Davranışsal Yatırımcı Türleri- Bireysel Yatırımcıların Finansal Risk Toleransını Belirleyici Faktörler

Öz

Finansal risk toleransı, uzun zamandır yatırımcıların ve araştırmacıların odak noktası olmuştur. Zamanla, bireysel yatırımcıların risk toleransını ölçmek için çeşitli yöntemler geliştirilmiştir ve araştırmacılar risk toleransının belirleyici faktörlerini bulmaya çalışmaktadır. Bu çalışmanın amacı demografik ve sosyoekonomik faktörlerin yatırımcıların risk alma davranışları üzerindeki etkisini belirlemek ve yatırımcıları davranışsal yatırımcı tiplerine ayırmaktır. Bunun için risk toleransını iki şekilde ölçen bir anket kullanılmıştır. Risk toleransı, aktif veya pasif karakteristik özellikler testi ve klasik bir risk toleransı anketi ile ölçülmüştür. İlk olarak, çoklu doğrusal regresyon sonuçları, cinsiyet ve eğitim değişkenlerinin risk toleransını önemli ölçüde belirleyici faktörler olduğunu göstermektedir. İkinci olarak, davranışsal yatırımcı tipleri analizi ile yatırımcıların yatırım davranışlarında çok duygusal olmadıkları ve ağırlıklı olarak bilişsel önyargılara sahip oldukları tespit edilmiştir.

Anahtar Kelimeler

• Finansal Risk Toleransı
• Bireysel Yatırımcı Davranışları
• Demografik ve Sosyoekonomik Faktörler

Behavioral Investor Types- Determinants of Individual Investors’ Financial Risk Tolerance

Öz

Financial risk tolerance has long been the focus of investors and researchers. Over time, various methods have been developed to measure risk tolerance and researchers try to find out the determinants of risk tolerance. The objective of this study is to identify the impact of socioeconomic as well as demographic variables on investors' risk-taking behavior and to classify investors into behavioral investor types. Therefore, a questionnaire that measures risk tolerance in two ways is conducted. Risk tolerance is measured with the active or passive characteristic traits quiz and a classical risk-tolerance questionnaire. Firstly, the results of the Multiple linear regression show that the variables gender and education are factors that significantly determine risk tolerance. Secondly, the behavioral investor types analysis shows that investors are not very emotional in their investment behavior and have predominantly cognitive biases.

Kaynakça

1. REFERENCES Anbar, Adem - Eker, Melek (2010), “An Empirical Investigation for Determining of the Relation Between Personal Financial Risk Tolerance and Demographic Characteristic”, Ege Academic Review, 10(2), pp. 503-523.
2. Antonites, Alex - Wordsworth, Russell (2009), “Risk Tolerance: A Perspective on Entrepreneurship Education”, Southern African Business Review, 13(3), pp. 69-85.
3. Belzil, Christian – Hansen, Jörgen (2002), “Unobserved Ability and the Return to Schooling”, Econometrica, 70(5), pp.2075-2091.
4. Black, Sandra E.- Devereux, Paul J.- Lundborg, Petter- Majlesi, Kaveh (2015), “Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets”, NBER Working Paper No. 21043.
5. Cohn, Richard A.- Lewellen, Wilbur G.- Lease, Ronald C.- Schlarbaum, Gary G. (1975). Individual investor risk aversion and investment portfolio composition. Journal of Finance, 30, pp. 605-620.
6. Dohmen, Thomas- Falk, Armin- Huffman, David- Sunde, Uwe- Schupp, Jürgen- Wagner, Gert G. (2011), “Individual Risk Attitudes: Measurement, Determinants, and Behavioral Consequences”, Journal of the European Economic Association, 9(3), pp. 522-550.
7. Fisher, Patti J. – Yao Rui (2017), “Gender Differences in Financial Risk Tolerance”, Journal of Economic Psychology, 61, pp. 191-202.
8. Grable, John E. (2000), “Financial Risk Tolerance and Additional Factors That Affect Risk Taking in Everyday Money Matters”, Journal of Business and Psychology, 14(4), pp. 625-630.

