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Journals / Anadolu Üniversitesi Sosyal Bilimler Dergisi / 2026 / Cilt: 23 Sayı: 2

Interactions of Financial Risk Tolerance, Internal Fit, External Fit and Personality Traits on Corporate Investment Behaviour

Kurumsal Yatırım Sürecinde Finansal Risk Toleransı, Dahili ve Harici Uygunluk ile Kişilik Etkileşimi

Cem Ünlüakın(ISTANBUL UNIVERSITY)0000-0003-3147-7197
Hakkı Aktaş(İstanbul Üniversitesi, İşletme Fakültesi, İşletme Bölümü)0000-0002-7336-2446
Pages
375–398
Publication Date
2023-07-04
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

As a result, the model fit improves with both IFFI and EFFI for CFRT, however for Big 5, only conscientiousness trait becomes significant in the moderation of EFFI.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Explaining corporate investment behaviour (CIB) is crucial for companies, investors and policy makers.
📊
Key Findings & Data:This study fills the gap by attempting to measure corporate financial risk tolerance (CFRT) with data from 307 production companies and employs hypothesis testing as a confirmatory analysis in a theoretical framework from literature.
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Conclusion & Impact:As a result, the model fit improves with both IFFI and EFFI for CFRT, however for Big 5, only conscientiousness trait becomes significant in the moderation of EFFI.
🔬Design:Modeling & Simulation
📍Scope:Comprehensive Sample
⚙️Variables:Kurumsal Yatırım Davranışı · Kurumsal Finansal Risk Toleransı · Yatırım İçin Dahili Uygunluk

Abstract

Explaining corporate investment behaviour (CIB) is crucial for companies, investors and policy makers. The relationship between financial risk taking and investment decision has been studied in detail on an individual level. However, an attempt to assess financial risk taking behaviour on an organizational level is not encountered in literature. This study fills the gap by attempting to measure corporate financial risk tolerance (CFRT) with data from 307 production companies and employs hypothesis testing as a confirmatory analysis in a theoretical framework from literature. The dynamics of Big 5 personality traits of owners/top management, such as openness, conscientiousness, extroversion, agreeableness, neuroticism, which is another area of interest in investment theory, is also included in the study. The models to test the hypotheses are proposed by using CFRT and Big 5 as independent variables to explain corporate investment behaviour (CIB). The results of this study indicate that Big 5 traits of top management are not significantly related with CIB, yet CFRT is. Subsequently items impacting CIB and financial risk tolerance identified from literature are classified as internal (IFFI) and external fit for investment (EFFI) and are incorporated as two composite moderating variables. As a result, the model fit improves with both IFFI and EFFI for CFRT, however for Big 5, only conscientiousness trait becomes significant in the moderation of EFFI.

Özet

Kurumsal yatırım davranışını (KYD) açıklamak şirketler, yatırımcılar ve politika yapıcılar için çok önemlidir. Finansal risk alma ve yatırım kararı arasındaki ilişki, bireysel düzeyde ayrıntılı olarak incelenmiştir. Ancak finansal risk alma davranışını örgütsel düzeyde değerlendirme girişimine literatürde rastlanmamıştır. Bu çalışma, kurumsal finansal risk toleransını (KFRT), 307 üretim şirketinden alınan verilerle ölçmeye çalışarak boşluğu doldurmayı hedeflemektedir. Yatırım teorisinin bir diğer ilgi alanı olan beş faktör kişilik modeli dinamikleri de şirket sahiplerinin/üst yönetiminin açıklık, sorumluluk, dışadönüklük, uyumluluk, duygusal denge özellikleri şeklinde çalışmaya dahil edilmiştir. Hipotezleri test edecek modeller, kurumsal yatırım davranışını (KYD) bağımlı, KFRT ve beş faktör kişilik modeli özelliklerini bağımsız değişkenler olarak kullanarak önerilmiştir. Sonuçlarımız, üst yönetimin beş faktör kişilik modeli özelliklerinin KYD ile anlamlı bir ilişki içinde olmadığını, ancak KFRT'nin anlamlı bir şekilde KYD’yi açıkladığını göstermektedir. Takiben, şirketler için KYD'yi ve finansal risk tutumunu etkileyen öğeler dahili ve harici yatırıma uygunluk (YİDU, YİHU) olarak literatür üzerinden sınıflandırılmış ve iki kompozit düzenleyici değişken olarak modele eklenmiştir. Neticede, KFRT için hem YİDU hem de YİHU’nun eklenmesiyle model uyumluluğu artarken, beş faktör kişilik özellikleri için, YİHU'nun moderasyonunda sadece sorumluluk özelliği anlamlı hale gelmiştir.

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Cite This Article

Ünlüakın, C., Aktaş, H. (2023). Interactions of Financial Risk Tolerance, Internal Fit, External Fit and Personality Traits on Corporate Investment Behaviour. Anadolu Üniversitesi Sosyal Bilimler Dergisi, Cilt: 23 Sayı: 2, 375–398. https://doi.org/10.18037/ausbd.1221129

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