• Journal of Venture Innovation
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• v.1 no.2
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• pp.47-59
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• 2018

With the recent, rapid changes in the socio-economic environment, organizations of today are now required to present a framework of realistic consumer behaviors based on psychology, economy, and finance, in order to understand their investing customers. Stock investors show differences in terms of their decisions or evaluations in the process of investing. This is due to what is called the 'framing effect.' The decision frames of the investors are defined differently, and, as a result, this affects the decisions made by the investors. Preceding studies on stock investment rarely touched the topic of the effect of message framing on market participants in their stock investment, especially regarding the differences in terms of their risk management behaviors based on the message framing in stock investment. Therefore, the purpose of this study is to examine the influence of stock investment message framing on market participants in their investment decision making and empirically validate whether this message framing effect has a moderating effect on the factors of investment satisfaction. For this, 494 participants with stock investment experiences were interviewed from May 1 to 26, 2018, and the results were used as the data for the empirical analysis. The analysis of the data was conducted using SPSS 22.0 statistical analysis software. The results of this study were as follows; First, of the stock investment behavioral factors, the stock comprehension, recommendation by others for a stock, and the degree of risks of a stock affected stock investment satisfaction in a positive manner. And, of the behavioral factors of stock investment, stock comprehension, stock brand, recommendation on the stocks from others, past performances, and risk levels of stocks affected the intent of continued stock investment in a positive manner. Second, message framing turned out to affect stock investment satisfaction in a positive manner, and it also had a significant moderating effect to the relationship between the stock investment behavior and stock investment satisfaction. Third, message framing was found to affect continued stock investment intent significantly, with a significant moderating effect in the relationship between stock investment behavioral factor and continued stock investment intent.