There is a plethora of research literature available on determinants of investor risk behavior in context of Western countries. Most of scholars who have studied individuals risky decisions making behavior found contradictory results. Negatively framed situation leads to risk seeking or taking behavior due to gambler fallacy while positively framed situation leads to risk aversion due to protecting prior gains (Kahneman & Tversky, 1979). However, several studies have contradiction with these results. The outcomes of an individuals prior risk seeking behavior leads to future risk behavior (Osborn & Jackson, 1988); (Thaler & Johnson, 1990). When individuals are threatened by losses (Negatively Framed Situation) then they become risk-averse (Staw, Sandelands & Dutton, 1981). Furthermore, it is also clear that Western context is different from Asian context. Asian cultures tend to based on collectivist paradigm and collectivity is characterized by values that reflect a tendency to prefer certain states of affairs over others (Hofstede, 1980). Tendencies to prefer certainty versus uncertainty and risk seeking versus risk avoidance may be cultural risk values (Douglas & Wildavsky, 1982). Literature has focused on nine key determinants of individuals risk behavior; characteristics of individual decision maker, characteristics of organizational context and characteristics of problem itself (Sitkin & Pablo, 1992). In this study one characteristic related to individual decision maker (Risk Perception) and one characteristic related to problem itself (Problem Framing) and last but not the least social influence are taken into consideration. Furthermore risk perception has mediating role while problem framing and social influence acting as independent variables. Problem framing means influencing humans judgments about a problem by framing it into positive or a negative ways or in terms of gains or losses. The usage of positive or negative framing has a considerable influence on information processing and how information is perceived and understood (Morris, Sheldon, Ames & Young, 2005). In context of Prospect Theory, Tversky and Kahneman (1986) documented that framing same information in positive or negative ways, may systematically affect the action of decision maker. The same finding in this line of research literature that an object is assessed more favorably when it is presented in a positive frame rather a negative frame in context of consumer research. For example, consumers assessments are more favorable towards a beef product labeled 75% lean rather one labeled 25% fat (Levin & Gaeth, 1988). Similar findings in this line of research in context of marketing, for example the use of pleasant music in a commercial can lead to a favorable image of product, although the music is irrelevant to the merits of the product (Gorn, 1982). This study attempts to address, unexplored area of Pakistan where investors risky decision making behavior is different from Western countries. The reason for this difference could be high gambler fallacy and behavioral biases in collectivist societies of Asian countries, particularly Pakistan. It has been said that collectivist societies cause individuals to be trapped more by behavioral biases (Kim & Nofsinger, 2008). People raised in Asian cultures trapped by behavioral biases more, than people raised in Western cultures (Yates et al. 1989). To authors best knowledge, despite interest of researchers on investors risk behavior in context of stock markets, the majority of studies conducted in Western countries, is limited in regions such as Pakistan. So it should be considered that how investor making risky decisions in collectivist societies particularly in Pakistan. The author of the view that study of investors risky decision making is important because, it helps in understanding how individual investor decisions making varies in different societies and what happens in financial markets. The importance of current study is encouraged by the statement of De Bondt , Mayoral and Vallelado (2013), who were of the view that behavioral biases (behavioral biases influence risk-seeking and risk-taking behavior) and social influence have received a great deal of attention and are extremely relevant topics to figure out what happens in financial markets. Furthermore, studies conducted in Western and some Asian countries cannot be generalized and may not necessarily have any application in context of Pakistan because of the difference in contextual paradigm (i.e. individualist v/s collectivist). Hence, an attempt is being made to find out the determinants and their influence on risky decision making behavior of investors regarding stock market in context of collectivist society of Pakistan.