The number of voters and gender distribution are shown in Table 2. It can be seen from the table that voter numbers gradually increased with the financial news website poll Center was established longer. Samples from 2006 averaged 4,000 individuals, increasing to 8,000 in 2007 and 10,000 in 2008.
Table 2 Number and gender of participants
NO Total Male Female M% F%
Q1 3,547 2,303 1,244 65 35
Q2 5,428 3,187 2,241 59 41
Q3 6,919 4,394 2,525 64 36
Q4 10,873 5,979 4,894 55 45
Q5 10,544 5,116 5,428 49 51
Q6 13,160 6,396 6,764 49 51
Q7 7,899 3,856 4,043 49 51
Q8 15,387 6,284 9,103 41 59
Q9 5,879 2,731 3,148 46 54
Q10 13,662 7,001 6,661 51 49
Q11 9,511 5,305 4,207 56 44
Q12 8,363 3,791 4,572 45 55
Cross-table analysis and Mann-Whitney testing with two independent samples were performed for questions individually. Cross-table results are as shown in Tables 3 – 14.
Chi-square (χ2) test and Mann-Whitney test results are organized in the format of Table 15 for convenience.
In the cross-table analysis for Table 3, the table for Question 1: “Following the political turbulence in September 2006, would you anticipate Taiwan’s stock market to rise or fall?” it can be seen that females are significantly higher than males in the pessimistic options, while males are significantly higher than females in the pessimistic options. Chi-square (χ2) test results showed significant differences (p<0.0001) in pessimism and optimism between males and females. The social mood of this question was pessimistic. It could be seen from the results of both pessimistic and optimistic options that females are more pessimistic than males. Mann-Whitney testing results also showed significant differences in pessimism and optimism between males and females (p<0.0001).
Table 3 Cross table of Question 1: “After the political turbulence in September 2006, would you anticipate Taiwan’s stock market to rise or fall?”
Cross table of Q1
-3 -2 -1 1 2 3 Total
M 645 373 190 220 341 534 2,303
M% 28.0% 16.2% 8.3% 9.6% 14.8% 23.2% 100.0%
F 370 342 136 118 138 140 1,244
F% 29.7% 27.5% 10.9% 9.5% 11.1% 11.3% 100.0%
Total 1,015 715 326 338 479 674 3,547
Total % 28.6% 20.2% 9.2% 9.5% 13.5% 19.0% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 4, the table for Question 2: “What do you think of the real estate business in 2007 as compared to 2006?”, it can be seen that the percentage of males who expected real estate to drop was higher than the percentage of females who expected the same; the proportion of females who believed that real estate would gain in price was higher than the proportion of males who believed the same.
Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p<0.0001). Expectations towards real estate were categorized as optimistic in terms of
greater than male optimism occurred, differing significantly from previous results that suggested that females are more pessimistic.
Table 4 Cross table of Question 2: “What do you think of the real estate business in 2007 as compared to 2006?”
Cross table of Q2
-2 -1 0 1 2 Total
M 510 807 419 1,127 324 3,187
M% 16.0% 25.3% 13.1% 35.4% 10.2% 100.0%
F 161 523 341 854 362 2,241
F% 7.2% 23.3% 15.2% 38.1% 16.2% 100.0%
Total 671 1,330 760 1,981 686 5,428
Total % 12.4% 24.5% 14.0% 36.5% 12.6% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 5, the table for Question 3: “Will Taiwan’s stock market break the 10,000-point threshold?” it can be seen that the hope of males that Taiwanese stocks would reach 10,000 points exceeded that of females. The proportion of females who believed that Taiwanese stocks would not reach 10,000 points exceeded that of males. Chi-square (χ2) test results and Mann-Whitney test results both
reached significant levels (p＜0.0001). The social mood of this question was categorized as optimistic, and results showed that males are more optimistic than females.
Table 5 Cross table of Question 3: “Will Taiwan’s stock market break the 10,000-point threshold?”
Cross Table of Q3
-2 -1 1 2 Total
M 847 2,199 768 580 4,394
M% 19.3% 50.0% 17.5% 13.2% 100.0%
F 1,073 797 386 269 2,525
F% 42.5% 31.6% 15.3% 10.7% 100.0%
Total 1,920 2,996 1,154 849 6,919
Total % 27.7% 43.3% 16.7% 12.3% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 6, the table for the Question 4: “Should the government liberalize investment to mainland China”, it can be seen that the percentage of males who favored investment in China exceeded that of females, while the proportion
levels (p＜0.0001). The social mood of this question was neutral, and the results showed that males are more optimistic than females.
Table 6 Cross table of Question 4: “Should the government liberalize investment to mainland China?”
