Bireysel Yatırımcıların Dini Yönelim ve Finansal Okuryazarlık Düzeyleri ile Davranışsal Eğilimlerinin Katılım Endeksi Yatırımlarına Etkisi: BIST’te Bir Uygulama

Yıl 2024, Cilt: 4 Sayı: 2, 87 – 103, 31.07.2024

Salih Aydın Mehmet Serkan Çalı

Öz

Borsa İstanbul’da işlem gören şirketler faaliyet alanlarına göre farklılaşabilmektedir. Faizsiz yatırım ve katılım bankacılığı prensiplerine göre işlem gören hisse senetlerinden oluşan katılım endeksinde işlem gören şirketler Borsa İstanbul içerisinde işlem gören diğer şirketlerden ayrılmaktadır. Katılım endeksinin temel amacı, islami finans ilkelerine uyan yatırımcılar için bir yatırım karşılaştırması veya referans noktası sağlamaktır. Bu çalışmada BIST katılım tüm endeksinde işlem gören şirketlere yatırım yapan bireysel yatırımcıların yatırım kararlarına finansal okuryazarlık eğilimi, dini yönelim eğilimi ve davranışsal eğilimlerin etkisi incelenmeye çalışılmıştır. Davranışsal eğilimler içerisinden sürü eğilimi, kontrol odağı eğilimi ve aşırı güven eğilimi çalışmaya dahil edilmiştir. Hazırlanan anket formu, farklı veri toplama teknikleri (sosyal medya, kişisel mail adresleri ve telefon) ile bireysel yatırımcılara ulaştırılmış ve veriler elde edilmiştir. Verilerin analiz edilmesinde SPSS Statistics 19’dan yararlanılmıştır. Analizler sonucunda BIST katılım endeksinde işlem gören hisse senetlerine yatırım yapan bireysel yatırımcıların yatırım kararlarına sürü eğiliminin ve dini yönelimin etkisi tespit edilmiştir. Çalışmada kullanılan finansal okuryazarlık değişkeni ile kontrol odağı ve aşırı güven eğiliminin yatırım kararı ile herhangi bir ilişkisine rastlanılmamıştır.

