Psychologıcal Factors Affectıng Investor Behavıor: A Revıew of Fear, Stress, Copıng Strategıes, And Fınancıal Trıbalısm

Öz

This study aims to examine the psychological factors that influence investment decisions within the framework of Behavioral Finance Theory by revealing the inadequacies of the Efficient Market Hypothesis, which forms the basis of traditional finance theories, in explaining investor behavior. The Efficient Market Hypothesis assumes that investors process all information rationally and that financial markets always function efficiently; however, these assumptions often lose their validity under real-world market conditions. Behavioral finance offers an alternative perspective to this classical approach by suggesting that investors may act based on cognitive and emotional biases. Going beyond the biases frequently discussed in the literature, this study examines emotions related to individual and daily life that may influence investment decisions. In particular, the potential effects of psychological factors such as fear, stress, coping mechanisms, risk-taking intentions, and financial tribalism on investor behavior are addressed. The findings indicate that investors' rational decision-making processes are shaped by various psychological and social factors, and that these factors can play a decisive role in investment decisions.

Anahtar Kelimeler

• Behavioral Finance
• Emotions
• Investment Decisions

Yatırımcı Davranışlarına Etki Eden Psikolojik Faktörler: Korku, Stres, Başa Çıkma Stratejileri ve Finansal Kabilecilik Üzerine Bir Derleme

Öz

Bu çalışma, geleneksel finans teorilerinin temelini oluşturan Etkin Piyasa Hipotezi’nin yatırımcı davranışlarını açıklamadaki yetersizliklerini ortaya koyarak, Davranışsal Finans Kuramı çerçevesinde yatırım kararlarına etki eden psikolojik unsurları incelemeyi amaçlamaktadır. Etkin Piyasa Hipotezi, yatırımcıların tüm bilgileri rasyonel biçimde işlediğini ve finansal piyasaların her zaman etkin çalıştığını varsayarken, bu varsayımlar gerçek piyasa koşullarında çoğu zaman geçerliliğini yitirmektedir. Davranışsal finans, yatırımcıların bilişsel ve duygusal önyargılarla hareket edebileceğini öne sürerek bu klasik yaklaşıma alternatif bir bakış sunar. Literatürde sıklıkla ele alınan bu önyargıların ötesine geçen bu çalışmada, yatırım kararlarını etkileyebilecek bireysel ve günlük yaşantıya dair duygular incelenmiştir. Özellikle korku, stres, başa çıkma biçimleri, riskli yatırım niyeti ve finansal kabilecilik gibi psikolojik etkenlerin yatırımcı davranışları üzerindeki potansiyel etkileri ele alınmıştır. Bulgular, yatırımcıların rasyonel karar süreçlerinin çeşitli psikolojik ve sosyal faktörlerle şekillendiğini ve bu faktörlerin yatırım kararlarında belirleyici rol oynayabildiğini göstermektedir.

Anahtar Kelimeler

• Davranışsal Finans
• Duygular
• Yatırım kararları

Kaynakça

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