Öz
Kaynakça
- Ademola, S. A., Musa, A. S., & Innocent, I. O. (2019). Moderating effect of risk perception on financial knowledge, literacy and investment decision. American International Journal of Economics and Finance Research, 1(1), 34-44.
- Anand, P., & Cowton, C. J. (1993). The ethical investor: Exploring dimensions of investment behaviour. Journal of Economic Psychology, 14(2), 377-385.
- Bairagi, P., & Chakraborty, A. (2021). Effect Of Gender, Age And Income 0n Investors' Risk Perception In Investment Decision: A Survey Study. Age And Income 0n Investors' Risk Perception In Investment Decision: A Survey Study (May 11, 2021).
- Broer, D. P., & Van Leeuwen, G. (1994). Investment behaviour of Dutch industrial firms: A panel data study. European Economic Review, 38(8), 1555-1580.
- Chaddad, F. R., Cook, M. L., & Heckelei, T. (2005). Testing for the presence of financial constraints in US agricultural cooperatives: an investment behaviour approach. Journal of Agricultural Economics, 56(3), 385-397.
- Cook, M. L., Chaddad, F. R., & Heckelei, T. (2005). Testing for the Presence of Financial Constraints in US Agricultural Cooperatives: An Investment Behaviour Approach.
- Hindle, K., & Rushworth, S. (1999). The demography of investor heaven: a synthesis of international research on the characteristics, attitudes, and investment behaviour of business angels.
- Kansal, P., & Singh, D. S. (2013, February). Investment behaviour of Indian investors: Gender biasness. In Proceedings of Seventh National Conference on Indian Capital Market: Emerging Issues, IBS Gurgaon, India.
- Khan, M. U. (2017). Impact of availability bias and loss aversion bias on investment decision making, moderating role of risk perception. Management & Administration (IMPACT: JMDGMA), 1(1), 17-28.
- Linciano, N., Lucarelli, C., Gentile, M., & Soccorso, P. (2018). How financial information disclosure affects risk perception. Evidence from Italian investors’ behaviour. The European Journal of Finance, 24(15), 1311-1332.
- Nachar, N. (2008). The Mann-Whitney U: A test for assessing whether two independent samples come from the same distribution. Tutorials in quantitative Methods for Psychology, 4(1), 13-20.
- Ricciardi, V. (2004). A risk perception primer: A narrative research review of the risk perception literature in behavioral accounting and behavioral finance. Available at SSRN 566802.
- Ricciardi, V. (2007). A literature review of risk perception studies in behavioral finance: the emerging issues. Available at SSRN 988342.
- Saivasan, R., & Lokhande, M. (2022). Influence of risk propensity, behavioural biases and demographic factors on equity investors' risk perception. Asian Journal of Economics and Banking, 6(3), 373-403.
- Shafi, H., Akram, M., Hussain, M., Sajjad, S. I., & Rehman, K. U. (2011). Relationship between risk perception and employee investment behavior.
- Singh, R., & Bhowal, A. (2009). Risk perception dynamics and equity share investment behaviour. Indian Journal of Finance, 3(6), 23-30.
- Sjöberg, L. (1998). Risk perception: Experts and the public. European Psychologist, 3(1), 1-12.
- Wall Emerson, R. (2023). Mann-Whitney U test and t-test. Journal of Visual Impairment & Blindness, 117(1), 99-100.
- Wang, F., Zhang, R., Ahmed, F., & Muhammed Shah, S. M. (2022). Impact of investment behaviour on financial markets during COVID-19: A case of UK. Economic research-Ekonomska istraživanja, 35(1), 2273-2291.
- Wang, M., Keller, C., & Siegrist, M. (2011). The less You know, the more You are afraid of—A survey on risk perceptions of investment products. Journal of Behavioral Finance, 12(1), 9-19.
- Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of business and emerging markets, 1(1), 24-41.