Anahtar Kelimeler

Finansal Okuryazarlık, Davranışsal Finans, Dini Yönelim, Katılım Endeksi

Kaynakça

• Abdeldayem, M. M. (2016). Is there a relationship between financial literacy and investment decisions in the kingdom of Bahrain?. Journal of Management and Accounting Studies, 4(02), 68-78. doi.org/10.24200/jmas.vol4iss02pp68-78
• Adielyani, D., ve Mawardi, W. (2020). The influence of overconfidence, herding behavior, and risk tolerance on stock investment decisions: The empirical study of millennial investors in Semarang City. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 10(1), 89-101. doi.org/10.30588/jmp.v10i1.691
• Adiputra, I. G. A., Ruslim, H., ve Sumadinata, R. (2023). Determine of demographic factor, financial literacy, and internal locus of control on the ınvestment decision of ındividual ınvestor. Jurnal Akuntansi Manado (JAIM), 4(2), 356-366. doi.org/10.53682/jaim.vi.6336
• Ainia, N. S. N., ve Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Accountancy Ventura, 21(3), 401-413. doi.org 10.14414/jebav.v21i3.1663
• Arik, S. L., ve Sri, A. L. (2021). The effect of overconfidence and optimism bias on stock investment decisions with financial literature as moderating variable. Eurasia Econ. Bus, 12, 84-93. doi.org/10.18551/econeurasia.2021-12
• Ariyanto, N. R., ve Haryetti, M. S. (2020). Detectıon herdıng behavıour on post inıtıal publıc offerıng: An empırıcal study on sharıa stocks in ındonesıa stock exchange. South East Asia Journal of Contemporary Business, Economics and Law, 21(5), 273-275.
• Armansyah, R. F. (2022). Herd instinct bias, emotional biases, and information processing biases in investment decisions. Jurnal Manajemen Dan Kewirausahaan, 24(2), 105-117. doi.org: 10.9744/jmk.24.2.105–117
• Borsa İstanbul Katılım Endeksi, 2023 yılı BIST Katılım Endeksine İlişkin Bilgiler. Erişim adresi: https://borsaistanbul.com/tr/endeks/1/3/katilim.
• Çakar, R. (2022). Katılım ve konvansiyonel endekslerin fiyat balonları açısından test edilmesi: Covid-19 dönemi Türkiye’den ampirik kanıtlar. International Journal of Islamic Economics and Finance Studies, 8(1), 106-122. doi.org/10.54427/ijisef.1057115
• Çetin, D. T., ve Metlek, S. (2021). Türkiye’deki islami hisse senedi endeksinin, endeks tabanlı öznitelikler kullanılarak derin öğrenme yöntemi ile tahmini. Acta Infologica, 5(2), 287-298. doi.org/10.26650/acin.975633
• Dangol, J., ve Manandhar, R. (2020). Impact of heuristics on investment decisions: the moderating role of locus of control. Journal of Business and Social Sciences Research, 5(1), 1-14. doi.org/10.3126/jbssr.v5i1.30195
• Ecer, K. (2022). Dinî yönelimin finansal davranışlar üzerine etkisi. İktisadi İdari ve Siyasal Araştırmalar Dergisi, 7(18), 246-262.
• Francis, F. S., ve Ambilikumar, D. W. (2021). Impact of locus of control on investment behaviour: A segmentation approach. Informatıon Technology In Industry, 9(2), 1144-1163.
• Harlak, H., ve Eskin, M. (2018). Dini yönelim ve dindarlık ölçeklerinin geliştirilmesi ve psikometrik özelliklerinin incelenmesi. In Yeni Symposium 56(2), 24-32.
• Hassan Al‐Tamimi, H. A., ve Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. The journal of risk finance, 10(5), 500-516.
• Hasnain, M. N., ve Subhan, Q. (2022). Effect of herding behavior and overconfidence bias on investor’s financial decisions: a case of investment in crypto currency in pakistan. Journal of Management Info, 9(4), 519-541.
• Hc, R., ve Gusaptono, R. H. (2020). The impact of financial literacy on investment decisions between saving and credit: Studies on Sharia bank customers in the special region of Yogyakarta. Journal of Economics and Business, 3(4).
• Kalaycı, Ş. (2018). SPSS uygulamalı çok değişkenli istatistik teknikleri (8. Baskı). Dinamik Akademi.
• Klein, P. O., Turk, R., ve Weill, L. (2017). Religiosity vs. well-being effects on investor behavior. Journal of Economic Behavior & Organization, 138, 50-62.
• Konak, F., ve Türkoğlu, D. (2022). Borsa İstanbul bünyesinde katılım endeksi oluşturulmasının hisse senedi fiyatları üzerindeki etkisi. Uluslararası Sosyal Bilimler Akademi Dergisi, 4(10), 813-831. doi.org/10.47994/usbad.1140256
• Kumar, S., ve Goyal, N. (2015). Behavioural biases in investment decision making–a systematic literature review. Qualitative Research in financial markets, 7(1), 88-108. doi.org/10.1108/QRFM-07-2014-0022
• Lestari, I. P., Ginanjar, W., ve Warokka, A. (2021). Multidimensional risk and religiosity towards İndonesian muslims’ Sharia ınvestment decision. Journal of Islamic Monetary Economics and Finance, 7(2), 369-400.
• Madaan, G., ve Singh, S. (2019). An analysis of behavioral biases in investment decision-making. International Journal of Financial Research, 10(4), 55-67. doi.org/10.5430/ijfr.v10n4p55
• Maulida, A. Z., ve Sari, S. P. (2023). Behavioral finance and financial literacy affecting investor millenial decision making process on sharia stock. American Journal of Sciences and Engineering Research 6(2), 541-552.
• Mutlu, Ü., ve Özer, G. (2022). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114-1126. doi.org/10.1108/K-01-2021-0062
• Nabilah, F., ve Tutik, H. (2020). The influence of knowledge, religiosity and investment motivation on the interest in investing in the Islamic capital market in the novice stock investor community. Taraadin: Jurnal Ekonomi dan Bisnis Islam, 1(1), 55-67.
• Paul, S. N., Mishra, A. K., ve Upadhyay, R. K. (2022). Locus of control and investment decision: an investor's perspective. International Journal of Services, Economics and Management, 13(2), 93-107. doi.org/10.1504/IJSEM.2022.122736
• Pinger, P., Schäfer, S., ve Schumacher, H. (2018). Locus of control and consistent investment choices. Journal of Behavioral and Experimental Economics, 75, 66-75. doi.org/10.1016/j.socec.2018.05.004
• Purwidianti, W., Rahmawati, I. Y., ve Dwiyanti, R. (2023). Overconfidence and herding bias on investment decisions the role of risk perception as a mediator. Asian Journal of Economics, Business and Accounting, 23(18), 36-45. doi.org/10.9734/ajeba/2023/v23i181056
• Riaz, T., ve Iqbal, H. (2015). Impact of overconfidence, illusion of control, self control and optimism bias on investors decision making; evidence from developing markets. Research Journal of Finance and Accounting, 6(11), 110-116.
• Robin, R., ve Angelina, V. (2020). Analysis of the impact of anchoring, herding bias, overconfidence and ethical consideration towards investment decision. JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi), 6(2), 253-264. doi.org/10.34203/jimfe.v6i2.2558
• Rozak, A., ve Amalia, T. F. (2023). Study of heuristic bias and herding financial behavior model on sharia-based investment decisions for millennial generation. Enrichment: Journal of Management, 13(1), 504-513. doi.org/10.35335/enrichment.v13i1.1257
• Sabir, S. A., Javed, T., Hameed, W. U., ve Yousaf, H. Q. (2020). Demographic factors and herding behaviour of investors: moderating role of Islamic religiosity. Review of Applied Management and Social Sciences, 3(2), 193-203. doi.org/10.47067/ramss.v3i2.53
• Septyanto, D., Sayidah, N., ve Assagaf, A. (2021). The intention of investors in making investment decisions in Sharia Stocks: Empirical study in Indonesian. Academic Journal of Interdisciplinary Studies, 10(4), 141-153.
• Soydaş, Ş. S. (2023). Finansal bilgi düzeyinin finansal yönetim davranışı ve yatırım davranışına etkisi. İşletme Araştırmaları Dergisi, 15(4), 2816-2822. doi.org/10.20491/isarder.2023.1750
• Uçar, G., ve Kandemir, T. (2022). BIST 50 ve Katılım 30 endeksleri arasındaki eşbütünleşme ve nedensellik ilişkilerinin değerlendirilmesi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 7(3), 417-432. doi.org/10.29106/fesa.1129607
• Veri Analiz Platformu, 2023 yılına ait Borsa İstanbul bireysel yatırımcı verilerine ilişkin bilgiler. Erişim adresi: https://www.vap.org.tr/?col=114.

