Bireysel Yatırımcıların Finansal Yatırım Kararlarında FoMO, Belirsizlikten Kaçınma ve Dürtüselliğin Etkisi

Yıl 2024, Cilt: 27 Sayı: 2, 673 - 695, 29.11.2024

Vahdet Altundal , Mehpare Tokay Argan , Metin Argan

https://doi.org/10.29249/selcuksbmyd.1526087

Öz

ÖZ
İnternet, mobil cihaz ve sosyal medya araçlarının kullanımının artması, bireysel yatırımcıların yatırım kararlarını etkileyen faktörlerinde artmasına neden olmaktadır. Özellikle sosyal medya platformları, bireysel yatırımcıların gelişmeleri kaçırma korkusu (FoMO), belirsizlikten kaçınma ve dürtüsel satın alma duygularını tetikleyerek yatırımcıların davranışlarını yönlendirebilir ve yatırım kararlarını doğrudan etkileyebilir. Literatürde pazarlama, iletişim ve psikoloji alanlarında incelenen FoMO, belirsizlikten kaçınma ve dürtüsellik, finans alanında yapılan birkaç çalışmada ayrı ayrı ele alınmıştır. Bu çalışmayı diğer çalışmalardan ayıran en önemli nokta, bireysel yatırımcıların yatırım kararlarında FoMO, belirsizlikten kaçınma ve dürtüsellik arasındaki ilişkinin bir arada incelenmesidir. Araştırmada kullanılan veriler, 18 yaş üstü, geliri olan ve en az bir adet finansal yatırım yapmış kişilerden belirsizlikten kaçınma, dürtüsellik ve FoMO düzeylerini ölçmeye yönelik bir anket aracılığıyla toplanmıştır. Araştırmada katılımcıların yatırım tercihleri, belirsizlikten kaçınma, dürtüsellik ve FoMO ölçekleri üzerinde faktör analizi yapılmış, faktörlerin Cronbach Alpha değerleri incelenmiş ve ardından her bir ölçek için küme analizi yapılmıştır. Çalışmada bireysel yatırımcıların yatırım tercihleri ve yatırım sıklıkları ayrı ayrı incelenerek aynı yatırım türüne yatırım yapan yatırımcıların yatırım sıklıklarına göre farklı davranışlar sergiledikleri sonucuna ulaşılmıştır. Bu durum aynı yatırım araçlarına yatırım yapan yatırımcıların FoMO, dürtüsellik ve belirsizlikten kaçınma düzeylerinin farklı olduğunu göstermektedir. Her bir yatırım türünde yatırım sıklığı ile FoMO, belirsizlikten kaçınma ve dürtüsellik arasındaki ilişkiler çalışmanın ilgili bölümlerinde ayrıntılı olarak sunulmaktadır.

Anahtar Kelimeler

Davranışsal finans, yatırım kararları, FoMO, belirsizlikten kaçınma, dürtüsellik

The Effect of FoMO, Uncertainty Avoidance and Impulsiveness on Financial Investment Decisions of Individual Investors

Öz

The increase in the use of internet, mobile devices and social media tools causes an increase in the factors affecting the investment decisions of individual investors. Especially social media platforms can trigger individual investors' fear of missing out (FoMO), uncertainty avoidance and impulsive buying emotions, which can direct investors' behavior and directly affect their investment decisions. In the literature, FoMO, uncertainty avoidance and impulsiveness, which have been studied in marketing, communication, and psychology, have been addressed separately in a few studies in finance. The most important point that distinguishes this study from other studies is that the relationship between FoMO, uncertainty avoidance and impulsiveness in the investment decisions of individual investors is studied together. The data used in the study was collected through a survey to measure uncertainty avoidance, impulsivity and FoMO levels from people over the age of 18, who have income and have made at least one financial investment. In the study, factor analysis was conducted on the participants' investment preferences, uncertainty avoidance, impulsivity and FoMO scales, Cronbach Alpha values of the factors were examined, and then cluster analysis was conducted for each scale. In the study, by examining individual investors' investment preferences and investment frequency separately, it was concluded that investors who invest in the same investment type exhibit different behaviors according to their investment frequency. This shows that investors who invest in the same investment instruments have different levels of FoMO, impulsiveness and uncertainty avoidance. The relationships between the frequency of investment in each type of investment and FoMO, uncertainty avoidance and impulsiveness are presented in detail in the relevant sections of the study.

