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Hanehalklarının Bahislerini Korumaya Alması: Türk Yatırımcıları ve Borsa Katılımını Değerlendirme

Yıl 2021, Cilt: 6 Sayı: 1, 76 - 87, 29.06.2021

Öz

Bu çalışma, büyük ve gelişmekte olan pazarlardan Türkiye'deki bireysel yatırımcıların, sosyo-demografik ve ekonomik değişkenler ile internet kullanımının hanehalkı yatırımları ve borsaya katılımları üzerindeki etkilerini ölçmeyi amaçlamaktadır. Lojistik regresyon uygulanmış ve önemli bulgular elde edilmiştir. Türk yatırımcıların kişisel özelliklerinin yatırım kararları ve borsa katılımı için önemli bir faktör olduğu görülmüştür. İnternet kullanımı, borsa yatırımcılarının belirlenmesinde diğer sosyo-ekonomik değişkenlere kıyasla öngörücü bir unsur olmamasına rağmen, hane halkı yatırım seçimlerini ve borsaya katılımı artırmada bir katalizör olarak potansiyelini ortaya koymaktadır. Bununla birlikte, düşük tasarruf ve yatırım portföyü seviyeleri ülkenin ekonomik durumundan kaynaklanabilmekle birlikte, Türkiye'deki hane halkları için yatırım bilgisinin artırılması gerektiğini de göstermektedir. Elde edilen sonuçların diğer ülkelere uygulanma güçlüğüne rağmen, bu çalışma Türkiye'deki yatırımcı davranış analizine katkıda bulunmaktadır. 