The Effect of Individual Investors' Religious Orientation, Financial Literacy Levels and Behavioral Biases on Participation Index Investments: An Application in BIST

Yıl 2024, Cilt: 4 Sayı: 2, 87 – 103, 31.07.2024

Salih Aydın Mehmet Serkan Çalı

Öz

The nature of companies traded on Borsa Istanbul varies according to their respective fields of activity. Companies traded in the participation index, which consists of stocks traded according to the principles of interest-free investment and participation banking, are distinguished from other companies traded on Borsa Istanbul. The main purpose of the participation index is to provide an investment comparison or reference point for investors who follow the principles of Islamic finance. The objective of this study is to examine the effects of financial literacy tendency, religious orientation tendency and behavioral tendencies on the investment decisions of individual investors investing in companies traded in the BIST participation all index. Among the behavioral tendencies, herding tendency, locus of control tendency and overconfidence tendency were included in the study. The survey form was distributed to individual investors via a variety of data collection techniques, including social media, personal email addresses, and telephone, and the requisite data was obtained. The data was analysed using SPSS Statistics 19. The results demonstrated that the herd tendency and religious orientation exert a significant influence on the investment decisions of individual investors investing in stocks traded in the BIST participation index. However, no relationship was identified between the financial literacy variable and the focus of control and overconfidence tendency and the investment decision.

