THE FINANCING DECISIONS OF FIRMS: BEHAVIORAL PERSPECTIVE

Yıl 2016, Cilt: 8 Sayı: 15, 169 - 198, 14.11.2016

Bilgehan Tekin

https://doi.org/10.20990/kilisiibfakademik.266032

Cited By: 1

Öz

This study approaches to the financing decisions in
firms from the behavioral perspective. In this study, two behavioral biases
that have effect on the decision makers' chose for financial resources are
mainly considered. These biases are overconfidence and loss aversion. The
questionnaire method is used in order to collect data. The research sample
consists of the 255 SMEs which operate and are registered in chamber of
commerce and industry in Istanbul, Turkey. The study hypothesizes were tested
by parametric and nonparametric hypothesis tests. In the study results, it has
been observed that people responsible for financing in the firms are
overconfident and loss averse. SME owners or managers’ financing or capital
structure decisions can differ according to the level of behavioral biases.

Anahtar Kelimeler

SMEs, Financing Decisions, Behavioral Finance, Behavioral Biases

FİRMALARIN FİNANSMAN KARARLARI: DAVRANIŞSAL PERSPEKTİF

Öz

Bu
çalışma, firmalarda alınan finansman kararlarına davranışsal açıdan
yaklaşmaktadır. Çalışmada karar vericilerin finansman kaynağı tercihlerinde
etkisi olan iki davranışsal önyargı dikkate alınmaktadır. Bunlar kendine aşırı
güven ve kayıptan kaçınmadır. Veri toplanması amacıyla anket yöntemi kullanılmıştır.
Araştırma örneklemini, İstanbul’da ticaret ve sanayi odalarına kayıtlı olarak
faaliyet gösteren 255 küçük ve orta büyüklükteki işletme (KOBİ)
oluşturmaktadır. Çalışmanın hipotezleri parametrik ve parametrik olmayan
hipotez testleri ile test edilmiştir. Çalışma sonucunda firmalarda finansman
kararlarından sorumlu kişilerin kendine aşırı güvenli ve kayıptan kaçınan
bireyler oldukları görülmüştür. KOBİ sahiplerinin veya yöneticilerinin
verdikleri finansman veya sermaye yapısı kararları davranışsal önyargı
düzeylerine göre farklılık gösterebilmektedir.

Anahtar Kelimeler

SMEs, Finansal Kararlar, Davranışsal Finans, Davranışsal Önyargılar

Kaynakça

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