Research Article
BibTex RIS Cite

Demographic Differences in Financial Risk Tolerance

Year 2023, Volume: 28 Issue: 4, 427 - 441, 31.10.2023

Yusuf Bahadır Kavas Batuhan Medetoğlu

Abstract

In the article “Portfolio Selection”, which was brought to the literature by Markowitz (1952), the concepts of expected return and risk are stated as factors that play an important role in influencing investment preferences. In this study, various analyzes were carried out by determining the differences of investment and expectation risk according to demographic factors. The variables considered are gender, marital status, number of children, age, income status and occupation. In the study conducted for the internal stakeholders of universities in Turkey, 10 questions were asked, and 704 responses were received. As a result of the study, evaluations were made by showing the differences of the variables according to the investment and expectation risk. Single individuals have higher levels of investment risk and expectation risk than married individuals, those without children than those with children, young people than middle-aged individuals, and students than both academic and administrative staff. Although there is no significant difference between men and women in terms of investment risk, women take more risks than men do in terms of expectation risk. It was found that there was no significant difference between the participants in terms of investment risk as income increased.

Keywords

Financial Risk Investment Risk Demographic Characteristics t-Test

References

  • Aarøe, L., & Petersen, M. B. (2013). Hunger games: fluctuations in blood glucose levels influence support for social welfare. Psychological Science, 24(12), 2550-2556. https://doi.org/10.1177/0956797613495244
  • Zetterdahl, E., & Hellström, J. (2015). Ladies and gentlemen: Gender identity and financial risk-taking. Umea Economic Studies, 905, 1-46.
  • Anbar, A., & Melek, E. (2010). An empirical investigation for determining of the relation between personal financial risk tolerance and demographic characteristic. Ege Akademik Bakış Dergisi, 10(2), 503-522.
  • Bajo, E., Barbi, M., & Sandri, S. (2015). Financial literacy, households’ investment behavior, and risk propensity. Journal Of Financial Management, Markets and Institutions, 3(1), 157-174.
  • Baker, H. K., & Haslem, J. A. (1974). Toward the development of client‐specified valuation models. The Journal of Finance, 29(4), 1255-1263. https://doi.org/10.1111/j.1540-6261.1974.tb03102.x
  • Bayar, Y., Sezgin, H. F., Öztürk, Ö. F., & Şaşmaz, M. Ü. (2020). Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. SAGE Open, 10(3). https://doi.org/10.1177/2158244020945717
  • Bernheim, B. D., Skinner, J., & Weinberg, S. (2001). What accounts for the variation in retirement wealth among us households?. American Economic Review, 91(4), 832-857. https://doi.org/10.1257/aer.91.4.832
  • Caldú, X., & Dreher, J.-C. (2009). Gonadal steroid hormones' influence on reward and decision-making processes. In J.-C. Dreher and L. Tremblay (Ed.) Handbook of Reward and Decision Making (pp. 307-334). https://doi.org/10.1016/B978-0-12-374620-7.00014-5
  • Cesarini, D., Dawes, C. T., Johannesson, M., Lichtenstein, P., & Wallace, B. (2009). Genetic variation in preferences for giving and risk taking. Quarterly Journal of Economics, 124(2), 809-842. https://doi.org/10.1162/qjec.2009.124.2.809
  • Cesarini, D., Johannesson, M., Lichtenstein, P., Sandewall, Ö., & Wallace, B. (2008). Is Financial Risk-Taking Behavior Genetically Transmitted?. IFN Working Paper No 765, Research Institute of Industrial Economics.
  • Cesarini, D., Johannesson, M., Lichtenstein, P., Sandewall, Ö., & Wallace, B. (2010). Genetic variation in financial decision‐making. The Journal of Finance, 65(5), 1725 - 1754. https://doi.org/10.1111/j.1540-6261.2010.01592.x
  • Chang, C.-C., Devaney, S. A., & Chiremba, S. T. (2004). Determinants of subjective and objective risk tolerance. Journal of Personal Finance, 3(3), 53-67.
  • Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of Economic Behavior & Organization, 83(1), 50-58. https://doi.org/10.1016/j.jebo.2011.06.007
  • Chaumet, G., Taillard, J., Sagaspe, P., Pagani, M., Dinges, D. F., Pavy-Le-Traon, A., Bareille, M.-P., Rascol, O., & Philip, P. (2009). Confinement and sleep deprivation effects on propensity to take risks. Aviation, Space, And Environmental Medicine, 80(2), 73-80. https://doi.org/10.3357/ASEM.2366.2009