Anahtar Kelimeler

Financial Literacy, Behavioral Finance, Religious Orientation, Participation Index

Kaynakça

• Abdeldayem, M. M. (2016). Is there a relationship between financial literacy and investment decisions in the kingdom of Bahrain?. Journal of Management and Accounting Studies, 4(02), 68-78. doi.org/10.24200/jmas.vol4iss02pp68-78
• Adielyani, D., ve Mawardi, W. (2020). The influence of overconfidence, herding behavior, and risk tolerance on stock investment decisions: The empirical study of millennial investors in Semarang City. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 10(1), 89-101. doi.org/10.30588/jmp.v10i1.691
• Adiputra, I. G. A., Ruslim, H., ve Sumadinata, R. (2023). Determine of demographic factor, financial literacy, and internal locus of control on the ınvestment decision of ındividual ınvestor. Jurnal Akuntansi Manado (JAIM), 4(2), 356-366. doi.org/10.53682/jaim.vi.6336
• Ainia, N. S. N., ve Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Accountancy Ventura, 21(3), 401-413. doi.org 10.14414/jebav.v21i3.1663
• Arik, S. L., ve Sri, A. L. (2021). The effect of overconfidence and optimism bias on stock investment decisions with financial literature as moderating variable. Eurasia Econ. Bus, 12, 84-93. doi.org/10.18551/econeurasia.2021-12
• Ariyanto, N. R., ve Haryetti, M. S. (2020). Detectıon herdıng behavıour on post inıtıal publıc offerıng: An empırıcal study on sharıa stocks in ındonesıa stock exchange. South East Asia Journal of Contemporary Business, Economics and Law, 21(5), 273-275.
• Armansyah, R. F. (2022). Herd instinct bias, emotional biases, and information processing biases in investment decisions. Jurnal Manajemen Dan Kewirausahaan, 24(2), 105-117. doi.org: 10.9744/jmk.24.2.105–117
• Borsa İstanbul Katılım Endeksi, 2023 yılı BIST Katılım Endeksine İlişkin Bilgiler. Erişim adresi: https://borsaistanbul.com/tr/endeks/1/3/katilim.
• Çakar, R. (2022). Katılım ve konvansiyonel endekslerin fiyat balonları açısından test edilmesi: Covid-19 dönemi Türkiye’den ampirik kanıtlar. International Journal of Islamic Economics and Finance Studies, 8(1), 106-122. doi.org/10.54427/ijisef.1057115
• Çetin, D. T., ve Metlek, S. (2021). Türkiye’deki islami hisse senedi endeksinin, endeks tabanlı öznitelikler kullanılarak derin öğrenme yöntemi ile tahmini. Acta Infologica, 5(2), 287-298. doi.org/10.26650/acin.975633
• Dangol, J., ve Manandhar, R. (2020). Impact of heuristics on investment decisions: the moderating role of locus of control. Journal of Business and Social Sciences Research, 5(1), 1-14. doi.org/10.3126/jbssr.v5i1.30195
• Ecer, K. (2022). Dinî yönelimin finansal davranışlar üzerine etkisi. İktisadi İdari ve Siyasal Araştırmalar Dergisi, 7(18), 246-262.
• Francis, F. S., ve Ambilikumar, D. W. (2021). Impact of locus of control on investment behaviour: A segmentation approach. Informatıon Technology In Industry, 9(2), 1144-1163.
• Harlak, H., ve Eskin, M. (2018). Dini yönelim ve dindarlık ölçeklerinin geliştirilmesi ve psikometrik özelliklerinin incelenmesi. In Yeni Symposium 56(2), 24-32.
• Hassan Al‐Tamimi, H. A., ve Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. The journal of risk finance, 10(5), 500-516.
• Hasnain, M. N., ve Subhan, Q. (2022). Effect of herding behavior and overconfidence bias on investor’s financial decisions: a case of investment in crypto currency in pakistan. Journal of Management Info, 9(4), 519-541.
• Hc, R., ve Gusaptono, R. H. (2020). The impact of financial literacy on investment decisions between saving and credit: Studies on Sharia bank customers in the special region of Yogyakarta. Journal of Economics and Business, 3(4).
• Kalaycı, Ş. (2018). SPSS uygulamalı çok değişkenli istatistik teknikleri (8. Baskı). Dinamik Akademi.
• Klein, P. O., Turk, R., ve Weill, L. (2017). Religiosity vs. well-being effects on investor behavior. Journal of Economic Behavior & Organization, 138, 50-62.
