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THE RELATIONSHIP BETWEEN FINANCIAL RISK TOLERANCE AND DEMOGRAPHIC VARIABLES: MODERATING EFFECT OF FINANCIAL LITERACY

Yıl 2021, Cilt , Sayı 115, 9 - 26, 13.04.2021
https://doi.org/10.33203/mfy.840442

Öz

The aim of this study is to investigate the moderator effect of financial literacy on the relationship between demographic variables and financial risk tolerance. For this purpose, data were collected from 370 participants using the questionnaire method. After the data obtained for the study were tested with reliability and validity tests, the relationships between variables were analyzed using the hierarchical regression model. According to the findings obtained from the analysis, financial literacy has a moderator effect on the relationship between age and financial risk tolerance. This result implies that as financially literate individuals get older, their financial risk tolerance will be lower than those who are not financially literate.

Kaynakça

  • Anbar, A. ve Eker, M. (2010). An Empirical Investigation for Determining of The Relation Between Personal Financıal Risk Tolerance and Demographic Characteristic. Ege Academic Review, 10(2), 503-523.
  • Aren, S. ve Aydemir, S. D. (2015). The Moderation of Financial Literacy on the Relationship Between Individual Factors and Risky Investment Intention. International Business Research, 8(6), 17-28.
  • Bajo, E., Barbi, M. ve Sandri, S. (2015). Financial Literacy, Households’ Investment Behavior, and Risk Propensity. Journal of Financial Management Markets and Institutions, 3, 157-174.
  • Bajtelsmit, V. ve Bernasek, A. (1997). Why Do Women Invest Differently than Men? Financial Counseling and Planning, 7, 1-10.
  • Baker, H.K. ve Haslem, J.A. (1974). Toward the Development of Client-Specified Valuation Models. Journal of Finance, 29(4), 1255-1263.
  • Bayar, Y., Sezgin, F.H., Öztürk, Ö.F. ve Şaşmaz, M.Ü. (2020). Financial Literacy and Financial Risk Tolerance of Individual Investors: Multinomial Logistic Regression Approach. SAGE Open, July-September, 1-11.
  • Bayrakdaroğlu, A. ve Kuyu, E. (2018). Farklı Demografik Profillerdeki Kadınların Yatırım Kararlarına İlişkin Finansal Risk Algılarının İncelenmesi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 705-724.
  • Blume, M. (1978). The Changing Role of The Individual Investor. New York: John Wiley & Sons, Inc.
  • Bossons, J. (1973). Institutional Investors and Corporate Stock-A Background Study. Bossons, J. Appendix V: The Distribution of Assets Among Individuals of Different Age and Wealth (pp.394-428). NBER.
  • Büyüköztürk, Ş. (2002). Faktör analizi: Temel Kavramlar ve Ölçek Geliştirmede Kullanımı. Kuram ve Uygulamada Eğitim Yönetimi, 32(32), 470-483.
  • Cohn R. A., Lewellen, W. G., Lease, R. C. ve Schlarbaum, G. G. (1975). Individual Investor Risk Aversion and Investment Portfolio Composition. The Journal of Finance, 30 (2), 605-620.
  • Coleman, S. (2003). Women and Risk: An Analysis of Attitudes and Investment Behavior. Academy of Accounting and Financial Studies Journal, 7(2), 99‐122.
  • Dahlback, O. (1991). Saving and Risk Taking. Journal of Economic Psychology, 12, 479-500.
  • Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J. ve Wagner, G. G. (2011). Individual Risk Attitudes: Measurement, Determinants, and Behavioral Consequences. Journal of the European Economic Association, 9, 522-550.