Anahtar Kelimeler

Behavioral finance, investment decisions, FoMO, uncertainty avoidance, impulsiveness

Kaynakça

• Afsar, C. B. (2020). A Research on Individual Investor Profile and Investor Preferences: The Case of Ankara Province. Master Thesis. Ankara.
• Aggarwal, R., & Goodell, J. W. (2014). National Cultural Dimensions in Finance and Accounting Scholarship: An Important Gap in the Literatures. Journal of Behavioral and Experimental Finance, 1, 1-12. https://doi.org/10.1016/j.jbef.2013.11.002
• Agnew, S., & Harrison, N. (2017). The Role of Gender, Cognitive Attributes and Personality on Willingness to Take Risks. Business and Economic Research, 7(1), 1-16. https://doi.org/10.5296/ber.v7i1.10371
• Al-Okaily, M., Lutfi, A., Alsaad, A., Taamneh, A., & Alsyouf, A. (2020). The Determinants of Digital Payment Systems’ Acceptance Under Cultural Orientation Differences: The Case of Uncertainty Avoidance. Technology in Society, 63, 1-15. https://doi.org/10.1016/j.techsoc.2020.101367
• Alutaybi, A., Al-Thani, D., McAlaney, J., & Ali, R. (2020). Combating Fear of Missing Out (FOMO) On Social Media: The Fomo-R Method. International Journal of Environmental Research and Public Health, 17(17), 1-28. https://doi.org/10.3390/ijerph17176128
• Ameriks, J., Wranik, T., & Salovey, P. (2009). Emotional Intelligence and Investor Behavior. Charlottesville, VA: Research Foundation of CFA Institute.
• Anbar, A., & Eker, M. (2009). Demographic and Socioeconomic Factors That Affect Financial Risk Perceptions of Individual Investors. International Journal of Management Economics and Business, 5(9), 129-150. https://dergipark.org.tr/tr/pub/ijmeb/issue/54834/750743
• Aren, S. (2019). Theoretical Evaluation of Psychological Biases in Behavioral Finance. Journal of Business Economics and Management Research, 2(2), 127-160. https://doi.org/10.33416/baybem.559155
• Atak, O., & Kutukız, D. (2021). Comparison of Behavioral Finance Tendencies According to Investment Preferences of Individual Investors and Information Sources They Use in Investments: An Application on Tourism Business Managers in Muğla Province. Tourism Academic, 8(1), 231-248.
• Baker, H. K., & Haslem, J. A. (1973). Information Needs of Individual Investors. Journal of Accountancy, 64-69. https://ssrn.com/abstract=2211204
• Bansal, T. (2020). Behavioral Finance and COVID-19: Cognitive Errors that Determine the Financial Future. SSRN. https://doi.org/10.2139/ssrn.3595749
• Barber, B. M., & Odean, T. (2013). The Behavior of Individual Investors. In Handbook of the Economics of Finance, 2, 1533-1570. Elsevier. https://doi.org/10.1016/B978-0-44-459406-8.00022-6
• Barbić, D., Lučić, A., & Chen, J. M. (2019). Measuring Responsible Financial Consumption Behavior. International Journal of Consumer Studies, 43(1), 102-112. https://doi.org/10.1111/ijcs.12489
• Barratt, E. E. (1959). Anxiety and Impulsiveness Related to Psychomotor Efficiency. Perceptual and Motor Skills, 9(2), 191–198.
• Bayar, Y., & Kiliç, C. (2012). Evaluation of the Global Financial Crisis from the Perspective of Behavioral Finance. Istanbul University Faculty of Economics Journal, 62(2), 177-195.