- Weber, E. U., & Milliman, R. A. (1997). Perceived risk attitudes: Relating risk perception to risky choice. Management science, 43(2), 123-144
Öz
Purpose- The cognitive comprehension of financial indicators, risk aversion, risk perception, and investment behavior is defined as financial literacy. It's possible that a variety of characteristics, such as gender, age, income level, social standing, education, etc., will affect an investor's behavior. The purpose of this study is to highlight the behavior of investors in Turkish capital markets. The analysis is done on the results of two surveys, the first conducted in the fourth quarter of 2022 and the second in the first quarter of 2023.
Methodology- This study's objective is to highlight investor behavior and risk perception in Turkish financial markets. In the most recent two consecutive quarters, the results of two surveys are analyzed and compared. Three sections comprise the surveys. A demographic question is asked in the first section. The second section asks questions concerning investment behavior, signs of financial stress, and confidence in regard to one's financial literacy. The final aspect contributes to the analysis of what people think of the Bitcoin market. In this study, Graphic analysis, Cronbach Alpha, Normality, and Mann-Whitney U tests are performed, respectively. First, the graphical analysis of the selected questions is made. Based on these graphs, the similarities and differences between the surveys are shown. Second, The reliability test is applied to the selected questions for the statistical modeling of the analysis. This test is determined as the Cronbach Alpha test. Third, the Normality test is applied to reveal which test to use in the next step. Two different tests are used for this analysis. These are the Kolmogorov-Smirnov and Shapiro-Wilk tests. Fourth, the Mann-Whitney U test is applied. At this stage, firstly, Mann-Whitney U and Wilcoxon W test statistics are examined. The ranks are calculated for each variable. Finally, the Mann-Whitney U test is applied, and the results are interpreted. Fifth, The results of the two surveys are compared.
Findings- The findings show both similarities and differences among numerous variables. For instance, holding time is defined as the amount of time an investor holds an investment or as the time between purchasing it and selling it. Investors' risk aversion and financial literacy both influence the holding period. Riskier assets force investors to adjust their purchase or sell actions dynamically. The results show various portfolio diversification behaviours. While men prefer to start with foreign currency investments, women are more interested in making gold investments. Also, middle-aged investors invest more in cryptocurrencies and take more risks than younger investors.
Conclusion- based upon the analysis, findings it may be concluded that respondents do differ in their investment preferences and risk-taking over the years. The findings show various portfolio diversification behaviors. While men prefer to invest in foreign currency, women are more interested in purchasing gold.
Anahtar Kelimeler
Investor behavior risk perception cryptocurrency market Bitcoin Mann-Whitney U test
Kaynakça
- Ademola, S. A., Musa, A. S., & Innocent, I. O. (2019). Moderating effect of risk perception on financial knowledge, literacy and investment decision. American International Journal of Economics and Finance Research, 1(1), 34-44.
- Anand, P., & Cowton, C. J. (1993). The ethical investor: Exploring dimensions of investment behaviour. Journal of Economic Psychology, 14(2), 377-385.
- Bairagi, P., & Chakraborty, A. (2021). Effect Of Gender, Age And Income 0n Investors' Risk Perception In Investment Decision: A Survey Study. Age And Income 0n Investors' Risk Perception In Investment Decision: A Survey Study (May 11, 2021).
- Broer, D. P., & Van Leeuwen, G. (1994). Investment behaviour of Dutch industrial firms: A panel data study. European Economic Review, 38(8), 1555-1580.
- Chaddad, F. R., Cook, M. L., & Heckelei, T. (2005). Testing for the presence of financial constraints in US agricultural cooperatives: an investment behaviour approach. Journal of Agricultural Economics, 56(3), 385-397.
- Cook, M. L., Chaddad, F. R., & Heckelei, T. (2005). Testing for the Presence of Financial Constraints in US Agricultural Cooperatives: An Investment Behaviour Approach.