  • Faff, R., Hallahan, T. ve McKenzie, M. (2011). Women and Risk Tolerance in An Aging World. International Journal of Accounting and Information Management, 19, 100-117.
  • Faff, R., Mulino, D. ve Chai, D. (2008). On The Linkage Between Financial Risk Tolerance and Risk Aversion. Journal of Financial Research, 31, 1-23.
  • Feldstein, J. H. ve Washburn, D. E. (1980). Shifts Toward Risk in Adults at Three Age Levels. Experimental Aging Research, 6, 149-157.
  • Fisher, P.J. ve Yao, R. (2017). Gender Differences in Financial Risk Tolerance. Journal of Economic Psychology, 61, 191-202.
  • Frijns, B., Koellen, E. ve Lehnert, T. (2008). On The Determinants Of Portfolio Choice. Journal of Economic Behavior and Organization, 66, 373-386.
  • Grable, J. E. ve Joo, S.-H. (1999). Factors Related to Risk Tolerance: A Further Examination. Consumer Interests Annual, 45, 53-58.
  • Grable, J. E. ve Lytton, R. H. (1999). Financial Risk Tolerance Revisited: The Development of A Risk Assessment Instrument. Financial Services Review, 8(3), 163-181.
  • Grable, J.E. ve Lytton, R.H. (2001). Assessing The Concurrent Validity of The SCF Risk Tolerance Question. Financial Counseling and Planning, 12(2), 43-53.
  • Grable. J. (2000), Financial Risk Tolerance and Additional Factors that Affect Risk Taking in Everyday Money Matters, Journal of Business and Psychology, 14, 625-630.
  • Hair, J. F. J., Black, W. C., Babin, B. J. ve Anderson, R. E. (2010). Multivariate Data Analysis. Upper Saddle River: Prentice Hall.
  • Haliassos, M. ve Bertaut, C. C. (1995). Why Do so Few Hold Stocks? The Economic Journal, 105, 1110-1129.
  • Hallahan, T. A., Faff, R. W. ve McKenzie, M. D. (2004). An Empirical Investigation of Personal Financial Risk Tolerance. Financial Services Review, 13(1), 57-78.
  • Hammond, J. D., Houston, D. B. ve Melander, E. R. (1967). Determinants of Household Life Insurance Premium Expenditures: An Empirical Investigation. The Journal of Risk and Insurance, 34, 397-408.
  • Hanna, S.D., Gutter, M.S. ve Fan, J.X. (2001). A Measure of Risk Tolerance Based on Economic Theory. Financial Counseling and Planning, 12(2), 53-60.
  • Hawley, C. B. ve Fujii, E. T. (1993). An Empirical Analysis of Preferences for Financial Risk: Further Evidence on The Friedman-Savage Model. Journal of Post Keynesian Economics, 16, 197-204.
  • Hendrawaty, E., Irawati, N. ve Sadalia, I. (2020). Financial Literacy, Demographic Differences and Financial Risk Tolerance Level: A Case Study. Journal of Securıty And Sustainability Issues, 9, 187-201.
  • Kline, P. (1994). An Easy Guide to Factor Analysis. New York: Routledge.
  • Larkin C., Lucey, B.M. ve Mulholland, M. (2013). Risk Tolerance and Demographic Characteristics: Preliminary Irish Evidence. Financial Services Review, 22, 77-91.
  • Lusardi, A., Mitchell, O.S. 2011. Financial Literacy Around The World: An Overview. NBER Working Paper.
  • Lytton, R. H., ve Grable, J. E. (1997). A gender comparison of financial attitudes. Proceedings of the Annual Conference of the Eastern Regional Family Economics-Home Management Association, 1-7.
  • Masters, R. (1989). Study Examines Investors’ Risk Taking Propensities. Journal of Financial Planning, 2, 151-155.
  • McInish, T. H. (1982). Individual Investors and Risk-Taking. Journal of Economic Psychology, 2, 125-136.
  • Morin, R. ve Suarez, A. (1983). Risk Aversion Revisited. Journal of Finance, 38(4), 1201-1216.
  • Nguyen, L. T. M., Gallery, G. ve Newton, C. (2016). The Influence of Financial Risk Tolerance On Investment Decision-Making in A Financial Advice Context. Australasian Accounting. Business and Finance Journal, 10, 3–22.
  • Özdamar K. (2002). Paket Programlarla İstatistiksel Veri Analizi-1. Eskişehir: Kaan Kitabevi.
  • Palsson, A.M. (1996). Does The Degree of Relative Risk Aversion Vary with Household Characteristics? Journal of Economic Psychology, 17, 771-787.
  • Shusha, A.A. (2017). Does Financial Literacy Moderate the Relationship among Demographic Characteristics and Financial Risk Tolerance? Evidence from Egypt. Australasian Accounting, Business and Finance Journal, 11(3), 67-86.
  • Sjöberg, L. ve Engelberg, E. (2009). Attitudes to Economic Risk Taking, Sensation Seeking and Values of Business Students Specializing in Finance. Journal of Behavioral Finance, 10(1), 33-43.
  • Slovic, P. (1966). Risk-Taking in Children: Age and Sex Differences. Child Development, 37, 169-176.
  • Strydom, B. ve Metherell, C. (2012). Demographic Factors Affecting Subjective Financial Risk Tolerance: South African Evidence. Working Paper No. 01-2012, School of Economics and Finance.
  • Sunden, A. E. ve Surrette, B. J. (1998). Gender Differences in The Allocation of Assets in Retirement Savings Plans. American Economic Review, 88, 207-211.
  • Sung, J. ve Hanna, S. (1996). Factors Related to Risk Tolerance. Journal of Financial Counseling and Planning, 7, 11–20.
  • Sung, J. ve Hanna, S. (1996). Factors Related to Risk Tolerance. Financial Counseling and Planning, 7, 11‐20.
  • Tanyolaç, T. ve Karan, M.B. (2015). Analyzing Demographic Characteristics of The Security Investors: An Applicatıon to Turkey. Journal of Economics, Finance & Accounting, 2(4), 680-703.
  • Van de Venter, G., Michayluk, D. ve Davey, G. (2012). A Longitudinal Study of Financial Risk Tolerance. Journal of Economic Psychology, 33(4), 794-800.
  • Wallach, M. A., ve Kogan, N. (1961). Aspects of Judgment and Decision Making: Interrelationships and Changes with Age. Behavioral Science, 6, 23-26.
  • Wang, H. ve Hanna, S. (1997). Does Risk Tolerance Decrease with Age? Financial Counseling and Planning, 8(2), 27-31.
  • Wong, A. (2011). Financial Risk Tolerance and Selected Demographic Factors: A Comparative Study In 3 Countrıes. Global Journal of Finance and Banking Issues, 5(5), 1-12.
  • Xiao, J. J. ve Noring, F. E. (1994). Perceived Saving Motives And Hierarchical Financial Needs. Financial Counseling and Planning, 5, 25-44.
  • Yao, R. ve Hanna, S. D. (2005). The Effect of Gender and Marital Status on Financial Risk Tolerance. Journal of Personal Finance, 4, 66–85.
  • Yaşlıoğlu, M.M. (2017). Sosyal Bilimlerde Faktör Analizi ve Geçerlilik: Keşfedici ve Doğrulayıcı Faktör Analizlerinin Kullanılması. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 46, 74-85.
  • Yong, H. N. A. ve Tan, K. L. (2017). The Influence of Financial Literacy Towards Risk Tolerance. International Journal of Business and Society, 18(3), 469-484.
  • Zhong, L. X. ve Xiao, J. J. (1995). Determinants of Family Bond and Stock Holdings. Financial Counseling and Planning, 6, 107-114.

