An Examination of Individual Investors' Investment Decisions from a Behavioral Finance Perspective

Yıl 2025, Cilt: 10 Sayı: 3, 969 - 993, 29.10.2025

Muhammed Fatih Yürük

https://doi.org/10.25229/beta.1643860

Öz

This study examines the investment decisions of 542 individual investors in Türkiye’s Southeastern Anatolia Region (Diyarbakır, Bingöl, Mardin) from a behavioral finance perspective. Data were collected through face-to-face interviews using a structured questionnaire, tailored to the region’s low literacy and limited digital access. The relationships between demographic factors (gender, marital status, age, occupation, income, education) and behavioral finance tendencies were analyzed using t-tests and ANOVA. No significant relationships were found for gender, marital status, age, occupation, or income, but education level significantly influenced behavioral finance tendencies (p=0.010), with high school graduates showing lower cognitive biases (e.g., overconfidence, loss aversion) than primary school graduates. Investors exhibited a conservative approach, favoring traditional instruments like gold (32.3%) and real estate (24.4%), reflecting cultural influences and risk aversion. These findings highlight education’s critical role in enhancing financial literacy and reducing biases in socio-economically disadvantaged regions, informing targeted financial education programs.

Anahtar Kelimeler

Behavioral Finance , Individual Investors , Cognitive Biases , Emotional Influences , Market Anomalies.

Bireysel Yatırımcıların Yatırım Kararlarının Davranışsal Finans Yönünden İncelenmesi

Öz

Bu çalışma, Türkiye’nin Güneydoğu Anadolu Bölgesi’nde (Diyarbakır, Bingöl, Mardin) yaşayan 542 bireysel yatırımcının yatırım kararlarını davranışsal finans perspektifinden incelemektedir. Veriler, bölgenin düşük okuryazarlık düzeyi ve sınırlı dijital erişimine uygun olarak yüz yüze görüşmelerle yapılandırılmış bir anket yoluyla toplanmıştır. Demografik faktörler (cinsiyet, medeni durum, yaş, meslek, gelir, eğitim) ile davranışsal finans eğilimleri arasındaki ilişkiler t-testleri ve ANOVA ile analiz edilmiştir. Cinsiyet, medeni durum, yaş, meslek ve gelir ile davranışsal finans eğilimleri arasında anlamlı bir ilişki bulunmamıştır. Ancak, eğitim düzeyi ile davranışsal finans eğilimleri arasında anlamlı bir ilişki ortaya çıkmıştır (p=0.010); post-hoc testler, lise mezunlarının ilkokul mezunlarına kıyasla aşırı güven ve kayıptan kaçınma gibi bilişsel önyargılara daha az eğilim gösterdiğini göstermiştir. Ayrıca, bölgedeki yatırımcıların muhafazakâr bir yaklaşım sergileyerek altın (%32,3) ve gayrimenkul (%24,4) gibi geleneksel araçları tercih ettiği, bu tercihin kültürel etkiler ve riskten kaçınma eğiliminden kaynaklandığı belirlenmiştir. Bu bulgular, sosyo-ekonomik olarak dezavantajlı bölgelerde finansal okuryazarlığın bilişsel önyargıları azaltmadaki kritik rolünü vurgular ve hedefe yönelik finansal eğitim programlarına yönelik içgörüler sunar.

Anahtar Kelimeler

Davranışsal Finans , Bireysel Yatırımcılar , Bilişsel Önyargılar , Duygusal Etkiler , Piyasa Anomalileri

Kaynakça

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