Investors’ Purchasing Behaviour via a Behavioural Finance Approach

  •  Duygu Firat    
  •  Sibel Fettahoglu    


According to the Efficient Markets Hypothesis, investors have complete knowledge regarding the financial
markets. As a result, they behave rationally. However, investors are affected by internal and external factors
when making decisions. Therefore, the objective of the study examines investors’ profiles and to distinguish
different demographic groups in terms of their perspective towards stock markets, other financial markets and
socio – cultural factors. The other objective of the study is to gauge the importance scale of the factors that drive
investors purchase behaviour in the decision-making process. The questions of which social dynamics determine
prices in markets which factors investors take into account and which information resources they use when
making decisions have not been adequately investigated in the Turkish context, Kocaeli, an industrial city, was
preferred as a sampling area. ANOVA and X2 were used to test variables. As a conclusion, investors are not
always rationally, they behave with their feelings in decision making process of investment.

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