Kaynakça

  • Agarwal, S., Kumar, S., & Goel, U. (2019). Stock market response to information diffusion through Internet sources: A literature review. International Journal of Information Management, 45(April), 18-131.
  • Akkoc, U., & Civcir, I. (2019). Dynamic linkages between strategic commodities and stock market in Turkey: Evidence from SVAR-DCC-GARCH model. Resources Policy, 62 (August), 231-239.
  • Aktas, A., Guner, D., Gursel, S., & Uysal, G. (2012). Structural determinants of household savings in Turkey: 2003-2008. BETAM Working Paper Series, 7,1-51. https://betam.bahcesehir.edu.tr/wp-content/uploads/2012/05/WorkingPaper0072.pdf (Retrieved on 5 October 2019).
  • Anbar, A., & Eker, M. (2012). Bireysel yatırımcıların finansal risk algılamalarını etkileyen demografik ve sosyoekonomik faktörler. Uluslararası Yönetim İktisat ve İşletme Dergisi, 5(9), 129-150.
  • Aren, S., & Aydemir, S.D. (2015). The factors influencing given investment choices of individuals. Procedia-Social and Behavioral Sciences, 210(December), 126-135.
  • Associated Press (2016). Turkey’s leader renounces foreign currencies to boost lira, The Seattle Times. [online] http://www.seattletimes.com/business/turkeys-leader-renounces-foreign-currencies-to-boost-lira/ (Retrieved on 5 October 2019).
  • Atiyas, I., & Ersel, I. (1995). The impact of financial reform: The turkish experience. In: G. Caprio, I. et al (Eds.), Financial Reform: Theory and Evidence. New York: Cambridge University Press.
  • Atli, A. (2018). Turkey as a Eurasian transport hub: Prospects for inter-regional partnership. Perceptions: Journal of International Affairs, 23(2), 117-134.
  • Bahhouth, V., & Ziemnowicz, C. (2019). Meeting the global challenges of doing business in the five candidate countries on the road to join the European Union. Journal of the Knowledge Economy, 10(3), 297-1318.
  • Bajtelsmit, V. L., & Bernasek, A. (2001). Risk preferences and the investment decisions of older Americans. AARP, Public Policy Institute. https://assets.aarp.org/rgcenter/econ/2001_11_risk.pdf (Retrieved on 5 October 2019).
  • Baker, J. (2003). Glass ceilings or sticky floors? A model of high-income law graduates. Journal of Labor Research, 24(4), 695-12.
  • Bekaert, G., & Harvey, C.R. (2000). Foreign speculators and emerging equity markets. The Journal of Finance, 55(2), 565-613.
  • Barber, B. M., & Odean, T. (2001). The internet and the investor. Journal of Economic Perspectives, 15(1), 41-54.
  • Battilossi, S., & Morys, M. (2011). Emerging stock markets in historical perspective: A research agenda. University of York Economic History Working Paper, 3.
  • Bayyurt, N., Karisik, V., & Coskun, A. (2013). Gender differences in investment preferences. European Journal of Economic and Political Studies, 6(1), 71-83.
  • Berument, H., & Kutan, A. (2007). The stock market channel of monetary policy in emerging markets: Evidence from the Istanbul Stock Exchange. Scientific Journal of Administration Development. 5, 117-144.
  • Bhamra, H. S., & Raman, U. (2019). Does household finance matter? Small financial errors with large social costs. American Economic Review, 109(3), 1116-54.
  • Birnie, S., & Horvath, P. (2002). Psychological predictors of Internet social communication. Journal of Computer Mediated Communication, 44(4). doi: https://doi.org/10.1111/j.1083-6101.2002.tb00154.x (Retrieved on 5 October 2019).
  • Bogan, V. (2008). Stock market participation and the Internet. Journal of Financial and Quantitative Analysis, 43(1), 191-211.
  • Bozkus, S., & Ucdogruk, S. (2007). Hanehalkı tasarruf tercihleri-Türkiye Örnegi. 8. Türkiye Ekonometri ve İstatistik Kongresi 24-25 Mayıs 2007. Malatya: İnönü Üniversitesi.
  • Celik, F. (2019). Corporate governance and welfare/corporate governance in Turkey. Procedia Computer Science, 158, 907-912.
  • Chai, D., Dai, M., Gharghori, P., & Hong, B. (2019). Internet search intensity and its relation with trading activity and stock returns. International Review of Finance, 1-30.
  • Chaudhuri, S. K. (1991). Emerging stock markets-return risk and diversification. MDI Management Journal, 4, 39–47.
  • Christelis, D., & Georgarakos, D. (2013). Investing at home and abroad: Different costs, different people?. Journal of Banking and Finance, 37(6), 2069-2086.
  • Cilasun, S. M., Gonenc, R., Ozmen, M. U., Samancioglu, M. Z., Yilmaz, F., & Ziemann, V. (2019). Upgrading business investment in Turkey. Retrieved from: http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2019)1&docLanguage=En (Retrieved on 25 October 2019).
  • Cilasun, S. M., & Kirdar, M. G. (2009). Türkiye’de hanehalklarının gelir, tüketim ve tasarruf davranışlarının yatay kesitlerle bir analizi. İktisat İşletme ve Finans, 24(280), 9-46.
  • Comor, E. (2000). Household consumption on the Internet: Income, time, and institutional Contradictions. Journal of Economic Issues, 34(1), 105-116.
  • Copur, Z., & Gutter, M. S. (2019). Economic, sociological, and psychological factors of the saving behavior: Turkey case. Journal of Family and Economic Issues, 40(2), 305-322.
  • Copur, Z., Gutter, M.S., & Erkal, S. (2010). Exploring saving behavior of Turkish families in Ankara/Turkey. International Journal of Economics and Finance Studies, 2(2), 105-112.