  • Chen, H., & Volpe, R. P. (2002). Gender Differences İn Personal Financial Literacy Among College Students, Financial Services Review, 11(3), 289–307.
  • Coates, J. M., Gurnell, M., & Sarnyai, Z. (2010). From molecule to market: steroid hormones and financial risk-taking, Philosophical Transactions Of The Royal Society B: Biological Sciences, 365(1538), 331-343. https://doi.org/10.1098%2Frstb.2009.0193
  • Cohn, R. A., Lewellen, W. G., Lease, R. C., & Schlarbaum, G. G. (1975). Individual investor risk aversion and investment portfolio composition. The Journal of Finance, 30(2), 605-620. https://doi.org/10.1111/j.1540-6261.1975.tb01834.x
  • Dickason, Z., & Ferreira, S. J. (2018). The effect of age and gender on financial risk tolerance of South African investors. Investment Management and Financial Innovations, 15(2), 96-103. http://doi.org/10.21511/imfi.15(2).2018.09
  • Dinç Aydemir, S., & Aren, S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy?, Kybernetes, 46(10), 1706-1734. https://doi.org/10.1108/k-10-2016-0281
  • Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., & Wagner, G. G. (2011). Individual risk attitudes: Measurement, determinants, and behavioral consequences. Journal of The European Economic Association, 9(3), 522-550. https://doi.org/10.1111/j.1542-4774.2011.01015.x
  • Durmuşkaya, S., & Kavas, Y. (2018). Akademik gelişim ve finansal okuryazarlık arasındaki ilişkinin tespiti üzerine bir araştırma, Yönetim ve Ekonomi Dergisi, 25(3), 925-939. https://doi.org/10.18657/yonveek.441375
  • Erkan, M. K., & Kavas, Y. B. (2022). Hormones and financial decision making processes. In Ş. Karabulut (Ed.), Developments in financial and economic fields at the national and global scale (pp. 185-200). Gazi Kitabevi.
  • Faff, R., Mulino, D., & Chai, D. (2008). On the linkage between financial risk tolerance and risk aversion. Journal of Financial Research, 31(1), 1-23. https://doi.org/10.1111/j.1475-6803.2008.00229.x
  • Finke, M. S., & Huston, S. J. (2003). The brighter side of financial risk: Financial risk tolerance and wealth. Journal of Family and Economic Issues, 24(3), 233-256. https://doi.org/10.1023/A:1025443204681
  • Fisher, P. J., & Yao, R. (2017). Gender differences in financial risk tolerance. Journal of Economic Psychology, 61, 191-202. https://doi.org/10.1016/j.joep.2017.03.006
  • Gendle, M. H., Flashburg, A. G., Higgins, K. L., & Oristian, K. M. (2015). Low total cholesterol levels and performance on the iowa gambling task, Journal of North Carolina Academy of Science, 131(2), 19-24.
  • Gibson, R. J., Michayluk, D., & Van De Venter, G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22, 23-50.
  • Gilliam, J., Dass, M., Durband, D. B., & Hampton, V. (2010). The role of assertiveness in portfolio risk and financial risk tolerance among married couples. Journal of Financial Counseling and Planning, 21(1), 53-67.
  • Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625-630. https://doi.org/10.1023/A:1022994314982
  • Grable, J. E., & Lytton, R. H. (1999). Assessing financial risk tolerance: do demographic, socioeconomic, and attitudinal factors work. Family Relations And Human Development/Family Economics And Resource Management Biennial, 3(1), 80-88.
  • Grable, J., & Lytton, R. H. (1999). Financial risk tolerance revisited: The development of a risk assessment instrument. Financial Services Review, 8(3), 163-181. https://doi.org/10.1016/S1057-0810(99)00041-4
  • Grable, J., Lytton, R. H., O’neill, B., Joo, S.-H., & Klock, D. (2006). Risk tolerance, projection bias, vividness, and equity prices. The Journal of Investing, 15(2), 68-74. https://doi.org/10.3905/joi.2006.635632
  • Guiso, L., Jappelli, T., & Terlizzese, D. (1996). Income risk, borrowing constraints, and portfolio choice. The American Economic Review, 158-172.
  • Gürbüz, S., & Şahin, F. (2014). Sosyal bilimlerde araştırma yöntemleri. Seçkin Yayıncılık.
  • Gutter, M. S., Fox, J. J., & Montalto, C. P. (1999). Racial differences in investor decision making. Financial Services Review, 8(3), 149-162. https://doi.org/10.1016/S1057-0810(99)00040-2
  • Hallahan, T. A., Faff, R. W., & Mckenzie, M. D. (2004). An empirical investigation of personal financial risk tolerance. Financial Services Review-Greenwich, 13(1), 57-78.
