Interactions of Financial Risk Tolerance, Internal Fit, External Fit and Personality Traits on Corporate Investment Behaviour

Öz

Explaining corporate investment behaviour (CIB) is crucial for companies, investors and policy makers. The relationship between financial risk taking and investment decision has been studied in detail on an individual level. However, an attempt to assess financial risk taking behaviour on an organizational level is not encountered in literature. This study fills the gap by attempting to measure corporate financial risk tolerance (CFRT) with data from 307 production companies and employs hypothesis testing as a confirmatory analysis in a theoretical framework from literature. The dynamics of Big 5 personality traits of owners/top management, such as openness, conscientiousness, extroversion, agreeableness, neuroticism, which is another area of interest in investment theory, is also included in the study. The models to test the hypotheses are proposed by using CFRT and Big 5 as independent variables to explain corporate investment behaviour (CIB). The results of this study indicate that Big 5 traits of top management are not significantly related with CIB, yet CFRT is. Subsequently items impacting CIB and financial risk tolerance identified from literature are classified as internal (IFFI) and external fit for investment (EFFI) and are incorporated as two composite moderating variables. As a result, the model fit improves with both IFFI and EFFI for CFRT, however for Big 5, only conscientiousness trait becomes significant in the moderation of EFFI.

Anahtar Kelimeler

• Corporate Investment Behavior
• Corporate Financial Risk Tolerance
• External Fit For Investment
• Internal Fit For Investment
• Personality Traits of Top Management

Kurumsal Yatırım Sürecinde Finansal Risk Toleransı, Dahili ve Harici Uygunluk ile Kişilik Etkileşimi

Öz

Kurumsal yatırım davranışını (KYD) açıklamak şirketler, yatırımcılar ve politika yapıcılar için çok önemlidir. Finansal risk alma ve yatırım kararı arasındaki ilişki, bireysel düzeyde ayrıntılı olarak incelenmiştir. Ancak finansal risk alma davranışını örgütsel düzeyde değerlendirme girişimine literatürde rastlanmamıştır. Bu çalışma, kurumsal finansal risk toleransını (KFRT), 307 üretim şirketinden alınan verilerle ölçmeye çalışarak boşluğu doldurmayı hedeflemektedir. Yatırım teorisinin bir diğer ilgi alanı olan beş faktör kişilik modeli dinamikleri de şirket sahiplerinin/üst yönetiminin açıklık, sorumluluk, dışadönüklük, uyumluluk, duygusal denge özellikleri şeklinde çalışmaya dahil edilmiştir. Hipotezleri test edecek modeller, kurumsal yatırım davranışını (KYD) bağımlı, KFRT ve beş faktör kişilik modeli özelliklerini bağımsız değişkenler olarak kullanarak önerilmiştir. Sonuçlarımız, üst yönetimin beş faktör kişilik modeli özelliklerinin KYD ile anlamlı bir ilişki içinde olmadığını, ancak KFRT'nin anlamlı bir şekilde KYD’yi açıkladığını göstermektedir. Takiben, şirketler için KYD'yi ve finansal risk tutumunu etkileyen öğeler dahili ve harici yatırıma uygunluk (YİDU, YİHU) olarak literatür üzerinden sınıflandırılmış ve iki kompozit düzenleyici değişken olarak modele eklenmiştir. Neticede, KFRT için hem YİDU hem de YİHU’nun eklenmesiyle model uyumluluğu artarken, beş faktör kişilik özellikleri için, YİHU'nun moderasyonunda sadece sorumluluk özelliği anlamlı hale gelmiştir.

Anahtar Kelimeler

• Kurumsal Yatırım Davranışı
• Kurumsal Finansal Risk Toleransı
• Yatırım İçin Dahili Uygunluk
• Yatırım İçin Harici Uygunluk
• Üst Yönetimin Kişilik Özellikleri

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