Demystifying Household Stock Market Participation: A Thematic Synthesis of Literature from 2015 to 2025

Blessings Zitta ( The School of Economics, Wuhan Textile University, China )

Amei Feng ( The School of Economics, Wuhan Textile University, China )

https://doi.org/10.37155/2972-4813-gep0304-9

Abstract

With respect to the financial system, household stock market participation (SMP) is a key determinant of wealth accumulation, financial stability, and economic growth. However, limited SMP has remained a puzzle for scholarly and policy efforts mainly in the emerging and developed economies; making the phenomenon a suitable area of research. Given an influx of studies on household SMP over the recent decade and a mix of research findings, the systematic review uses the PRISMA framework to identify and select 102 articles on household SMP research from 2015 to 2025. A thematic analysis of the articles highlights household SMP drivers, measurement strategies, mechanisms of influence, outcomes and how the overall phenomenon relates to six fundamental theories: asset pricing, behavioral finance, EMH, expected utility, portfolio choice and social capital. Moreover, by identifying the outstanding debates and research gaps, the review suggests future research directions in the field of household SMP.

Keywords

Household; Stock market participation; Financial system

Full Text

PDF

References

[1].Addoum, J. M., Delikouras, S., Ke, D., & Korniotis, G. M. (2024). Industry clusters and the geography of portfolio choice. Journal of Financial and Quantitative Analysis, 59(3), 1031-1063. https://doi.org/10.1017/S0022109023000236
[2].Addoum, J. M., Korniotis, G., & Kumar, A. (2017). Stature, Obesity, and Portfolio Choice. Management Science, 63(10), 3393-3413. https://doi.org/10.1287/mnsc.2016.2508
[3].Agarwal V, Aslan H, Huang L, Ren H. Political Uncertainty and Household Stock Market Participation. Journal of Financial and Quantitative Analysis. 2022;57(8):2899-2928. https://doi.org/10.1017/S0022109022000114
[4].Ampudia, M., & Ehrmann, M. (2017). Macroeconomic experiences and risk taking of euro area households. European Economic Review, 91, 146-156. https://doi.org/10.1016/j.euroecorev.2016.09.012
[5].Aoki, K., Michaelides, A., Nikolov, K., & Zhang, Y. X. (2025). Inflation, Money Demand, and Portfolio Choice. Management Science. https://doi.org/10.1287/mnsc.2022.02007
[6].Apergis, N., & Bouras, C. (2023). Household choices on investing in financial risky assets: Do national institutional factors have their own merit? International Journal of Finance & Economics, 28(1), 405-420. https://doi.org/10.1002/ijfe.2427
[7].Arrondel, L., & Coffinet, J. (2019). Household preferences and demand for stocks in the Crisis: France 2004-2014. Revue d'économie politique, 129(3), 391-417. http://dx.doi.org/10.3917/redp.293.0391
[8].Bacher, A. (2024). The gender investment gap over the life cycle. Review of Financial Studies. https://doi.org/10.1093/rfs/hhae068
[9].Badarinza, C., Balasubramaniam, V., & Ramadorai, T. (2019). The household finance landscape in emerging economies. In A. W. Lo & R. C. Merton (Eds.), Annual Review of Financial Economics, Vol 11 (Vol. 11, pp. 109-129). Annual Review of Financial Economics. https://doi.org/10.1146/annurev-financial-110118-123106
[10].Baker, M., & Wurgler, J. (2007). Investor sentiment in the stock market. Journal of Economic Perspectives, 21(2), 129–152. https://doi.org/10.1257/jep.21.2.129
[11].Balloch, A., Nicolae, A., & Philip, D. (2014). Stock market literacy, trust, and participation. European Finance Review, forthcoming. https://doi.org/10.1093/rof/rfu040
[12].Barasinska, N., & Schäfer, D. (2017). Gender role asymmetry and stock market participation – evidence from four European household surveys. The European Journal of Finance. https://doi.org/10.1080/1351847x.2017.1371622
