Yatırım Kararı Verme Sürecinde Ön yargı Hatasının Pozitif Psikoloji Yoluyla Azaltılması
Yıl 2025,
Cilt: 12 Sayı: 2, 269 - 289, 01.07.2025
Tarana Azimova
,
Burcu Aydın Küçük
Öz
Çok sayıda araştırma yatırım kararlarını olumsuz etkileyen “insan patolojisi” üzerine odaklanmaktadır. Ancak yatırım seçimi kriterlerini ve sonuçlarını olumlu yönde etkileyen kişilik özelliklerine çok az vurgu yapılmaktadır. Bu çalışmada, Harman's Single faktör analizi kullanarak, Şubat 2021 ile Haziran 2021 tarihleri arasında İstanbul, Türkiye'de farklı kuruluşlarda çalışan 441 katılımcının bir yatırım girişimi sürecinde psikolojik özelliklerin etkisini araştırılmaktadır. Pozitif psikoloji kavramından yararlanarak psikolojik sermayeye ve farkındalık gibi positif kişisel özelliklerin karar verme süreçleri üzerinde olumlu etki yaratcağını ortaya koymaktayız. Bu çalışmanın pratik çıkarımları bulunmaktadır ve yatırımcıların karar vermelerine yardımcı olacaktır.
Kaynakça
-
Ahmad, M. (2018). Impact of neurotransmitters, emotional intelligence and personality on investor's behavior and investment decisions, Pakistan Journal of Commerce and Social Sciences , 12( 1), .330-362.
-
Aren, S., & Aydemir S. D. (2015). The factors influencing given investment choices of individuals. Procedia-Social and Behavioral Sciences, 210, 126–135. https://doi.org/10.1016/j.sbspro.2015.11.351.
-
Bikhchandani S. &Sharma S. (2001). Herd behavior in financial markets, IMF Staff Papers 47, 1.
-
Brown, K. W., & Ryan, R. M. (2003). The benefits of being present: mindfulness and its role in psychological well-being. Journal of personality and social psychology, 84(4), 822.
-
Catak, P. D. (2012). The Turkish version of mindful attention awareness scale: preliminary findings. Mindfulness 3, 1–9. doi: 10.1007/ s12671-011-0072-3
-
Chhapra, I.U., Kashif, M., Rehan, R. & Bai, A. (2018). An empirical investigation of investors behavioral biases on financial decision making. Asian Journal of Empirical Research, 8(3), pp.99-109. DOI: 10.18488/journal.1007/2018.7.3/1007.3.99.109
-
Çetin, F., Basım H.N. (2012). Örgütsel psikolojik sermaye: Bir ölçek uyarlama çalışması, Amme İdaresi Dergisi, 45(1), 121-137.
-
Divanoğlu S. U. & Bağci H.(2018). Determining the factors affecting individual investors’ behaviours. International Journal of Organizational Leadership 7(2018) 284-299. Available at SSRN: https://ssrn.com/abstract=3337585
-
Devenow, A. I.W. (1996). Rational herding in financial economics, European Economic Review 40, 603-615.
Dow, J. (2004). Is liquidity self-fulfilling?, The Journal of Business 77, 895-908.
-
Hayes, A. F. (2017). The PROCESS Macro for SPSS and SAS. http://processmacro.org/index.html. Accessed 2 May 2017.
-
Friedman, M. (1953). Essays in positive economics, Chicago: University of Chicago Press.
-
Gao, L. and Schmidt, U. (2005). Self is never neutral: Why economic agents behave irrationally, Jo urnal of Behavioral Finance 6(1), 27-37.
-
Graham, J. R. (1999). Herding among investment newsletters: theory and evidence, Journal of Finance 54, 237-268.
-
Hafenbrack, A. C., Kinias, Z., & Barsade, S. G. (2014). Debiasing the mind through meditation Mindfulness and the sunk-cost bias. Psychological Science, 25, 369-376.https://doi.org/10.1177/0956797613503853
-
James, W. (1902). The varieties of religious experience: A study in human nature. New York: Longman, Green.
