Publication: The effects of online investing over the Turkish brokerage industry: a survey of the expectations and perceptions of the investment professionals
Abstract
ÖZETİ Bu çalismanin amaci sanal (online) yatirimin Türk araci kurum sektörü üzerindeki etkilerini belirlemektir. Türk yatirim profesyonellerinin beklenti ve izlenimlerini analiz etmek için bir anket düzenlenmistir. Türk araci kurum sektörünün gelecegi bu profesyoneller tarafindan sekillendirilecektir. Gelecekte bu sirketlerin üst yönetimine geçecekler ve sanal yatirim projelerinin bütçe ve kapsamlarini belirleyecek konumda olacaklardir. Böylece sektörün ve sanal islemlerin hangi yönde ilerleyeceklerini belirleyeceklerdir. Anket sonuçlari sektördeki konunun uygulamasiyla ilgili çalisanlar için pratik deger tasimaktadir. Literatür taramasi kisminda, ilk olarak e-isin dünya ölçeginde ve yerel ölçekte genel çerçevesi irdelenmistir. Ikinci olarak, dünya ölçeginde sanal yatirim uygulamalari özetlenmis, katkilari ve getirdigi problemler tanimlanmistir. Üçüncü olarak, Türk araci kurum sektörü analiz edilmis ve kisa bir tarihçe verilmistir. Dördüncü olarak, Türkiye'de sanal yatirimin su anki durumu ele alinmistir. Son olarak önde gelen Türk araci kurumlarini kapsayan bir anket arastirmasi yapilmistir. Ulasilan sonuç, sanal yatirimin, yatirim teorisi açisindan bir devrim olmadigi yönündedir. Sanal yatirimin kesfinden sonra da, sirketler, hisse senetleri ve borsalar varliklarini koruyacaktir. Öte yandan sanal yatirim araci kurum sektörü için bir devrimdir çünkü klasik araci kurumlarin is modellerini tehdit etmektedir. Klasik araci kurumlar, klasik ve sanal dagitim kanallari arasinda kanal çatismasi yasamaktadirlar. Sektördeki yeniden yapilanma, küçük araci kurumlari birlesmeler, satin almalar ve iflaslar yoluyla piyasanin disina atmaktadir. Karmasik olmayan isler Internet tarafindan otomatik hale getirilecek, bu da is kayiplarina neden olacaktir. Bu yüzden bu elemanlarin Internet'le ilgili islerde çalismak üzere yeniden egitilmeleri gerekir, aksi halde degisime direnç nedeniyle Internet islemlerinin yayginlasma hizi yavaslayabilir.
The aim of this study is determining the effects of online investing over the Turkish brokerage industry. A survey is conducted to analyze the expectations and perceptions of the Turkish investment professionals. The future of the Turkish brokerage industry will be shaped by these professionals. They are future top managers of these companies and decision-makers about the budgets and scopes of the online investment projects. They will decide the direction of the industry and the online transactions. The results should be of practical value to the industry practitioners. In literature review, first the general framework of e-business is examined from a global and local perspective. Second, the global online investing practice is outlined, added values and problems associated are described. Third, Turkish brokerage industry is analyzed and a brief history is given. Fourth, the current state of online investing in Turkey is assessed. Finally a survey is conducted with investment professionals at major Turkish brokerage houses. It is found that, online investing is not a revolution for the investment theory. Even after the invention of online investing, companies, stocks, and stock exchanges still exist. However, it is a revolution for the brokerage industry since it threatens the business model of the classical brokerage houses. The classical brokerage firms witnessed a channel conflict between classical and online channels. The consolidation in the sector, forces the small online brokerages out of the market through mergers, acquisitions and even bankruptcies. The less complicated tasks will be automated by the Internet and this will result in job losses. Therefore these employees should be re-trained to work in the Internet-related jobs, otherwise the resistance may slow the adoption of Internet transactions.
The aim of this study is determining the effects of online investing over the Turkish brokerage industry. A survey is conducted to analyze the expectations and perceptions of the Turkish investment professionals. The future of the Turkish brokerage industry will be shaped by these professionals. They are future top managers of these companies and decision-makers about the budgets and scopes of the online investment projects. They will decide the direction of the industry and the online transactions. The results should be of practical value to the industry practitioners. In literature review, first the general framework of e-business is examined from a global and local perspective. Second, the global online investing practice is outlined, added values and problems associated are described. Third, Turkish brokerage industry is analyzed and a brief history is given. Fourth, the current state of online investing in Turkey is assessed. Finally a survey is conducted with investment professionals at major Turkish brokerage houses. It is found that, online investing is not a revolution for the investment theory. Even after the invention of online investing, companies, stocks, and stock exchanges still exist. However, it is a revolution for the brokerage industry since it threatens the business model of the classical brokerage houses. The classical brokerage firms witnessed a channel conflict between classical and online channels. The consolidation in the sector, forces the small online brokerages out of the market through mergers, acquisitions and even bankruptcies. The less complicated tasks will be automated by the Internet and this will result in job losses. Therefore these employees should be re-trained to work in the Internet-related jobs, otherwise the resistance may slow the adoption of Internet transactions.