KRİPTO PARALARA YATIRIM NİYETİNİ ETKİLEYEN BAZI FAKTÖRLERİN İNCELENMESİ

Öz

Merkezi bir otorite tarafından yönetilmeyen ve finansal getirisi yüksek olan kripto paralara olan ilgi her geçen gün artmaktadır. Gelecekte ekonomik sistemi önemli ölçüde etkileyecek bu dijital varlıklara yatırım yapan yatırımcı sayısı, son yıllarda hem dünya da hem de Türkiye’de çok hızlı bir ivme ile artmıştır. Kripto paraya yatırım yapmak isteyen kişiler çok farklı stratejiler izlemekte ve zaman zaman karşılaşacağı risklerden endişe etmektedir. Bu çalışmanın amacı, kripto paraya ilgi duyan yatırımcıların, yatırım niyetini etkileyen bazı faktörlerin incelenmesidir. Çalışmada Türkiye'nin çeşitli illerinde yaşayan 430 kişi ile çevrimiçi anket yapılmıştır. Toplanan veriler, SPSS ve AMOS paket programları ile yapısal eşitlik modellemesi kullanılarak analiz edilmiştir. Araştırma sonuçlarına göre kripto paralara yatırım niyeti olan yatırımcıların kripto paralar hususunda finansal okuryazarlığının, aracı kurumlara ve kripto para birimlerine duydukları güveninin ve karşılaştığı sosyal etkinin kripto paralara yatırım niyetine anlamlı ve pozitif etkisi olduğu görülmüştür. Diğer taraftan, bu yatırımcıların kripto para yatırımlarında algıladığı riskin kripto para yatırım niyetine anlamlı ancak negatif bir etkisi olduğu belirlenmiştir. Ayrıca kripto para yatırımcılarının kripto paralara karşı gösterdiği sürü davranışlarının ve fiyat bilinçlerinin yatırım niyetine herhangi bir etkisinin olmadığı tespit edilmiştir.

Anahtar Kelimeler

• kripto para
• yatırım niyeti
• finansal okuryazarlık
• algılanan risk
• sürü davranışı

EXAMINING OF SOME FACTORS AFFECTING THE INTENTION TO INVEST IN CRYPTOCURRENCIES

Öz

The interest in cryptocurrencies, which are not managed by a central authority and have high financial returns, is increasing daily. The number of investors investing in these digital assets, which will significantly affect the economic system in the future, has expanded rapidly in the world and Turkey in recent years. People who want to invest in crypto money follow very different strategies and are worried about the risks they will face from time to time. In this direction, the study aims to examine the factors that affect the investment intention of investors interested in crypto money. Thus, an online survey was conducted with 430 people living in various provinces of Turkey. The collected data were analyzed by structural equation modeling with SPSS and AMOS package programs. According to the results of the research, it has been seen that the financial literacy, trust in brokerages and cryptocurrencies, and social influence of the investors who intend to invest in cryptocurrencies have a significant and positive effect on the intention to invest in cryptocurrencies. On the other hand, it has been determined that the perceived risk by these investors regarding cryptocurrencies has a significant but negative effect on the intention to invest in cryptocurrencies. In addition, it has been determined that the herd behavior and price awareness of crypto money investors against cryptocurrencies do not affect investment intention.

Anahtar Kelimeler

• cryptocurrency
• investment intention
• financial literacy
• perceived risk

Kaynakça

1. Albayati, H., Kim, S. K., ve Rho, J. J. (2020). Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach. Technology in Society, 62, 101320. https://doi.org/10.1016/j.techsoc.2020.101320
2. Alexander, C., Heck, D. F., & Kaeck, A. (2022). The role of binance in bitcoin volatility transmission. Applied Mathematical Finance, 1-32. https://doi.org/10.1080/1350486X.2022.2125885
3. Alenazy, W. M., Mugahed Al-Rahmi, W., ve Khan, M. S. (2019). Validation of TAM Model on Social Media Use for Collaborative Learning to Enhance Collaborative Authoring. IEEE Access, 7, 71550–71562. https://doi.org/10.1109/ACCESS.2019.2920242
4. Almaqableh, L., Reddy, K., Pereira, V., Ramiah, V., Wallace, D., ve Francisco Veron, J. (2022). An investigative study of links between terrorist attacks and cryptocurrency markets. Journal of Business Research, 147, 177–188. https://doi.org/10.1016/j.jbusres.2022.04.019
5. Amirat, A., ve Alwafi, W. (2020). Does herding behavior exist in cryptocurrency market? Editorial manager. 8(1). https://doi.org/10.1080/23322039.2020.1735680
6. Anser, M. K., Zaigham, G. H. K., Imran Rasheed, M., Pitafi, A. H., Iqbal, J., ve Luqman, A. (2020). Social media usage and individuals’ intentions toward adopting Bitcoin: The role of the theory of planned behavior and perceived risk. International Journal of Communication Systems, 33(17). https://doi.org/10.1002/dac.4590
7. Arias-Oliva, M., Pelegrín-Borondo, J., ve Matías-Clavero, G. (2019). Variables influencing cryptocurrency use: A technology acceptance model in Spain. Frontiers in Psychology, 10(MAR), 475. https://doi.org/10.3389/fpsyg.2019.00475
8. Arli, D., van Esch, P., Bakpayev, M., ve Laurence, A. (2021). Do consumers really trust cryptocurrencies? Marketing Intelligence and Planning, 39(1), 74–90. https://doi.org/10.1108/MIP-01-2020-0036