• Beatty, S. E., & Ferrell, M. E. (1998). Impulse Buying: Modeling Its Precursors. Journal of Retailing, 74(2), 169-191. https://doi.org/10.1016/S0022-4359(99)80092-X
• Beckmann, D., & Menkhoff, L. (2008). Will Women Be Women? Analyzing the Gender Difference Among Financial Experts. Discussion Papers, School of Economics and Management of the Hanover Leibniz University, No. 391. Retrieved from http://www.econstor.eu/dspace/bitstream/10419/27201/1/560551053.PDF
• Bonaparte, Y. (2021). FOMO Index: A Cross Sectional and Time Series Analyses. SSRN. https://ssrn.com/abstract=3924594
• Boz, H., & Koç, E. (2018). Causes and Consequences of Impulsive Buying Behaviour: A Study in The Tourism and Hospitality Sector. International Journal of Social Inquiry, 11(2), 17-45. http://hdl.handle.net/11452/7443
• Breuer, W., Hens, T., Salzmann, A. J., & Wang, M. (2015). On the Determinants of Household Debt Maturity Choice. Applied Economics, 47(5), 449-465. https://doi.org/10.1080/00036846.2014.972547
• Breuer, W., Rieger, M. O., & Soypak, K. C. (2014). The Behavioral Foundations of Corporate Dividend Policy: A Cross-Country Analysis. Journal of Banking and Finance, 42, 247-265. https://doi.org/10.1016/j.jbankfin.2014.02.001
• Chaitanya, B. D., & Nordin, N. (2021). The Relationship between Psychological Factors, Risk Perception and Social Media on Investment Decision Making. International Journal Of Advanced Research In Economics And Finance, 3(4), 55-72. Retrieved from https://myjms.mohe.gov.my/index.php/ijaref/article/view/16350
• Chen, H., De, P., Hu, Y. J., & Hwang, B. H. (2013). Customers as Advisors: The Role of Social Media in Financial Markets. Working paper. Retrieved from https://web.archive.org/web/20170502070047id_/http://www.krannert.purdue.edu/academics/MIS/workshop/papers/HC_01202012_2.pdf
• Camerer, C. F., & Loewenstein, G. (2004). Behavioral Economics: Past, Present, Future. In Advances in Behavioral Economics, 3-51. Princeton University Press.
• Carson, N. (2017). When You’re Not Invited to the Party: Fear of Missing Out and Authenticity for Youth Online. Journal of Academy Child Adolescence Psychiatry, 56, 90-10. https://doi.org/10.1016/j.jaac.2017.07.356
• Chhabra, L. (2018). Exploring Relationship between Impulsive Personality Traits and Financial Risk Behavior of Individual Investors. International Journal for Creative Research Thoughts. Available at SSRN: https://ssrn.com/abstract=3994358
• Costa, D. F., Carvalho, F. D. M., & Moreira, B. C. D. M. (2019). Behavioral Economics and Behavioral Finance: A Bibliometric Analysis of the Scientific Fields. Journal of Economic Surveys, 33(1), 3-24. https://doi.org/10.1111/joes.12262
• Clor-Proell, S. M., Guggenmos, R., & Rennekamp, K. (2020). Mobile Devices and Investment News Apps: The Effects of Information Release, Push Notification, and the Fear of Missing Out. The Accounting Review, 95(5), 95-115. https://doi.org/10.2308/accr-52625
• Cwynar, A., Cwynar, W., Pater, R., & Filipek, K. (2019). Social Media as an Information Source in Finance: Evidence from the Community of Financial Market Professionals in Poland. International Journal of Digital Accounting Research, 19. https://doi.org/10.4192/1577-8517-v19_2
• Çetiner, M., Gökcek, H. A., & Gölbaşı, B. T. (2019). An Investigation on Investor Behaviors from Behavioral Finance Perspective. The Journal of International Banking Economics and Management Studies, 2(1), 1-30. Retrieved from https://dergipark.org.tr/en/pub/ubeyad/issue/44974/535185
• DeHart, W. B., Friedel, J. E., Lown, J. M., & Odum, A. L. (2016). The Effects of Financial Education on Impulsive Decision Making. PLOS One, 11(7), e0159561. https://doi.org/10.1016/j.jbef.2018.10.002
• DeMeza, D., Irlenbusch, B., & Reyniers, D. (2008). Financial Capability: A Behavioral Economics Perspective. Consumer Research, 69, 192-193.
