SUMMARY
The objective of this study is to investigate the framing effect in the Brazilian corporate environment. Thus, this paper focuses on loss aversion related to different groups within organizations. Board members and executive officers are at first qualified, well prepared, and hold positions in which they are frequently called upon to decide, advise, or evaluate critical decisions. Interviews were held with executives, members of the Boards of Directors (henceforth simply board members) and Audit Committee members (henceforth AC members) from publicly traded companies listed on the São Paulo Stock Exchange (BM&FBovespa). The results suggest that the framing effect occurs differently among AC members and the other respondents. With respect to the loss, 30.28% of the board members opt to spend 8% or more, however only 22.02% would do the same to avoid reducing a profit, a drop of 8.26 percentage points. This research contributes towards the field of behavioral finance by demonstrating how the framing effect manifests even among a group of experts. The main findings of this study suggest the presence of the framing effect even among qualified professionals.