A Study of Message Framing and Sender for Stock Investing Behavior: Emotion for Moderator

• Main Authors: Chung Kuan-Hsiung, 鐘冠雄
• Other Authors: Yaonan Lin
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/49981377312951323595

碩士 === 輔仁大學 === 心理學系 === 95 === Stock market is always related to financial development in the world. All countries want to develop their strong stock market. Stock market investors in Taiwan are with poor professional finance knowledge. They do not have enough external information to make the correct decision in their investment. Also, investors’ decision making is always moderated by their emotion. Kahneman & Tversky(1979) built the Prospect Theory, arguing that traditional finance theory cannot explain the decision making process exactly. The theory argued that some phenomenon in stock market can be analyzed by psychology theories in the behavioral finance field. Generally, positive messages have more influence on purposes and behaviors of people than negative ones. And expert always have higher persuasion effect on the audience than others. Based the above issues, the main purpose of the study is as follows: (1) Finding the effect of message framing on stock investment. (2) Discussing the effect of senders’ credibility on stock investment. (3) Discussing emotion as a moderator in message framing and sender effects on stock investment. This study takes experimental methods. Valid samples collected are 463. The study findings are as follows: (1) Positive message significantly increases investors’ purchasing intention. (2) Expert senders with higher credibility positively influence investors’ purchasing intention more than others. (3) When convinced by expert senders, positive message is better than negative message on purchasing intention. Conversely, when convinced by novice senders, negative messages have higher effect on purchasing behavior than positive ones. (4) When investors are in positive emotion, expert senders arouse higher investors’ purchasing intention than novice senders. Conversely, there are no differences in both expert and novice. (5) When investors with positive emotion are convinced by expert senders, positive messages have higher influence on their purchasing intention than negative ones. In the academic contribution, this study tests the affect of message framing and sender to stocks investing behavior. We also try to probe into emotion moderating effects. In positive emotion, investors will take the heuristic strategy to neglect the external risks and will not read the content of message. Therefore, when expert delivers positive message to investors and investors are in the good emotion, investors’ purchasing intention will be increased. The practical recommendation of this study suggests that the investors should sustain rational emotion to avoid affecting their decision making of investment.