You are here

Bireylerin Hisse Senedi Piyasasına Katılım Eğilimlerine Etki Eden Ekonomik Olmayan Faktörler Üzerine Ampirik Bir Araştırma

An Empirical Research on Non-Economic Factors That Effects Individuals Stock Market Participation Preferences

Journal Name:

Publication Year:

DOI: 
http://dx.doi.org/10.18074/cnuiibf.224
Abstract (2. Language): 
The purpose of this study, understanding the direct participation of depositors in Turkey to stock markets according to some social and behavioral factors. Because of unable to explain stock market and risk free assets market participation differences even with risk premium and low level of stock market participation led us to consider some social factors like financial literacy, risk perception, trust, short and long term market expectations. This study was conducted on 329 students Business Administration department at Faculty of Economics and Administrative Sciences of Muğla Sıtkı Koçman University by using survey technique. The data were analyzed by logistic regression showed that social factors like risk perception, financial literacy, trust to financial institutions, short and long term expectations affects the stock market participation preferences.
Abstract (Original Language): 
Bu çalışmanın amacı, Türkiye’deki tasarruf sahiplerinin hisse senedi piyasalarına olan doğrudan katılım düzeylerinin bir takım sosyal ve davranışsal faktör ile anlamlandırılmasıdır. Risksiz piyasalar ile hisse senedi piyasaları arasındaki katılım düzeyi farkının risk primi ile açıklanamaması ve hisse senedi piyasasına olan katılımın düşük düzeyde kalması finansal okuryazarlık, risk algısı, güven düzeyi, kısa ve uzun vadeli piyasaya dönük beklentiler gibi faktörler ile açıklamaya çalışılmıştır. Bu araştırma, Muğla Sıtkı Koçman Üniversitesi’nin İktisadi ve İdari Bilimler Fakültesi’nde eğitim alan 329 İşletme bölümü öğrencisine anket tekniği kullanılarak yapılmıştır. Lojistik regresyon ile analiz edilen veriler risk algısı, finansal okuryazarlık, finansal kurumlara olan güven seviyesi, kısa ve uzun vadeli beklentiler gibi sosyal değişkenlerin hisse senedi piyasalarına katılım tercihine etki ettiğini göstermiştir.
507
530

JEL Codes:

REFERENCES

References: 

