Yatırımcı Davranışlarının Bireysel Yatırım Kararlarına Etkisi: Finansal Okuryazarlık ve Risk Algısının Aracılık Rolü

Yıl 2025, Sayı: 106, 139 - 172, 15.04.2025

Emine Mine Erbek Dertli , Cemal Yükselen

https://doi.org/10.25095/mufad.1627758

Öz

Bu çalışma, bireysel yatırımcıların yatırım kararları üzerindeki davranışsal finans eğilimlerini inceleyerek, finansal okuryazarlık ve risk algısının aracı rollerini değerlendirmeyi amaçlamaktadır. Klasik ekonomi ve finans teorileri, bireylerin rasyonel kararlar aldığını varsaymasına rağmen, yatırımcıların irrasyonel finansal davranışlar sergilediği gözlemlenmektedir. Davranışsal finans literatürü, yatırımcıların duygusal tepkiler, bilgi eksiklikleri ve risk algısı nedeniyle rasyonel olmayan kararlar verebileceğini öne sürmektedir. Çalışma kapsamında, İstanbul’da yaşayan 19 yaş ve üzeri 841 bireysel yatırımcıyla anket uygulanarak nicel bir analiz gerçekleştirilmiştir. Analiz sonuçlarına göre, kendine aşırı güven, kontrol yanılsaması, pişmanlıktan kaçınma, sürü davranışı ve kendini kontrol etme eğilimlerinin yatırım kararlarını olumlu etkilediği tespit edilmiştir. Ayrıca, finansal okuryazarlık ve risk algısının, davranışsal finans eğilimleri ile yatırım kararları arasındaki ilişkide aracı değişken rolü oynadığı belirlenmiştir. Bu bulguların, bireysel yatırım kararlarının daha iyi anlaşılmasına katkı sağlayarak literatüre teorik ve ampirik düzeyde katkı sunması beklenmektedir.

Anahtar Kelimeler

Davranışsal Finans , Bireysel Yatırım Kararları , Finansal Okuryazarlık , Risk Algısı

The Effect of Investor Behaviour on Individual Investment Decisions: The Mediating Role of Financial Literacy and Risk Perception

Öz

This study aims to evaluate the mediating roles of financial literacy and risk perception by examining behavioural finance tendencies on investment decisions of individual investors. Although classical economic and finance theories assume that individuals make rational decisions, investors are observed to exhibit irrational financial behaviours. Behavioural finance literature suggests that investors may make irrational decisions due to emotional reactions, lack of information and risk perception. Within the scope of the study, a quantitative analysis was conducted by surveying 841 individual investors aged 19 and over living in Istanbul. According to the results of the analysis, overconfidence, illusion of control, regret avoidance, herd behaviour and self-control tendencies have a positive effect on investment decisions. In addition, financial literacy and risk perception were found to act as mediating variables in the relationship between behavioural finance tendencies and investment decisions. These findings contribute to the theoretical and empirical literature by contributing to a better understanding of individual investment decisions.

Anahtar Kelimeler

Behavioral Finance , Individual Investment Decisions , Financial Literacy , Risk Perception

Kaynakça

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