9. Grable, John and Joo, So-Hyun (2004), “Environmental and Biopsychosocial Factors Associated with Financial Risk Tolerance”, Journal of Financial Counseling and Planning, 15(1), pp.73-82.
10. Gustafsson, Carina – Omark, Lisa (2015), “Financial Literacy’s Effect on Financial Risk Tolerance - A Quantitative Study on Whether Financial Literacy has an Increasing or Decreasing Impact on Financial Risk Tolerance”, Umeå School of Business and Economics Spring Semester, Degree Project, http://www.diva-portal.org/smash/get/diva2:826787/FULLTEXT01.pdf, (Date of access: 01.03.2023)
11. Halek, Martin – Eisenhauere, Joseph G. (2001), “Demography of Risk Aversion”, The Journal of Risk and Insurance, 68(1), pp. 1-24.
12. Hallahan, Terrence A.- Faff, Robert W. – McKenzie, Michael D. (2004), “An Empirical Investigation of Personal Financial Risk Tolerance”, Financial Services Review, 13, pp. 57-78.
13. Hermansson, Cecilia – Jonsson, Sara (2021), “The Impact of Financial Literacy and Financial Interest on Risk Tolerance”, Journal of Behavioral and Experimental Finance, 29, pp.1-12.
14. Hryshko, Dmytro- Luengo-Prado, María José – Sorensen, Bent E. (2011), “Childhood Determinants of Risk Aversion: The Long Shadow of Compulsory Education”, Journal of the Econometric Society, 2(1), pp.37-72.
15. Kahneman, Daniel – Riepe, Mark W. (1998), “Aspects of Investor Psychology”, The Journal of Portfolio Management, 24(4), pp. 52-65.
16. Mihet, Roxana (2012), “Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis”, Journal of Cultural Economics, 37(1), pp. 1-49.
17. Plott, Charles – Smith, Vernon (2008), Handbook of Experimental Economics Results, Volume 1, First Edition, North Holland.
18. Pompian, Michael M. (2012), Behavioral Finance and Investor Types: Managing Behavior to Make Better Investment Decisions, Wiley Finance Series, Canada.
19. Rahmawati- Kumar, M. Dileep- Kambuaya, Meyland – Jamil, Farhan – Muneer, Saqib (2015), “Determinants of the Risk Tolerance of Individual Investors”, International Journal of Economics and Financial Issues, 5, pp. 373-378.
20. Saraç, Mehmet – Kahyaoğlu, Mehmet Burak (2011), “Bireysel Yatırımcıların Risk Alma Eğilimine Etki Eden Sosyo-Ekonomik ve Demografik Faktörlerin Analizi”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 5(2), ss. 135-157.
21. Schober, Patrick – Boer, Christa (2018), “Correlation Coefficients: Appropriate Use and Interpretation”, Anesthesia & Analgesia, 126(5), pp. 1763-1768.
22. Sejdiji Zimer (2017), “Risikoprofilierung von Privatanlegern in der Schweiz – Eine Untersuchung der Korrelation von Risikotoleranz und Finanzfachwissen”, Zürcher Hochschule für Angewandte Wissenschaften ZHAW School of Management and Law Abteilung Banking, Finance, Insurance Bachelor of Science in Business Administration Studienrichtung Banking and Finance Bachelorarbeit, https://digitalcollection.zhaw.ch/bitstream/11475/1377/1/Sejdiji_Zimer_W.BA.BO.BF.pdf, (Date of access: 01.01.2022)
23. Statman, Meir (2010), “The Cultures of Risk Tolerance”, Available at SSRN: https://ssrn.com/abstract=1647086 or http://dx.doi.org/10.2139/ssrn.1647086, (Date of access: 01.05.2022)
24. Sung, Jaimie – Hanna, Sherman (1996), “Factors Related To Risk Tolerance”, Financial Counseling and Planning, 7, pp. 11-19.
25. Wang, Hui – Hanna, Sherman (1997), “Does Risk Tolerance Decrease With Age?”, Financial Counseling and Planning, 8(2), pp. 27-31.
26. West, Stephen G.- Finch, John F. - Curran, Patrick J. (1995), Structural Equation Models with Nonnormal Variables: Problems and Remedies. In R. H. Hoyle (Ed.), Sage Publications, Structural Equation Modeling: Concepts, Issues, and Applications, pp. 56-75.
27. Yao, Rui – Hanna, Sherman D. (2005), “The Effect of Gender and Marital Status on Financial Risk Tolerance”, Journal of Personal Finance, 4(1), pp. 66-85.