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The Clan-based Investment Hypothesis in Household Stock Investment
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DOI：10.1016/j.jbankfin.2025.107620.png)
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Abstract
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This paper proposes a clan-based investment hypothesis regarding household stock investment, specifically emphasizing the role of Confucian clan culture in deterring both the probability of stock investment participation and the stock investment ratio in China. Our findings reveal that households strongly influenced by Confucian clan culture are 17.6% less likely to participate in stock investment and exhibit an 11.8% lower ratio of stock investment to bank deposits, compared to other households. Moreover, we document that households dominated by Confucian clan culture are more likely to receive informal financial support for real estate investment, further reducing their participation in the stock market. These results suggest that clan-based investment opportunities play a significant role in discouraging household participation in stock investment.
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