Cross Table of Q4
-2 -1 1 2 Total
M 960 583 1,261 3,175 5,979
M% 16.1% 9.8% 21.1% 53.1% 100.0%
F 748 694 1,407 2,045 4,894
F% 15.3% 14.2% 28.7% 41.8% 100.0%
Total 1,708 1,277 2,668 5,220 10,873
Total % 15.7% 11.7% 24.5% 48.0% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 7, the table for Question 5: “After the presidential election, will you invest in Taiwanese stocks (or Taiwanese funds)?” it can be seen that the percentage of males who would choose to invest is higher than the corresponding percentage of females, while the percentage of females who choose not to invest is higher than the corresponding percentage of males; the percentage of females who did not know whether they would invest is also higher than the corresponding
percentage of males. Chi-square (χ2) test results and Mann-Whitney test results also reached significant levels (p＜0.0001). The social mood of this question was categorized as neutral, and results showed that females are more pessimistic than males.
Table 7 Cross table of Question 5: “After the presidential election, will you invest in Taiwanese stocks (or Taiwanese funds)?”
Cross Table of Q5
-1 0 1 Total
M 1,480 594 3,042 5,116
M% 28.9% 11.6% 59.5% 100.0%
F 1,704 1,035 2,689 5,428
F% 31.4% 19.1% 49.5% 100.0%
Total 3,184 1,629 5,731 10,544
Total % 30.2% 15.4% 54.4% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 8, the table for Question 6: “Do you want mainland investors to invest in Taiwan Stock Market?”, it can be seen that the percentage of males who wanted mainland investors to invest in Taiwan stocks was higher than the
Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜0.0001). The social mood of this question was optimistic, and the results showed that females are more pessimistic than males.
Table 8 Cross table of Question 6: “Do you want mainland investors to invest in Taiwan Stock Market?”
Cross Table of Q6
-1 0 1 2 Total
M 2,284 319 1,790 2,003 6,396
M% 35.7% 5.0% 28.0% 31.3% 100.0%
F 2,692 596 2,198 1,278 6,764
F% 39.8% 8.8% 32.5% 18.9% 100.0%
Total 4,976 915 3,988 3,281 13,160
Total % 37.8% 7.0% 30.3% 24.9% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 9, the table for Question 7: “With high inflationary pressure and steep falls in Taiwan Stock Market, what do you think?” it can be seen that a higher percentage of males than females selected the optimistic option,
“Excellent! There are cheap assets to scoop up.”; a higher percentage of females than males selected the pessimistic option, “This is terrible! Stocks are seriously stuck.”
Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜0.0001). The social mood of this question was pessimistic, and the results showed that females are more pessimistic than males.
Table 9 Cross table of Question 7: “With high inflationary pressure and steep falls in Taiwan Stock Market, what do you think?”
Cross Table of Q7
-1 0 1 Total
M 976 1,558 1,322 3,856
M% 25.3% 40.4% 34.3% 100.0%
F 1,095 2,073 875 4,043
F% 27.1% 51.3% 21.6% 100.0%
Total 2,071 3,631 2,197 7,899
Total % 26.2% 46.0% 27.8% 100.0%
Note. “M” denotes male, “F” denotes female;
In the cross-table analysis for Table 10, the table for Question 8: “Do you think the price of oil will rise to $200 per barrel before the end of the year?”, it can be seen that the percentage of females who selected the pessimistic option, that oil prices would exceed
exceed $200/barrel. In addition, a greater percentage of females than males selected the
“I don’t know” option. Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜0.0001). The social mood of this question was pessimistic, and the results showed that females are more pessimistic than males.
Table 10 Cross table of Question 8: “Do you think the price of oil will rise to $200 per barrel before the end of the year?”
Cross Table of Q8
-1 0 1 Total
M 3,294 1,202 1,788 6,284
M% 52.4% 19.1% 28.5% 100.0%
F 5,017 2,622 1,464 9,103
F% 55.1% 28.8% 16.1% 100.0%
Total 8,311 3,824 3,252 15,387
Total % 54.0% 24.9% 21.1% 100.0%
Note. “M” denotes male, “F” denotes female;
It can be seen from Table 11, the cross-table analysis for Question 9: “Are you worried that labor insurance finances are unstable and that you won’t be able to receive old age payments?”, that a greater percentage of females than males had chosen the option that they were worried that labor insurance finances were unstable and that they
wouldn’t be able to receive old age payments; the percentage of males who selected that they were not worried about labor finance instability was higher than the corresponding percentage of females. Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜0.0001). The social mood of this question was pessimistic, and the results showed that females are more pessimistic than males.
Table 11 Cross table of Question 9: “Are you worried that labor insurance finances are unstable and that you won’t be able to receive old age payments?”
