Abstract
To help investors understand the profound impact of Taoism in society, this study systematically evaluates its impact on digital inclusive finance and its mechanisms. Based on theoretical analysis, this study makes an empirical analysis based on Chinese city-level data from 2011 to 2019, in which the core explanatory variable “Taoism” encompasses the Taoist places of religious activity in each city, and the explained variable “digital inclusive finance” is measured using the Peking University digital inclusive finance index. The results of this study show that (1) the Taoist concept of inaction requires people to put aside selfishness and prejudice, and treat others fairly, rationally, and leniently, which is conducive to the development of digital inclusive finance; (2) the dialectical wisdom of Taoism inspires positive psychological capital, which is conducive to digital and traditional technological innovations and the development of digital inclusive finance; and (3) further research indicates that Taoism encourages Chinese-listed enterprises to actively fulfill their social responsibilities by promoting the development of digital inclusive finance. This study can help global investors understand China’s traditional culture and capital markets and serve as the first step in exploring Taoist economics.
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