Araştırma Makalesi
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DHAKA MENKUL KIYMETLER BORSASINDA BİREYSEL YATIRIMCILARIN YATIRIM KARARLARINI ETKİLEYEN FAKTÖRLER

Yıl 2024, , 104 - 134, 27.06.2024
https://doi.org/10.54452/jrb.1321514

Öz

Çalışmanın amacı, bireysel yatırımcıların DSE ile ilgili yatırım kararlarını etkileyen faktörleri belirlemektir. Bunu yapmak için, araştırma aynı zamanda muhasebe konuların, tarafsız kaynaklardan edinilen konuların, kişisel finansal ihtiyaçların, yandaş tavsiyelerinin ve benlik saygınlığı /firma saygınlığı uyumluluğunun hepsinin bir yatırımcının davranışını nasıl etkileyebileceğine de bakmaktadır. Veriler Bangladeş'teki Dhaka'dan toplanmıştır. Araştırmacı, veri toplamak için her bir katılımcıya bireysel olarak standartlaştırılmış bir anket verdi. Ankette 27 madde vardır. 300 anketten elde edilen fonksiyonel verileri analiz etmek için SPSS 26 ve AMOS 24 kullanılmıştır. Bu çalışmada, DSE bireysel yatırımcılarını etkileyen en önemli faktörleri çıkarmak için açıklayıcı faktör analizi (AFA) ve ayrıca çıkarılanları doğrulamak için uyum iyiliği ölçüm modeli ile doğrulayıcı faktör analizi (DFA) kullanılmıştır. Son olarak, çıkarılan faktörlerle araştırma hipotezini test etmek için Friedman sıralama testi kullanılmıştır. Çalışma, DSE yatırımcılarının yatırım yapma kararlarını etkileyen faktörler arasında bir ilişki olduğunu ortaya koydu. Araştırmacı, bir firmanın etiğinin, iyi organize edilmiş finansal piyasaların, firmanın kamu itibarının, firma hisselerinin geçmiş performansının, beklenen temettülerin, firmalar hakkında bilgi toplamanın, hisse senedi endeksindeki dalgalanmasının ve broker tavsiyesinin bireysel yatırımcıların yatırım kararlarını etkileyen en önemli faktörler olduğunu keşfetti. Bu çalışmanın sonuçları, yatırımcıların mevcut koşullarına ve her bir seçimin olası sonuçlarına dayanarak yapmak zorunda kalacakları çeşitli seçimleri anlamalarına yardımcı olacaktır. Araştırma aynı zamanda şirketin gelecekteki stratejileri ve prosedürleri etkileyecek olan yatırımcıların davranışları üzerinde en büyük etkiye sahip olacak faktörleri tanımlamasına yardımcı olacaktır.