• Dennison, T. (2018). Behavioral Investing That Breaks the Boxes. In Invest Outside the Box. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-13-0372-2_11
• Diamantopoulou, S., Rydell, A. M., Thorell, L. B., & Bohlin, G. (2007). Impact of Executive Functioning and Symptoms of Attention Deficit Hyperactivity Disorder on Children's Peer Relations and School Performance. Developmental Neuropsychology, 32(1), 521-542. https://doi.org/10.1080/87565640701360981
• Estrada, M. A. R., Koutronas, E., & Lee, M. (2021). Stagpression: The Economic and Financial Impact of the COVID-19 Pandemic. Contemporary Economics, 15(Special Issue), 19-33. https://doi.org/10.2139/ssrn.3593144
• Everton, W. J., Mastrangelo, P. M., & Jolton, J. A. (2005). Personality Correlates of Employees' Personal Use of Work Computers. Cyber Psychology and Behavior, 8(2), 143-153. https://doi.org/10.1089/cpb.2005.8.143
• Faff, R., Hallahan, T., & McKenzie, M. (2011). Women and Risk Tolerance in an Aging World. International Journal of Accounting and Information Management, 19(2), 100-117. https://doi.org/10.1108/18347641111136427
• Florendo, J., & Estelami, H. (2019). The Role of Cognitive Style, Gullibility, and Demographics on the Use of Social Media for Financial Decision Making. Journal of Financial Services Marketing, 24(1), 1-10. https://doi.org/10.1057/s41264-019-00064-7
• Hemrajani, P., Rajni, & Dhiman, R. (2021). Retail Investors’ Financial Risk Tolerance and Risk-Taking Behaviour: The Role of Psychological Factors. FIIB Business Review. https://doi.org/10.1177/23197145211058274
• Hens, T., & Schindler, N. (2020). Value and Patience: The Value Premium in a Dividend-Growth Model with Hyperbolic Discounting. Journal of Economic Behavior and Organization, 172, 161-179. https://doi.org/10.1016/j.jebo.2020.01.028
• Heo, W., Nobre, L. H. N., Grable, J. E., & Ruiz-Menjivar, J. (2016). What Role Does Financial Risk Tolerance Play in Mediating Investing Behavior? Journal of Financial Service Professionals, 70(5), 42-52.
• Hershfield, H. (2020). How Availability Bias and FoMO Can Impact Financial Decision-Making. Avantis Investors Paper, 1-3. Available at: www.avantisinvestors.com/content/dam/ac/pdfs/ipro/viewpoint/avantis-availabilitybias.pdf
• Hirshleifer, D. (2015). Behavioral Finance. Annual Review of Financial Economics, 7(1), 133-159. https://doi.org/10.1146/annurev-financial-092214-043752
• Hirshleifer, D. (2001). Investor Psychology and Asset Pricing. The Journal of Finance, 56(4), 1533-1597. https://doi.org/10.1111/0022-1082.00379
• Hitay, K., & Anbar, A. (2020). The Effect of Personality Traits on Financial Risk Tolerance: An Investigation on University Students. The Journal of Accounting and Finance, 87, 203-224. https://doi.org/10.25095/mufad.756296
• Hoffmann, A. O. I., & Shefrin, H. (2014). Technical Analysis and Individual Investors. Journal of Economic Behavior and Organization, 107, 487-511. https://doi.org/10.1016/j.jebo.2014.04.002
• Hofstede, G., Hofstede, G. J., & Minkov, M. (2010). Cultures and Organizations: Software of Mind: Intercultural Dimension and Its Importance for Survival. 3rd Edition. New York: McGraw-Hill.
• Hofstede, G. (1991). Empirical Models of Cultural Differences. In N. Bleichrodt & P. J. D. Drenth (Eds.), Contemporary Issues in Cross-Cultural Psychology, 4-20. Swets and Zeitlinger Publishers.
• Howcroft, B., Hamilton, R., & Hewer, P. (2007). Customer Involvement and Interaction in Retail Banking: An Examination of Risk and Confidence in the Purchase of Financial Products. Journal of Services Marketing, 21(7), 481-491. https://doi.org/10.1108/08876040710824843
• Gupta, S., & Shrivastava, M. (2021). Herding and Loss Aversion in Stock Markets: Mediating Role of Fear of Missing Out (FoMO) in Retail Investors. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-08-2020-0933
• Grable, J. E., & Lytton, R. H. (1998). Investor Risk Tolerance: Testing the Efficacy of Demographics as Differentiating and Classifying Factors. Financial Counseling and Planning, 9(1), 61-73.
• Grable, J. E., & Roszkowski, M. J. (2007). Self-Assessments of Risk Tolerance by Women and Men. Psychological Reports, 100(3), 795–802. https://doi.org/10.2466/pr0.100.3.795-802
• Grable, J. E., Joo, S. H., & Kruger, M. (2020). Risk Tolerance and Household Financial Behaviour: A Test of the Reflection Effect. IIMB Management Review, 32(4), 402-412. https://doi.org/10.1016/j.iimb.2021.02.001
• Guo, T., Finke, M., & Mulholland, B. (2015). Investor Attention and Advisor Social Media Interaction. Applied Economics Letters, 22(4), 261–273. https://doi.org/10.1080/13504851.2014.937030
• Gülhan, Ü. (2020). Covid-19 Implication on Gold Prices: An ARDL Analysis. Journal of Economics and Administrative Sciences, 34(3), 1111-1125. https://doi.org/10.16951/atauniiibd.734850
• Jahanzeb, A. (2012). Implication of Behavioral Finance in Investment Decision-Making Process. Information Management and Business Review, 4(10), 532-536. https://doi.org/10.22610/imbr.v4i10.1009
• Jelihovschi, A. P., Cardoso, R. L., & Linhares, A. (2018). An Analysis of the Associations Among Cognitive Impulsiveness, Reasoning Process, and Rational Decision Making. Frontiers in Psychology, 8, 1-10. https://doi.org/10.3389/fpsyg.2017.02324
• Jung, J. M., & Kellaris, J. J. (2004). Cross-National Differences in Proneness to Scarcity Effects: The Moderating Roles of Familiarity, Uncertainty Avoidance, and Need for Cognitive Closure. Psychology and Marketing, 21(9), 739-753. https://doi.org/10.1002/mar.20027
• Kahneman, D. (2003). Maps of Bounded Rationality: Psychology for Behavioral Economics. American Economic Review, 93(5), 1449-1475. https://doi.org/10.1257/000282803322655392
• Kaur, M., Jain, J., & Sood, K. (2024). "All are investing in Crypto, I fear of being missed out": Examining the Influence of Herding, Loss Aversion, and Overconfidence in the Cryptocurrency Market with the Mediating Effect of FOMO. Quality & Quantity, 58(3), 2237-2263. https://doi.org/10.1007/s11135-023-01739-z
• Koole, S. L., & Rothermund, K. (2019). Revisiting the Past and Back to the Future: Horizons of Cognition and Emotion Research. Cognition and Emotion, 33(1), 1-7. https://doi.org/10.1080/02699931.2019.1574398
• Kumar, K. V., & Devi, V. R. (2014). Social Media in Financial Services–A Theoretical Perspective. Procedia Economics and Finance, 11, 306-313. https://doi.org/10.1016/S2212-5671(14)00198-1
• Kristoufek, L. (2013). BitCoin Meets Google Trends and Wikipedia: Quantifying the Relationship Between Phenomena of the Internet Era. Scientific Reports, 3(1), 1-7. https://doi.org/10.1038/srep03415
• Lai, C. W. (2010). How Financial Attitudes and Practices Influence the Impulsive Buying Behavior of College and University Students. Social Behavior and Personality: An International Journal, 38(3), 373-380. https://doi.org/10.2224/sbp.2010.38.3.373
• Li Li, Griffiths, M. D., Mei, S., & Niu, Z. (2021). The Mediating Role of Impulsivity and the Moderating Role of Gender Between Fear of Missing Out and Gaming Disorder Among a Sample of Chinese University Students. Cyberpsychology, Behavior, and Social Networking, 24(8), 550-557. https://doi.org/10.1089/cyber.2020.0283
• Lučić, A., Uzelac, M., & Previšić, A. (2021). The Power of Materialism Among Young Adults: Exploring the Effects of Values on Impulsiveness and Responsible Financial Behavior. Young Consumers, 22(2), 254-271. https://doi.org/10.1108/YC-09-2020-1213
• Lyons, A., Neelakantan, U., & Scherpf, E. (2008). Gender and Marital Differences in Wealth and Investment Decisions: Implications for Researchers, Financial Professionals, and Educators. Networks Financial Institute Working Paper, 1-29. https://doi.org/10.2139/ssrn.1109103
• Mak, M. K., & Ip, W. H. (2017). An Exploratory Study of Investment Behaviour of Investors. International Journal of Engineering Business Management. https://doi.org/10.1177/1847979017711520
• Moeller, F. G., Barratt, E. S., Dougherty, D. M., Schmitz, J. M., & Swann, A. C. (2001). Psychiatric Aspects of Impulsivity. American Journal of Psychiatry, 158, 1783-1793. https://doi.org/10.1176/appi.ajp.158.11.1783
• Neelakantan, U. (2010). Estimation and Impact of Gender Differences in Risk Tolerance. Economic Inquiry, 48(1), 228-233. https://doi.org/10.1111/j.1465-7295.2009.00251.x
• Nicolosi, G., Peng, L., & Zhu, N. (2009). Do Individual Investors Learn From Their Trading Experience? Journal of Financial Markets, 12(2), 317-336. https://doi.org/10.1016/j.finmar.2008.07.00
• Nosita, F., Pirzada, K., Lestari, T., & Cahyono, R. (2020). Impact of Demographic Factors on Risk Tolerance. Journal of Security and Sustainability, 9(4), 1327-1336. https://doi.org/10.9770/jssi.2020.9.4(18)
• Ögel, S. (2022). To Buy or Not to Buy Foreign Currency: The Interplay Between Fear of Missing Out, Unplanned Buying Behavior, and Post-Purchase Regret. Journal of Applied and Theoretical Social Sciences, 4(1), 57-75. https://doi.org/10.37241/jatss.2022.48
• Özen, S., & Topcu, M. (2017). The Relationship of Smartphone Addiction with Depression, Obsession-Compulsion, Impulsivity, Alexithymia Among Medical Faculty Students. Journal of Dependence, 18(1), 16-24.
• Özer, G., & Kutbay, A. Y. (2018). Relations Between the Personal Financial Factors, Compulsive Purchasing, and Financial Well-Being. Journal of the Faculty of Economics and Administrative Sciences of Kafkas University, 9(17), 73-99. https://doi.org/10.9775/kauiibfd.2018.004
• Öztürkkal, B. (2013). Individual Investor Behavior Analysis: Survey Study. Journal of Economics, Business, and Finance, 28(326), 67-92.
• Panos, G. A., & Wilson, J. O. (2020). Financial Literacy and Responsible Finance in The FinTech Era: Capabilities and Challenges. The European Journal of Finance, 26(4-5), 297-301.
• Patton, H. J., Stanford, M. S., & Barrat, E. S. (1995). Factor Structure of Barrat Impulsiveness Scale. Journal of Personality Psychology, 51, 768-774. https://doi.org/10.1002/1097-4679(199511)51:6<768:AID-JCLP2270510607>3.0.CO;2-1
• Pompian, M. M. (2012). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases (2nd ed.). New Jersey: John Wiley and Sons, Inc.
• Przybylski, A. K., Murayama, K., DeHaan, C. R., & Gladwell, V. (2013). Motivational, Emotional, and Behavioral Correlates of Fear of Missing Out. Computers in Human Behavior, 29(4), 1841-1848. https://doi.org/10.1016/j.chb.2013.02.014
• Rieger, M. O. (2022). Uncertainty Avoidance, Loss Aversion, and Stock Market Participation. Global Finance Journal, 53, 1-7. https://doi.org/10.1016/j.gfj.2020.100598
• Robbins, S. P. (1998). Organizational Behavior: Concepts, Controversies, Applications. Prentice Hall.