American Psychologist Association (APA) Report (1996). Intelligence: Knows and Unknowns, 51(2), 77-101.
Arrondel, L. ve Savignac, F. (2008), Stockholding: Does housing wealth matter?, Banque de France Working papers, 266.
Arrondel, L., Pardo, H. ve Taş, D. (2014). Subjective Return Expectations, Information and Stock Market Participation: Evidence From France, Southhampton Discussion Paper, 1415.
Baker, H. K. ve Nofsinger, J. R. (2002). Psychological Biases of Investors, Financial Servies Review, 11, 97-116.
Bayrakdaroğlu, A. ve Şan, F., B. (2014). Financial Literacy Training As a Strategic Management Tool Among Small and Medium Sized Businesses Operating In Turkey. Procedia Social and Behavioral Sciences, 10th Strategic Management Conference, Rome.
Billias, Y., Georgarakos, D. ve Haliassos, M. (2010). Portfolio Inertia and Stock Market Fluctuations. Journal of Money, Credit and Banking, 42(4), 715-742.
Campbell, J. Y. (2006). Household Finance, Natioanl Bureau Of Economic Research Working Paper 12149.
Cao, H.H., Wang, T. ve Zhang, H.H. (2005). Model Uncertainty, Limited Market Participation and Asset Prices, Review of Financial Studies, 18, 1219–1251.
Cole, S., Allen, P., A. L. ve Shastry, G. K. (2012). Smart Money: The Effect of Education on Financial Behavior. Harvard Business School Finance Working Paper, 09-071.
Çankırı Karatekin Üniversitesi Çankırı Karatekin University
İktisadi ve İdari Bilimler Journal of The Faculty of Economics
Fakültesi Dergisi and Administrative Sciences
528
Doğukanlı,, H. ve Önal, Y.B. (2000). Adana İli Kapsamında Hisse senedi Yatırımcıları Profilinin ve Hisse Senedine Yatırım Kararlarında Etkili Olan Faktörlerin Araştırılması, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 6(6),185-209.
Döm, S. (2003). Yatırımcı Psikolojisi: İMKB Üzerine Ampirik Bir Çalışma, Ankara: Değişim Yayınları.
Dynan, E., Maki ve Dean M. (2012) Does Stock Market Wealth Matter for Consumption?,http://www.federalreserve.gov/pubs/feds/2001/200123/200123pap.pdf (Erişim Tarihi: 27.06.2014)
Faviliukis, J. (2013). Inequality, Stock Market Participation, and Equity Premium. Journal of Financial Economics, 107, 740–759.
Friedman, M. (1953). Essays In Positive Economics, The Methodology of Positive Economics, University of Chichago Press, 3-43.
Georgarakos, D. ve Inderst, R. (2011). Financial Advice and Stock Market Participation, European Central Bank Working Paper, 1296.
Georgarakos, D. ve Pasini, G. (2011). Trust, Sociability and Stock Market Participation, Review of Finance, 15(4), 693-725.
Girginer, N. ve Cankuş, B. (2008). Tramvay Yolcu Memnuniyetinin Lojistik Regresyon Analizi ile Ölçülmesi: Estram Örneği, Yönetim ve Ekonomi Dergisi, 15(1),181-193.
Grinblatt, M. ve Koleharju, M. (2001). How Distance, Language, and Culture Influence Stockholding and Trades. The Journal of Finance, 56(3), 1053-1073.
Grinblatt, M., Keloharju, M. ve Linnainmaa, J. (2011). IQ and Stock Market Participation, The Journal of Finance, 66(6), 2121-2165.
Grinblatt, M., Koleharju, M. ve Linnainmaa, J. (2009). Do Smart Invstors Outperform Dumb Investors? Social Science Research Network , 09.
Guiso, L. ve Japelli, T. (2008). Financial Literacy and Portfolio Diversification, European University Institute Working Papers, 31.
Guiso, Luigi, Sapienza, P. ve Zingales, L. (2004). The Role of Social Capital in Financial Development, American Economic Review, American Economic Association, 94(3), 526-556.
A.Bayrakdaroğlu & F.B.Şan Güz/Fall 2015
Cilt 5, Sayı 2, ss.507-530 Volume 5, Issue 2, pp.507-530
529
Hirshleifer, D. ve Teoh, S.H. (2003). Herd Behaviour and Cascading in Capital Markets: a Review and Synthesis. European Financial Management, 9(1), 25–66.
Hong, H., Kubik., J.D. ve Stein, J.C. (2004). Social Interaction and Stock Market Participation, The Journal of Finance, 59(1), 137-164.
Hosmer, D W. ve Lemeshow, S., Applied Logistic Regression, Columbus Ohio, 2000.
Laakso, E. (2010). Stock Market Participation And Household Characteristics in Europe, Finnish University Master Tezi.
Linnainmaa, J.T. (2007). Learning and Stock Market Participation, Available at SSRN: http://ssrn.com/abstract=1108879 (Erişim Tarihi: 14.02.2015)
Luotonen, N. (2009). Personel Values and Stock Market Participation- Evidence From Finnish University Students. Master Thesis Helsinki School Of Economics.
Lusardi, A. ve Mitchell, O. S. (2006). Financial Literacy and Planning: Implications for Retirement Wellbeing, U.S. Social Security Administration.
Lusardi, A. ve Mitchell, O. S. (2009). How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy And Retirement Readiness, Natioanl Bureau Of Economic Research, WorkingPaper 15350.
Lusardi, A. (2006). Financial Literacy: An essential Tool for informed consumer choice?, National Bureau of Economic ResearchWorking Paper 14084.
Lusardi, A., Mitchell, O.S. ve Curto, V. (2010). Financial Literacy Among the Young. The Journal of Consumer Affairs, 44(2), 358-380.
Malmendier, U. Nagel, S. (2009). Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?, NBER Working Paper 14813.
Mankiw, N. ve Zeldes, S. (1991). The Consumption of Stockholder and non Stockholders. Journal of Financial Economics, 29, 97-112.
Marcolin, S. ve Aabraham, A. (2006). Financial Literacy Research: Current Literature and Future Opportunities, Proceedings of the 3rd International Conference on Contemporary Business, Leura, Australia.
Mehra, R. ve Prescott, E. C. (1985). The Equity Premium: A Puzzle, Journal of Monetary Economcis, 15, 145-161.
Çankırı Karatekin Üniversitesi Çankırı Karatekin University
İktisadi ve İdari Bilimler Journal of The Faculty of Economics
Fakültesi Dergisi and Administrative Sciences
530
Osili, U. ve Paulson, A.,L. (2007). Immigrants’ Access to Financial Services &AssetAccumulation, Federal Reserve Bank of Chicago.
Rooij, M. C.J., Lusardi, A. ve Alessie, R.J.M. (2012). Financial Literacy, Retirement Planning and Household Wealth. The Economic Journal, 122, 449–478.
Rooij, M. C.J., Lusardi, A. ve Alessie, R.J.M. (2007). Financial Literacy and Stock Market Participation. National Bureau of Economic Research Working Paper 13565.
Schmidt, K.,M. (2003). Convertible Securities And Venture Capital Finance. The Journal of Finance, 58(3), 1139-1166.
Sermaye Piyasası Kurulu (SPK), (2014), Aylık İstatistik Bülteni, Erişim:12.06.2014)
Shum, P. ve Faig, M. (2006). What Explains Household Stock Holdings?. Journal of Banking & Finance, 30, 2579–2597.
Slovic, P. (1987). Perception of Risk, Science, New Series, 236, 280-285 .
Vissing-Jorgensen, A. ve Attanasio, O. P. (2003). Stock Market Participation, Intertemporal Substution, and Risk Aversion, The American Economic Review, Vol. 93, No. 2, ss. 383-391.
Zak, P. J. ve Knack, S. (1998). Trust and Growth. The Economic Journal, 111, 295–321

Thank you for copying data from http://www.arastirmax.com