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.
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页数：22
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