Does religious faith affect household financial market participation? Evidence from China

Yang Yang, Cheng Zhang and Yu Yan

Economic Modelling, 2019, vol. 83, issue C, 42-50

Abstract: Based on the 2013 China Household Finance Survey data, this paper investigates the impact of religious faith on household financial market participation and portfolio choice. The results show that religious faith can significantly promote household financial market participation. Besides, religious faith can increase the proportion of risky assets held by households, including equities. We also find that the need for social interaction and human capital accumulation can significantly induce religious residents to participate in financial markets and hold risky assets. Overall, our results reveal how faith affects household finance activities in China.

Keywords: Religious faith; Financial market participation; Portfolio choice; Household finance (search for similar items in EconPapers)
JEL-codes: D14 G11 Z12 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:83:y:2019:i:c:p:42-50

DOI: 10.1016/j.econmod.2019.10.023

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