Türkiye'deki gemi yatırımlarında davranışsal önyargıların paydaş perspektifleri açısından incelenmesi

Investments are vital for the future of companies. Especially in view of the irreversibility of fixed capital investments, investment decisions should be made in accordance with rational patterns. An investment decision made at the right time may lead to high profitability for the company, while the wrong decisions may also drag the company into bankruptcy. In this sense, due to its capital-intensive structure, ship investment is a strategic decision for the shipping companies. Ship investments need to be continuous mainly because of rising fleet age, high insurance and maintenance costs of old ships, technological developments, quality standards, increasing competition, expectation of increase in demand for maritime transport. Due to the high capital requirement, ship investments should be made according to rational patterns. Considering the importance of ship investments for a shipping company and the importance of maritime transportation industry for Turkey, it is intended to answer to the questions of what the factors driving ship investments and what the common behavioral biases that occur in ship investments in Turkey are in this dissertation. The population of the research constitutes Turkish-owned merchant fleet, and since the fleet is mainly composed of coasters by numbers, the sampling of this dissertation consists of coasters. In addition, consultants that give consultancy service in various fields to the investors, sale and purchase brokers that give intermediary services to the sellers and buyers, and senior representatives of associations established to gather stakeholders in maritime industry in Turkey were interviewed based on the qualitative research strategy. The data was collected by assuming the role of "miner" as defined by Kvale (1996), and collected data was analyzed based on the systematic approach proposed by Wolcott (1994). In order to implement the systematic approach, the action flows proposed by Miles and Huberman (1994) were considered in the data analysis phase within the scope of this dissertation. According to the findings, factors affecting ship investments in Turkey were categorized as market timing, profile and business models of ship investors, ship specifications, ship finance and external environment. Furthermore, behavioral biases that mainly occur in ship investments in Turkey were detected as desirability bias, endowment effect, anchoring bias, bandwagon effect, overconfidence, status quo bias and home bias