• Rogovsky, N., & Schuler, R. S. (1997). Managing Human Resources Across Cultures. Business and The Contemporary World, 9(1), 63-76.
• Rook, D. W., & Fisher, R. J. (1995). Normative Influences on Impulsive Buying Behavior. Journal of Consumer Research, 22(3), 305-313. https://doi.org/10.1086/209452
• Sarac, M., & Kahyaoglu, M. B. (2011). The Analysis of Socio-economic and Demographic Factors Effecting the Risk-Taking Behaviour of Individual Investors. Journal of BRSA Banking and Financial Markets, 5(2), 135-158. http://www.bddk.org.tr/Content/docs/bddkDergiTr/dergi_0010_06.pdf
• Sarısoy, G., Atmaca, A., Ecemiş, G., Gümüş, K., & Pazvantoğlu, O. (2013). Impulsivity in Patients with Obesity and Correlations with Body Perception and Self-Esteem. Anatolian Journal of Psychiatry, 14, 53-61. https://doi.org/10.5455/apd.34469
• Sattar, M. A., Toseef, M., & Sattar, M. F. (2020). Behavioral Finance Biases in Investment Decision Making. International Journal of Accounting, Finance, and Risk Management, 5(2), 69. https://doi.org/10.11648/J.IJAFRM.20200502.11
• Sever, E., Çetiner, M., & Paksoy, M. (2020). Relationship Between Individual Investment Decisions and Behavioral Finance Trends: A Field Research Based on Manufacturing and Service Sector. Erciyes University Journal of Social Sciences Institute, 49, 9-40.
• Güngör, S., Küçün, N. T., & Erol, K. (2022). Fear of Missing Out Reality in Financial Investments. International Journal of Business and Management Studies, 3(10), https://doi.org/10.56734/ijbms.v3n10a4
• Shane, S. (1995). Uncertainty Avoidance and the Preference for Innovation Championing Roles. Journal of International Business Studies, 26, 47–68. https://doi.org/10.1057/palgrave.jibs.8490165
• Shiva, A., Narula, S., & Shahi, S. K. (2020). What Drives Retail Investors’ Investment Decisions? Evidence from No Mobile Phone Phobia (Nomophobia) and Investor Fear of Missing Out (I–FOMO). Journal of Content, Community, and Communication, 11(6), 2–21. https://doi.org/10.31620/JCCC.06.20/02
• Sığrı, Ü., & Tığlı, M. (2006). The Effect of Hofstede's Cultural Dimension of "Uncertainty Avoidance" on Managerial Organizational Processes and Consumer Behaviors in Terms of Marketing. Marmara University Journal of Economic and Administrative Sciences, 21(1), 327-342. https://dergipark.org.tr/tr/pub/muiibd/issue/489/4257
• Sunny, O. (2020). Here’s How Investors Think FOMO Could Power Fresh Gains in The Stock-Market. Retrieved from: https://www.marketwatch.com/story/heres-how-investors-think-fomo-could-power-fresh-gains-in-the-stock-market-2020-06-13
• Spinella, M. (2007). Normative Data and a Short Form of the Barratt Impulsiveness Scale. International Journal of Neuroscience, 117(3), 359-368. https://doi.org/10.1080/00207450600588881
• Stead, H., & Bibby, P. A. (2017). Personality, Fear of Missing Out, and Problematic Internet Use and Their Relationship to Subjective Well-Being. Computers in Human Behavior, 76, 534-540. https://doi.org/10.1016/j.chb.2017.08.016
• Stahl, C., Voss, A., Schmitz, F., Nuszbaum, M., Tüscher, O., Lieb, K., & Klauer, K. C. (2014). Behavioral Components of Impulsivity. Journal of Experimental Psychology, 143(2), 850–886. https://doi.org/10.1037/a0033981
