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Profesyonel olmayan yatırımcıların karar alma sürecinde, faaliyet raporlarındaki metin sıralaması ile grafiklerin bulunmasının bir etkisinin olup olmadığını tespit etmeyi amaçlayan araştırmada anket yöntemi uygulanmış olup, 422 öğrenciden örneklem üzerinde çalışma yürütülmüştür. Araştırmanın evrenini Süleyman Demirel Üniversitesi İİBF öğrencileri oluşturmaktadır. Anket kapsamına SDÜ’de eğitim görüp üçüncü ve dördüncü sınıfa devam eden İşletme, Bankacılık ve Finans, İktisat ve Maliye bölümleri başta olmak üzere diğer bölüm ve lisansüstü öğrencileri de dâhil edilmiştir. Çalışmada, Borsa İstanbul’da işlem gören bir market zinciri şirketine ait 2018 yılı faaliyet raporunu kullanılmıştır. Sonuçların istatistiki anlamlılığını test etmek için Mann- Whitney U Test kullanılmıştır. Araştırmada bilgi aktarımında planlı sunum sıralanmasından dolayı, profesyonel olmayan yatırımcıların yenilik etkisine duyarlı oldukları sonucuna varılmıştır. Başka bir ifade ile yatırımcının, faaliyet raporlarında olumlu bilgilerin ve gelişmelerin raporun sonunda olduğunda, şirkete bakış açısı olumlu olmaktadır, bu sonuç olumsuz bilgiler için de geçerlidir. Olumsuz bilgilerden hemen sonra olumlu bir grafiğin sunulması, yatırımcının kararı üzerinde neredeyse hiçbir etkiye sahip olmadığı sonucuna varılmıştır. Genel olarak, yenilik etkisi, İİBF öğrencileri ve özellikle Maliye bölümünde ortaya çıkmıştır ve İİBF öğrencisi olmayan kontrol grubunda bu etki bulunmamıştır. Tüm öğrencilerin sonuçları bilgi sunum sıralanmasının yatırım kararını etkilemezken, yatırım miktarı ile gelir beklentisi üzerinde bir etkisi bulunmuştur. Bütün olarak (Bankacılık ve Finans, İşletme, İktisat ve Maliye) bölümlerin sonuçları bilgi sunum sıralanmasının yatırım kararı, yatırım miktarı, gelir beklentisi ile şirketin değerlendirilmesini etkilemiştir. İİBF diğer bölümlerde okuyan öğrencilerin durumunda, yatırım kararına ilişkin öncelik etkisi bulunmuştur. Bulunan yenilik etkisi, erkek ve finansal okuryazarlık düzeyi yüksek olan öğrencilerin kararlarında bulunmayıp sadece kadın ve finansal okuryazarlık düzeyi düşük olan öğrenciler kararlarında bulunmuştur. Faaliyet raporların hazırlama sürecinde bu raporun içerdiği bilgilerin doğru olması ile istatistiki verilerin ve analizlerin sade ve açık olması dikkat edilmesi gereken hususların başındadır. Ancak, araştırmada ulaşılan bulgular, bilgilerde bir değişiklik olmadığı halde, bilgi sunum sıralanmasında yapılan değişikliklerin profesyonel olmayan yatırımcının kararını, şirketin lehine etkileyebileceğini göstermektedir. Ayrıca, sonuçlar bu tür belgelerin üzerindeki uygulanan denetim işlemlerinin güçlendirilmesinin gerekliliğini göstermektedir.
In the decision-making process of non-professional investors, the survey method has been applied to identify whether there is an effect of the text ranking in the activity reports and the finding of graphs, and 422 students have been studied on sample. The universe of research is formed by Suleyman Demirel University IBF students. The survey included other departments and postgraduate students, including business, banking and finance, economics and finance, which have been trained in the SDU and continued to the third and fourth classes. In the study, the 2018 activity report of a market chain company that is traded in Borsa Istanbul was used. The Mann-Whitney U Test was used to test the statistical significance of the results. Due to the planned presentation classification in the information transfer, the study found that non-professional investors are sensitive to the impact of innovation. In other words, when the investor’s positive information and developments in the activity reports are at the end of the report, the company’s point of view is positive, this result also applies to negative information. Immediately after the negative information, the presentation of a positive chart has come to the conclusion that it has almost no effect on the investor’s decision. In general, the impact of innovation appeared in the IIBF students and in particular in the Department of Finance, and this effect was not found in the control group not the IIBF student. The results of all students; the information presentation ranking has not affected the investment decision, while the amount of investment has had an impact on the income expectation. In general, the results of the sections (Banking and Finance, Business, Economics and Finance) have influenced the assessment of the company with the investment decision, the amount of investment, the expectation of income. In the case of students studying in other sections, the IBF has had a priority effect on the investment decision. The impact of innovation found was not in the decisions of students with a high level of male and financial literature, but only in the decisions of students with a low level of female and financial literature. In the process of preparing activity reports, the information contained in this report is at the forefront of the aspects that should be taken into account as the accurate and clear statistical data and analyses. However, the findings obtained in the research show that, although there is no change in information, the changes made in the information presentation ranking may affect the decision of the non-professional investor, in the benefit of the company. Furthermore, the results indicate the need to strengthen the audit processes applied on such documents.
This paper’s aim is to reveal the influence of both the text order and the graphics use in the annual reports on non-professional investors’ decision. A total of 422 Participants were recruited for the experiment from undergraduate classes and Master students in Business Management, Economy, Public Finance and Banking & Finance along with other departments students of Faculty of Economics and Administrative Sciences and non-economic faculties students at Suleyman Demirel University. Annual report, published in 2018, used in the paper belongs to a supermarket chain listed in Borsa Istanbul. In order to keep participants’ answers objective as possible, the company’s name has been changed with a fictional one. Since obtained data were not normally distributed, Mann- Whitney U Test was used to assure the results’ statistic meaningfulness. Overall results imply that there is a recency effect occurred by non-professional investors due to the planned presentation ordering of narrative information. In other words, when the investor sees positive information and developments at the end of the annual report, their viewpoint toward the company will be positive. This result also applies to the negative information. In addition, including a positive graph right after the bad news had almost no effect on the non-professional investors’ decision. In general, specifically the Public Finance Department, the recency effect took place in Economic and Administrative Sciences Faculty students’ case and was not witnessed in the case of non-economic and administrative students. For all students, while the textual order had no effect on the investing decision, it has an effect on both investment amount and gain expectancy. For the case of Banking & Finance, Public Finance, Business and Economic students, which represents the main data source in our study, textual order had an effect on investing decision, investment amount, gain expectancy and the general view toward the company. A primacy effect was found in the case of other Economic and Administrative departments students vis-à-vis the investing decision. While Recency effect was found in female students and students who have weak financial literacy, it was not found in the case of male students and students who have strong financial literacy. Although the information included in the annual reports has to be correct and objective, keeping this information non-manipulated while changing the information presentation order has significant effects on the non-professional investor decision in favor of the company. Furthermore, the results suggest to strengthen the audit procedures applied to such documents.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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