Culture imprint and gambling preference: Evidence from individual investors' trading in the Chinese stock market

被引：1

作者：

Hao, Jing ^{[1
]}

Wang, Ziqiao ^{[2
]}

Zhang, Xiaotao ^{[2
]}

He, Feng ^{[3
]}

Chen, Xuehong ^{[2
]}

机构：

[1] Capital Univ Econ & Business, Sch Accounting, Beijing, Peoples R China

[2] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China

[3] Capital Univ Econ & Business, Sch Finance, Beijing, Peoples R China

来源：

EMERGING MARKETS REVIEW | 2024年 / 60卷

基金：

中国国家自然科学基金;

关键词：

Individual investors; Culture; Confucianism; Gambling preference; RELIGIOUS BELIEFS; CONFUCIANISM; RISK; ATTITUDES; ETHICS; RETURN;

D O I：

10.1016/j.ememar.2024.101136

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using the stock transaction records of individual investors from a large brokerage firm in China, we explore the impact of Confucian culture on the gambling preferences of individual investors. After a series of tests, we find a significant negative relationship between Confucianism and the lottery-type stock preference of individual investors, indicating that Confucian culture inhibits gambling preferences in stock investment. This effect is more pronounced for female investors, middle-aged investors and investors in regions with higher gambling sentiment. Investor risk preference mediates the relationship between Confucian culture and lottery-type stock preference.

引用

页数：22

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