Social support and household stock market participation

Abstract

This study investigates the relationship between social support and stock market participation using data from the China Household Finance Survey (CHFS). Both intangible and tangible dimensions of social support are explored to examine their impact on stock market participation decisions. The empirical findings demonstrate that both support dimensions (i.e., intangible and tangible) would positively influence stock market participation, and intangible support has a greater impact as compared to tangible support. Moreover, this paper offers physical health and mental happiness to explain the mechanisms of social support.