- Hindle, K., & Rushworth, S. (1999). The demography of investor heaven: a synthesis of international research on the characteristics, attitudes, and investment behaviour of business angels.
- Kansal, P., & Singh, D. S. (2013, February). Investment behaviour of Indian investors: Gender biasness. In Proceedings of Seventh National Conference on Indian Capital Market: Emerging Issues, IBS Gurgaon, India.
- Khan, M. U. (2017). Impact of availability bias and loss aversion bias on investment decision making, moderating role of risk perception. Management & Administration (IMPACT: JMDGMA), 1(1), 17-28.
- Linciano, N., Lucarelli, C., Gentile, M., & Soccorso, P. (2018). How financial information disclosure affects risk perception. Evidence from Italian investors’ behaviour. The European Journal of Finance, 24(15), 1311-1332.
- Nachar, N. (2008). The Mann-Whitney U: A test for assessing whether two independent samples come from the same distribution. Tutorials in quantitative Methods for Psychology, 4(1), 13-20.
- Ricciardi, V. (2004). A risk perception primer: A narrative research review of the risk perception literature in behavioral accounting and behavioral finance. Available at SSRN 566802.
- Ricciardi, V. (2007). A literature review of risk perception studies in behavioral finance: the emerging issues. Available at SSRN 988342.
- Saivasan, R., & Lokhande, M. (2022). Influence of risk propensity, behavioural biases and demographic factors on equity investors' risk perception. Asian Journal of Economics and Banking, 6(3), 373-403.
- Shafi, H., Akram, M., Hussain, M., Sajjad, S. I., & Rehman, K. U. (2011). Relationship between risk perception and employee investment behavior.
- Singh, R., & Bhowal, A. (2009). Risk perception dynamics and equity share investment behaviour. Indian Journal of Finance, 3(6), 23-30.
- Sjöberg, L. (1998). Risk perception: Experts and the public. European Psychologist, 3(1), 1-12.
- Wall Emerson, R. (2023). Mann-Whitney U test and t-test. Journal of Visual Impairment & Blindness, 117(1), 99-100.
- Wang, F., Zhang, R., Ahmed, F., & Muhammed Shah, S. M. (2022). Impact of investment behaviour on financial markets during COVID-19: A case of UK. Economic research-Ekonomska istraživanja, 35(1), 2273-2291.
- Wang, M., Keller, C., & Siegrist, M. (2011). The less You know, the more You are afraid of—A survey on risk perceptions of investment products. Journal of Behavioral Finance, 12(1), 9-19.
- Waweru, N. M., Munyoki, E., & Uliana, E. (2008). The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange. International Journal of business and emerging markets, 1(1), 24-41.
- Weber, E. U., & Milliman, R. A. (1997). Perceived risk attitudes: Relating risk perception to risky choice. Management science, 43(2), 123-144
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | İşletme |
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Temmuz 2023 |
| Yayımlandığı Sayı | Yıl 2023 Cilt: 17 Sayı: 1 |
Kaynak Göster
PressAcademia Procedia (PAP) publishes proceedings of conferences, seminars and symposiums. PressAcademia Procedia aims to provide a source for academic researchers, practitioners and policy makers in the area of social and behavioral sciences, and engineering.
PressAcademia Procedia invites academic conferences for publishing their proceedings with a review of editorial board. Since PressAcademia Procedia is an double blind peer-reviewed open-access book, the manuscripts presented in the conferences can easily be reached by numerous researchers. Hence, PressAcademia Procedia increases the value of your conference for your participants.
PressAcademia Procedia provides an ISBN for each Conference Proceeding Book and a DOI number for each manuscript published in this book.
PressAcademia Procedia is currently indexed by DRJI, J-Gate, International Scientific Indexing, ISRA, Root Indexing, SOBIAD, Scope, EuroPub, Journal Factor Indexing and InfoBase Indexing.
Please contact to procedia@pressacademia.org for your conference proceedings.