Cross Table of Q9
-2 -1 0 1 Total
M 1,747 620 117 247 2,731
M% 64.0% 22.7% 4.3% 9.0% 100.0%
F 2,287 590 99 172 3,148
F% 72.6% 18.7% 3.1% 5.5% 100.0%
Total 4,034 1,210 216 419 5,879
Total % 68.6% 20.6% 3.7% 7.1% 100.0%
Note. “M” denotes male, “F” denotes female;
It can be seen from Table 12, the cross-table analysis for Question 10: “Do you
that the stock market disaster would follow in the footsteps of the global Great Depression. Conversely, the percentage of males who selected the optimistic option which suggested that it wouldn’t be the case was higher than the corresponding percentage of females. Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜0.0001). The social mood of this question was pessimistic, and the results showed that females are more pessimistic than males.
Table 12 Cross table of Question 10: “Do you believe that this stock market disaster will follow in the footsteps of the Great Depression in the 1930s?”
Cross Table of Q10
-1 0 1 Total
M 4,039 787 2,175 7,001
M% 57.7% 11.2% 31.1% 100.0%
F 4,016 1,101 1,544 6,661
F% 60.3% 16.5% 23.2% 100.0%
Total 8,055 1,888 3,719 13,662
Total % 59.0% 13.8% 27.2% 100.0%
Note. “M” denotes male, “F” denotes female;
It can be seen from Table 13, the cross-table analysis for Question 11: “Are you continuing to invest in stocks?”, that the percentage of males who would continue
investing in stocks was higher than the corresponding percentage of females. The percentage of females who selected the pessimistic option, that they would not continue to invest in stocks, was higher than the corresponding percentage of males. Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜
0.0001). The social mood of this question was pessimistic, and the results showed that females are more pessimistic than males.
Table 13 Cross table of Question 11: “Are you continuing to invest in stocks?”
Cross Table of Q11
-1 1 Total
M 2,891 2,413 5,304
M% 54.5% 45.5% 100.0%
F 2,614 1,593 4,207
F% 62.1% 37.9% 100.0%
Total 5,505 4,006 9,511
Total % 57.9% 42.1% 100.0%
Note. “M” denotes male, “F” denotes female;
It can be seen from Table 14, the cross-table analysis for Question 12: “Do you think
believed that gold price would continue to rise was lower than the corresponding percentage of females, while the percentage of males who selected the pessimistic option, that gold price would not continue to rise, was higher than the corresponding percentage of females. Chi-square (χ2) test results and Mann-Whitney test results both reached significant levels (p＜0.0001). The social mood of this question was optimistic, and the results showed that females are more optimistic than males.
Table 14 Cross table of Question 12: “Do you think that gold prices will continue to rise in the future?”
Cross Table of Q12
-1 1 Total
M 1,619 2,172 3,791
M% 42.7% 57.3% 100.0%
F 1,600 2,972 4,572
F% 35.0% 65.0% 100.0%
Total 3,219 5,144 8,363
Total % 38.5% 61.5% 100.0%
Note. “M” denotes male, “F” denotes female;
Table 15 compiles the test results of Tables 3 through 14 and arranges them according to social mood classification. As shown in Table 15, questions with pessimistic
social moods include the six questions of 1, 7, 8, 9, 10, and 11. In investigation questions with pessimistic social moods, aside from Question 7, overall respondent responses were pessimistic. More respondents answered neutrally to Question 7, in which males are shown to be more optimistic and females shown to be more pessimistic if neutral responses are discarded. Investigation questions of optimistic social mood include the four questions of 2, 3, 6, and 12. In the investigative questions with optimistic social moods, aside from Question 3, overall responses were optimistic. There were more pessimistic responses to Question 3, possibly because short-term gains in Taiwan Stock Market did not keep pace with global economic gains, causing respondents to have not yet modified their views on the stock market. Questions 4 and 5, classified as having neutral social moods, both contained positive messages; consequently, overall responses were generally optimistic. It can be seen from the above responses that social mood will indeed influence individual emotional response. In optimistic social moods, individuals will be influenced and exhibit optimistic attitudes; conversely, when the social mood is pessimistic, individuals are also influenced and exhibit predominantly pessimistic attitudes. These results are identical to the results of Nofsinger’s research (2005).
Table 15 Summaries of Test Result
SM
Pessimistic Optimistic Neutral χ2 Cramer's M-W Test
No. M% F% M% F% M% F% V Z-value
Note1. “M” denotes male, “F” denotes female;
Gender differences in economic topics all reached significant levels (p＜0.0001).
Under circumstances of pessimistic or neutral social moods, females appear to be more pessimistic than males, results consistent with the research conclusions of Jacobsen et al.
(2008). Under circumstances of optimistic social moods, gender differences in optimism are determined by investment targets – if investment targets are divided into stock and non-stock targets, females exhibit significant pessimism or optimism significantly less
than that of males under optimistic social moods on stock market-related topics (Questions 3 and 6); for investigative questions regarding non-stock investment targets such as gold or real estate (Questions 2 and 12), this study found that females are significantly more optimistic than males. This conclusion differs from previous research which stated that females are more pessimistic than males on financial topics.