Yıl: 2023 Cilt: 25 Sayı: 2 Sayfa Aralığı: 511 - 538 Metin Dili: İngilizce DOI: 10.26745/ahbvuibfd.1179683 İndeks Tarihi: 25-09-2023

The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey

Öz:
The aim of this study is to determine whether political and economic developments influence the current investment decisions of BIST investors. Although Prospect Theory says that investors are rational, behavioral finance shows that investors cannot act rationally. This study contains evidence that political and economic developments increase individuals' irrational behavioral tendencies. The data set of the research was obtained from surveys made in Investing, MyNet Borsa, TredingView, Twitter, and blocks. In this context, an online survey was conducted with 576 active stock market investors. Five hypotheses created within the scope of the research were tested with the structural equation model. According to the results of the st,udy, H1, H2 and H4 hypotheses, which measure the effect of investment advice, election and presidential debates, and economic and political statements on investors' investment decisions, were accepted, while H3, H5 hypotheses, which measure the variables of self- efficacy, the state of the stock market, were rejected. Accordingly, while it was determined that the stock market situation and self-efficacy variables did not significantly affect investor behavior, it was concluded that investment advice, election and presidential debates, and economic and political statements had a significant and significant effect on investors' stock investments. Among these three variables, it was understood that the economic and political explanations (0.432) were the variable that most affected the investment decisions of the investors, followed by the election and presidential debates (0.226), and the investment recommendations (0.130) as the third.
Anahtar Kelime: Investor Stock Exchange Behavioral Finance Elections Politic

Siyasi ve Ekonomik Gelişmelerin BİST Yatırımcı Kararlarına Etkisi: Türkiye’den Kanıtlar

Öz:
Bu çalışmanın amacı siyasi ve ekonomik gelişmelerin BİST yatırımcılarının mevcut yatırım kararları üzerinde etkili olup olmadığını belirlemektir. Rasyonel Beklenti Teorisi yatırımcıların rasyonel olduğunu söylese de davranışsal finans yatırımcıların çok da rasyonel davranamadığını göstermektedir. Bu çalışma, siyasi ve ekonomik gelişmelerin bireylerin rasyonel olmayan davranışsal eğilimlerini artırdığı yönünde kanıtlar içermektedir. Araştırmanın veri seti Investing, MyNet Borsa, TredingView, Twitter ve bloklarda yapılan anketlerden elde edilmiştir. Bu kapsamda 576 aktif borsa yatırımcısına online anket yapılmıştır. Araştırma kapsamında oluşturulan beş hipotez yapısal eşitlik modeli ile test edilmiştir. Çalışma sonuçlarına göre, yatırım tavsiyesi, seçim ve başkanlık tartışmaları ile ekonomik ve siyasi açıklamaların yatırımcıların yatırım kararları üzerindeki etkisini ölçen H1, H2 ve H4 hipotezleri kabul edilirken öz yeterlilik, borsanın durumunu değişkenlerini ölçen H3, H5, hipotezleri reddedilmiştir. Buna göre borsanın durumu ve öz-yeterlik değişkenlerinin yatırımcı davranışını önemli ölçüde etkilemediği tespit edilirken yatırım tavsiyesi, seçim ve başkanlık tartışmaları ile ekonomik ve siyasi açıklamaların yatırımcıların hisse senedi yatırımları üzerinde anlamlı ve önemli bir etkisinin olduğu sonucu ortaya çıkmıştır. Bu üç değişkenden yatırımcıların yatırım kararlarını en fazla etkileyen ekonomik ve siyasi açıklamalar (0.432) değişkeni olmuş ardından seçim ve başkanlık tartışmalarının (0.226) üçüncü olarak ise yatırım tavsiyelerinin (0.130) olduğu anlaşılmıştır.
Anahtar Kelime: Yatırımcı Borsa Davranışsal Finans Seçimler Siyasi

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Pilatin A (2023). The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. , 511 - 538. 10.26745/ahbvuibfd.1179683
Chicago Pilatin Abdulmuttalip The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. (2023): 511 - 538. 10.26745/ahbvuibfd.1179683
MLA Pilatin Abdulmuttalip The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. , 2023, ss.511 - 538. 10.26745/ahbvuibfd.1179683
AMA Pilatin A The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. . 2023; 511 - 538. 10.26745/ahbvuibfd.1179683
Vancouver Pilatin A The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. . 2023; 511 - 538. 10.26745/ahbvuibfd.1179683
IEEE Pilatin A "The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey." , ss.511 - 538, 2023. 10.26745/ahbvuibfd.1179683
ISNAD Pilatin, Abdulmuttalip. "The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey". (2023), 511-538. https://doi.org/10.26745/ahbvuibfd.1179683
APA Pilatin A (2023). The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online), 25(2), 511 - 538. 10.26745/ahbvuibfd.1179683
Chicago Pilatin Abdulmuttalip The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online) 25, no.2 (2023): 511 - 538. 10.26745/ahbvuibfd.1179683
MLA Pilatin Abdulmuttalip The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online), vol.25, no.2, 2023, ss.511 - 538. 10.26745/ahbvuibfd.1179683
AMA Pilatin A The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online). 2023; 25(2): 511 - 538. 10.26745/ahbvuibfd.1179683
Vancouver Pilatin A The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online). 2023; 25(2): 511 - 538. 10.26745/ahbvuibfd.1179683
IEEE Pilatin A "The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey." Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online), 25, ss.511 - 538, 2023. 10.26745/ahbvuibfd.1179683
ISNAD Pilatin, Abdulmuttalip. "The Impact of Political and Economic Developments on Stock Investors Decisions: Evidence from Turkey". Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi (Online) 25/2 (2023), 511-538. https://doi.org/10.26745/ahbvuibfd.1179683