  • Cowley, P., & Garry, J. (1998). The British conservative party and Europe: The choosing of John Major. British Journal of Political Science, 28(3), 473.
  • Divecha, A. B., Drach, J., & Stefek, D. (1992). Emerging markets: A quantitative perspective. Journal of Portfolio Management, 19(1), 41-50.
  • Dogan, Z. (2016). Dollar-needy Turkey tightens foreign currency rules. Al-Monitor, January 14. Retrieved from: http://www.almonitor.com/pulse/en/originals/2016/01/turkey-tightens-foreign-currency-rules.html (Retrieved on 5 October 2019).
  • Du, X. (1999). Internet adoption and usage in Turkey. Paper presented at The 27th Annual Telecommunications Policy and Research Conference, 25-27 September, Alexandria, VA.
  • Ermut, A. (2019). Investing in Turkey's growing economy: A wise option for China, others, China Daily. Retrieved from: https://www.chinadaily.com.cn/cndy/2019-04/26/content_37462654.htm (Retrieved on 5 October 2019).
  • Errunza, V. (1983). Emerging markets: A new opportunity for improving global portfolio performance. Financial Analysts Journal, 39, 51–58.
  • Friedman, J., Knodel, J., Cuong, B., & Anh, T. (2003). Gender dimensions of support for elderly in Vietnam. Research on Aging, 25(6), 587-631.
  • Jain, A., & Biswal, P. C. (2019). Does Internet search interest for gold move the gold spot, stock and exchange rate markets? A study from India. Resources Policy, 61, 501-507.
  • Grinold, R., Rudd, A., & Stefek, D. (1989). Global factors: facts or fictions. Journal of Portfolio Management, 16, 79-88.
  • Guncavdi, O., Bleaney, M., & Mckay, A. (2015). Financial determinants of private investment in Turkey. A Euler Equation approach to time series. EconoQuantum, 2(2), 83-106.
  • Hair, J., Anderson, R., Tatham, R., & Black, W. (2012). Multivariate Data Analysis. New Jersey: Prentice-Hall.
  • Hamilton, H. G. (2010). Measuring household ICT access and individual use: Jamaica's experience. Retrieved from: http://mdgs.un.org/unsd/economic_stat/ICT-Korea/Documents/Hamilton_Jamaica.pdf (Retrieved on 5 October 2019).
  • Hanna, M. E., Kiymaz, H., & Perdue, G. (2001). Portfolio diversification in a highly inflationary emerging market. Financial Services Review, 10(1), 303-314.
  • Hassan, M. H., & Kayser, M. S. (2019). Ramadan effect on stock market return and trade volume: Evidence from Dhaka Stock Exchange (DSE). Cogent Economics and Finance, 37(1), 77-81.
  • Heston, S. L., & Rouwenhorst, K.G. (1994). Does industrial structure explain the benefits of international diversification?. Journal of Financial Economics, 36, 3-27.
  • Howard, P., Rainie, L., & Jones, S. (2001). Days and nights on the internet: The impact of diffusing technology. American Behavioral Scientist, 45(3), 383- 405.
  • Hutchinson, M. (2015). The Best (and Safest) Way to Invest in Turkey. Wall Street Daily. [online] https://www.wallstreetdaily.com/2015/11/12/invest-turkey-general-election/ (Retrieved on 5 October 2019).
  • Johnson, H. (2003). The cessation of assaults on wives. Journal of Comparative Family Studies, 34(34), 75- 95.
  • Karacimen, E. (2014). Financialization in Turkey: The case of consumer debt. Journal of Balkan and Near Eastern Studies, 16(2), 161-180.
  • Kent, B., & Haslem, J. (1974). The impact of investor socioeconomic characteristics on risk and return preferences. Journal of Business Research, 2, 469-476.
  • Kucukcolak, A., Buyukakin, F., & Kucukcolak, N. (2019). Cointegration of equity and gold markets: Evidence from Turkey. International Journal of Economics and Financial Issues, 9(2), 32.
  • Kumar, D. (2019). Causal linkages among advanced emerging European and Asian economies. Theoretical Economics Letters, 9(1), 139-154.
  • Kutan, A., & Aksoy, T. (2004). Public information arrival and gold market returns in emerging markets: Evidence from the Istanbul Gold Exchange. Scientific Journal of Administrative Development, 2, 13-26.
  • Lee, H. K. (1995). Financial counseling and planning. Investment Portfolios and Human Wealth, 6, 147-152.
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1977). Patterns of investment strategy and behavior among individual investors. Journal of Business, 50(3), 296-333.
  • Lewis, K. (1999). Trying to explain the home bias in equities and consumption. Journal of Economic Literature, 37, 571-608.
  • Liang, P., & Guo, S. (2015). Social interaction, internet access and stock market participation-An empirical study in China. Journal of Comparative Economics, 43(4), 883-901.
  • Madden, G., & Savage, S. (2000). Some economic and social aspects of residential internet use in Australia. The Journal of Media Economics, 13, 171-185.
  • Mei, L., Rao, Y., Wang, M., & Wang, J. (2019). Do investors post messages differently from mobile devices? The correlation between mobile internet messages posting and stock returns. International Review of Economics, 1-30.
  • Metawa, N., Hassan, M. K., Metawa, S., & Safa, M. F. (2019). Impact of behavioral factors on investors’ financial decisions: Case of the Egyptian stock market. International Journal of Islamic and Middle Eastern Finance and Management, 12(1), 30-55.
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Households Hedging Their Bets: Evaluating Turkish Investors and Stock Market Participation

