Davranışsal Yatırımcı Türleri- Bireysel Yatırımcıların Finansal Risk Toleransını Belirleyici Faktörler

Year 2023, Issue: 99, 223 - 236, 14.07.2023

Çiydem Çatak , Sena Yılmaz Arslan

https://doi.org/10.25095/mufad.1258343

Abstract

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.

Keywords

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

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

Abstract

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.

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