THE EFFECT OF INVESTORS' RISK APPETITE ON THE BIST PARTICIPATION INDEX

Bertaç Şakir Şahin

Article Details

THE EFFECT OF INVESTORS' RISK APPETITE ON THE BIST PARTICIPATION INDEX

Authors:

Bertaç Şakir Şahin

Publisher:

Bandirma Onyedi Eylul University

Main Topics:

Finans | Finans ve Yatırım (Diğer)

Journal:

Yönetim ve Ekonomi Araştırmaları Dergisi Vol.23 Issue 3, pp.85-98

Document Type:

Article

Publication Date:

10/2025

Document Language:

English

Document ID (Org No.):

2001360344

pISSN:

2148-029X

Keywords:

Abstract:

 Interest-free finance is a financing system based on the concept of risk. This study aims to analyze whether the relationship between interest-free finance and risk is reflected in investor perception. For this purpose, the impact of the Risk Tendency Index, Dollar, Euro, Gold and TL Reference Rate on BIST Participation Indices in the period 2021-2023 is analyzed. ARDL bounds test is applied to weekly data. Empirical results show that the USD and TL Reference Rate have a significant effect on BIST Participation Indices. However, the Risk Tendency Index does not have a significant effect on BIST Participation Indices. The observation that the index designed for participation finance is unaffected by investors risk appetite is a significant insight into how investors perceive the participation finance system in Turkey.

 Interest-free finance is a financing system based on the concept of risk. This study aims to analyze whether the relationship between interest-free finance and risk is reflected in investor perception. For this purpose, the impact of the Risk Tendency Index, Dollar, Euro, Gold and TL Reference Rate on BIST Participation Indices in the period 2021-2023 is analyzed. ARDL bounds test is applied to weekly data. Empirical results show that the USD and TL Reference Rate have a significant effect on BIST Participation Indices. However, the Risk Tendency Index does not have a significant effect on BIST Participation Indices. The observation that the index designed for participation finance is unaffected by investors risk appetite is a significant insight into how investors perceive the participation finance system in Turkey.

 Interest-free finance is a financing system based on the concept of risk. This study aims to analyze whether the relationship between interest-free finance and risk is reflected in investor perception. For this purpose, the impact of the Risk Tendency Index, Dollar, Euro, Gold and TL Reference Rate on BIST Participation Indices in the period 2021-2023 is analyzed. ARDL bounds test is applied to weekly data. Empirical results show that the USD and TL Reference Rate have a significant effect on BIST Participation Indices. However, the Risk Tendency Index does not have a significant effect on BIST Participation Indices. The observation that the index designed for participation finance is unaffected by investors risk appetite is a significant insight into how investors perceive the participation finance system in Turkey.

 Faizsiz finans risk kavramını temel alan bir finansman sistemidir. Bu çalışma faizsiz finansın riskle ilişkisinin yatırımcı algısına yansıyıp yansımadığını analiz etmeyi amaçlar. Bu amaçla 2021-2023 döneminde Risk Eğilim Endeksi, Dolar, Euro, Altın ve TL Referans Faizinin BIST Katılım Endeksleri üzerindeki etkisi incelenmiştir. Haftalık verilere ARDL sınır testi uygulanmıştır. Ampirik sonuçlar Dolar ve TL Referans Faizinin BIST Katılım Endeksleri üzerinde anlamlı etkiye sahip olduğunu gösterir. Ancak, Risk Eğilim Endeksinin BIST Katılım Endeksleri üzerinde anlamlı bir etkisi yoktur. Katılım finansmanına uygun oluşturulan endeksin yatırımcıların risk iştahından etkilenmemesi Türkiyedeki yatırımcıların katılım finans sistemi hakkındaki düşünceleri için önemli bir bulgudur.

Article Details

THE EFFECT OF INVESTORS' RISK APPETITE ON THE BIST PARTICIPATION INDEX

Authors:

Bertaç Şakir Şahin

Publisher:

Bandirma Onyedi Eylul University

Main Topics:

Finans | Finans ve Yatırım (Diğer)

Journal:

Yönetim ve Ekonomi Araştırmaları Dergisi Vol.23 Issue 3, pp.85-98

Document Type:

Article

Publication Date:

10/2025

Document Language:

English

Document ID (Org No.):

2001360344

pISSN:

2148-029X

Investor Behavior

Interest-Free Finance

BIST Participation Index.Yatırımcı Davranışları

Faizisiz Finans

BIST Katılım Endeksi

Issues

Article Details

THE EFFECT OF INVESTORS' RISK APPETITE ON THE BIST PARTICIPATION INDEX

Authors: Bertaç Şakir Şahin

Publisher: Bandirma Onyedi Eylul University

Main Topics: Finans | Finans ve Yatırım (Diğer)

Journal: Yönetim ve Ekonomi Araştırmaları Dergisi Vol.23 Issue 3, pp.85-98

Document Type: Article

Publication Date: 10/2025

Document Language: English

Document ID (Org No.): 2001360344

pISSN: 2148-029X

Investor Behavior

Interest-Free Finance

BIST Participation Index.Yatırımcı Davranışları

Faizisiz Finans

BIST Katılım Endeksi

Issues

Authors:

Bertaç Şakir Şahin

Publisher:

Bandirma Onyedi Eylul University

Main Topics:

Finans | Finans ve Yatırım (Diğer)

Journal:

Yönetim ve Ekonomi Araştırmaları Dergisi Vol.23 Issue 3, pp.85-98

Document Type:

Article

Publication Date:

10/2025

Document Language:

English

Document ID (Org No.):

2001360344

pISSN:

2148-029X