Finansal Risk Toleransı ve Demografik Değişkenler Arasındaki İlişki: Finansal Okuryazarlığın Moderatör Etkisi

Yıl 2021, Cilt , Sayı 115, 9 - 26, 13.04.2021
https://doi.org/10.33203/mfy.840442

Öz

Bu çalışmanın amacı demografik değişkenler ve finansal risk toleransı arasındaki ilişkiye finansal okuryazarlığın moderatör etkisini araştırmaktır. Bu amaçla kolayda örnekleme yolu ile anket yöntemi kullanarak 370 katılımcıdan veri toplanmıştır. Araştırma için elde edilen veriler öncelikle güvenilirlik ve geçerlik testleri ile sınanmasından sonra hiyerarşik regresyon modeli kullanılarak değişkenler arası ilişkiler analiz edilmiştir. Analiz sonucunda elde edilen bulgulara göre yaş ve finansal risk toleransı arasındaki ilişkiye finansal okuryazarlığın moderatör etkisi bulunmaktadır. Bu sonuç finansal okuryazar olan bireylerin yaşları ilerledikçe finansal risk toleranslarının finansal okuryazar olmayanlara nazaran daha düşük olacağını ifade etmektedir.

Kaynakça

  • Anbar, A. ve Eker, M. (2010). An Empirical Investigation for Determining of The Relation Between Personal Financıal Risk Tolerance and Demographic Characteristic. Ege Academic Review, 10(2), 503-523.
  • Aren, S. ve Aydemir, S. D. (2015). The Moderation of Financial Literacy on the Relationship Between Individual Factors and Risky Investment Intention. International Business Research, 8(6), 17-28.
  • Bajo, E., Barbi, M. ve Sandri, S. (2015). Financial Literacy, Households’ Investment Behavior, and Risk Propensity. Journal of Financial Management Markets and Institutions, 3, 157-174.
  • Bajtelsmit, V. ve Bernasek, A. (1997). Why Do Women Invest Differently than Men? Financial Counseling and Planning, 7, 1-10.
  • Baker, H.K. ve Haslem, J.A. (1974). Toward the Development of Client-Specified Valuation Models. Journal of Finance, 29(4), 1255-1263.
  • Bayar, Y., Sezgin, F.H., Öztürk, Ö.F. ve Şaşmaz, M.Ü. (2020). Financial Literacy and Financial Risk Tolerance of Individual Investors: Multinomial Logistic Regression Approach. SAGE Open, July-September, 1-11.
  • Bayrakdaroğlu, A. ve Kuyu, E. (2018). Farklı Demografik Profillerdeki Kadınların Yatırım Kararlarına İlişkin Finansal Risk Algılarının İncelenmesi. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 705-724.
  • Blume, M. (1978). The Changing Role of The Individual Investor. New York: John Wiley & Sons, Inc.
  • Bossons, J. (1973). Institutional Investors and Corporate Stock-A Background Study. Bossons, J. Appendix V: The Distribution of Assets Among Individuals of Different Age and Wealth (pp.394-428). NBER.
  • Büyüköztürk, Ş. (2002). Faktör analizi: Temel Kavramlar ve Ölçek Geliştirmede Kullanımı. Kuram ve Uygulamada Eğitim Yönetimi, 32(32), 470-483.
  • Cohn R. A., Lewellen, W. G., Lease, R. C. ve Schlarbaum, G. G. (1975). Individual Investor Risk Aversion and Investment Portfolio Composition. The Journal of Finance, 30 (2), 605-620.
  • Coleman, S. (2003). Women and Risk: An Analysis of Attitudes and Investment Behavior. Academy of Accounting and Financial Studies Journal, 7(2), 99‐122.
  • Dahlback, O. (1991). Saving and Risk Taking. Journal of Economic Psychology, 12, 479-500.
  • Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J. ve Wagner, G. G. (2011). Individual Risk Attitudes: Measurement, Determinants, and Behavioral Consequences. Journal of the European Economic Association, 9, 522-550.
  • Faff, R., Hallahan, T. ve McKenzie, M. (2011). Women and Risk Tolerance in An Aging World. International Journal of Accounting and Information Management, 19, 100-117.
