The impact of personality, behavior, and geography on participation in the private pension system in Türkiye: A machine learning approach

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2025-02-01 DOI:10.1016/j.bir.2024.12.010

Can Verberi , Muhittin Kaplan

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引用次数: 0

Abstract

This study examines regional disparities in the factors that affect participation in the Private Pension System (PPS) in Türkiye, focusing on sociodemographic characteristics, personality traits and behavior, and pension and financial literacy. The behavioral factors identified encompass procrastination, locus of control, pessimism, compulsive buying, and time perspective, and the personality traits include openness, agreeableness, extraversion, neuroticism, and conscientiousness. The study employs data on two provinces in Türkiye, Şırnak and Istanbul, and uses XGBoost and Tree SHAP algorithms and a probit model. Our findings indicate that personality traits such as openness, agreeableness, and conscientiousness have a positive influence on individual engagement in pension plans, whereas extraversion has a negative impact. Additionally, basic pension literacy is more influential than advanced pension literacy. The results also show that regional geography significantly influences personality and behavioral factors. Finally, a perception of protection is a critical factor in PPS participation.

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations