Socioeconomic Determinants of Stock Portfolio Holdings in Türkiye: A Regional-Level Analysis

Öz

This study examines the socioeconomic factors affecting stock portfolio holdings at the regional level in Türkiye over the period 2008–2024 using panel data methods. The analysis incorporates average household size, the proportion of higher education graduates, the employment rate and per capita income as explanatory variables. The empirical findings reveal that stock portfolios exhibit significant disparities across regions. While per capita income and the share of higher education graduates act as supportive factors for stock portfolios, household size and the employment rate appear to exert constraining effects. Overall, the results indicate that stock portfolios are significantly influenced by regional socioeconomic structures and underscore the importance of region-sensitive financial policies.

Anahtar Kelimeler

• Equity Portfolio
• Socioeconomic Determinants
• Regional Financial Behavior
• Financial Literacy

Türkiye’de Hisse Senedi Portföylerinin Sosyoekonomik Belirleyicileri: Bölgesel Düzeyde Bir Analiz

Öz

Bu çalışma Türkiye’de 2008-2024 döneminde bölgesel düzeyde hisse senedi portföylerini etkileyen sosyoekonomik faktörleri panel veri yöntemiyle incelemektedir. Analizde ortalama hanehalkı büyüklüğü, yükseköğretim mezun oranı, istihdam oranı ve kişi başına gelir değişkenleri tercih edilmiştir. Ampirik sonuçlar, hisse senedi portföylerinin bölgeler arasında belirgin farklılıklar sergilediğini ortaya koymaktadır. Kişi başına gelir ve yükseköğretim mezun oranı hisse senedi portföyleri üzerinde destekleyici unsur olurken hanehalkı büyüklüğü ve istihdam oranın sınırlayıcı bir unsur olduğunu göstermektedir. Sonuçlar, hisse senedi portföylerinin bölgesel sosyoekonomik yapıdan belirgin biçimde etkilendiğini ve bölgeye duyarlı finansal politikaların önemini vurgulamaktadır.

Anahtar Kelimeler

• Hisse Senedi Portföyü
• Sosyoekonomik Faktörler
• Bölgesel Finansal Davranış
• Finansal Okuryazarlık

Kaynakça

1. Açıkdilli, G., Zıemnowıcz, C. and Bahhouth, V. (2021). Households hedging their bets: Evaluating Turkish investors and stock market participation. JOEEP: Journal of Emerging Economies and Policy, 6(1): 76-87.
2. Angrist, J.D. and Krueger, A.B. (1991). Does compulsory school attendance affect schooling and earnings? The Quarterly Journal of Economics, 106(4): 979-1014.
3. Baker, H.K. and Haslem, J.A. (1974). The Impact of ınvestor socioeconomic characteristics on risk and return preferences. Journal of Business Research, 2(4): 469-476.
4. Basmann, R.L. (1957). A Generalized classical method of linear estimation of coefficients in a structural equation. Econometrica: Journal of the Econometric Society, 77-83.
5. Bayrakdaroğlu, A. ve Şan, F.B. (2015). Bireylerin hisse senedi piyasasına katılım eğilimlerine etki eden ekonomik olmayan faktörler üzerine ampirik bir araştırma. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(2): 507-530.
6. Campbell, J.Y. (2006). Household finance. The Journal of Finance, 61(4): 1553-1604.
7. Ceritoğlu, E., Cılasun, S.M., Küçükbayrak, M. and Sevinç, Ö. (2023). Household portfolios in Türkiye: Results from the household finance and consumption survey. Central Bank Review, 23(4), 100132.
8. Chu, Z., Wang, Z., Xiao, J.J. and Zhang, W. (2017). Financial literacy, portfolio choice and financial well-being. Social Indicators Research, 132(2): 799-820.

9. Cole, S.A. and Shastry, G.K. (2008). If you are so smart, why aren't you rich?: The effects of education, financial literacy and cognitive ability on financial market participation. Cambridge, MA: Harvard Business School.
10. Cole, S., Paulson, A. and Shastry, G.K. (2014). Smart money? The effect of education on financial outcomes. The Review of Financial Studies, 27(7): 2022-2051.
11. Durbin, J. (1954). Errors in variables. Revue de l'institut International de Statistique, 23-32.
12. Guiso, L., Sapienza, P. and Zingales, L. (2008). Trusting the stock market. The Journal of Finance, 63(6): 2557-2600.
13. Guo, X., Guo, X. and Guan, H. (2025). Does rural households’ financial literacy affect the household portfolio choices in poverty alleviation areas? Economic Analysis and Policy, 85: 1550-1562.
14. Hausman, J.A. (1978). Specification tests in econometrics. Econometrica: Journal of The Econometric Society, 1251-1271.
15. He, Z., Shi, X., Lu, X. and Li, F. (2019). Home equity and household portfolio choice: Evidence from China. International Review of Economics and Finance, 60: 149-164.
16. İpek, O. (2021). Türkiye’de hanehalkı portföy tercihine etki eden faktörler. Yaşar Üniversitesi E-Dergisi, 16(64): 1575-1591.
17. Kaustia, M. and Torstila, S. (2011). Stock market aversion? Political preferences and stock market participation. Journal of Financial Economics, 100(1): 98-112.
18. Kaustia, M., Conlin, A. and Luotonen, N. (2023). What drives stock market participation? The role of institutional, traditional, and behavioral factors. Journal of Banking and Finance, 148: 106743.
19. Lotto, J. (2023). Demographic and socio-economic factors influencing households & investment choices in Tanzania. Cogent Business and Management, 10(1): 2176276.
20. Merkezi Kayıt Kuruluşu (2024). MKK Yıllık İstatistiki Veriler [Veri Seti]. Erişim Adresi: https://www.mkk.com.tr/veri-hizmetleri/e-veri/yillik-istatistiki-veriler
21. Rampal, P. and Biswas, S. (2022). Socioeconomic determinants of household investment portfolio in India. Journal of Emerging Market Finance, 21(3): 265-290.
22. Sargan, J.D. (1958). The estimation of economic relationships using instrumental variables. Econometrica: Journal of The Econometric Society, 393-415.
23. Song, Y., Wu, W. and Zhou, G. (2020). Inequality of opportunity and household risky asset ınvestment: Evidence from panel data in China. China Economic Review, 63: 101513.
24. Temel Nalın, H. (2013). Determinants of household saving and portfolio choice behaviour in Turkey. Acta Oeconomica, 63(3):309-331.
25. Theil, H. (1957). Specification errors and the estimation of economic relationships. Revue de l'Institut International de Statistique, 41-51.
26. Türkiye İstatistik Kurumu. (2024). Bölgesel İstatistikler [Veri Seti]. Erişim Adresi: https://biruni.tuik.gov.tr/bolgeselistatistik/
27. Van Rooij, M., Lusardi, A. and Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial economics, 101(2): 449-472.
28. Von Gaudecker, H.M. (2015). How does household portfolio diversification vary with financial literacy and financial advice? The Journal of Finance, 489-507.
29. Wooldridge, J.M. (2010). Econometric analysis of cross section and panel data. MIT press.
30. Wu, D.M. (1973). Alternative tests of independence between stochastic regressors and disturbances. Econometrica: Journal of the Econometric Society, 733-750.
31. Zubair Mumtaz, M. and Smith, Z.A. (2021). The behavior of household finance on demographic characteristics in Pakistan. Economic Research-Ekonomska Istraživanja, 34(1): 1409-1427.