• Stanford, M. S., Mathias, C. W., Dougherty, D. M., Lake, S. L., Anderson, N. E., & Patton, J. H. (2009). Fifty Years of the Barratt Impulsiveness Scale: An Update and Review. Personality and Individual Differences, 47(5), 385-395. https://doi.org/10.1016/j.paid.2009.04.008
• Szyszka, A. (2010). Behavioral Anatomy of the Financial Crisis. Journal of Centrum Cathedra, 3(2), 121-135. https://doi.org/10.2139/ssrn.1806037
• Tanhan, F., Özok, H. İ., & Tayiz, V. (2022). Fear of Missing Out (FoMO): A Current Review. Current Approaches in Psychiatry, 14(1), 74-85. https://doi.org/10.18863/pgy.942431
• Tavor, T. (2019). The Theoretical Attitude and Actual Behavior of an Individual Towards Risk. Journal of Behavioral and Experimental Finance, 23, 1-11. https://doi.org/10.1016/j.jbef.2019.05.005
• Tran, D. V. (2020). Economic Policy Uncertainty and Bank Dividend Policy. International Review of Economics, 67, 339–361. https://doi.org/10.1007/s12232-020-00344-y
• Tomczyk, Ł., & Selmanagic-Lizde, E. (2018). Fear of Missing Out (FoMO) Among Youth in Bosnia and Herzegovina. Children and Youth Services Review, 88(C), 541–549. https://doi.org/10.1016/j.childyouth.2018.03.048
• Varga, E. (2016). Psychological Effects of Facebook Use: Links Between Intensity of Facebook Use, Envy, Loneliness, and FoMO. Dublin: Bachelor of Arts Honours Degree in Psychology at Dublin Business School, School of Arts.
• Vasileiou, E. (2022). Behavioral Finance and Market Efficiency in the Time of the COVID-19 Pandemic: Does Fear Drive the Market? In The Political Economy of COVID-19 (pp. 116-133). Routledge.
• Verplanken, B., & Herabadi, A. (2001). Individual Differences in Impulse Buying Tendency: Feeling and No Thinking. European Journal of Personality, 15(1), 71-83. https://doi.org/10.1002/per.4
• Wang, F., Zhang, R., Ahmed, F., & Shah, S. M. M. (2022). Impact of Investment Behaviour on Financial Markets During COVID-19: A Case of UK. Economic Research, 35(1), 2273-2291. https://doi.org/10.1080/1331677X.2021.1939089
• Whetton, D. A., & Cameron, K. (1995). Developing Management Skills. Pearson Education India.
• Whiteside, S. P., & Lynam, D. R. (2001). The Five Factor Model and Impulsivity: Using A Structural Model of Personality to Understand Impulsivity. Personality and Individual Differences, 30(4), 669-689. https://doi.org/10.1016/S0191-8869(00)00064-7
• Wu, D. (2019). Does Social Media Get Your Attention? Journal of Behavioral Finance, 20(2), 213-226. https://doi.org/10.1080/15427560.2018.1505729
• Xuan, Y. J., & Amat, M. A. C. (2020). Social Media Addiction and Young People: A Systematic Review of Literature. Journal of Critical Reviews, 7(13), 537-541. https://doi.org/10.31838/jcr.07.13.97
• Zaman, U., & Abbasi, M. (2020). Linking Transformational Leadership and Individual Learning Behavior: Role of Psychological Safety and Uncertainty Avoidance. Pakistan Journal of Commerce and Social Sciences, 14(1), 167-201. http://hdl.handle.net/10419/216869
• Zhang, Y., Mei, S., Li, L., Chai, J., Li, J., & Du, H. (2015). The Relationship Between Impulsivity and Internet Addiction in Chinese College Students: A Moderated Mediation Analysis of Meaning in Life and Self-Esteem. PLOS ONE, 10(7), 1-13. https://doi.org/10.1371/journal.pone.0131597
• Zhu, R., Dholakia, U. M., Chen, X., & Algesheimer, R. (2012). Does Online Community Participation Foster Risky Financial Behaviour? Journal of Marketing Research, 49(3), 394–407. https://doi.org/10.1509/jmr.08.0499