-
Kahneman, D., & TverskyA., (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, .263–291.
-
Kahneman, D., Slovic, P., & Tversky, A. (1982). Judgment under uncertainty: Heuristics and biases. New York: Cambridge University Press.
-
Karelaia, N., & Reb, J. (2015). Improving decision making through mindfulness. Mindfulness in organizations: Foundations, research, and applications. Reb, J., & Atkins, P. (Eds.), Cambridge: Cambridge University Press. 163–189.
-
Kesbiç, C. Y., & Yiğit, M. (2016). Bireysel yatırım tercihlerinde risk faktörünün önemi: manisa ili yatırımcı profili analizi. Finans Politik & Ekonomik Yorumlar, 53(613), 79–94.
-
Kiegler, S., Wulf, T., Nolzen, N. and Meissner, P. (2021). Psychological capital and strategic decision outcomes, Journal of Strategy and Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JSMA-03-2021-0065
-
Kiken, L. G., & Shook, N. G. (2011). Looking up: Mindfulness increases positive judgments and reduces negativity bias. Social Psychological and Personality Science, 2, 425–431.
-
List, John A., (2004). Neoclassical theory versus prospect theory: Evidence from the Marketplace, Econometrica 72, 615-625.
-
Lubis, H., Kumar, M. D., Ikbar, P., & Muneer, S. (2015). Role of psychological factors in individuals investment decisions. International Journal of Economics and Financial, 5, 397–405.
-
Luthans. F., Luthans, K. W. & Luthans, B. C. (2004). Positive psychological capital: Beyond human and social Capital, Business Horizons, 47( 1), 45- 50.
-
Luthans, F., Youssef, C. M., & Avolio, B. J. (2007). Psychological capital: Investing and developing positive organizational behavior. Positive organizational behavior, 1(2), 9-24.
-
Maddux, J. E., Snyder, C. R., & Lopez, S. J. (2004). Toward a positive clinical psychology: Deconstructing the illness ideology and constructing an ideology of human strengths and potential. Positive Psychology in Practice, 320–334, Hoboken, NJ: Wiley.
-
Nolzen, N. (2018). The concept of psychological capital: A comprehensive review, Management Review Quarterly, 68, 237-277.
-
Odean, T. (1999). Do investors trade too much, The American Economics Review, 89(5), 1279-98.
-
Pasewark, W. R., & Riley, M. E. (2010). It’sa matter of principle: The role of personal values in investment decisions. Journal of business ethics, 93, 237-253.
-
Panno, A., Lauriola, M., & Figner, B. (2013). Emotion regulation and risk taking: Predicting risky choice in deliberative decision making. Cognition & Emotion, 27, 326- 334. https://doi.org/10.1080/02699931.2012.707642
-
Peterson, S.J., Luthans, F., Avolio, B.J., Walumbwa, F.O. and Zhang Z. (2011), Psychological capital and employee performance: A latent growth modeling approach, Personnel Psychology, 64(2), 427–450.
-
Podsakoff, P., Mackenzie, S., Lee, J.-Y., & Podsakoff, N. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903.
-
Rajan, R. G. (1994). Why nank credit policies fluctuate: A theory and some evidence, The Quarterly Journal of Economics 109, 399-441.
-
Rehan, R., & Umer, I. (2017). Behavioural biases and investor decisions. Market Forces, 12(2), 12-20.
-
Russo, J. E., & Shoemaker, P. J. H. (1992). Managing overconfidence. Sloan Management Review, 33, 7–17.
-
Seligman, M. E. P. (1999). The President’s address. American Psychologist, 54, 559–562.
-
Seligman, M.E.P. (2002). Authentic happiness. New York: Free Press.
-
Seligman, M. E. P. (2005). Positive psychology network 2004 progress report, Retrieved June 28, 2005, from http://www.positivepsychology.org/progressreport2004.pdf
-
Seligman, M. E. P., & Csikszentmihalyi, M. (2000).Positive psychology: An introduction. American Psychologist,55, 5–14.
