., ve Kahneman, D. (1973), Availability: A Heuristic for Judging Frequency and Probability, Cognitive Psychology, 5(2): 207–232.
  • Tversky, A., ve Kahneman, D. (1974), Judgment under Uncertainty: Heuristics and Biases, Science, 185(4157): 1124–1131.
  • Van de Venter, G., Michayluk, D., ve Davey, G. (2012), A Longitudinal Study of Financial Risk Tolerance, Journal of Economic Psychology, 33(4): 794–800.
  • Venter, G. V. (2006), Financial Planners’ Perceptions of Risk Tolerance, The 2006 Financial Management Association’s (FMA) Annual Conference,Utah
  • Watson, J., ve McNaughton, M. (2007), Gender Differences in Risk Aversion and Expected Retirement Benefits, Financial Analysts Journal, 63(4): 52–62.
  • Yao, R., ve Hanna, S. D. (2005), The Effect of Gender and Marital Status on Financial Risk Tolerance, Journal of Personal Finance, 4(1): 66–85.
Toplam 105 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Araştırma Makaleleri
Yazarlar

Ali Bayrakdaroğlu 0000-0002-1165-5884

Ezgi Kuyu 0000-0001-7737-6389

Yayımlanma Tarihi 27 Aralık 2018
Gönderilme Tarihi 10 Nisan 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 5 Sayı: 3

Kaynak Göster

APA Bayrakdaroğlu, A., & Kuyu, E. (2018). FARKLI DEMOGRAFİK PROFİLLERDEKİ KADINLARIN YATIRIM KARARLARINA İLİŞKİN FİNANSAL RİSK ALGILARININ İNCELENMESİ. Mehmet Akif Ersoy Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 5(3), 705-724. https://doi.org/10.30798/makuiibf.414065