[13].Beaubrun-Diant, K., & Maury, T.-P. (2016). Home tenure, stock market participation, and composition of the household portfolio. Journal of Housing Economics, 32(C), 1-17. https://doi.org/10.1016/j.jhe.2016.03.002
[14].Bhamra, H. S., & Uppal, R. (2019). Does household finance matter? Small financial errors with large social costs. American Economic Review, 109(3), 1116-1154. https://doi.org/10.1257/aer.20161076
[15].Bharath, S. T., & Cho, D. (2023). Do natural disaster experiences limit stock market participation? Journal of Financial and Quantitative Analysis, 58(1), 29-70. https://doi.org/10.1017/S0022109022000680
[16].Bonaparte, Y., Korniotis, G. M., Kumar, A., & Vosse, M. (2024). Inflation, monetary policy, and portfolio decisions of U.S. households. Management Science, 70(9), 6438-6460. https://doi.org/10.1287/mnsc.2023.02197
[17].Bonaparte, Y., Korniotis, G. M., Kumar, A.; , Michaelides, A., Zhang, Y. (2025) Stock Market Ownership Transitions. Management Science, 71(6),4977-5000. https://doi.org/10.1287/mnsc.2023.00290
[18].Briggs, J., Cesarini, D., Lindqvist, E., & Östling, R. (2021). Windfall gains and stock market participation. Journal of Financial Economics, 139(1), 57-83. https://doi.org/10.1016/j.jfineco.2020.07.014
[19].Broihanne, M. H. (2025). Intra-household self-confidence in subjective financial knowledge. International Journal of Bank Marketing, 43(7), 1389-1412. https://doi.org/10.1108/IJBM-10-2024-0625
[20].Brown, S., Ghosh, P., & Taylor, K. (2016). Household finances and social interaction: Bayesian analysis of household panel data. Review of Income and Wealth, 62(3), 467-488. https://doi.org/10.1111/roiw.12174
[21].Bu, D., Hanspal, T., & Liao, Y. (2022). Political corruption, trust, and household stock market participation. Journal of Banking & Finance, 136, 106442. https://doi.org/10.1016/j.jbankfin.2022.106442
[22].Bucciol, A., & Miniaci, R. (2015). Household portfolio risk. Review of Finance, 19(2), 739-783. https://doi.org/10.1093/rof/rfu002
[23].Cai, C. (2019). Nudging the financial market? A review of the nudge theory. Accounting & Finance, 60. https://doi.org/10.1111/acfi.12471
[24].Cardak, B. A., Martin, V. L., & McAllister, R. (2019). The effects of the Global Financial Crisis on the stock holding decisions of Australian households. The North American Journal of Economics and Finance, 50, 1-15. https://doi.org/10.1016/j.najef.2019.04.026
[25].Catherine, S. (2022). Countercyclical labor income risk and portfolio choices over the life cycle. The Review of Financial Studies, 35(9), 4016-4054. https://doi.org/10.2139/ssrn.2778892
[26].CEIBS Shanghai (2025, January 9). Top Business Journals: FT 50. CEIBS. Retrieved from https://ceibs.libguides.com/c.php?g=963339&p=7006421
[27].Chen, H., Zhao, M., Shen, Y., & Nie, J. (2024). Financial literacy among Chinese rural households and its impact on stock-market participation. China Finance and Economic Review, 12(2), 100475. https://doi.org/10.1016/j.cfer.2024.03.002
[28].Chen, X. R., Li, R. Y., & Wu, X. (2021). Multi-home ownership and household portfolio choice in urban China. Journal of Housing and the Built Environment, 36(1), 131-151. https://doi.org/10.1007/s10901-019-09713-8
[29].Cheng, Y.-F., Mutuc, E. B., Tsai, F.-S., Lu, K.-H., & Lin, C.-H. (2018). Social Capital and Stock Market Participation via Technologies: The Role of Households’ Risk Attitude and Cognitive Ability. Sustainability, 10(6), 1904. https://doi.org/10.3390/su10061904
[30].Czeller, V., Garcia, R., & Le Grand, F. (2025). Uncovering asset market participation from household consumption and income. Journal of Econometrics, 248, 105867. https://doi.org/10.1016/j.jeconom.2024.105867
