Borsa İstanbul’da Yerli Yatırımcı ile Toplam Yatırımcı Arasındaki Nedensellik İlişkisi
Causality Relationship Between Domestic Investor and Total Investor in Borsa Istanbul

Summary/Abstract: Aim: The economic system, which began to globalize in the 1980s, provided foreign and domestic investors the opportunity to invest in the financial markets of different countries. Therefore, the increasing number of investors in financial markets may have an impact on other stakeholders. From this point of view, in this study, the relationship between the total number of investors investing in Borsa Istanbul and the total number of domestic investors has been tried to be determined. In other words, it is aimed to investigate whether a change in the total number of investors affects the total number of domestic investors. Method: In the study, a data set was created by using the number of domestic and total investors trading in Borsa Istanbul between the period 2006:1 – 2021:1. After taking the natural logarithmic return of the obtained data, Toda-Yamamoto and Granger causality tests were applied with the help of EViews10 program. Findings: As a result of the findings, a bidirectional causality relationship was determined between the variables according to both the Toda-Yamamoto and Granger causality tests. In other words, while the increase in the total number of investors is the reason for the Granger of the number of domestic investors, the increase in the number of domestic investors at the same time has been determined to be the reason for the Granger of the total number of investors. Results: Based on the findings obtained; It can be said that the increases in the total number of investors encouraged domestic investors and caused more domestic investors to trade in Borsa Istanbul.

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