Kaynakça

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  • Amin, M. (2016). “Internet Banking Service Quality And İts İmplication on E-Customer Satisfaction And E-Customer Loyalty”. International Journal of Bank Marketing, 34(3), 280–306.
  • Antonides, G., and Van Der Sar, N. L. (1990). “Individual expectations, risk perception and preferences in relation to investment decision making”. Journal of Economic Psychology, 11(2), 227-245.
  • Atkins, A. B., and Dyl, E. A. (1997). “Transactions costs and holding periods for common stocks”. The Journal of Finance, 52(1), 309-325.
  • Baker, M.K., M.B. Hargrove, and J.A. Haslem. (1977) “An empirical analysis of the risk return preferences of individual investors,” Journal of Financial and Quantitative Analysis, 12(3), 377-389.
  • Baker. H.K and Haslem, J.A. (1973). “Information needs of individual investors”. Journal of Accountancy, 136, 64-69.
  • Barber, B. M., and Odean, T. (2000). “Trading is hazardous to your wealth: The common stock investment performance of individual investors”. The journal of Finance, 55(2), 773-806.
  • Beneish, M. D. (1991). “Stock prices and the dissemination of analysts’ recommendation”. Journal of Business, 393-416.
  • Blume, M. E., and Friend, I. (1978). “The changing role of the individual investor: A twentieth century fund report”. Wiley.
  • Cattell, R. B. (1966). “The Scree test for the number of factors”. Multivariate behavioral research, 1(2), 245-276.
  • Chang, H. H., Rizal, H., and Amin, H. (2013). “The determinants of consumer behavior towards email advertisement”. Internet Research, 23(3), 316-337.
  • Cheng, B. L., Gan, C. C., Imrie, B. C., and Mansori, S. (2018). “Service recovery, customer satisfaction and customer loyalty: evidence from Malaysia’s hotel industry”. International Journal of Quality and Service Sciences, 11(2), 187-203
  • Cohn, R. A., Lewellen, W. G., Lease, R. C., and Schlarbaum, G. G. (1975). “Individual investor risk aversion and investment portfolio composition”. The Journal of Finance, 30(2), 605-620.
  • Choe, H., Kho, B. C., and Stulz, R. M. (1999). “Do foreign investors destabilize stock markets?”The Korean experience in 1997. Journal of Financial economics, 54(2), 227-264.
  • Collier, J. E. (2020). “Applied structural equation modeling using AMOS: Basic to advanced technique”. Routledge.
  • Cramer, D. (1998). “Fundamental statistics for social research: step-by-step calculations and computer techniques using SPSS for Windows”. Psychology Press.
  • Cramer, D. and Howitt, D. L. (2004). “The Sage dictionary of statistics: a practical resource for students in the social sciences”. Sage publications.
  • Daniel, K., Hirshleifer, D., and Subrahmanyam, A. (1998). “Investor psychology and security market under and overreactions”. The Journal of Finance, 53(6), 1839-1885.
  • Dimitrios. I. M. (2007). “Investors’ behavior in the Athens Stock Exchange (ASE)”. Journal of Accountancy, 120, 67-72.
  • Doane, D. P. and Seward, L. E. (2011). “Measuring skewness: a forgotten statistic”. Journal of Statistics Education, 19(2), 1-18.
  • Epstein, S. (1994). “Integration of the cognitive and the psychodynamic unconscious” American Psychologist, 49(8), 709.
  • Fabrigar, L. R. and Wegener, D. T. (2011). “Exploratory factor analysis” Oxford University Press.
  • Fama, E. F. (1998). “Market efficiency, long-term returns, and behavioral finance”. Journal of financial economics, 49(3), 283-306.
  • Field, A. (2000). “Discovering Statistics using SPSS for Windows”. London -Thousand Oaks -New Delhi: Sage publications. Fisher, K. L. and Statman, M. (1997). “Investment advice from mutual fund companies”. Journal of Portfolio Management, 24(1), 9.
  • Fornell, C. and Larcker, D. F. (1981). “Structural equation models with unobservable variables and measurement error”, Algebra and statistics.
  • Francis, J. and Soffer, L. (1997). “The relative informativeness of analysts’ stock recommendations and earnings forecast revisions”. Journal of Accounting Research, 35(2), 193-211.
  • İslamoğlu, M., Apan, M. and Ayvalı, A. (2015). “Determination of factors affecting individual investor behaviors: A study on bankers.” International Journal of Economics and Financial Issues, 5(2), 531-543.
  • Gürbüz,S. (2021). “AMOS ile Yapısal Eşitlik Modellemesi Temel İlkeler ve Uygulamalı Analizler”, (2th ed.). Seçkin.
  • Gürbüz, S. and Şahin, F. (2018). “Sosyal Bilimlerde Araştırma Yöntemleri Felsefe – Yöntem – Analizi”, (5th ed.). Seçkin.
  • Griffin, J. M., Ji, X. and Martin, J. S. (2003). “Momentum investing and business cycle risk: Evidence from pole to pole” The Journal of finance, 58(6), 2515-2547.
  • Grinblatt, M. and Keloharju, M. (2001). “How distance, language, and culture influence stockholdings and trades.” The Journal of Finance, 56(3), 1053-1073.
  • Hair, J. F., Babin, B., Money, A. H. and Samouel, P. (2003). “Essentials of business methods research.” Hoboken, NJ: Wiley.
  • Hasnat, M. A., Dağlı, H., & Kurtaran, A. (2023). “An analysis of individual investors’ behavior: A case of The dhaka stock exchange.” Uluslararası İktisadi ve İdari İncelemeler Dergisi, (41), 303-316.
  • Halonen, E., Pavlovic, P., and Rickard, P. (2013). “Value relevance of accounting information and its impact on stock prices: Evidence from Sweden.” Journal of Contemporary Accounting & Economics, (9.1), 47-59.
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  • Hossain, M. F. and Nasrin, S. (2012). Factors affecting selection of equity shares: The case of retail investors in Bangladesh. European Journal of Business and Management, 4(20), 110-124.
  • Hossain, T. and Siddiqua, P. (2022). “Exploring the influence of behavioral aspects on stock investment decision- making: a study on Bangladeshi individual investors.” PSU Research Review.
  • Hong, H. and Stein, J. C. (1999). “A unified theory of underreaction, momentum trading, and overreaction in asset markets.” The Journal of finance, 54(6), 2143-2184.
  • Hong, H., Kubik, J. D. and Stein, J. C. (2004). “Social interaction and stock-market participation.” The journal of Finance, 59(1), 137-163.
  • Hodge, F. D. (2003). “Investors’ perceptions of earnings quality, auditor independence, and the usefulness of audited financial information.” Accounting Horizons, 17, 37.
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  • Jackson, D. L. (2003). “Revisiting sample size and number of parameter estimates: Some support for the N: q hypothesis.” Structural equation modeling, 10(1), 128-141.
  • Kadiyala, P. and Rau, P. R. (2004). “Investor reaction to corporate event announcements: underreaction or overreaction?” The Journal of Business, 77(2), 357-386.
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FACTORS INFLUENCING INDIVIDUAL INVESTORS’ INVESTMENT DECISIONS AT THE DHAKA STOCK EXCHANGE