Yıl 2021, Cilt: 6 Sayı: 1, 76 - 87, 29.06.2021

Öz

This study sampled individual investors in Turkey, a large developing market, to measure the effects of several socio-demographic and economic variables on their household investments and participation in the stock market. Internet usage is also examined to evaluate investing behavior. Logistic regression is applied and the findings were robust. The personal profile of Turkish investors was found to be a major factor for investment decisions and stock market participation. Although Internet usage was not a predictive element compared to other socio-economic variables in identifying stock traders, it reveals its potential as a catalyst for boosting household investment selections and promoting stock market participation. Nevertheless, the low levels of savings and investment portfolios result from the nation’s economic environment, but also suggest a need for enhancing investment literacy for households in Turkey. Despite the difficulty to extrapolate these results to other countries, this study contributes to investor behavior analysis in Turkey.

Kaynakça

  • Agarwal, S., Kumar, S., & Goel, U. (2019). Stock market response to information diffusion through Internet sources: A literature review. International Journal of Information Management, 45(April), 18-131.
  • Akkoc, U., & Civcir, I. (2019). Dynamic linkages between strategic commodities and stock market in Turkey: Evidence from SVAR-DCC-GARCH model. Resources Policy, 62 (August), 231-239.
  • Aktas, A., Guner, D., Gursel, S., & Uysal, G. (2012). Structural determinants of household savings in Turkey: 2003-2008. BETAM Working Paper Series, 7,1-51. https://betam.bahcesehir.edu.tr/wp-content/uploads/2012/05/WorkingPaper0072.pdf (Retrieved on 5 October 2019).
  • Anbar, A., & Eker, M. (2012). Bireysel yatırımcıların finansal risk algılamalarını etkileyen demografik ve sosyoekonomik faktörler. Uluslararası Yönetim İktisat ve İşletme Dergisi, 5(9), 129-150.
  • Aren, S., & Aydemir, S.D. (2015). The factors influencing given investment choices of individuals. Procedia-Social and Behavioral Sciences, 210(December), 126-135.
  • Associated Press (2016). Turkey’s leader renounces foreign currencies to boost lira, The Seattle Times. [online] http://www.seattletimes.com/business/turkeys-leader-renounces-foreign-currencies-to-boost-lira/ (Retrieved on 5 October 2019).
  • Atiyas, I., & Ersel, I. (1995). The impact of financial reform: The turkish experience. In: G. Caprio, I. et al (Eds.), Financial Reform: Theory and Evidence. New York: Cambridge University Press.
  • Atli, A. (2018). Turkey as a Eurasian transport hub: Prospects for inter-regional partnership. Perceptions: Journal of International Affairs, 23(2), 117-134.
  • Bahhouth, V., & Ziemnowicz, C. (2019). Meeting the global challenges of doing business in the five candidate countries on the road to join the European Union. Journal of the Knowledge Economy, 10(3), 297-1318.
  • Bajtelsmit, V. L., & Bernasek, A. (2001). Risk preferences and the investment decisions of older Americans. AARP, Public Policy Institute. https://assets.aarp.org/rgcenter/econ/2001_11_risk.pdf (Retrieved on 5 October 2019).
  • Baker, J. (2003). Glass ceilings or sticky floors? A model of high-income law graduates. Journal of Labor Research, 24(4), 695-12.
  • Bekaert, G., & Harvey, C.R. (2000). Foreign speculators and emerging equity markets. The Journal of Finance, 55(2), 565-613.
  • Barber, B. M., & Odean, T. (2001). The internet and the investor. Journal of Economic Perspectives, 15(1), 41-54.
  • Battilossi, S., & Morys, M. (2011). Emerging stock markets in historical perspective: A research agenda. University of York Economic History Working Paper, 3.
  • Bayyurt, N., Karisik, V., & Coskun, A. (2013). Gender differences in investment preferences. European Journal of Economic and Political Studies, 6(1), 71-83.