  • Faff, R., Mulino, D. ve Chai, D. (2008). On The Linkage Between Financial Risk Tolerance and Risk Aversion. Journal of Financial Research, 31, 1-23.
  • Feldstein, J. H. ve Washburn, D. E. (1980). Shifts Toward Risk in Adults at Three Age Levels. Experimental Aging Research, 6, 149-157.
  • Fisher, P.J. ve Yao, R. (2017). Gender Differences in Financial Risk Tolerance. Journal of Economic Psychology, 61, 191-202.
  • Frijns, B., Koellen, E. ve Lehnert, T. (2008). On The Determinants Of Portfolio Choice. Journal of Economic Behavior and Organization, 66, 373-386.
  • Grable, J. E. ve Joo, S.-H. (1999). Factors Related to Risk Tolerance: A Further Examination. Consumer Interests Annual, 45, 53-58.
  • Grable, J. E. ve Lytton, R. H. (1999). Financial Risk Tolerance Revisited: The Development of A Risk Assessment Instrument. Financial Services Review, 8(3), 163-181.
  • Grable, J.E. ve Lytton, R.H. (2001). Assessing The Concurrent Validity of The SCF Risk Tolerance Question. Financial Counseling and Planning, 12(2), 43-53.
  • Grable. J. (2000), Financial Risk Tolerance and Additional Factors that Affect Risk Taking in Everyday Money Matters, Journal of Business and Psychology, 14, 625-630.
  • Hair, J. F. J., Black, W. C., Babin, B. J. ve Anderson, R. E. (2010). Multivariate Data Analysis. Upper Saddle River: Prentice Hall.
  • Haliassos, M. ve Bertaut, C. C. (1995). Why Do so Few Hold Stocks? The Economic Journal, 105, 1110-1129.
  • Hallahan, T. A., Faff, R. W. ve McKenzie, M. D. (2004). An Empirical Investigation of Personal Financial Risk Tolerance. Financial Services Review, 13(1), 57-78.
  • Hammond, J. D., Houston, D. B. ve Melander, E. R. (1967). Determinants of Household Life Insurance Premium Expenditures: An Empirical Investigation. The Journal of Risk and Insurance, 34, 397-408.
  • Hanna, S.D., Gutter, M.S. ve Fan, J.X. (2001). A Measure of Risk Tolerance Based on Economic Theory. Financial Counseling and Planning, 12(2), 53-60.
  • Hawley, C. B. ve Fujii, E. T. (1993). An Empirical Analysis of Preferences for Financial Risk: Further Evidence on The Friedman-Savage Model. Journal of Post Keynesian Economics, 16, 197-204.
  • Hendrawaty, E., Irawati, N. ve Sadalia, I. (2020). Financial Literacy, Demographic Differences and Financial Risk Tolerance Level: A Case Study. Journal of Securıty And Sustainability Issues, 9, 187-201.
  • Kline, P. (1994). An Easy Guide to Factor Analysis. New York: Routledge.
  • Larkin C., Lucey, B.M. ve Mulholland, M. (2013). Risk Tolerance and Demographic Characteristics: Preliminary Irish Evidence. Financial Services Review, 22, 77-91.
  • Lusardi, A., Mitchell, O.S. 2011. Financial Literacy Around The World: An Overview. NBER Working Paper.
  • Lytton, R. H., ve Grable, J. E. (1997). A gender comparison of financial attitudes. Proceedings of the Annual Conference of the Eastern Regional Family Economics-Home Management Association, 1-7.
  • Masters, R. (1989). Study Examines Investors’ Risk Taking Propensities. Journal of Financial Planning, 2, 151-155.
  • McInish, T. H. (1982). Individual Investors and Risk-Taking. Journal of Economic Psychology, 2, 125-136.
  • Morin, R. ve Suarez, A. (1983). Risk Aversion Revisited. Journal of Finance, 38(4), 1201-1216.
  • Nguyen, L. T. M., Gallery, G. ve Newton, C. (2016). The Influence of Financial Risk Tolerance On Investment Decision-Making in A Financial Advice Context. Australasian Accounting. Business and Finance Journal, 10, 3–22.