-
Segal, Z. V. & Williams, J. M. G. & Teasdale, J. D. (2002). Mindfulness-based cognitive therapy for depression: A new approach to preventing relapse. New York: Guilford Press.
-
Shiller, R. (2000). International exuberance. Princeton, NJ: Princeton University Press.
-
Singh, S., & Mansi. (2009). Psychological capital as predictor of psychological well-being. Journal of the Indian Academy of Applied Psychology, 35(2), 233–238
-
Snyder C.R., Forsyth D.R., Irving L.M., & Anderson S.A. (1991). Hope and health: Measuring the will and the ways. In Handbook of Social and Clinical Psychology: The Health Perspective, ed., 285-305. Elmsford, NY: Pergamon.
-
Stajkovic, A. D. (2003). Introducing positive psychology to work motivation: Development of a core confidence model. Paper Presented at Academy of Management National Meeting, Seattle, Washington.
-
Sweetman, D., Luthans, F., Avey, J.B. and Luthans, B.C. (2011). Relationship between positive psychological capital and creative performance, Canadian Journal of Administrative Sciences, 28 (1), 4–13.
-
Tabachnick, B. G., Fidell, L. S., & Ullman, J. B. (2007). Using multivariate statistics, 5, 481-498. Boston, MA: Pearson.
-
Taylor, S. E., & Brown, J. D. (1988). Illusion and wellbeing: A social psychological perspective on mental health. Psychological Bulletin, 103, 193–210.
-
Von Neumann, J., & Morgenstern, O.,(1944). Theory of games and economic behavior. Princeton: Princeton University Press.
-
Wood, R., Bandura, A. and Bailey, T. (1990). Mechanism governing organizational performance in complex decision-making environments, Organizational Behavior and Human Decision Processes, Vol. 46 (2), 181–201.
-
Whyte, G., Saks, A.M. and Hook, S. (1997). When success breeds failure: The role of self-efficacy in escalating commitment to a losing course of action, Journal of Organizational Behavior, 18 (5), 415–432.
-
Yeşildağ, E., Atasever, M., Kuduz, N., & Coşkun, A. (2017). Afyonkarahisar ve kütahya illerindeki hisse senedi yatırımcılarının profili ve yatırım kararlarını etkileyen faktörlerin analizi. Akademik Sosyal Araştırmalar Dergisi, 5(53), 257–277.
Debiasing the Investment Decision-making Through Positive Psychology
Yıl 2025,
Cilt: 12 Sayı: 2, 269 - 289, 01.07.2025
Tarana Azimova
,
Burcu Aydın Küçük
Öz
Numerous research papers have addressed the “human pathology” that negatively affects investment decisions. However, little emphasis has been dedicated to personality traits that positively influence investment choice criteria and outcomes. Using Harman's Single factor analysis, we examine the effect of psychological traits in an investment undertaking in an empirical task of 441 participants employed in different organizations in Istanbul, Türkiye between February 2021 and June 2021. Drawing on positive psychology, we introduce psychological capital and mindfulness as positive personality traits and assert that these attributes improve both decision-making processes and investment decision outcomes. This study has practical implication and will assist the investors in their decision-making.
Kaynakça
-
Ahmad, M. (2018). Impact of neurotransmitters, emotional intelligence and personality on investor's behavior and investment decisions, Pakistan Journal of Commerce and Social Sciences , 12( 1), .330-362.
-
Aren, S., & Aydemir S. D. (2015). The factors influencing given investment choices of individuals. Procedia-Social and Behavioral Sciences, 210, 126–135. https://doi.org/10.1016/j.sbspro.2015.11.351.
-
Bikhchandani S. &Sharma S. (2001). Herd behavior in financial markets, IMF Staff Papers 47, 1.
-
Brown, K. W., & Ryan, R. M. (2003). The benefits of being present: mindfulness and its role in psychological well-being. Journal of personality and social psychology, 84(4), 822.