9. Aswinnur, K., ve Wawan, D. (2015). The Acceptance Of Bıtcoın In Indonesıa: Extendıng Tam Wıth Idt. Journal of Busıness and Management, 4(1), 28–38
10. Ayedh, A. M., Battour, M., Mispah, M., Omar, S., Ayedh, A., ve Omar, M. (2020). Malaysian Muslim Investors’ Behaviour Towards the Block chain-based Bitcoin Cryptocurrency market Determinants of Social and Environmental Reporting Practices Disclosure in Libyan Oil and Gas Industry: A Managerial Perspective View project Fostering Susta. Article in Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-04-2019-0081
11. Bannier, C. E., Meyll, T., Röder, F., ve Walter, A. (2019). The gender gap in Bitcoin literacy. Journal of Behavioral and Experimental Finance, 22, 129–134. https://doi.org/10.1016/j.jbef.2019.02.008
12. Barbon, A., & Ranaldo, A. (2021). On The Quality Of Cryptocurrency Markets. https://doi.org/10.48550/arXiv.2112.07386
13. Brewer, N. T., Chapman, G. B., Gibbons, F. X., Gerrard, M., McCaul, K. D., & Weinstein, N. D. (2007). Meta-analysis of the relationship between risk perception and health behavior: The example of vaccination. Health psychology, 26(2), 136. https://doi.org/10.1002/dac.4590
14. Campbell, J., DiPietro, R. B., ve Remar, D. (2014). Local foods in a university setting: Price consciousness, product involvement, price/quality inference and consumer’s willingness-to-pay. International Journal of Hospitality Management, 42, 39–49. https://doi.org/10.1016/j.ijhm.2014.05.014
15. Chaouali, W., Ben Yahia, I., ve Souiden, N. (2016). The interplay of counter-conformity motivation, social influence, and trust in customers’ intention to adopt Internet banking services: The case of an emerging country. Journal of Retailing and Consumer Services, 28, 209–218. https://doi.org/10.1016/j.jretconser.2015.10.007
16. Da Gama Silva, P. V. J., Klotzle, M. C., Pinto, A. C. F., ve Gomes, L. L. (2019). Herding behavior and contagion in the cryptocurrency market. Journal of Behavioral and Experimental Finance, 22, 41–50. https://doi.org/10.1016/j.jbef.2019.01.006
17. Derlek, A. (2020). Kripto Para Kullanımını Etkileyen Faktörlerin Teknoloji Kabul Modeli İle Analizi. Yayınlanmamış Yüksek Lisans Tezi, Fen Bilimleri Enstitüsü, Yalova Üniversitesi.
18. Devenow, A., ve Welch, I. (1996). Rational herding in financial economics. European Economic Review, 40(3-5), 603-615. https://doi.org/10.1016/j.frl.2018.07.008
19. Dong, B., Jiang, L., Liu, J., ve Zhu, Y. (2022). Liquidity in the cryptocurrency market and commonalities across anomalies. International Review of Financial Analysis, 81, 102097. https://doi.org/10.1016/j.irfa.2022.102097
20. Dünya (2022). Bitcoin, Orta Afrika Cumhuriyeti'nde resmi para birimi oldu. https://www.dunya.com/finans/kripto-para/bitcoin-orta-afrika-cumhuriyetinde-resmi-para-birimi-oldu-haberi-656468 (Erişim Tarihi: 17.11.2022)
21. Elsenpeter R, Velte T (2001) E-business: A Beginner’s Guide. Osborne Mc Graw-Hill, Berkeley Faqih, K. M. S. (2016). An empirical analysis of factors predicting the behavioral intention to adopt Internet shopping technology among non-shoppers in a developing country context: Does gender matter? Journal of Retailing and Consumer Services, 30, 140–164. https://doi.org/10.1016/j.jretconser.2016.01.016
22. Fornell, C., ve Larcker, D. F. (1981). Structural equation models with unobservable variables and measurement error: Algebra and statistics. https://doi.org/10.1177/002224378101800313
23. Gao, X., Clark, G. D., ve Lindqvist, J. (2016). Of two minds, multiple addresses, and one ledger: Characterizing opinions, knowledge, and perceptions of Bitcoin across users and non-users. Conference on Human Factors in Computing Systems - Proceedings, 1656–1668. https://doi.org/10.1145/2858036.2858049
24. Garbarino, E., ve Johnson, M. S. (1999). The different roles of satisfaction, trust, and commitment in customer relationships. Journal of Marketing, 63(2), 70-87.
25. García-Pérez-de-Lema, D., Ruiz-Palomo, D., ve Diéguez-Soto, J. (2021). Analysing the roles of CEO’s financial literacy and financial constraints on Spanish SMEs technological innovation. Technology in Society, 64. https://doi.org/10.1016/j.techsoc.2020.101519
26. Gazali, H. M., Ismail, C. M. H. B. C., ve Amboala, T. (2018). Exploring the intention to invest in cryptocurrency: The case of bitcoin. Proceedings - International Conference on Information and Communication Technology for the Muslim World 2018, ICT4M 2018, 64–68. https://doi.org/10.1109/ICT4M.2018.00021
27. Göçmen Yağcılar, G. (2022). Kripto Para Piyasasında Fiyat Balonları ve Yatırımcı İlgisinin Etkisi. Journal of Applied Sciences of Mehmet Akif Ersoy University, 6(1), 108–131. https://doi.org/10.31200/makuubd.1078906