  • Berument, H., & Kutan, A. (2007). The stock market channel of monetary policy in emerging markets: Evidence from the Istanbul Stock Exchange. Scientific Journal of Administration Development. 5, 117-144.
  • Bhamra, H. S., & Raman, U. (2019). Does household finance matter? Small financial errors with large social costs. American Economic Review, 109(3), 1116-54.
  • Birnie, S., & Horvath, P. (2002). Psychological predictors of Internet social communication. Journal of Computer Mediated Communication, 44(4). doi: https://doi.org/10.1111/j.1083-6101.2002.tb00154.x (Retrieved on 5 October 2019).
  • Bogan, V. (2008). Stock market participation and the Internet. Journal of Financial and Quantitative Analysis, 43(1), 191-211.
  • Bozkus, S., & Ucdogruk, S. (2007). Hanehalkı tasarruf tercihleri-Türkiye Örnegi. 8. Türkiye Ekonometri ve İstatistik Kongresi 24-25 Mayıs 2007. Malatya: İnönü Üniversitesi.
  • Celik, F. (2019). Corporate governance and welfare/corporate governance in Turkey. Procedia Computer Science, 158, 907-912.
  • Chai, D., Dai, M., Gharghori, P., & Hong, B. (2019). Internet search intensity and its relation with trading activity and stock returns. International Review of Finance, 1-30.
  • Chaudhuri, S. K. (1991). Emerging stock markets-return risk and diversification. MDI Management Journal, 4, 39–47.
  • Christelis, D., & Georgarakos, D. (2013). Investing at home and abroad: Different costs, different people?. Journal of Banking and Finance, 37(6), 2069-2086.
  • Cilasun, S. M., Gonenc, R., Ozmen, M. U., Samancioglu, M. Z., Yilmaz, F., & Ziemann, V. (2019). Upgrading business investment in Turkey. Retrieved from: http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote=ECO/WKP(2019)1&docLanguage=En (Retrieved on 25 October 2019).
  • Cilasun, S. M., & Kirdar, M. G. (2009). Türkiye’de hanehalklarının gelir, tüketim ve tasarruf davranışlarının yatay kesitlerle bir analizi. İktisat İşletme ve Finans, 24(280), 9-46.
  • Comor, E. (2000). Household consumption on the Internet: Income, time, and institutional Contradictions. Journal of Economic Issues, 34(1), 105-116.
  • Copur, Z., & Gutter, M. S. (2019). Economic, sociological, and psychological factors of the saving behavior: Turkey case. Journal of Family and Economic Issues, 40(2), 305-322.
  • Copur, Z., Gutter, M.S., & Erkal, S. (2010). Exploring saving behavior of Turkish families in Ankara/Turkey. International Journal of Economics and Finance Studies, 2(2), 105-112.
  • Cowley, P., & Garry, J. (1998). The British conservative party and Europe: The choosing of John Major. British Journal of Political Science, 28(3), 473.
  • Divecha, A. B., Drach, J., & Stefek, D. (1992). Emerging markets: A quantitative perspective. Journal of Portfolio Management, 19(1), 41-50.
  • Dogan, Z. (2016). Dollar-needy Turkey tightens foreign currency rules. Al-Monitor, January 14. Retrieved from: http://www.almonitor.com/pulse/en/originals/2016/01/turkey-tightens-foreign-currency-rules.html (Retrieved on 5 October 2019).
  • Du, X. (1999). Internet adoption and usage in Turkey. Paper presented at The 27th Annual Telecommunications Policy and Research Conference, 25-27 September, Alexandria, VA.
  • Ermut, A. (2019). Investing in Turkey's growing economy: A wise option for China, others, China Daily. Retrieved from: https://www.chinadaily.com.cn/cndy/2019-04/26/content_37462654.htm (Retrieved on 5 October 2019).
  • Errunza, V. (1983). Emerging markets: A new opportunity for improving global portfolio performance. Financial Analysts Journal, 39, 51–58.
  • Friedman, J., Knodel, J., Cuong, B., & Anh, T. (2003). Gender dimensions of support for elderly in Vietnam. Research on Aging, 25(6), 587-631.
  • Jain, A., & Biswal, P. C. (2019). Does Internet search interest for gold move the gold spot, stock and exchange rate markets? A study from India. Resources Policy, 61, 501-507.
