Relationship of risk tolerance with brown and green cryptocurrencies: An examination with A-ARDL and NARDL methods for domestic investors

Yıl 2025, Cilt: 27 Sayı: 1, 130 - 153

Gönül Çifçi

Öz

The aim of this study is to reveal the relationship between brown and green cryptocurrency prices and domestic investors' risk tolerances. For that purpose, the risk tolerances of domestic individual investors and institutional investors were sorted as independent variables of the study. To examine long-run symmetric and asymmetric relationships of the dependent and independent variables, four different research models were created. The test results showed that the domestic investors’ risk tolerances don’t have a symmetric cointegration relationship with brown and green crypto prices. However, there are asymmetric cointegrations between domestic individual investor risk tolerance both with brown and green cryptocurrency prices and between domestic institutional investor risk tolerance both with brown and green cryptocurrency prices. According to those results, the changes in the brown and green cryptocurrency prices impact domestic investors’ risk tolerances. Stellar and Tron, which are green cryptocurrencies, especially have asymmetric effects on risk tolerance.

Anahtar Kelimeler

Brown cryptocurrency, Green cryptocurrency, Domestic investor risk tolerans, Augmented-ARDL cointegration test

Kahverengi kripto ve yeşil kripto paraların yatırımcı risk toleransı ile ilişkilisi: Yerli yatırımcılar bazında A-ARDL ve NARDL yöntemleri ile bir değerlendirme

Öz

Yapılan bu çalışmanın amacı kahverengi kripto ve yeşil kripto para fiyatlarının yerel yatırımcıların risk toleransları ile ilişkisini ortaya koymaktır. Bu amaç doğrultusunda yerel gerçek kişi ve yerel tüzel kişi risk toleransları çalışmanın bağımsız değişkenlerini oluşturmaktadır. Araştırmada değişkenler arasında simetrik ve asimetrik uzun dönem ilişkini sınamak her bir test yöntemi için dört farklı araştırma modeli oluşturulmuştur. Test sonuçlarna göre yerel yatırımcıların risk toleransları kripto para fiyatları arasında simetrik ilişki yoktur. Ancak, yerel gerçek kişi risk toleransı ile kahverengi kripto ve yeşil kripto fiyatları arasında ve yerel tüzel kişi risk toleransı ile kahverengi kripto ve yeşil kripto fiyatları arasında asimetrik eşbütünleşme ilişkileri bulunmaktadır. Bu sonuçlara göre kahverengi ve yeşil kripto para fiyatlarındaki değişimler yerel yatırımcıların risk toleransını etkilemektedir. Özellikle, yeşil kripto para olan Stellar ve Tron fiyatları belirtilen risk toleransları üzerinde asimetrik etkilere sahiptirler.

Anahtar Kelimeler

Kahverengi kripto para, Yeşil kripto para, Yerel yatırımcı risk toleransı, Augmented-ARDL eşbütünleşme testi

Kaynakça

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