A SWARA APPROACH FOR INVESTIGATING THE RISK AND INFOR-MATION PREFERENCES OF USERS OF FINANCIAL INFORMATION WHILE FORMING DECISIONS

Yıl 2020, , 376 - 395, 31.12.2020

Melissa N. Cagle , Kevser Yılmaz Aşkın Özdağoğlu

https://doi.org/10.14514/byk.m.26515393.2020.8/2.376-395

Öz

Although the selection of accounting information sources has been investigated across finan-cial information user groups, few studies have explored the risk tolerance behavior of inves-tors and its influence on source selection. This is unfortunate as it is notably acknowledged that risk tolerance level plays an important role in the decision-making behavior of an indi-vidual. This study makes use of the Step-Wise Weight Assessment Ratio Analysis (SWARA) approach, one of the newest criteria weight assessment method proposed for multi-criteria decision making. Twenty-four information sources (such as; financial reports, profit an-nouncements, company presentations and CSR reports etc.) usage are evaluated under SWARA. The sample is divided into; risk averse, neutral and seeking investors. The results of the study indicate that information source selection differs between risk groups.

Anahtar Kelimeler

Users of Financial Information, Risk Tolerance, SWARA, Decision Making, Accounting Information

KARAR VERMEDE YATIRIMCILARIN RİSK TOLERANS SEVİYELERİ VE FİNANSAL BİLGİ TERCİHİNİN SWARA İLE ANALİZİ

Öz

Muhasebe bilgi kaynaklarının seçimi, finansal bilgi kullanıcı grupları arasında araştırılmış olmasına rağmen, çok az sayıda çalışma yatırımcıların risk toleransı davranışını ve kaynak seçimine etkisini incelemiştir. Risk toleransı seviyesinin bir bireyin karar verme davranışında önemli bir rol oynadığı düşünüldüğünde, bu konuda bu kadar az çalışma olması literatürdeki boşluğu göstermektedir. Bu çalışmada, çok kriterli karar verme için önerilen, en yeni ağırlık değerlendirme yönteminden biri olan Kademeli Ağırlık Değerlendirme Oran Analizi (SWARA) yaklaşımını kullanmaktadır. Yirmi dört farklı bilgi kaynağının kullanımı (örneğin; finansal raporlar, kar duyuruları, şirket sunumları ve KSS raporları... vb.) SWARA yöntemiyle değer-lendirilmiştir. Çalışmanın örneklemi üç gruba ayrılmıştır, bunlar; riskten kaçan, risk nötr ve risk sevendir. Çalışmanın sonuçları, bilgi kaynağı seçiminin risk grupları arasında farklılık gösterdiğini ortaya koymuştur.

Anahtar Kelimeler

Finansal Bilgi Kullanıcıları, Risk Tolerans Seviyesi, SWARA, Karar Alımı, Muhasebe Bilgisi