• Konak, F., ve Türkoğlu, D. (2022). Borsa İstanbul bünyesinde katılım endeksi oluşturulmasının hisse senedi fiyatları üzerindeki etkisi. Uluslararası Sosyal Bilimler Akademi Dergisi, 4(10), 813-831. doi.org/10.47994/usbad.1140256
• Kumar, S., ve Goyal, N. (2015). Behavioural biases in investment decision making–a systematic literature review. Qualitative Research in financial markets, 7(1), 88-108. doi.org/10.1108/QRFM-07-2014-0022
• Lestari, I. P., Ginanjar, W., ve Warokka, A. (2021). Multidimensional risk and religiosity towards İndonesian muslims’ Sharia ınvestment decision. Journal of Islamic Monetary Economics and Finance, 7(2), 369-400.
• Madaan, G., ve Singh, S. (2019). An analysis of behavioral biases in investment decision-making. International Journal of Financial Research, 10(4), 55-67. doi.org/10.5430/ijfr.v10n4p55
• Maulida, A. Z., ve Sari, S. P. (2023). Behavioral finance and financial literacy affecting investor millenial decision making process on sharia stock. American Journal of Sciences and Engineering Research 6(2), 541-552.
• Mutlu, Ü., ve Özer, G. (2022). The moderator effect of financial literacy on the relationship between locus of control and financial behavior. Kybernetes, 51(3), 1114-1126. doi.org/10.1108/K-01-2021-0062
• Nabilah, F., ve Tutik, H. (2020). The influence of knowledge, religiosity and investment motivation on the interest in investing in the Islamic capital market in the novice stock investor community. Taraadin: Jurnal Ekonomi dan Bisnis Islam, 1(1), 55-67.
• Paul, S. N., Mishra, A. K., ve Upadhyay, R. K. (2022). Locus of control and investment decision: an investor's perspective. International Journal of Services, Economics and Management, 13(2), 93-107. doi.org/10.1504/IJSEM.2022.122736
• Pinger, P., Schäfer, S., ve Schumacher, H. (2018). Locus of control and consistent investment choices. Journal of Behavioral and Experimental Economics, 75, 66-75. doi.org/10.1016/j.socec.2018.05.004
• Purwidianti, W., Rahmawati, I. Y., ve Dwiyanti, R. (2023). Overconfidence and herding bias on investment decisions the role of risk perception as a mediator. Asian Journal of Economics, Business and Accounting, 23(18), 36-45. doi.org/10.9734/ajeba/2023/v23i181056
• Riaz, T., ve Iqbal, H. (2015). Impact of overconfidence, illusion of control, self control and optimism bias on investors decision making; evidence from developing markets. Research Journal of Finance and Accounting, 6(11), 110-116.
• Robin, R., ve Angelina, V. (2020). Analysis of the impact of anchoring, herding bias, overconfidence and ethical consideration towards investment decision. JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi), 6(2), 253-264. doi.org/10.34203/jimfe.v6i2.2558
• Rozak, A., ve Amalia, T. F. (2023). Study of heuristic bias and herding financial behavior model on sharia-based investment decisions for millennial generation. Enrichment: Journal of Management, 13(1), 504-513. doi.org/10.35335/enrichment.v13i1.1257
• Sabir, S. A., Javed, T., Hameed, W. U., ve Yousaf, H. Q. (2020). Demographic factors and herding behaviour of investors: moderating role of Islamic religiosity. Review of Applied Management and Social Sciences, 3(2), 193-203. doi.org/10.47067/ramss.v3i2.53
• Septyanto, D., Sayidah, N., ve Assagaf, A. (2021). The intention of investors in making investment decisions in Sharia Stocks: Empirical study in Indonesian. Academic Journal of Interdisciplinary Studies, 10(4), 141-153.
• Soydaş, Ş. S. (2023). Finansal bilgi düzeyinin finansal yönetim davranışı ve yatırım davranışına etkisi. İşletme Araştırmaları Dergisi, 15(4), 2816-2822. doi.org/10.20491/isarder.2023.1750
• Uçar, G., ve Kandemir, T. (2022). BIST 50 ve Katılım 30 endeksleri arasındaki eşbütünleşme ve nedensellik ilişkilerinin değerlendirilmesi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 7(3), 417-432. doi.org/10.29106/fesa.1129607
• Veri Analiz Platformu, 2023 yılına ait Borsa İstanbul bireysel yatırımcı verilerine ilişkin bilgiler. Erişim adresi: https://www.vap.org.tr/?col=114.

Toplam 37 adet kaynakça vardır.

Ayrıntılar

Kaynak Göster

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