28. Gül, K., ve Akyol, H. (2021). Covıd-19 Pandemisinin Kripto Para Piyasalarına Etkisinin İncelenmesi. International Blockchain And Cryptocurrency Conference.
29. Güleç, Ö. F., Çevik, E., ve Bahadır, N. (2018). Bitcoinile Finansal Göstergeler Arasındaki İlişkinin İncelenmesi. Kırklareli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 7(2), 18–37.
30. Gürbüz, S., ve Şahin, F. (2014). Sosyal Bilimlerde Araştırma Yöntemleri. Ankara: Seçkin Yayıncılık, 271.
31. Henry, C., Huynh, K., ve Nicholls, G. (2018). Bitcoin awareness and usage in Canada: Ingenta Connect. Journal of Digital Banking, 2(4), 311–337.
32. Hsu, C. L., ve Lu, H. P. (2004). Why do people play on-line games? An extended TAM with social influences and flow experience. Information ve Management, 41(7), 853–868. https://doi.org/10.1016/j.im.2003.08.014
33. İri, R. (2021). Finansal Pazarlama Kapsamında Kripto Para Pazarlaması Ve Kripto Para Birimlerinin Bilinirliği ve Farkındalığı Crypto Money Marketıng In The Scope of Fınancıal Marketıng And Awareness Of Crypto Currency In Turkey. ASBİ Abant Sosyal Bilimler Dergisi, 811–833. https://doi.org/10.11616/asbi.956722
34. Jenkinson, T., Jones, H., & Martinez, J. V. (2016). Picking winners? Investment consultants’ recommendations of fund managers. The Journal of Finance, 71(5), 2333-2370. https://doi.org/10.1111/jofi.12289
35. Karaoğlan, S., Arar, T., ve Bilgin, O. (2018). Türkiye’de Kripto Para Farkındalığı ve Kripto Para Kabul Eden İşletmelerin Motivasyonları. İşletme ve İktisat Çalışmaları Dergisi Cilt, 6(2), 15–28.
36. Kemp, S. (2022). Digital 2022: Another Year of Bumper Growth - We Are Social UK. https://wearesocial.com/uk/blog/2022/01/digital-2022-another-year-of-bumper-growth-2/
37. Khazaei, H. (2020). Integrating Cognitive Antecedents to UTAUT Model to Explain Adoption of Blockchain Technology Among Malaysian SMEs. International Journal on Informatics Visualization, 4(2), 85–90. http://dx.doi.org/10.30630/joiv.4.2.362
38. Koroma, J., Rongting, Z., Muhideen, S., Akintunde, T. Y., Amosun, T. S., Dauda, S. J., ve Sawaneh, I. A. (2022). Assessing citizens’ behavior towards blockchain cryptocurrency adoption in the Mano River Union States: Mediation, moderation role of trust and ethical issues. Technology in Society, 68, 101885. https://doi.org/10.1016/j.techsoc.2022.101885
39. Krishna Kishore, S. V., ve Sequeira, A. H. (2016). An Empirical Investigation on Mobile Banking Service Adoption in Rural Karnataka, Sage Open (21)
40. Liou DK, Chih WH, Hsu LC, Huang CY (2016) Investigating information sharing behavior: the mediating roles of the desire to share information in virtual communities. Inf Syst E-Bus Manag 14:187 216. https://doi.org/10.1007/s10257-015-0279-2 Lusardi, A., Mitchell, O. S., ve Curto, V. (2014). Financial literacy and financial sophistication in the older population. Journal of Pension Economics ve Finance, 13(4), 347–366. https://doi.org/10.1017/S1474747214000031
41. Martin, B. A. S., Chrysochou, P., ve Strong, C. (2022). Crypto freedom! Effects of trait reactance and regulation content on intention to buy cryptocurrency. Personality and Individual Differences, 194, 111659. https://doi.org/10.1016/j.paid.2022.111659
42. Mendoza-Tello, J. C., Mora, H., Pujol-López, F. A., ve Lytras, M. D. (2019). Disruptive innovation of cryptocurrencies in consumer acceptance and trust. Information Systems and E-Business Management, 17(2–4), 195–222. https://doi.org/10.1007/s10257-019-00415-w
43. Merli, M., ve Roger, T. (2013). What drives the herding behavior of individual investors? Finance, 34(3), 67–104. https://doi.org/10.3917/fina.343.0067
44. Metin, İ., ve Yakut, E. (2018). Kripto Para Girişimciliğinde Güven Faktörü Üzerine Bir Araştırma. Journal of Entrepreneurship and Innovation Management, 7(2), 67–78.
45. Miyazaki, A. D., Sprott, D. E., ve Manning, K. C. (2000). Unit prices on retail shelf labels: an assessment of information prominence. Journal of Retailing, 76(1), 93–112. https://doi.org/10.1016/S0022-4359(99)00022-6
46. Nuryyev, G., Spyridou, A., Yeh, S., ve Achyldurdyyeva, J. (2018). Parallel Sessıon 4c: Nefelı B Room:“Hospıtalıty Management & Industry” 48. Factors Influencıng The Intentıon of Use Cryptocurrency Payments In Hotels. Tourman 2018, 295. https://doi.org/10.1155/2022/9642998
47. Pelster, M., Breitmayer, B., ve Hasso, T. (2019). Are cryptocurrency traders pioneers or just risk-seekers? Evidence from brokerage accounts. Economics Letters, 182, 98–100. https://doi.org/10.1016/j.econlet.2019.06.013
48. Pham, Q. T., Phan, H. H., Misra, S., ve Giardino, P. L. (2021). Examining the Intention to Invest in Cryptocurrencies: An Extended Application of the Theory of Planned Behavior on Italian Independent Investors. International Journal of Applied Behavioral Economics, https://doi.org/10(3). 10.4018/IJABE.2021070104
49. Palazon, M.,ve Delgado, E. (2009). The moderating role of price consciousness on the effectiveness of price discounts and premium promotions. Journal of Product & Brand Management. 18 (4) 306-312 http://10.1108/10610420910972837
50. Panos, G. A., Karkkainen, T., & Atkinson, A. (2020). Financial literacy and attitudes to cryptocurrencies. http://dx.doi.org/10.2139/ssrn.3482083
51. Ratnasingham, P. (1998). The importance of trust in electronic commerce. Internet Research, 8(4), 313–321. https://doi.org/10.1108/10662249810231050
52. Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
53. Ren, B., ve Lucey, B. (2022). A clean, green haven?—Examining the relationship between clean energy, clean and dirty cryptocurrencies. Energy Economics, 109. https://doi.org/10.1016/j.eneco.2022.105951
54. Schurr, P. H., ve Ozanne, J. L. (1985). Influences on exchange processes: Buyers' preconceptions of a seller's trustworthiness and bargaining toughness. Journal of Consumer Research, 11(4), 939-953.
55. Shabgou, M., ve Mousavi, A. (2016). Behavioral finance: behavioral factors influencing investors’ decisions making. Advanced Social Humanities and Management, 3(1), 1–6.
56. Shahzad, F., Xiu, G., Wang, J., ve Shahbaz, M. (2018). An empirical investigation on the adoption of cryptocurrencies among the people of mainland China. Technology in Society, 55, 33–40. https://doi.org/10.1016/j.techsoc.2018.05.006
57. Soomro, B. A., Shah, N., ve Abdelwahed, N. A. A. (2022). Intention to adopt cryptocurrency: a robust contribution of trust and the theory of planned behavior. Journal of Economic and Administrative Sciences, ahead-of-p(ahead-of-print). https://doi.org/10.1108/JEAS-10-2021-0204
58. Sousa, A., Calçada, E., Rodrigues, P., & Borges, A. P. (2022). Cryptocurrency adoption: a systematic literature review and bibliometric analysis. EuroMed Journal of Business, Vol. 17 No. 3, pp. 374-390. https://doi.org/10.1108/EMJB-01-2022-0003
59. Stevens, J. (1996). Applied Multivariate Statistics for the Social Sciences. Lawrence Erlbaum.
60. Stolper, O. A., ve Walter, A. (2017). Financial literacy, financial advice, and financial behavior. Journal of Business Economics 2017 87:5, 87(5), 581–643. https://doi.org/10.1007/s11573-017-0853-9
61. Sun, W., Dedahanov, A. T., Shin, H. Y., ve Li, W. P. (2021). Factors affecting institutional investors to add crypto-currency to asset portfolios. The North American Journal of Economics and Finance, 58, 101499. https://doi.org/10.1016/j.najef.2021.101499 Tabachnick, B. G., ve Fidell, L. S. (2007). Using multivariate statistics. Pearson.
62. Tan, L., Chiang, T. C., Mason, J. R., ve Nelling, E. (2008). Herding behavior in Chinese stock markets: An examination of A and B shares. Pacific-Basin Finance Journal, 16(1–2), 61–77. https://doi.org/10.1016/j.pacfin.2007.04.004
63. Ticimax. (2021). Kripto Paralar Hakkında Bilmeniz Gereken 7 Başlık. https://www.ticimax.com/blog/kripto-paralar-hakkinda-bilmeniz-gerekenler Erişim Tarihi: 01.05.2022
64. Topaloğlu, B. (2021). Kripto Paraların Devlet Otoriteleriyle Entegrasyonu. Erişim Tarihi: 2022-05-01
65. Tsanidis, C., Nerantzaki, D. M., Karavasilis, G., Vrana, V., ve Paschaloudis, D. (2015). Greek consumers and the use of Bitcoin. The Business ve Management Review, 6(2), 295
66. Venkatesh, V., Morris, M. G., Davis, G. B., ve Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly: Management Information Systems, 27(3), 425–478. https://doi.org/10.2307/30036540
67. Yan, L., Mirza, N., & Umar, M. (2022). The cryptocurrency uncertainties and investment transitions: Evidence from high and low carbon energy funds in China. Technological Forecasting and Social Change, 175, 121326. https://doi.org/10.1016/j.techfore.2021.121326
68. Yeong, Y. C., Kalid, K. S., Savita, K. S., Ahmad, M. N., ve Zaffar, M. (2022). Sustainable cryptocurrency adoption assessment among IT enthusiasts and cryptocurrency social communities. Sustainable Energy Technologies and Assessments, 52, 102085. https://doi.org/10.1016/j.seta.2022.102085
69. Yıldırım, M. (2019). Blok zincir teknolojisi, kripto paralar ve ülkelerin kripto paralara yaklaşımları. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(20), 265-277.
70. Zhao, H., ve Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment?. International Journal of Bank Marketing.39 (7) 1208-1226. https://doi.org/10.1108/IJBM-11-2020-0552