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FRAMING EFFECT ON INVESTOR REACTION BASED ON GENDER PERSPECTIVE: AN EXPERIMENT STUDY

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This research investigates the framing effect on investor reaction in acquiring dividend information that is similar in content but displayed differently in bullish and bearish market condition based on gender perspective. Investor reaction is proxied by predicted stock price in future days. Theories assigned in this research are framing theory and prospect theory. Participants in this experimental study are senior students from a university in Yogyakarta. This research uses full factorial design 2 x 2 between-subject design in the form of information with positive and negative frames and bullish and bearish market condition. Test results show finding that does not support different reaction between male investor and female investor to dividend
information presented in either positive or negative frame. Next, the result leads to conclusion of framing effect on male investor in both bullish and bearish market condition. On the other hand, the results of female investor test show framing effect on female investor in bullish market condition. Nonetheless, the examination results in no effect of framing on female investors in bearish market condition.

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