Yıl 2024, , 104 - 134, 27.06.2024
https://doi.org/10.54452/jrb.1321514

Öz

The goal of the study is to identify the factors affecting individual investors’ investment decisions on the Dhaka Stock Exchange (DSE). To do this, the research also looks at how accounting issues, information obtained from independent sources, financial needs, advocate recommendations, and personal reputation/company reputation compliance may all affect an investor's behavior. Data were collected from Dhaka, Bangladesh. The researcher individually delivered a standardized questionnaire to each respondent in order to collect data. There were 27 items in the survey. SPSS 26 and AMOS 24 are used to analyze the functional data from 300 surveys. The Friedman rank test is used to test the research hypotheses. The study revealed that there does appear to be some association between the factors affecting the DSE investors' decisions to invest. The researcher found that expected dividends, the stock's past performance, collecting information about firms, stock index fluctuations, interest in non-stock investment, investment diversification, obtaining borrowed funds easily, broker recommendations, family members’ opinions, friend or coworker recommendations, the company's public reputation, well-organized financial markets, and the ethics of a firm are the most crucial factors that affect individual investors' investment decisions. The results of this study will help investors comprehend the various choices they will have to make based on their current circumstances and the likely results of each choice. The research will also help the companies identify the factors that will have the biggest impact on investors' behavior in the future, which will affect future strategies and policies.

Kaynakça

  • Al-Tamimi, H. A. H. (2006). “Factors influencing individual investor behavior: an empirical study of the UAE financial markets”. The Business Review, 5(2).
  • Amihud, Y., and Mendelson, H. (1986). “Asset pricing and the bid-ask spread”. Journal of financial Economics, 17(2), 223-249.
  • Amin, M. (2016). “Internet Banking Service Quality And İts İmplication on E-Customer Satisfaction And E-Customer Loyalty”. International Journal of Bank Marketing, 34(3), 280–306.
  • Antonides, G., and Van Der Sar, N. L. (1990). “Individual expectations, risk perception and preferences in relation to investment decision making”. Journal of Economic Psychology, 11(2), 227-245.
  • Atkins, A. B., and Dyl, E. A. (1997). “Transactions costs and holding periods for common stocks”. The Journal of Finance, 52(1), 309-325.
  • Baker, M.K., M.B. Hargrove, and J.A. Haslem. (1977) “An empirical analysis of the risk return preferences of individual investors,” Journal of Financial and Quantitative Analysis, 12(3), 377-389.
  • Baker. H.K and Haslem, J.A. (1973). “Information needs of individual investors”. Journal of Accountancy, 136, 64-69.
  • Barber, B. M., and Odean, T. (2000). “Trading is hazardous to your wealth: The common stock investment performance of individual investors”. The journal of Finance, 55(2), 773-806.
  • Beneish, M. D. (1991). “Stock prices and the dissemination of analysts’ recommendation”. Journal of Business, 393-416.
  • Blume, M. E., and Friend, I. (1978). “The changing role of the individual investor: A twentieth century fund report”. Wiley.
  • Cattell, R. B. (1966). “The Scree test for the number of factors”. Multivariate behavioral research, 1(2), 245-276.
  • Chang, H. H., Rizal, H., and Amin, H. (2013). “The determinants of consumer behavior towards email advertisement”. Internet Research, 23(3), 316-337.
  • Cheng, B. L., Gan, C. C., Imrie, B. C., and Mansori, S. (2018). “Service recovery, customer satisfaction and customer loyalty: evidence from Malaysia’s hotel industry”. International Journal of Quality and Service Sciences, 11(2), 187-203
  • Cohn, R. A., Lewellen, W. G., Lease, R. C., and Schlarbaum, G. G. (1975). “Individual investor risk aversion and investment portfolio composition”. The Journal of Finance, 30(2), 605-620.
  • Choe, H., Kho, B. C., and Stulz, R. M. (1999). “Do foreign investors destabilize stock markets?”The Korean experience in 1997. Journal of Financial economics, 54(2), 227-264.
  • Collier, J. E. (2020). “Applied structural equation modeling using AMOS: Basic to advanced technique”. Routledge.
  • Cramer, D. (1998). “Fundamental statistics for social research: step-by-step calculations and computer techniques using SPSS for Windows”. Psychology Press.
  • Cramer, D. and Howitt, D. L. (2004). “The Sage dictionary of statistics: a practical resource for students in the social sciences”. Sage publications.
  • Daniel, K., Hirshleifer, D., and Subrahmanyam, A. (1998). “Investor psychology and security market under and overreactions”. The Journal of Finance, 53(6), 1839-1885.
  • Dimitrios. I. M. (2007). “Investors’ behavior in the Athens Stock Exchange (ASE)”. Journal of Accountancy, 120, 67-72.
  • Doane, D. P. and Seward, L. E. (2011). “Measuring skewness: a forgotten statistic”. Journal of Statistics Education, 19(2), 1-18.
  • Epstein, S. (1994). “Integration of the cognitive and the psychodynamic unconscious” American Psychologist, 49(8), 709.
  • Fabrigar, L. R. and Wegener, D. T. (2011). “Exploratory factor analysis” Oxford University Press.
  • Fama, E. F. (1998). “Market efficiency, long-term returns, and behavioral finance”. Journal of financial economics, 49(3), 283-306.
  • Field, A. (2000). “Discovering Statistics using SPSS for Windows”. London -Thousand Oaks -New Delhi: Sage publications. Fisher, K. L. and Statman, M. (1997). “Investment advice from mutual fund companies”. Journal of Portfolio Management, 24(1), 9.
  • Fornell, C. and Larcker, D. F. (1981). “Structural equation models with unobservable variables and measurement error”, Algebra and statistics.
  • Francis, J. and Soffer, L. (1997). “The relative informativeness of analysts’ stock recommendations and earnings forecast revisions”. Journal of Accounting Research, 35(2), 193-211.
  • İslamoğlu, M., Apan, M. and Ayvalı, A. (2015). “Determination of factors affecting individual investor behaviors: A study on bankers.” International Journal of Economics and Financial Issues, 5(2), 531-543.
  • Gürbüz,S. (2021). “AMOS ile Yapısal Eşitlik Modellemesi Temel İlkeler ve Uygulamalı Analizler”, (2th ed.). Seçkin.
  • Gürbüz, S. and Şahin, F. (2018). “Sosyal Bilimlerde Araştırma Yöntemleri Felsefe – Yöntem – Analizi”, (5th ed.). Seçkin.
  • Griffin, J. M., Ji, X. and Martin, J. S. (2003). “Momentum investing and business cycle risk: Evidence from pole to pole” The Journal of finance, 58(6), 2515-2547.
  • Grinblatt, M. and Keloharju, M. (2001). “How distance, language, and culture influence stockholdings and trades.” The Journal of Finance, 56(3), 1053-1073.
  • Hair, J. F., Babin, B., Money, A. H. and Samouel, P. (2003). “Essentials of business methods research.” Hoboken, NJ: Wiley.
  • Hasnat, M. A., Dağlı, H., & Kurtaran, A. (2023). “An analysis of individual investors’ behavior: A case of The dhaka stock exchange.” Uluslararası İktisadi ve İdari İncelemeler Dergisi, (41), 303-316.
  • Halonen, E., Pavlovic, P., and Rickard, P. (2013). “Value relevance of accounting information and its impact on stock prices: Evidence from Sweden.” Journal of Contemporary Accounting & Economics, (9.1), 47-59.
  • Henry, J. W. and Stone, R. W. (1999). “The impacts of end-user gender, education, performance, and system use on computer self-efficacy and outcome expectancy.” Southern Business Review, 25(1), 10.
  • Henseler, J., Ringle, C. M. and Sinkovics, R. R. (2009). “The use of partial least squares path modeling in international marketing. In new challenges to international marketing.” Emerald Group Publishing Limited.
  • Hoffman, D. L. and Novak, T. P. (1996). “Marketing in hypermedia computer-mediated environments: Conceptual foundations.” Journal of Marketing, 60(3), 50-68.
  • Hossain, M. F. and Nasrin, S. (2012). Factors affecting selection of equity shares: The case of retail investors in Bangladesh. European Journal of Business and Management, 4(20), 110-124.
  • Hossain, T. and Siddiqua, P. (2022). “Exploring the influence of behavioral aspects on stock investment decision- making: a study on Bangladeshi individual investors.” PSU Research Review.
  • Hong, H. and Stein, J. C. (1999). “A unified theory of underreaction, momentum trading, and overreaction in asset markets.” The Journal of finance, 54(6), 2143-2184.
  • Hong, H., Kubik, J. D. and Stein, J. C. (2004). “Social interaction and stock-market participation.” The journal of Finance, 59(1), 137-163.
  • Hodge, F. D. (2003). “Investors’ perceptions of earnings quality, auditor independence, and the usefulness of audited financial information.” Accounting Horizons, 17, 37.
  • Hu, L. T. and Bentler, P. M. (1999). “Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives.” Structural equation modeling: a multidisciplinary journal, 6(1), 1-55.
  • Hussein. A. H. (2007). “Factors influencing individual investor behavior in the UAE financial markets” Journal of Business, Vol.92.
  • Jackson, D. L. (2003). “Revisiting sample size and number of parameter estimates: Some support for the N: q hypothesis.” Structural equation modeling, 10(1), 128-141.
  • Kadiyala, P. and Rau, P. R. (2004). “Investor reaction to corporate event announcements: underreaction or overreaction?” The Journal of Business, 77(2), 357-386.
  • Kahneman, D. and Tversky, A. (1979). “On the interpretation of intuitive probability,” A reply to Jonathan Cohen.
  • Kayser, M. S. and Golder, U. (2019). Influence of behavioral factors, market factors and stock fundamentals on individual’s investment decision: A study on Dhaka stock exchange. Jagannath University Journal of Business Studies, 7(1), 79-96.