  • Grinold, R., Rudd, A., & Stefek, D. (1989). Global factors: facts or fictions. Journal of Portfolio Management, 16, 79-88.
  • Guncavdi, O., Bleaney, M., & Mckay, A. (2015). Financial determinants of private investment in Turkey. A Euler Equation approach to time series. EconoQuantum, 2(2), 83-106.
  • Hair, J., Anderson, R., Tatham, R., & Black, W. (2012). Multivariate Data Analysis. New Jersey: Prentice-Hall.
  • Hamilton, H. G. (2010). Measuring household ICT access and individual use: Jamaica's experience. Retrieved from: http://mdgs.un.org/unsd/economic_stat/ICT-Korea/Documents/Hamilton_Jamaica.pdf (Retrieved on 5 October 2019).
  • Hanna, M. E., Kiymaz, H., & Perdue, G. (2001). Portfolio diversification in a highly inflationary emerging market. Financial Services Review, 10(1), 303-314.
  • Hassan, M. H., & Kayser, M. S. (2019). Ramadan effect on stock market return and trade volume: Evidence from Dhaka Stock Exchange (DSE). Cogent Economics and Finance, 37(1), 77-81.
  • Heston, S. L., & Rouwenhorst, K.G. (1994). Does industrial structure explain the benefits of international diversification?. Journal of Financial Economics, 36, 3-27.
  • Howard, P., Rainie, L., & Jones, S. (2001). Days and nights on the internet: The impact of diffusing technology. American Behavioral Scientist, 45(3), 383- 405.
  • Hutchinson, M. (2015). The Best (and Safest) Way to Invest in Turkey. Wall Street Daily. [online] https://www.wallstreetdaily.com/2015/11/12/invest-turkey-general-election/ (Retrieved on 5 October 2019).
  • Johnson, H. (2003). The cessation of assaults on wives. Journal of Comparative Family Studies, 34(34), 75- 95.
  • Karacimen, E. (2014). Financialization in Turkey: The case of consumer debt. Journal of Balkan and Near Eastern Studies, 16(2), 161-180.
  • Kent, B., & Haslem, J. (1974). The impact of investor socioeconomic characteristics on risk and return preferences. Journal of Business Research, 2, 469-476.
  • Kucukcolak, A., Buyukakin, F., & Kucukcolak, N. (2019). Cointegration of equity and gold markets: Evidence from Turkey. International Journal of Economics and Financial Issues, 9(2), 32.
  • Kumar, D. (2019). Causal linkages among advanced emerging European and Asian economies. Theoretical Economics Letters, 9(1), 139-154.
  • Kutan, A., & Aksoy, T. (2004). Public information arrival and gold market returns in emerging markets: Evidence from the Istanbul Gold Exchange. Scientific Journal of Administrative Development, 2, 13-26.
  • Lee, H. K. (1995). Financial counseling and planning. Investment Portfolios and Human Wealth, 6, 147-152.
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1977). Patterns of investment strategy and behavior among individual investors. Journal of Business, 50(3), 296-333.
  • Lewis, K. (1999). Trying to explain the home bias in equities and consumption. Journal of Economic Literature, 37, 571-608.
  • Liang, P., & Guo, S. (2015). Social interaction, internet access and stock market participation-An empirical study in China. Journal of Comparative Economics, 43(4), 883-901.
  • Madden, G., & Savage, S. (2000). Some economic and social aspects of residential internet use in Australia. The Journal of Media Economics, 13, 171-185.
  • Mei, L., Rao, Y., Wang, M., & Wang, J. (2019). Do investors post messages differently from mobile devices? The correlation between mobile internet messages posting and stock returns. International Review of Economics, 1-30.
  • Metawa, N., Hassan, M. K., Metawa, S., & Safa, M. F. (2019). Impact of behavioral factors on investors’ financial decisions: Case of the Egyptian stock market. International Journal of Islamic and Middle Eastern Finance and Management, 12(1), 30-55.
  • McKinnon, R. (1973). Money and capital in economic development. Washington DC: Brookings Institution.
  • Nagurney, A., & Ke, K. (2003). Financial networks with electronic transactions: Modelling, analysis and computations. Quantitative Finance, 3(2) 71-87.