  • Özdamar K. (2002). Paket Programlarla İstatistiksel Veri Analizi-1. Eskişehir: Kaan Kitabevi.
  • Palsson, A.M. (1996). Does The Degree of Relative Risk Aversion Vary with Household Characteristics? Journal of Economic Psychology, 17, 771-787.
  • Shusha, A.A. (2017). Does Financial Literacy Moderate the Relationship among Demographic Characteristics and Financial Risk Tolerance? Evidence from Egypt. Australasian Accounting, Business and Finance Journal, 11(3), 67-86.
  • Sjöberg, L. ve Engelberg, E. (2009). Attitudes to Economic Risk Taking, Sensation Seeking and Values of Business Students Specializing in Finance. Journal of Behavioral Finance, 10(1), 33-43.
  • Slovic, P. (1966). Risk-Taking in Children: Age and Sex Differences. Child Development, 37, 169-176.
  • Strydom, B. ve Metherell, C. (2012). Demographic Factors Affecting Subjective Financial Risk Tolerance: South African Evidence. Working Paper No. 01-2012, School of Economics and Finance.
  • Sunden, A. E. ve Surrette, B. J. (1998). Gender Differences in The Allocation of Assets in Retirement Savings Plans. American Economic Review, 88, 207-211.
  • Sung, J. ve Hanna, S. (1996). Factors Related to Risk Tolerance. Journal of Financial Counseling and Planning, 7, 11–20.
  • Sung, J. ve Hanna, S. (1996). Factors Related to Risk Tolerance. Financial Counseling and Planning, 7, 11‐20.
  • Tanyolaç, T. ve Karan, M.B. (2015). Analyzing Demographic Characteristics of The Security Investors: An Applicatıon to Turkey. Journal of Economics, Finance & Accounting, 2(4), 680-703.
  • Van de Venter, G., Michayluk, D. ve Davey, G. (2012). A Longitudinal Study of Financial Risk Tolerance. Journal of Economic Psychology, 33(4), 794-800.
  • Wallach, M. A., ve Kogan, N. (1961). Aspects of Judgment and Decision Making: Interrelationships and Changes with Age. Behavioral Science, 6, 23-26.
  • Wang, H. ve Hanna, S. (1997). Does Risk Tolerance Decrease with Age? Financial Counseling and Planning, 8(2), 27-31.
  • Wong, A. (2011). Financial Risk Tolerance and Selected Demographic Factors: A Comparative Study In 3 Countrıes. Global Journal of Finance and Banking Issues, 5(5), 1-12.
  • Xiao, J. J. ve Noring, F. E. (1994). Perceived Saving Motives And Hierarchical Financial Needs. Financial Counseling and Planning, 5, 25-44.
  • Yao, R. ve Hanna, S. D. (2005). The Effect of Gender and Marital Status on Financial Risk Tolerance. Journal of Personal Finance, 4, 66–85.
  • Yaşlıoğlu, M.M. (2017). Sosyal Bilimlerde Faktör Analizi ve Geçerlilik: Keşfedici ve Doğrulayıcı Faktör Analizlerinin Kullanılması. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 46, 74-85.
  • Yong, H. N. A. ve Tan, K. L. (2017). The Influence of Financial Literacy Towards Risk Tolerance. International Journal of Business and Society, 18(3), 469-484.
  • Zhong, L. X. ve Xiao, J. J. (1995). Determinants of Family Bond and Stock Holdings. Financial Counseling and Planning, 6, 107-114.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme Finans
Bölüm Makaleler
Yazarlar

Ahmet Oğuz AKGÜNEŞ (Sorumlu Yazar)
KIRKLARELİ ÜNİVERSİTESİ
0000-0003-3852-9332
Türkiye

Yayımlanma Tarihi 13 Nisan 2021
Başvuru Tarihi 14 Aralık 2020
Kabul Tarihi 14 Nisan 2021
Yayınlandığı Sayı Yıl 2021, Cilt , Sayı 115

Kaynak Göster

APA Akgüneş, A. O. (2021). Finansal Risk Toleransı ve Demografik Değişkenler Arasındaki İlişki: Finansal Okuryazarlığın Moderatör Etkisi . Maliye ve Finans Yazıları , (115) , 9-26 . DOI: 10.33203/mfy.840442

Dergi özellikle maliye, finans ve bankacılık alanlarında faaliyet göstermektedir.