  • Khan, F., Afrin, F., & Rahman, M. A. (2015). Factors influencing investors’ decisions in stock market investment in Bangladesh: a study on Khulna City. Journal of Finance and Accounting, 3(6), 198-204.
  • Khan, M. H. R. and Islam, M. S. (2020). Investors’ Structure and Investment Decision Making Factors: Evidence from Capital Market in Bangladesh. Accounting and Finance Research, Vol. 9, No. 1.
  • Kline, R. B. (2011). “Convergence of structural equation modeling and multilevel modeling.”
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  • LeBaron, B. (1992). “Some relations between volatility and serial correlations in stock market returns.” Journal of Business, 199-219.
  • Lee, T.A. and Tweedie, D.P. (1977). “The Private Shareholder and the Corporate Report.” Institute of Chartered Accountants in England and Wales, London.
  • Lewellen, W. G., Lease, R. C. and Schlarbaum, G. G. (1977). “Patterns of investment strategy and behavior among individual investors.” The Journal of Business, 50(3), 296-333.
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  • Lipe, M. G. (1998). “Individual investors’ risk judgments and investment decisions: The impact of accounting and market data.” Accounting, Organizations and Society, 23(7), 625-640.
  • Logitama, A., Setiawan, L. and Hayat, A. (2021). “Control Behaviors Affecting İnvestors İnvestment Decision Making (Studies on students at higher education south kalimantan).” International Journal of Economics, Business and Accounting Research (Ijebar), 5(1), 275-288.
  • Loughran, T. and Ritter, J. R. (1995). “The new issues puzzle.” The Journal of finance, 50(1), 23-51.
  • Malhotra, N. K. (2008). “Marketing research: An applied orientation, 5/e.” Pearson Education India.
  • Malhotra, N. K. (2010). “Marketing Research an Applied Orientation.”
  • Malmendier, U., and Shanthikumar, D. (2003). “Are small investors naïve?” NBER Working Paper, 10812. McQuitty, S. and Peterson, R. T. (2000). “Selling home entertainment on the Internet: an overview of a dynamic marketplace.” Journal of Consumer Marketing.
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  • Shafi, M. (2014). “Determinants influencing individual investor behavior in stock market: a cross country research survey.” Nigerian Chapter of Arabian Journal of Business and Management Review, 62(1100), 60-71.
  • Shefrin, H. (1999). “Beyond Greed and Fear” Harvard Business School Press. Boston. MA.
  • Shefrin, H., and Statman, M. (1985). “The disposition to sell winners too early and ride losers too long: Theory and evidence.” The Journal of finance, 40(3), 777-790.
  • Shiller, R. J. (1981). “Alternative tests of rational expectations models: The case of the term structure.” Journal of Econometrics, 16(1), 71-87.
  • Shiller, R. J., and Pound, J. (1989). “Survey evidence on diffusion of interest and information among investors.” Journal of Economic Behavior & Organization, 12(1), 47-66.
  • Suhr, D. D. (2006). “Exploratory or confirmatory factor analysis?”
  • Sultana, S. T. and Pardhasaradhi, S. (2012). “An empirical analysis of factors influencing Indian individual equity investors’ decision making and behavior.” European Journal of Business and Management, 4(18), 50-61.
  • Sultana, M. S., Kalam, A. and Begum, H. (2017). Factors Influencing the Trading Behavior of Investors in Capital Market: An Empirical Study on Dhaka Stock Exchange, Bangladesh. IOSR Journal of Business and Management (IOSR-JBM), volume 19, Issue 1, PP 01-09
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Toplam 93 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Md Abu Hasnat 0000-0002-4721-5303

Hüseyin Dagli 0000-0002-2416-9340

Ziauddin Rahımı 0000-0002-2739-6776

Mohammed Monzurul Islam Bu kişi benim 0009-0006-5255-5982

Yayımlanma Tarihi 27 Haziran 2024
Gönderilme Tarihi 1 Temmuz 2023
Kabul Tarihi 20 Mart 2024
Yayımlandığı Sayı Yıl 2024

Kaynak Göster

APA Hasnat, M. A., Dagli, H., Rahımı, Z., Islam, M. M. (2024). FACTORS INFLUENCING INDIVIDUAL INVESTORS’ INVESTMENT DECISIONS AT THE DHAKA STOCK EXCHANGE. Journal of Research in Business, 9(1), 104-134. https://doi.org/10.54452/jrb.1321514