  • Nalin, H. T. (2013). Determinants of household saving and portfolio choice behavior in Turkey. Acta Oeconomica, 63(3), 309-331.
  • Needles, B. E., Turel, A., Sengur, E. D., & Turel, A. (2012). Corporate governance in Turkey: Issues and practices of high-performance companies. Accounting and Management Information Systems, 11(4), 510-531.
  • Niu, G., Yu, L., Fan, G. Z., & Zhang, D. (2019). Corporate fraud, risk avoidance, and housing investment in China. Emerging Markets Review, 39, 18-33.
  • Odedina, F. T., Warrick, C, Vilme, H., & Young, S. (2008). Pharmacists as health educators and risk communicators in the early detection of prostate cancer. Research In Social and Administrative Pharmacy, 4(1), 59-66.
  • Reuters (2019). EU parliament calls for freeze on Turkey's membership talks. Retrieved from: https://www.reuters.com/article/us-eu-turkey/eu-parliament-calls-for-freeze-on-turkeys-membership-talks-idUSKCN1QU2LD (Retrieved on 15 September 2019).
  • Sahin, A., Dogukanli, H., & Sengul, S. (2016). The determinants of equity home bias in Turkey. Journal of Accounting and Finance, 72, 163- 186.
  • Scott, K., Marwick, J., & Crampton, P. (2003). Utilization of general practitioner services in New Zealand and its relationship with income, ethnicity and government subsidy. Health Services Management Research, 16, 45-55.
  • Shaw, E. S. (1973). Financial deepening in economic development. New York, NY: Oxford University Press.
  • Spillan, J., Bahhouth, V., & Yi, G. L. (2016). In emerging markets: are stock trades influenced by investors' socio-economic traits? The case of China. The Journal of International Business Research and Practice, 10, 93-105.
  • Tabachnick, B., & Fidell, L. (1996). Using Multivariate Statistics. New York, NY: HarperCollins Publishers Inc.
  • Topal, A., Yalman, G. L., & Celik, O. (2019). Changing modalities of urban redevelopment and housing finance in Turkey: Three mass housing projects in Ankara. Journal of Urban Affairs, 41(5), 630-653.
  • TUIK (2019a). Information Society Statistics. Retrieved from: http://www.tuik.gov.tr/PreIstatistikTablo.do?istab_id=1615, (September 1, 2019).
  • TUIK (2019b). Internet activities of individuals who have Accessed the Internet in the last 3 months, by private purposes in 2018. Retrieved from: http://www.tuik.gov.tr/PreTablo.do?alt_id=1028 (Retrieved on 5 October 2019).
  • Tunali, H. F., & Taloglu, Y. (2010). Factors affecting credit card uses: Evidence from Turkey using Tobit model. European Journal of Economics, Finance and Administrative Sciences, 23, 81-101.
  • US Department of State (2019). 2019 Investment climate statements: Turkey. Retrieved from: https://www.state.gov/reports/2019-investment-climate-statements/turkey/ (Retrieved on 5 October 2019).
  • Yapp, M. E., & Shaw, S. J. (2017). Ottoman empire. Encyclopedia Britannica. Retrieved from: https://www.britannica.com/place/Ottoman-Empire/The-empire-from-1807-to-1920 (Retrieved on 5 October 2019).
  • Yuksel, C. (2013). Role of investment shocks in explaining business cycles in Turkey. Working Paper, (Nos: 13/12), Bank of the Republic of Turkey Working Paper, Turkey, February 2013.
  • Zhang, H., & Qiu, Y. (2019). The impact of financial knowledge on the allocation of household assets-Evidence from China. SSRN, 1-20. URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3336141 (Retrieved on 5 November 2019).
Toplam 79 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makalesi
Yazarlar

Gaye Açıkdilli 0000-0002-7700-7134

Christopher Zıemnowıcz 0000-0003-4316-4227

Victor Bahhouth 0000-0002-9377-0893

Yayımlanma Tarihi 29 Haziran 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 6 Sayı: 1

Kaynak Göster

APA Açıkdilli, G., Zıemnowıcz, C., & 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.

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