The Effect of Fuel Price Increase Information Framing on Investment Decisions in Energy Sector Stocks: The Role of Risk Perception and Overconfidence

This study aims to examine the effect of fuel price increase information framing on investment decisions in energy sector stocks, with risk perception as a mediator and overconfidence as a moderator. The study employs an experimental research design, in which respondents were randomly assigned to one of three framing conditions. Data were analyzed using PROCESS Macro Model 7 in SPSS. The results indicate that 1) positive framing has a significant positive effect on investment decisions, while negative framing has no significant effect, 2) framing does not have significant effect on risk perception, 3) risk perception has a significant positive effect on investment decisions, 4) risk perception does not mediate framing and investment decisions, 5) overconfidence does not moderate the effect of framing on risk perception and 6) overconfidence does not moderate the indirect effect of framing on investment decisions through risk perception.