THE FINANCING DECISIONS OF FIRMS: BEHAVIORAL PERSPECTIVE

Öz

This study approaches to the financing decisions in firms from the behavioral perspective. In this study, two behavioral biases that have effect on the decision makers' chose for financial resources are mainly considered. These biases are overconfidence and loss aversion. The questionnaire method is used in order to collect data. The research sample consists of the 255 SMEs which operate and are registered in chamber of commerce and industry in Istanbul, Turkey. The study hypothesizes were tested by parametric and nonparametric hypothesis tests. In the study results, it has been observed that people responsible for financing in the firms are overconfident and loss averse. SME owners or managers’ financing or capital structure decisions can differ according to the level of behavioral biases.

Anahtar Kelimeler

• SMEs,Financing Decisions,Behavioral Finance,Behavioral Biases

FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF

Öz

Bu çalışma, firmalarda alınan finansman kararlarına davranışsal açıdan yaklaşmaktadır. Çalışmada karar vericilerin finansman kaynağı tercihlerinde etkisi olan iki davranışsal önyargı dikkate alınmaktadır. Bunlar kendine aşırı güven ve kayıptan kaçınmadır. Veri toplanması amacıyla anket yöntemi kullanılmıştır. Araştırma örneklemini, İstanbul’da ticaret ve sanayi odalarına kayıtlı olarak faaliyet gösteren 255 küçük ve orta büyüklükteki işletme (KOBİ) oluşturmaktadır. Çalışmanın hipotezleri parametrik ve parametrik olmayan hipotez testleri ile test edilmiştir. Çalışma sonucunda firmalarda finansman kararlarından sorumlu kişilerin kendine aşırı güvenli ve kayıptan kaçınan bireyler oldukları görülmüştür. KOBİ sahiplerinin veya yöneticilerinin verdikleri finansman veya sermaye yapısı kararları davranışsal önyargı düzeylerine göre farklılık gösterebilmektedir.

Anahtar Kelimeler

• SMEs,Finansal Kararlar,Davranışsal Finans,Davranışsal Önyargılar

Kaynakça

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