Kaynakça

• Ajzen, I. (1991), The Theory of Planned Behavior, Organizational Behavior and Human Decision Processes, 50 (2), 179-211.
• Ajzen, I. and Fishbein, M. (2000), Attitudes and the Attitude-Behavior Relation: Reasoned and Automatic Processes, European Review of Social Psychology, 11 (1), 1-33.
• Balsarı, Ç., Dalkılıç, F.and Cagle, M.(2016), Evaluation of Corporate Websites Under A Pub-lic Disclosure and Transparency Platform, Muhasebe Bilim Dünyası Dergisi, 56 (1), 537-554.
• Barber, B. (2008), All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, Review of Financial Studies, 21 (2), 785-818.
• Bayramoğlu, E. (2019), Ölümlülük Manipülasyonunun, Bağlanma Türlerinin ve Karanlık Üçlü Kişilik Özelliklerinin Risk Alma Davranışına Etkisi, http://openaccess.maltepe.edu.tr/xmlui/bitstream/handle/20.500.12415/493/10254881.pdf.pdf?sequence=1&isAllowed=y (Erişim: 02.10.2003)
• Bence, D., Hapeshi, K., and Hussey, R.(1995), Examining Investment Information Sources for Sophisticated Investors Using Cluster Analysis, Accounting and Business Re-search, 26 (1), 19-26.
• Blais, A.and Weber, E. (2006), A Domain-Specific Risk-Taking (DOSPERT) Scale for Adult Populations, Judgment and Decision Making, 1 (1), 33-47.
• Borg, W. and Gall, M. (1979), An Introduction to Educational Research, New York: Long-man.
• Briciu S. (2006), Management Accounting. Theoretical and Practical Aspects, Bucharest: Economica.
• Byard, D. and Shaw, K. (2003), Corporate Disclosure Quality and Properties of Analysts' In-formation Environment, Journal of Accounting, Auditing & Finance, 18 (3), 355-378.
• Cai, Q. and Yang, K.(2013), Who is Catching at Shadows? Institutional Investors vs Securities Analyst: An Empirical Study Based on the Information Preferences of Informed In-vestors of A-share, Journal of Financial Research, 6 (1), 193-206.
• Cardona, O.; van Aalst, Maarten K.; Birkmann, J.; Fordham, M., McGregor, G., Perez, R., Pulwarty, R. S., Schipper, E. Lisa F. and Bach T. (2012), Determinants of risk: expo-sure and vulnerability, U.K.: Cambridge University Press.
• Child, D. (1990), The Essentials of Factor Analysis. London: Cassell Educational.
• Çinar, Y. (2013), Kariyer Tercihi Probleminin Yapısal bir Modeli ve Riske Karşı Tutumlar: Olasılıklı DEMATEL Yöntemi Temelli Bütünleşik bir Yaklaşım, Sosyoekonomi, 19 (1), 157-186.
• Cohen, J.R.; Holder-Webb, L. and Zamora, V. L. (2015), Nonfinancial Information Prefer-ences of Professional Investors, Behavioral Research in Accounting, 27 (2), 127-153.
• Corter, J. and Chen, Y. (2006), Do Investment Risk Tolerance Attitudes Predict Portfolio Risk?, Journal of Business and Psychology, 20 (3), 369–381.
• Dahooie, H., Abadi, B., Vanaki, A. S., and Firoozfar, H. (2018), Competency‐Based IT Per-sonnel Selection Using a Hybrid SWARA and ARAS‐G Methodology, Human Fac-tors and Ergonomics in Manufacturing & Service Industries, 28 (1), 5-16.
• Dinç S. Tez, Özge Y. (2017), Alana özgü risk alma ölçeği- kısa formu’nun (dospert) Türkçeye uyarlama çalışması, Spor Bilimleri Dergisi, 30 (3), 107-120.
• Dinç, C., Uzunöz, F., Güneş, B.(2018), Risk Alma ve Eleştirel Düşünme Eğilimlerinde Doğa Macera Eğitimine Bağlı Değişimlerin İncelenmesi, Ahi Evran Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 4 (2), 166-182.
• Dohmen, T. Falk, A., Huffman, D., Sunde, U., Schupp, J., and Wagner, G. (2011), Individual Risk Attitudes: Measurement, Determinants, and Behavioral Consequences, Journal of the European Economic Association, 9 (3), 522-550.
• Dunham, S. (1984), Stress in Teaching. England: Croom Helm.
• Erdoğan, S., Balki, M., Aydın, S. and Sayin, C. (2019), The Best fuel Selection with Hybrid Multiple-criteria Decision Making Approaches in a CI Engine Fueled with their Blends and Pure Biodiesels Produced from Different Sources. Renewable Energy, 13 (4), 653-668.
• Ferrara, M., Rasouli, S., Khademi, M., and Salimi, M.(2017), A Robust Optimization Model for a Decision-making Problem: An Application for Stock Market, Operations Re-search Perspectives, 4 (1), 136-141.
• Florin-Constantin, Dima (2012), The Users of Accounting Information and their Needs, Timisoara, 19 (1), 200-204.
• Ghani, E.and Laswad, F. and Tooley, S.(2009), Digital Reporting Formats: Users' Perceptions, Preferences and Performances, The International Journal of Digital Accounting Re-search, 9 (1), 45-98.
• Grable, J.and Lytton, R.(1999), Financial Risk Tolerance Revisited: The Development of a Risk Assessment Instrument, Financial Services Review, 8 (3), 163-181.
• Grable, J. and Lytton, R. (2003), The Development of a Risk Assessment Instrument: A fol-low-up Study, Financial Services Review, 12 (3), 257-274.
• Graeme, M., Lee H. and Hasseldine, R. (1982), Corporate Financial Reporting in New Zea-land: An Analysis of User Preferences, Corporate Characteristics and Disclosure Practices for Discretionary Information, Accounting and Business Research, 13 (4), 11-20.
• Gruner, R. (2004), Corporate Criminal Liability and Prevention, Business Crime Series, New York: Law Journal Press.
• Guiso, L., and Jappelli, T. (2005), Awareness and Stock Market Participation, Review of Fi-nance, 9 (4), 537-567.
• Guiso, L., and Paiella, M.(2008), Risk Aversion, Wealth, and Background Risk, Journal of the European Economic Association, 6 (6), 1109-1150.
• Harlow, W., and Brown, K. (1990), The Role of Risk Tolerance in the Asset Allocation Pro-cess: A New Perspective, The Research Foundation of the Institute of Chartered Fi-nancial Analysts, USA: CFAInstitute.
• Healy, P. and Palepu, K.(2001), Information Asymmetry, Corporate Disclosure, and The Capital Markets: A Review of the Empirical Disclosure Literature. Journal of Ac-counting and Economics. 31 (1-3), 405-440.
• Hu, G., Lin, H., and Xiao, J.(2019), Information to Professional Investors in an IFRS Envi-ronment, The Routledge Companion to Accounting in Emerging Economies, New York: Routledge.
• Iannoconi, T., Sinnett, William M. (2011), Disclosure overload and complexity: Hidden in plain sight. Delaware: KPMG.
• Ighravwe, D., Oke, S. (2019), A multi-criteria decision-making framework for selecting a suit-able maintenance strategy for public buildings using sustainability criteria, Journal of Building Engineering 24, 24 (1), 100753.
• Ingersoll, J. E. (1987), Theory of financial decision making, United States of America: Row-man & Littlefield.
• Jharkharia, S., Shankar, R.(2007), Selection of logistics service provider: An analytic network process (ANP) approach, Omega, 35 (3), 274-289.
• Kahneman, D., Tversky, A. (1979), Prospect theory: An analysis of decision under risk, Econ-ometrica: Journal of the Econometric Society, 47 (2), 263-291.
• Keršulienė, V., Turskis, Z. (2011), Integrated fuzzy multiple criteria decision making model for architect selection, Technological and Economic Development of Economy, 17 (4), 645-666.
• Keršuliene, V., Zavadskas, E., and Turskis, Z. (2010), Selection of rational dispute resolution method by applying new step‐wise weight assessment ratio analysis (SWARA, Jour-nal of business economics and management, 11 (2), 243-258.
• MacCrimmon, K. R.; Wehrung, D. A. (1990), Characteristics of risk taking executives, Man-agement science, 36 (4), 422-435.
• Moizer, P, Arnold, J.(1984), Share Appraisal by Investment Analysts—Portfolio vs. Non-Portfolio Managers, Accounting and Business Research, 14 (56), 341-348.
• Morse, J. M., Barrett, M., Mayan, M., Olson, K., Spiers, J. (2002), Verification strategies for establishing reliability and validity in qualitative research, International journal of qualitative methods, 1 (2), 13-22.
• O'Reilly III, Charles A. (1982), Variations in decision makers' use of information sources: The impact of quality and accessibility of information, Academy of Management journal, 25 (4), 756-771.
• Öner, E. (2009), Beli̇rli̇ Alanlara Özgü Ri̇sk Tutumlari Ölçeği̇’ni̇n Türk Üni̇versi̇te Öğrenci̇leri̇ne Uyarlanmasi: Geçerli̇k Ve Güveni̇rli̇k Çalişmasi, Gazi̇ Üni̇versi̇tesi̇ Eği̇ti̇m Bi̇li̇mleri̇ Ensti̇tüsü Yukseklisans Tezi, Ankara.
• Qualls, W. J., Puto, C. P. (1989), Organizational climate and decision framing: An integrated approach to analyzing industrial buying decisions, Journal of Marketing Research, 26 (2), 179-192.
• Saaty, T.L. (1980), The analytic hierarchy process, New York: McGraw-Hill.
• Saaty, T. Lorie (1977), A scaling method for priorities in hierarchical structures, Journal of mathematical psychology, 15 (3), 234-281.
• Saaty, T.Lorie (1996), Decision making with dependence and feedback: The analytic network process, A.B.D.: RWS Publications
• Sandelowski, M. (1995), Sample size in qualitative research, Research in nursing & health, 18 (2), 179-183.
• Shuxian, W. (2009), Logic and Higher Order Cognition, In 2009 of Proceedings of 13th Inter-national Congress of Logic, Methodology and Philosophy of Sciences. London: King’s College Publication, 1-5.
• Sjöberg, L. (2001), Explaining risk perception. An evaluation of the psychometric paradigm in risk perception research, Rotunde publikasjoner.
• Weber, U; Milliman, R.A. (1997), Perceived risk attitudes: Relating risk perception to risky choice, Management Science, 43 (2), 123-144.
• Weber, E.U., Blais, A., Betz, N. E. (2002), A domain‐specific risk‐attitude scale: Measuring risk perceptions and risk behaviors, Journal of behavioral decision making, 15 (4), 263-290.
• Weetman, P., Collins, B., Davie, E. (1994), The operating and financial review: views of ana-lysts and institutional investors, Edinburgh: Institute of Chartered Accountants of Scotland.
• Weetman, P, Tsalavoutas, I. (2019), The Routledge Companion to Accounting in Emerging Economies, Chicago: Routledge.
• Yazdani, M., Hashemkhani Z., Sarfaraz; Z., Edmundas K.(2016), New integration of MCDM methods and QFD in the selection of green suppliers, Journal of Business Economics and Management, 17 (6), 1097-1113.
• Yeoh, J. (2005), Compliance with Mandatory Disclosure Requirements by New Zealand listed Companies, Advances in International Accounting, 18 (1), 245-262.
• Zhou, L., Zhong, S., Ma, S., Jia, N. (2014), Prospect theory based estimation of drivers’ risk attitudes in route choice behaviors, Accident Analysis & Prevention, 73 (1), 1-11.
• Zolfani, S., Hashemkhani, A., Mohammad H., Derakhti, A., Zavadskas, E. Kazimieras, Var-zandeh, M.(2013), Decision making on business issues with foresight perspective; an application of new hybrid MCDM model in shopping mall locating, Expert systems with applications, 40 (17), 7111-7121.