  • Hamarat, E., Thompson, D., Zabrucky, K. M., Steele, D., Matheny, K. B., & Aysan, F. (2001). Perceived stress and coping resource availability as predictors of life satisfaction in young, middle-aged, and older adults. Experimental Aging Research, 27(2), 181-196. https://doi.org/10.1080/036107301750074051
  • Harrison, Y., & Horne, J. A. (2000). The impact of sleep deprivation on decision making: a review. Journal of Experimental Psychology Applied, 6(3), 236-249. https://doi.org/10.1037//1076-898x.6.3.236
  • Hartog, J., Ferrer‐I‐Carbonell, A., & Jonker, N. (2002). Linking measured risk aversion to individual characteristics. Kyklos, 55(1), 3-26. https://doi.org/10.1111/1467-6435.00175
  • Hendrawaty, E., Irawati, N., & Sadalia, I. (2020). Financial literacy, demographic differences and financial risk tolerance level: A case study. Journal of Security and Sustainability Issues, 9(M), 187-201.
  • Hinz, R. P., Mccarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments. Wharton Pension Research Council Working Papers No 578.
  • Irwin, C. E., Jr. (1993). Adolescence and risk taking: How are they related. In N. J. Bell & R. W. Bell (Ed.), Adolescent risk taking (pp. 7-28). Sage Publications.
  • Jia, H., & Lubetkin, E. I. (2020). Life expectancy and active life expectancy by marital status among older U.S. adults: Results from the U.S. Medicare Health Outcome Survey (HOS). SSM - Population Health, 12. https://doi.org/10.1016/j.ssmph.2020.100642.
  • Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic Inquiry, 36(4), 620-630. https://doi.org/10.1111/j.1465-7295.1998.tb01740.x
  • Kannadhasan, M. (2015). Retail investors’ financial risk tolerance and their risk-taking behaviour: The role of demographics as differentiating and classifying factors. IIMB Management Review, 27(3), 175-184. https://doi.org/10.1016/j.iimb.2015.06.004
  • Kavas, Y. B., & Erkan, M. K. (2022). Bireysel yatırımcıların finansal okuryazarlık ve finansal risk alma toleransı. EKEV Akademi Dergisi, 89, 379-399. https://doi.org/10.5281/zenodo.6346373
  • Kavas, Y. B., Tunçer, E., Çoban, M. N., & Erkan, M. K. (2022). Duygusal yeme bozukluklarının ve vücut kütle indeksinin finansal risk alma davranışları üzerine etkisi. Abant Sosyal Bilimler Dergisi, 22(2), 432-449. https://doi.org/10.11616/asbi.1088097
  • Kraten, M. (2016). Incorporating financial risk tolerance research into the financial planning process. Journal of Financial Planning, 29(10), 54-61.
  • Kuhnen, C. M., & Chiao, J. Y. (2009). Genetic determinants of financial risk taking, Plos One, 4(2), e4362. https://doi.org/10.1371/journal.pone.0004362
  • Kuhnen, C. M., & Knutson, B. (2005). The neural basis of financial risk taking. Neuron, 47(5), 763-770. https://doi.org/10.1016/j.neuron.2005.08.008
  • Lamotte, M., & Droit-Volet, S. (2017). Aging and time perception for short and long durations: A question of attention?, Timing & Time Perception, 5(2), 149-167.
  • Lejuez, C. W., Read, J. P., Kahler, C. W., Richards, J. B., Ramsey, S. E., Stuart, G. L., Strong, D. R., & Brown, R. A. (2002). Evaluation of a behavioral measure of risk taking: the Balloon Analogue Risk Task (BART). Journal of Experimental Psychology Applied, 8(2), 75-84. https://doi.org/10.1037//1076-898x.8.2.75.
  • Li, J., Li, Q., & Wei, X. (2020). Financial literacy, household portfolio choice and investment return. Pacific-Basin Finance Journal, 62, 101370. https://doi.org/10.1016/j.pacfin.2020.101370
  • McInish, T. H. (1982). Individual investors and risk-taking. Journal of Economic Psychology, 2(2), 125-136. https://psycnet.apa.org/doi/10.1016/0167-4870(82)90030-7
  • Montford, W., & Goldsmith, R. E. (2016). How gender and financial self‐efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1), 101-106. https://doi.org/10.1111/ijcs.12219
  • Mudzingiri, C., Muteba Mwamba, J. W., & Keyser, J. N. (2018). Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics & Finance, 6(1), 1512366. https://doi.org/10.1080/23322039.2018.1512366
  • Nakip, M. (2006). Pazarlama araştırmaları teknikler ve (SPSS destekli) uygulamalar - 2. Cilt. Seçkin Yayıncılık.
  • Nofsinger, J. R., & Shank, C. A. (2019). Deep sleep: The impact of sleep on financial risk taking. Review of Financial Economics, 37(1), 92-105. https://doi.org/10.1002/rfe.1034
  • Orquin, J. L., & Kurzban, R. (2016). A meta-analysis of blood glucose effects on human decision making. Psychological Bulletin, 142(5), 546-567. https://doi.org//10.1037/bul0000035
  • Pompian, M. M. (2011). Behavioral finance and wealth management: How to build investment strategies that account for investor biases. John Wiley & Sons.
  • Purnamasari, K. I. (2014). The impact of family relationship, gender, and financial knowledge on financial risk tolerance. Jurnal Manajemen International, 1-15.
  • Raheja, S., & Dhiman, B. (2017). Does investor personality determine their risk tolerance. International Journal of Engineering Technology, Management and Applied Sciences, 5(7), 439-448.
  • Ranabir, S., & Reetu, K. (2011). Stress and hormones. Indian Journal of Endocrinology and Metabolism, 15(1), 18-22. https://doi.org/10.4103%2F2230-8210.77573
  • Riemer, M., Wolbers, T., & Van Rijn, H. (2021). Age-related changes in time perception: The impact of naturalistic environments and retrospective judgements on timing performance. Quarterly Journal of Experimental Psychology, 74(11), 2002-2012. https://doi.org/10.1177%2F17470218211023362
  • Rivera, L. F. S., & Gouveia, A. (2021). Neurotransmitters and Hormones in Human Decision-Making. In Gargiulo, P.Á., Mesones Arroyo, H.L. (Ed.) Psychiatry and Neuroscience Update. Springer. https://doi.org/10.1007/978-3-030-61721-9_15
  • Rolison, J. J., Hanoch, Y., Wood, S., & Liu, P. J. (2014). Risk-taking differences across the adult life span: a question of age and domain. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 69(6), 870-880. https://doi.org/10.1093/geronb/gbt081
  • Ryack, K. (2011). The impact of family relationships and financial education on financial risk tolerance. Financial Services Review, 20(3), 181-193
  • Shao, R., & Lee, T. M. C. (2014). Aging and risk taking: Toward an integration of cognitive, emotional, and neurobiological perspectives. Neuroscience and Neuroeconomics, 3, 47-62. https://doi.org/10.2147/NAN.S35914
  • Slovic, P. (1999). Trust, emotion, sex, politics, and science: Surveying the risk-assessment battlefield. Risk Analysis, 19(4), 689-701. https://doi.org/10.1023/a:1007041821623
  • Sulaiman, E. K. (2012). An empirical analysis of financial risk tolerance and demographic features of individual investors. Procedia Economics and Finance, 2, 109-115. https://doi.org/10.1016/S2212-5671(12)00070-6
  • Sweet, M. M. (2013). A quantitative study examining the relationship between demographic factors and financial risk tolerance. Northcentral University.
  • Tchanturia, K., Liao, P. C., Uher, R., Lawrence, N., Treasure, J., & Campbell, I. C. (2007). An investigation of decision making in anorexia nervosa using the Iowa Gambling Task and skin conductance measurements. Journal of the International Neuropsychological Society, 13(4), 635-641. https://doi.org/10.1017/s1355617707070798
  • Van Den Bos, R., Homberg, J., & De Visser, L. (2013). A critical review of sex differences in decision-making tasks: Focus on The Iowa Gambling Task. Behavioural Brain Research, 238, 95-108. https://doi.org/10.1016/j.bbr.2012.10.002
  • Venkatraman, V., Chuah, Y. M. L., Huettel, S. A., & Chee, M. W. L. (2007). Sleep deprivation elevates expectation of gains and attenuates response to losses following risky decisions, Sleep, 30(5), 603-609. https://doi.org/10.1093/sleep/30.5.603
  • Venkatraman, V., Huettel, S. A., Chuah, L. Y. M., Payne, J. W., & Chee, M. W. L. (2011). Sleep deprivation biases the neural mechanisms underlying economic preferences. Journal of Neuroscience, 31(10), 3712-3718. https://doi.org/10.1523/jneurosci.4407-10.2011
  • Wang, H., & Hanna, S. D. (1997). Does risk tolerance decrease with age?. Financial Counseling and Planning, 8(2), 27-31.
  • Wang, X.-T., & Dvorak, R. D. (2010). Sweet future: fluctuating blood glucose levels affect future discounting. Psychological Science, 21(2), 183-188. https://doi.org/10.1177/0956797609358096
  • Wong, A., & Carducci, B. (2013). Does personality affect personal financial risk tolerance behavior?. IUP Journal pf Applied Finance, 19(3), 5.
  • Xue, R., Gepp, A., O’neill, T., Stern, S., & Vanstone, B. J. (2019). Financial literacy and financial decision-making: the mediating role of financial concerns. The 10th Financial Markets & Corporate Governance Conference: Capital Markets, Sustainability and Disruptive Technologies.

Finansal Risk Toleransında Demografik Farklılıklar

Year 2023, Volume: 28 Issue: 4, 427 - 441, 31.10.2023

Yusuf Bahadır Kavas Batuhan Medetoğlu

Abstract

Markowitz (1952) tarafından literatüre kazandırılan “Portföy Seçimi” makalesi ile beklenen getiri ve risk kavramları yatırım tercihlerini etkilemede önemli rol oynayan faktörler olarak belirtilmiştir. Bireylerin üstlenmiş oldukları risk, tercih edilen finansal varlıkları etkilemektedir. Finansal risk, beklenen getirinin gerçekleşmeme ihtimali olarak tanımlanmakta ve çeşitli türlere ayrılmaktadır. Bu çalışmada, yatırım ve beklenti riskinin demografik faktörlere göre farklılıklarının tespiti ile çeşitli analizler gerçekleştirilmiştir. Ele alınan değişkenler, cinsiyet, medeni hal, çocuk sayısı, yaş, gelir durumu ve meslektir. Türkiye’de üniversitelerin iç paydaşlarına yönelik gerçekleştirilen çalışmada 10 soru sorulmuş ve 704 yanıt alınmıştır. Alınan yanıtlar, t testi ve ANOVA ile analiz edilerek nicel bulgular elde edilmiştir. Çalışma sonucunda değişkenlerin, yatırım ve beklenti riskine göre farklılıkları gösterilerek değerlendirmelerde bulunulmuştur. Bekar bireyler evlilerden; çocuğu olmayanların çocuğu olanlardan; gençler orta yaşlı bireylerden; öğrenciler hem akademik hem de idari personellerden daha yüksek düzeyde yatırım riski ve beklenti riski almışlardır. Kadın ve erkek açısından yatırım riskinde anlamlı farklılık olmamasına karşın, beklenti riskinde kadınlar erkeklerden daha fazla risk almaktadır. Gelir arttıkça yatırım riski açısından katılımcılar arasında anlamlı bir farklılığın olmadığı bulgulanmıştır. Bu durumun aksine beklenti riski açısından geliri olmayanların daha fazla risk aldıkları, gelir düzeyi arttıkça beklenti riskinin azaldığı belirlenmiştir.

Keywords

Finansal Risk Yatırım Riski Demografik Özellikler t Testi

References

  • Aarøe, L., & Petersen, M. B. (2013). Hunger games: fluctuations in blood glucose levels influence support for social welfare. Psychological Science, 24(12), 2550-2556. https://doi.org/10.1177/0956797613495244
  • Zetterdahl, E., & Hellström, J. (2015). Ladies and gentlemen: Gender identity and financial risk-taking. Umea Economic Studies, 905, 1-46.
  • Anbar, A., & Melek, E. (2010). An empirical investigation for determining of the relation between personal financial risk tolerance and demographic characteristic. Ege Akademik Bakış Dergisi, 10(2), 503-522.
  • Bajo, E., Barbi, M., & Sandri, S. (2015). Financial literacy, households’ investment behavior, and risk propensity. Journal Of Financial Management, Markets and Institutions, 3(1), 157-174.
  • Baker, H. K., & Haslem, J. A. (1974). Toward the development of client‐specified valuation models. The Journal of Finance, 29(4), 1255-1263. https://doi.org/10.1111/j.1540-6261.1974.tb03102.x
  • Bayar, Y., Sezgin, H. F., Öztürk, Ö. F., & Şaşmaz, M. Ü. (2020). Financial literacy and financial risk tolerance of individual investors: Multinomial logistic regression approach. SAGE Open, 10(3). https://doi.org/10.1177/2158244020945717
  • Bernheim, B. D., Skinner, J., & Weinberg, S. (2001). What accounts for the variation in retirement wealth among us households?. American Economic Review, 91(4), 832-857. https://doi.org/10.1257/aer.91.4.832
  • Caldú, X., & Dreher, J.-C. (2009). Gonadal steroid hormones' influence on reward and decision-making processes. In J.-C. Dreher and L. Tremblay (Ed.) Handbook of Reward and Decision Making (pp. 307-334). https://doi.org/10.1016/B978-0-12-374620-7.00014-5
  • Cesarini, D., Dawes, C. T., Johannesson, M., Lichtenstein, P., & Wallace, B. (2009). Genetic variation in preferences for giving and risk taking. Quarterly Journal of Economics, 124(2), 809-842. https://doi.org/10.1162/qjec.2009.124.2.809
  • Cesarini, D., Johannesson, M., Lichtenstein, P., Sandewall, Ö., & Wallace, B. (2008). Is Financial Risk-Taking Behavior Genetically Transmitted?. IFN Working Paper No 765, Research Institute of Industrial Economics.
  • Cesarini, D., Johannesson, M., Lichtenstein, P., Sandewall, Ö., & Wallace, B. (2010). Genetic variation in financial decision‐making. The Journal of Finance, 65(5), 1725 - 1754. https://doi.org/10.1111/j.1540-6261.2010.01592.x
  • Chang, C.-C., Devaney, S. A., & Chiremba, S. T. (2004). Determinants of subjective and objective risk tolerance. Journal of Personal Finance, 3(3), 53-67.
  • Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of Economic Behavior & Organization, 83(1), 50-58. https://doi.org/10.1016/j.jebo.2011.06.007
  • Chaumet, G., Taillard, J., Sagaspe, P., Pagani, M., Dinges, D. F., Pavy-Le-Traon, A., Bareille, M.-P., Rascol, O., & Philip, P. (2009). Confinement and sleep deprivation effects on propensity to take risks. Aviation, Space, And Environmental Medicine, 80(2), 73-80. https://doi.org/10.3357/ASEM.2366.2009
  • Chen, H., & Volpe, R. P. (2002). Gender Differences İn Personal Financial Literacy Among College Students, Financial Services Review, 11(3), 289–307.
  • Coates, J. M., Gurnell, M., & Sarnyai, Z. (2010). From molecule to market: steroid hormones and financial risk-taking, Philosophical Transactions Of The Royal Society B: Biological Sciences, 365(1538), 331-343. https://doi.org/10.1098%2Frstb.2009.0193
  • Cohn, R. A., Lewellen, W. G., Lease, R. C., & Schlarbaum, G. G. (1975). Individual investor risk aversion and investment portfolio composition. The Journal of Finance, 30(2), 605-620. https://doi.org/10.1111/j.1540-6261.1975.tb01834.x
  • Dickason, Z., & Ferreira, S. J. (2018). The effect of age and gender on financial risk tolerance of South African investors. Investment Management and Financial Innovations, 15(2), 96-103. http://doi.org/10.21511/imfi.15(2).2018.09
  • Dinç Aydemir, S., & Aren, S. (2017). Do the effects of individual factors on financial risk-taking behavior diversify with financial literacy?, Kybernetes, 46(10), 1706-1734. https://doi.org/10.1108/k-10-2016-0281
  • Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., & Wagner, G. G. (2011). Individual risk attitudes: Measurement, determinants, and behavioral consequences. Journal of The European Economic Association, 9(3), 522-550. https://doi.org/10.1111/j.1542-4774.2011.01015.x
  • Durmuşkaya, S., & Kavas, Y. (2018). Akademik gelişim ve finansal okuryazarlık arasındaki ilişkinin tespiti üzerine bir araştırma, Yönetim ve Ekonomi Dergisi, 25(3), 925-939. https://doi.org/10.18657/yonveek.441375
  • Erkan, M. K., & Kavas, Y. B. (2022). Hormones and financial decision making processes. In Ş. Karabulut (Ed.), Developments in financial and economic fields at the national and global scale (pp. 185-200). Gazi Kitabevi.
  • Faff, R., Mulino, D., & Chai, D. (2008). On the linkage between financial risk tolerance and risk aversion. Journal of Financial Research, 31(1), 1-23. https://doi.org/10.1111/j.1475-6803.2008.00229.x
  • Finke, M. S., & Huston, S. J. (2003). The brighter side of financial risk: Financial risk tolerance and wealth. Journal of Family and Economic Issues, 24(3), 233-256. https://doi.org/10.1023/A:1025443204681
  • Fisher, P. J., & Yao, R. (2017). Gender differences in financial risk tolerance. Journal of Economic Psychology, 61, 191-202. https://doi.org/10.1016/j.joep.2017.03.006
  • Gendle, M. H., Flashburg, A. G., Higgins, K. L., & Oristian, K. M. (2015). Low total cholesterol levels and performance on the iowa gambling task, Journal of North Carolina Academy of Science, 131(2), 19-24.
  • Gibson, R. J., Michayluk, D., & Van De Venter, G. (2013). Financial risk tolerance: An analysis of unexplored factors. Financial Services Review, 22, 23-50.
  • Gilliam, J., Dass, M., Durband, D. B., & Hampton, V. (2010). The role of assertiveness in portfolio risk and financial risk tolerance among married couples. Journal of Financial Counseling and Planning, 21(1), 53-67.
  • Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625-630. https://doi.org/10.1023/A:1022994314982
  • Grable, J. E., & Lytton, R. H. (1999). Assessing financial risk tolerance: do demographic, socioeconomic, and attitudinal factors work. Family Relations And Human Development/Family Economics And Resource Management Biennial, 3(1), 80-88.
  • Grable, J., & Lytton, R. H. (1999). Financial risk tolerance revisited: The development of a risk assessment instrument. Financial Services Review, 8(3), 163-181. https://doi.org/10.1016/S1057-0810(99)00041-4
  • Grable, J., Lytton, R. H., O’neill, B., Joo, S.-H., & Klock, D. (2006). Risk tolerance, projection bias, vividness, and equity prices. The Journal of Investing, 15(2), 68-74. https://doi.org/10.3905/joi.2006.635632
  • Guiso, L., Jappelli, T., & Terlizzese, D. (1996). Income risk, borrowing constraints, and portfolio choice. The American Economic Review, 158-172.
  • Gürbüz, S., & Şahin, F. (2014). Sosyal bilimlerde araştırma yöntemleri. Seçkin Yayıncılık.
  • Gutter, M. S., Fox, J. J., & Montalto, C. P. (1999). Racial differences in investor decision making. Financial Services Review, 8(3), 149-162. https://doi.org/10.1016/S1057-0810(99)00040-2
  • Hallahan, T. A., Faff, R. W., & Mckenzie, M. D. (2004). An empirical investigation of personal financial risk tolerance. Financial Services Review-Greenwich, 13(1), 57-78.
  • Hamarat, E., Thompson, D., Zabrucky, K. M., Steele, D., Matheny, K. B., & Aysan, F. (2001). Perceived stress and coping resource availability as predictors of life satisfaction in young, middle-aged, and older adults. Experimental Aging Research, 27(2), 181-196. https://doi.org/10.1080/036107301750074051
  • Harrison, Y., & Horne, J. A. (2000). The impact of sleep deprivation on decision making: a review. Journal of Experimental Psychology Applied, 6(3), 236-249. https://doi.org/10.1037//1076-898x.6.3.236
  • Hartog, J., Ferrer‐I‐Carbonell, A., & Jonker, N. (2002). Linking measured risk aversion to individual characteristics. Kyklos, 55(1), 3-26. https://doi.org/10.1111/1467-6435.00175
  • Hendrawaty, E., Irawati, N., & Sadalia, I. (2020). Financial literacy, demographic differences and financial risk tolerance level: A case study. Journal of Security and Sustainability Issues, 9(M), 187-201.
  • Hinz, R. P., Mccarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments. Wharton Pension Research Council Working Papers No 578.
  • Irwin, C. E., Jr. (1993). Adolescence and risk taking: How are they related. In N. J. Bell & R. W. Bell (Ed.), Adolescent risk taking (pp. 7-28). Sage Publications.
  • Jia, H., & Lubetkin, E. I. (2020). Life expectancy and active life expectancy by marital status among older U.S. adults: Results from the U.S. Medicare Health Outcome Survey (HOS). SSM - Population Health, 12. https://doi.org/10.1016/j.ssmph.2020.100642.
  • Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic Inquiry, 36(4), 620-630. https://doi.org/10.1111/j.1465-7295.1998.tb01740.x
  • Kannadhasan, M. (2015). Retail investors’ financial risk tolerance and their risk-taking behaviour: The role of demographics as differentiating and classifying factors. IIMB Management Review, 27(3), 175-184. https://doi.org/10.1016/j.iimb.2015.06.004
  • Kavas, Y. B., & Erkan, M. K. (2022). Bireysel yatırımcıların finansal okuryazarlık ve finansal risk alma toleransı. EKEV Akademi Dergisi, 89, 379-399. https://doi.org/10.5281/zenodo.6346373
  • Kavas, Y. B., Tunçer, E., Çoban, M. N., & Erkan, M. K. (2022). Duygusal yeme bozukluklarının ve vücut kütle indeksinin finansal risk alma davranışları üzerine etkisi. Abant Sosyal Bilimler Dergisi, 22(2), 432-449. https://doi.org/10.11616/asbi.1088097
  • Kraten, M. (2016). Incorporating financial risk tolerance research into the financial planning process. Journal of Financial Planning, 29(10), 54-61.
  • Kuhnen, C. M., & Chiao, J. Y. (2009). Genetic determinants of financial risk taking, Plos One, 4(2), e4362. https://doi.org/10.1371/journal.pone.0004362
  • Kuhnen, C. M., & Knutson, B. (2005). The neural basis of financial risk taking. Neuron, 47(5), 763-770. https://doi.org/10.1016/j.neuron.2005.08.008
  • Lamotte, M., & Droit-Volet, S. (2017). Aging and time perception for short and long durations: A question of attention?, Timing & Time Perception, 5(2), 149-167.
  • Lejuez, C. W., Read, J. P., Kahler, C. W., Richards, J. B., Ramsey, S. E., Stuart, G. L., Strong, D. R., & Brown, R. A. (2002). Evaluation of a behavioral measure of risk taking: the Balloon Analogue Risk Task (BART). Journal of Experimental Psychology Applied, 8(2), 75-84. https://doi.org/10.1037//1076-898x.8.2.75.
  • Li, J., Li, Q., & Wei, X. (2020). Financial literacy, household portfolio choice and investment return. Pacific-Basin Finance Journal, 62, 101370. https://doi.org/10.1016/j.pacfin.2020.101370
  • McInish, T. H. (1982). Individual investors and risk-taking. Journal of Economic Psychology, 2(2), 125-136. https://psycnet.apa.org/doi/10.1016/0167-4870(82)90030-7