-
Catak, P. D. (2012). The Turkish version of mindful attention awareness scale: preliminary findings. Mindfulness 3, 1–9. doi: 10.1007/ s12671-011-0072-3
-
Chhapra, I.U., Kashif, M., Rehan, R. & Bai, A. (2018). An empirical investigation of investors behavioral biases on financial decision making. Asian Journal of Empirical Research, 8(3), pp.99-109. DOI: 10.18488/journal.1007/2018.7.3/1007.3.99.109
-
Çetin, F., Basım H.N. (2012). Örgütsel psikolojik sermaye: Bir ölçek uyarlama çalışması, Amme İdaresi Dergisi, 45(1), 121-137.
-
Divanoğlu S. U. & Bağci H.(2018). Determining the factors affecting individual investors’ behaviours. International Journal of Organizational Leadership 7(2018) 284-299. Available at SSRN: https://ssrn.com/abstract=3337585
-
Devenow, A. I.W. (1996). Rational herding in financial economics, European Economic Review 40, 603-615.
Dow, J. (2004). Is liquidity self-fulfilling?, The Journal of Business 77, 895-908.
-
Hayes, A. F. (2017). The PROCESS Macro for SPSS and SAS. http://processmacro.org/index.html. Accessed 2 May 2017.
-
Friedman, M. (1953). Essays in positive economics, Chicago: University of Chicago Press.
-
Gao, L. and Schmidt, U. (2005). Self is never neutral: Why economic agents behave irrationally, Jo urnal of Behavioral Finance 6(1), 27-37.
-
Graham, J. R. (1999). Herding among investment newsletters: theory and evidence, Journal of Finance 54, 237-268.
-
Hafenbrack, A. C., Kinias, Z., & Barsade, S. G. (2014). Debiasing the mind through meditation Mindfulness and the sunk-cost bias. Psychological Science, 25, 369-376.https://doi.org/10.1177/0956797613503853
-
James, W. (1902). The varieties of religious experience: A study in human nature. New York: Longman, Green.
-
Kahneman, D., & TverskyA., (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47, .263–291.
-
Kahneman, D., Slovic, P., & Tversky, A. (1982). Judgment under uncertainty: Heuristics and biases. New York: Cambridge University Press.
-
Karelaia, N., & Reb, J. (2015). Improving decision making through mindfulness. Mindfulness in organizations: Foundations, research, and applications. Reb, J., & Atkins, P. (Eds.), Cambridge: Cambridge University Press. 163–189.
-
Kesbiç, C. Y., & Yiğit, M. (2016). Bireysel yatırım tercihlerinde risk faktörünün önemi: manisa ili yatırımcı profili analizi. Finans Politik & Ekonomik Yorumlar, 53(613), 79–94.
-
Kiegler, S., Wulf, T., Nolzen, N. and Meissner, P. (2021). Psychological capital and strategic decision outcomes, Journal of Strategy and Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JSMA-03-2021-0065
-
Kiken, L. G., & Shook, N. G. (2011). Looking up: Mindfulness increases positive judgments and reduces negativity bias. Social Psychological and Personality Science, 2, 425–431.
-
List, John A., (2004). Neoclassical theory versus prospect theory: Evidence from the Marketplace, Econometrica 72, 615-625.
-
Lubis, H., Kumar, M. D., Ikbar, P., & Muneer, S. (2015). Role of psychological factors in individuals investment decisions. International Journal of Economics and Financial, 5, 397–405.
-
Luthans. F., Luthans, K. W. & Luthans, B. C. (2004). Positive psychological capital: Beyond human and social Capital, Business Horizons, 47( 1), 45- 50.
-
Luthans, F., Youssef, C. M., & Avolio, B. J. (2007). Psychological capital: Investing and developing positive organizational behavior. Positive organizational behavior, 1(2), 9-24.
-
Maddux, J. E., Snyder, C. R., & Lopez, S. J. (2004). Toward a positive clinical psychology: Deconstructing the illness ideology and constructing an ideology of human strengths and potential. Positive Psychology in Practice, 320–334, Hoboken, NJ: Wiley.
-
Nolzen, N. (2018). The concept of psychological capital: A comprehensive review, Management Review Quarterly, 68, 237-277.
-
Odean, T. (1999). Do investors trade too much, The American Economics Review, 89(5), 1279-98.
