Davranışsal Finans Eğilimlerinin Risk Alma Düzeyine Etkisi
Impact of Behavioral Finance Trends on Risk-Taking

Summary/Abstract: Purpose – In traditional finance theories, human psychology does not matter, since people are assumed to act rationally. The purpose of this study is to analyze the irrational behavior of investors. It is to reveal the behavioral tendencies of investors when making investment decisions and how these trends affect investors' risk-taking levels (risk tolerances). Design/methodology/approach – Questionnaire data collection technique, one of the quantitative research methods, was used in the study. The main mass of the research is call center employees of a company in the telecommunications sector. Data were obtained from 401 participants randomly selected between November and December 2019. Research findings were used to measure the behavioral tendencies and risk-taking levels of investors with descriptive statistics using SPSS 23.00, and correlation (relationship), regression (impact) and t-test (difference) analyzes were performed on behavioral finance and risk-taking level. Results – According to the results of the research, it was observed that behavioral finance tendencies of the participants on investment decisions were close to high levels (3,629). As the behavioral finance attitudes of the participants increase, their financial risk-taking levels also increase. 91% of the change in risk taking level is explained by behavioral finance tendency. (R = 0.955, R2 = 0.912). At the same time, it was found that the financial risk tolerance scores of men were higher than women. Discussion – Traditional finance theories that assume that people always make rational decisions do not take into account what psychological, sociological, or even neurological factors are affected by investors when making investment decisions. This research has shown that people do not act mechanically when making investment decisions. The psychological and sociological environments in which they live affect their decisions. This situation may cause many biased and non-objective decisions as well as increase their risk taking scores. Based on this, different studies should be conducted by measuring behavioral finance trends in order to understand how the desired risk-taking behavior in entrepreneurial personalities is formed.

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