  • Montford, W., & Goldsmith, R. E. (2016). How gender and financial self‐efficacy influence investment risk taking. International Journal of Consumer Studies, 40(1), 101-106. https://doi.org/10.1111/ijcs.12219
  • Mudzingiri, C., Muteba Mwamba, J. W., & Keyser, J. N. (2018). Financial behavior, confidence, risk preferences and financial literacy of university students. Cogent Economics & Finance, 6(1), 1512366. https://doi.org/10.1080/23322039.2018.1512366
  • Nakip, M. (2006). Pazarlama araştırmaları teknikler ve (SPSS destekli) uygulamalar - 2. Cilt. Seçkin Yayıncılık.
  • Nofsinger, J. R., & Shank, C. A. (2019). Deep sleep: The impact of sleep on financial risk taking. Review of Financial Economics, 37(1), 92-105. https://doi.org/10.1002/rfe.1034
  • Orquin, J. L., & Kurzban, R. (2016). A meta-analysis of blood glucose effects on human decision making. Psychological Bulletin, 142(5), 546-567. https://doi.org//10.1037/bul0000035
  • Pompian, M. M. (2011). Behavioral finance and wealth management: How to build investment strategies that account for investor biases. John Wiley & Sons.
  • Purnamasari, K. I. (2014). The impact of family relationship, gender, and financial knowledge on financial risk tolerance. Jurnal Manajemen International, 1-15.
  • Raheja, S., & Dhiman, B. (2017). Does investor personality determine their risk tolerance. International Journal of Engineering Technology, Management and Applied Sciences, 5(7), 439-448.
  • Ranabir, S., & Reetu, K. (2011). Stress and hormones. Indian Journal of Endocrinology and Metabolism, 15(1), 18-22. https://doi.org/10.4103%2F2230-8210.77573
  • Riemer, M., Wolbers, T., & Van Rijn, H. (2021). Age-related changes in time perception: The impact of naturalistic environments and retrospective judgements on timing performance. Quarterly Journal of Experimental Psychology, 74(11), 2002-2012. https://doi.org/10.1177%2F17470218211023362
  • Rivera, L. F. S., & Gouveia, A. (2021). Neurotransmitters and Hormones in Human Decision-Making. In Gargiulo, P.Á., Mesones Arroyo, H.L. (Ed.) Psychiatry and Neuroscience Update. Springer. https://doi.org/10.1007/978-3-030-61721-9_15
  • Rolison, J. J., Hanoch, Y., Wood, S., & Liu, P. J. (2014). Risk-taking differences across the adult life span: a question of age and domain. The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences, 69(6), 870-880. https://doi.org/10.1093/geronb/gbt081
  • Ryack, K. (2011). The impact of family relationships and financial education on financial risk tolerance. Financial Services Review, 20(3), 181-193
  • Shao, R., & Lee, T. M. C. (2014). Aging and risk taking: Toward an integration of cognitive, emotional, and neurobiological perspectives. Neuroscience and Neuroeconomics, 3, 47-62. https://doi.org/10.2147/NAN.S35914
  • Slovic, P. (1999). Trust, emotion, sex, politics, and science: Surveying the risk-assessment battlefield. Risk Analysis, 19(4), 689-701. https://doi.org/10.1023/a:1007041821623
  • Sulaiman, E. K. (2012). An empirical analysis of financial risk tolerance and demographic features of individual investors. Procedia Economics and Finance, 2, 109-115. https://doi.org/10.1016/S2212-5671(12)00070-6
  • Sweet, M. M. (2013). A quantitative study examining the relationship between demographic factors and financial risk tolerance. Northcentral University.
  • Tchanturia, K., Liao, P. C., Uher, R., Lawrence, N., Treasure, J., & Campbell, I. C. (2007). An investigation of decision making in anorexia nervosa using the Iowa Gambling Task and skin conductance measurements. Journal of the International Neuropsychological Society, 13(4), 635-641. https://doi.org/10.1017/s1355617707070798
  • Van Den Bos, R., Homberg, J., & De Visser, L. (2013). A critical review of sex differences in decision-making tasks: Focus on The Iowa Gambling Task. Behavioural Brain Research, 238, 95-108. https://doi.org/10.1016/j.bbr.2012.10.002
  • Venkatraman, V., Chuah, Y. M. L., Huettel, S. A., & Chee, M. W. L. (2007). Sleep deprivation elevates expectation of gains and attenuates response to losses following risky decisions, Sleep, 30(5), 603-609. https://doi.org/10.1093/sleep/30.5.603
  • Venkatraman, V., Huettel, S. A., Chuah, L. Y. M., Payne, J. W., & Chee, M. W. L. (2011). Sleep deprivation biases the neural mechanisms underlying economic preferences. Journal of Neuroscience, 31(10), 3712-3718. https://doi.org/10.1523/jneurosci.4407-10.2011
  • Wang, H., & Hanna, S. D. (1997). Does risk tolerance decrease with age?. Financial Counseling and Planning, 8(2), 27-31.
  • Wang, X.-T., & Dvorak, R. D. (2010). Sweet future: fluctuating blood glucose levels affect future discounting. Psychological Science, 21(2), 183-188. https://doi.org/10.1177/0956797609358096
  • Wong, A., & Carducci, B. (2013). Does personality affect personal financial risk tolerance behavior?. IUP Journal pf Applied Finance, 19(3), 5.
  • Xue, R., Gepp, A., O’neill, T., Stern, S., & Vanstone, B. J. (2019). Financial literacy and financial decision-making: the mediating role of financial concerns. The 10th Financial Markets & Corporate Governance Conference: Capital Markets, Sustainability and Disruptive Technologies.
There are 79 citations in total.

Details

Primary Language Turkish
Subjects Financial Institutions
Journal Section Research Articles
Authors

Yusuf Bahadır Kavas 0000-0002-4838-7318

Batuhan Medetoğlu 0000-0002-8400-1232

Publication Date October 31, 2023
Published in Issue Year 2023 Volume: 28 Issue: 4

Cite

APA Kavas, Y. B., & Medetoğlu, B. (2023). Finansal Risk Toleransında Demografik Farklılıklar. Süleyman Demirel Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 28(4), 427-441.
 Download Cover Image