-
Pasewark, W. R., & Riley, M. E. (2010). It’sa matter of principle: The role of personal values in investment decisions. Journal of business ethics, 93, 237-253.
-
Panno, A., Lauriola, M., & Figner, B. (2013). Emotion regulation and risk taking: Predicting risky choice in deliberative decision making. Cognition & Emotion, 27, 326- 334. https://doi.org/10.1080/02699931.2012.707642
-
Peterson, S.J., Luthans, F., Avolio, B.J., Walumbwa, F.O. and Zhang Z. (2011), Psychological capital and employee performance: A latent growth modeling approach, Personnel Psychology, 64(2), 427–450.
-
Podsakoff, P., Mackenzie, S., Lee, J.-Y., & Podsakoff, N. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903.
-
Rajan, R. G. (1994). Why nank credit policies fluctuate: A theory and some evidence, The Quarterly Journal of Economics 109, 399-441.
-
Rehan, R., & Umer, I. (2017). Behavioural biases and investor decisions. Market Forces, 12(2), 12-20.
-
Russo, J. E., & Shoemaker, P. J. H. (1992). Managing overconfidence. Sloan Management Review, 33, 7–17.
-
Seligman, M. E. P. (1999). The President’s address. American Psychologist, 54, 559–562.
-
Seligman, M.E.P. (2002). Authentic happiness. New York: Free Press.
-
Seligman, M. E. P. (2005). Positive psychology network 2004 progress report, Retrieved June 28, 2005, from http://www.positivepsychology.org/progressreport2004.pdf
-
Seligman, M. E. P., & Csikszentmihalyi, M. (2000).Positive psychology: An introduction. American Psychologist,55, 5–14.
-
Segal, Z. V. & Williams, J. M. G. & Teasdale, J. D. (2002). Mindfulness-based cognitive therapy for depression: A new approach to preventing relapse. New York: Guilford Press.
-
Shiller, R. (2000). International exuberance. Princeton, NJ: Princeton University Press.
-
Singh, S., & Mansi. (2009). Psychological capital as predictor of psychological well-being. Journal of the Indian Academy of Applied Psychology, 35(2), 233–238
-
Snyder C.R., Forsyth D.R., Irving L.M., & Anderson S.A. (1991). Hope and health: Measuring the will and the ways. In Handbook of Social and Clinical Psychology: The Health Perspective, ed., 285-305. Elmsford, NY: Pergamon.
-
Stajkovic, A. D. (2003). Introducing positive psychology to work motivation: Development of a core confidence model. Paper Presented at Academy of Management National Meeting, Seattle, Washington.
-
Sweetman, D., Luthans, F., Avey, J.B. and Luthans, B.C. (2011). Relationship between positive psychological capital and creative performance, Canadian Journal of Administrative Sciences, 28 (1), 4–13.
-
Tabachnick, B. G., Fidell, L. S., & Ullman, J. B. (2007). Using multivariate statistics, 5, 481-498. Boston, MA: Pearson.
-
Taylor, S. E., & Brown, J. D. (1988). Illusion and wellbeing: A social psychological perspective on mental health. Psychological Bulletin, 103, 193–210.
-
Von Neumann, J., & Morgenstern, O.,(1944). Theory of games and economic behavior. Princeton: Princeton University Press.
-
Wood, R., Bandura, A. and Bailey, T. (1990). Mechanism governing organizational performance in complex decision-making environments, Organizational Behavior and Human Decision Processes, Vol. 46 (2), 181–201.
-
Whyte, G., Saks, A.M. and Hook, S. (1997). When success breeds failure: The role of self-efficacy in escalating commitment to a losing course of action, Journal of Organizational Behavior, 18 (5), 415–432.
-
Yeşildağ, E., Atasever, M., Kuduz, N., & Coşkun, A. (2017). Afyonkarahisar ve kütahya illerindeki hisse senedi yatırımcılarının profili ve yatırım kararlarını etkileyen faktörlerin analizi. Akademik Sosyal Araştırmalar Dergisi, 5(53), 257–277.