Özet:

Purpose- The main purpose of this study is to determine the relationship between risk factors (variables) that make up the financial markets. Sixteen risk factors have been identified for this. Methodology- DEMATEL method was used. DEMATEL method is based on graph theory and matrix operations. It benefits from the knowledge and experience of experts and groups. It determines the reason to which the factors caused and the affected group. It visualizes the structure of complex causal relationships by identifying key factors that will solve the problem. The method uses the linear relationship between two factors by ranking the relationship between factors. This relationship is established by creating a direct correlation matrix between factors based on expert opinions. In the last stage, it provides the development of a graph that confirms the mutual relationship between variables. Findings- The difference of this study from other studies is that it benefits from an expert opinion at the beginning stage. In other words, the market expert determines the relationship between risk factors in financial markets intuitively. The analysis of financial markets is determined according to sixteen risk variables. These risk variables are divided into two as the affected group and the affected group. Conclusion- Interest rate, internet news, economic growth and inflation are in the group affects. Inflation is the most important risk variable affecting the market. Exchange Rate, BIST100, DAX, S & P500, Gold, Oil, Market Value, Unemployment, Borrowing Rate, Business Risk, Policy Risk, Bitcoin are in the affected group. Bitcoin is the most affected factor by other influencing factors. On the other hand, studies on the application of the DEMATEL method are based on subjective opinions of experts. The method assumes that subjective opinions are reliable. However, in scientific studies, it cannot be said that the assumptions are always correct.

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