An Analysis of Investor Decisions Based on Demographic Factors in the Context of Behavioral Finance

Gamze Üstün; Yasemin Hancıoğlu Başköy

Makale detayları

An Analysis of Investor Decisions Based on Demographic Factors in the Context of Behavioral Finance

Yazarlar:

Gamze Üstün | Yasemin Hancıoğlu Başköy

Yayıncı:

Ordu University

Ana Başlıklar:

Davranışsal Finans

Dergi:

Ünye İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.6 Issue 2, pp.114-136

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001334846

pISSN:

2602-2192

Anahtar kelimeler:

Özet:

 This study aims to examine whether individuals investment decisions vary according to demographic factors from the perspective of behavioral finance. In this context, the role of gender in making investment decisions was specifically investigated, and differences between genders in terms of vulnerability to various behavioral biases in the pursuit of potential financial gains were explored. The research was conducted using quantitative methods and a relational survey model. Data were collected from 404 individuals aged 20 and above residing in Samsun province through a survey technique. To collect data, a personal information form along with the Investor Sentiment Scale was used. The data were analyzed using SPSS 26 software. The findings revealed positive and significant relationships between the sub-dimensions of the Investor Sentiment Scale, which include investor sentiment, overconfidence bias, optimism bias, regret aversion bias, loss aversion bias, conservatism bias, and herd behavior bias. It was found that investor sentiment, conservatism bias, and herd behavior tendencies did not significantly differ according to demographic characteristics. However, it was observed that the overconfidence bias differed significantly according to monthly income level; the optimism bias according to age, education level, and occupation; the regret aversion bias according to gender and occupation; and the loss aversion bias according to occupation. The study concluded that individuals investment decisions do not vary significantly based on gender.

 This study aims to examine whether individuals investment decisions vary according to demographic factors from the perspective of behavioral finance. In this context, the role of gender in making investment decisions was specifically investigated, and differences between genders in terms of vulnerability to various behavioral biases in the pursuit of potential financial gains were explored. The research was conducted using quantitative methods and a relational survey model. Data were collected from 404 individuals aged 20 and above residing in Samsun province through a survey technique. To collect data, a personal information form along with the Investor Sentiment Scale was used. The data were analyzed using SPSS 26 software. The findings revealed positive and significant relationships between the sub-dimensions of the Investor Sentiment Scale, which include investor sentiment, overconfidence bias, optimism bias, regret aversion bias, loss aversion bias, conservatism bias, and herd behavior bias. It was found that investor sentiment, conservatism bias, and herd behavior tendencies did not significantly differ according to demographic characteristics. However, it was observed that the overconfidence bias differed significantly according to monthly income level; the optimism bias according to age, education level, and occupation; the regret aversion bias according to gender and occupation; and the loss aversion bias according to occupation. The study concluded that individuals investment decisions do not vary significantly based on gender.

 This study aims to examine whether individuals investment decisions vary according to demographic factors from the perspective of behavioral finance. In this context, the role of gender in making investment decisions was specifically investigated, and differences between genders in terms of vulnerability to various behavioral biases in the pursuit of potential financial gains were explored. The research was conducted using quantitative methods and a relational survey model. Data were collected from 404 individuals aged 20 and above residing in Samsun province through a survey technique. To collect data, a personal information form along with the Investor Sentiment Scale was used. The data were analyzed using SPSS 26 software. The findings revealed positive and significant relationships between the sub-dimensions of the Investor Sentiment Scale, which include investor sentiment, overconfidence bias, optimism bias, regret aversion bias, loss aversion bias, conservatism bias, and herd behavior bias. It was found that investor sentiment, conservatism bias, and herd behavior tendencies did not significantly differ according to demographic characteristics. However, it was observed that the overconfidence bias differed significantly according to monthly income level; the optimism bias according to age, education level, and occupation; the regret aversion bias according to gender and occupation; and the loss aversion bias according to occupation. The study concluded that individuals investment decisions do not vary significantly based on gender.

 Bu araştırmada, davranışsal finans yaklaşımı perspektifinden bireylerin yatırım kararlarının demografik faktörlere göre değişip değişmediğinin incelenmesi amaçlanmıştır. Bu kapsamda, özellikle cinsiyetin yatırım kararı vermedeki rolü incelenmiş ve olası finansal kazanç arayışlarında çeşitli davranışsal önyargılara karşı savunmasızlık bakımından iki cinsiyet arasındaki farklar araştırılmıştır. Araştırma, nicel yöntemler ve ilişkisel tarama modeli kullanılarak gerçekleştirilmiştir. Araştırmanın verileri Samsun ilinde yaşayan 20 yaş üzerindeki 404 kişiden anket tekniği kullanılarak toplanmıştır. Verileri toplamak için kişisel bilgi formuyla birlikte Yatırımcı Eğilimi Ölçeği kullanılmıştır. Veriler SPSS 26 programı ile analiz edilmiştir. Bulgular, Yatırımcı Eğilimi Ölçeğinin yatırımcı eğilimi, aşırı güven eğilimi, aşırı iyimserlik eğilimi, pişmanlıktan kaçınma eğilimi, kayıptan kaçınma eğilimi, tutuculuk eğilimi ve sürü psikolojisi eğilimi alt boyutları arasında pozitif yönlü anlamlı ilişkiler olduğunu göstermiştir. Yatırımcıların yatırımcı eğilimi, tutuculuk ve sürü psikolojisi eğilimlerinin demografik özelliklere göre anlamlı biçimde farklılaşmadığı tespit edilmiştir. Yatırımcıların aşırı güven eğilimi aylık gelir düzeyine göre; aşırı iyimserlik eğiliminin yaşa, eğitim düzeyine ve mesleğe göre; pişmanlıktan kaçınma eğiliminin cinsiyete ve mesleğe göre ve kayıptan kaçınma eğiliminin de mesleğe göre anlamlı biçimde farklılaştığı tespit edilmiştir. Bireylerin yatırım kararlarının cinsiyete göre belirgin bir biçimde değişmediği sonucuna ulaşılmıştır.

Makale detayları

An Analysis of Investor Decisions Based on Demographic Factors in the Context of Behavioral Finance

Yazarlar:

Gamze Üstün | Yasemin Hancıoğlu Başköy

Yayıncı:

Ordu University

Ana Başlıklar:

Davranışsal Finans

Dergi:

Ünye İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.6 Issue 2, pp.114-136

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001334846

pISSN:

2602-2192

Behavioral Finance

Investment

Decision-Making

Demographic Factors

GenderDavranışsal Finans

Yatırım

Karar Verme

Demografik Faktörler

Cinsiyet

Sayı

Makale detayları

Yazarlar: Gamze Üstün | Yasemin Hancıoğlu Başköy

Yayıncı: Ordu University

Ana Başlıklar: Davranışsal Finans

Dergi: Ünye İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.6 Issue 2, pp.114-136

Belge Tipi: Makale

Yayın Tarihi: 12/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001334846

pISSN: 2602-2192

Sayı

Yazarlar:

Gamze Üstün | Yasemin Hancıoğlu Başköy

Yayıncı:

Ordu University

Ana Başlıklar:

Davranışsal Finans

Dergi:

Ünye İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.6 Issue 2, pp.114-136

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001334846

pISSN:

2602-2192