[31].Dong, X., Cui, R., Bai, X., & Liu, K. (2024). Can digital inclusive finance reduce household poverty? Evidence from the China household finance survey. International Review of Economics and Finance, 64(1), 1-15. https://doi.org/10.1016/j.iref.2024.05.001
[32].Elkamhi, R., & Jo, C. (2023). Asset holders' consumption risk and tests of conditional CCAPM. Journal of Financial Economics, 148(3), 220-244. https://doi.org/10.1016/j.jfineco.2023.04.002
[33].Fagereng, A., Gottlieb, C. & Guiso, L. (2017). Asset Market Participation and Portfolio Choice over the Life-Cycle. The Journal of Finance. 72. https://doi.org/10.1111/jofi.12484
[34].Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383–417. https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
[35].Fang, Z., Liu, P., & Lee, C. (2025): Assessing the Effect of Digital Divide on Risky Financial Market Participation in China Via Household-Level Analysis, Emerging Markets Finance and Trade. https://doi.org/10.1080/1540496X.2025.2527765
[36].Felici, M., & Fuerst, F. (2023). The heterogeneous relationship of owner-occupied and investment property with household portfolio choice. Journal of Housing Economics, 62, 101964. https://doi.org/10.1016/j.jhe.2023.101964
[37].Fukuyama, F. (1996). Trust: The social virtues and the creation of prosperity. London: Penguin Books.
[38].Gan, H., Guo, M., Li, J., Niu, G., & Zhou, Y. (2025). Air pollution and household stock market participation. Journal of Banking & Finance, 172(C), 1-22. https://doi.org/10.1016/j.jbankfin.2025.107397
[39].Gan, X., Zhang, X., Ma, X., & Khalid, F. (2023). Impact of financial environment on household risk financial asset selection: A micro perspective. Review of Economics and Finance, 21(1), 137-145. https://doi.org/10.1016/j.iref.2023.01.009
[40].Gao, M. (2019). No pain, no gain? Household beliefs and stock market participation. Economics Letters, 181(C), 81-84. https://doi.org/10.1016/j.econlet.2019.05.001
[41].Gao, M., & Fok, R. (2015). Demographics, family/social interaction, and household finance. Economics Letters, 136, 194-196. https://doi.org/10.1016/j.econlet.2015.09.027
[42].Giannetti, M., & Wang, T. Y. (2015). Corporate scandals and household stock market participation. Journal of Finance, 70(3), 1185-1224. https://doi.org/10.1111/jofi.12399
[43].Giannetti, M., & Wang, T. Y. (2016). Ambiguity aversion and household portfolio choice puzzles: Empirical evidence. Journal of Financial Economics, 119(3), 558-574. https://doi.org/10.1016/j.jfineco.2016.01.003
[44].Gogolin, F., Dowling, M., & Cummins, M. (2017). Individual values and household finances. Applied Economics, 49(35), 3560-3578. https://doi.org/10.1080/00036846.2016.1262528
[45].Goldstein, A., & Knight, C. R. (2023). Boom, Bust, Repeat: Financial Market Participation and Cycles of Speculation. American Journal of Sociology, 128(5), 1430-1471. https://doi.org/10.1086/723953
[46].Gomes, F., Haliassos, M., & Ramadorai, T. (2021). Household Finance. Journal of Economic Literature, 59(3), 919-1000. https://doi.org/10.1257/jel.20201461
[47].Gu, R., Peng, C., & Zhang, W. L. (2024). The gender gap in household bargaining power: A revealed-preference approach. Review of Financial Studies. https://doi.org/10.1093/rfs/hhae039
[48].Guo, B. S., Guo, J. D. (2025). The digital divide and household risky financial investments in China. International Review of Economics & Finance, 104, 104565. https://doi.org/10.1016/j.iref.2025.104565
[49].Guo, C., Wang, X., & Yuan, G. (2022). Digital finance and the efficiency of household investment portfolios. Emerging Markets Finance and Trade, 58(10), 2895-2909. https://doi.org/10.1080/1540496X.2021.2013197
[50].Guo, N. J., Leung, C. K. Y., Zhang, S. M. (2025). From pandemics to portfolios: Long-term impacts of the 2009 H1N1 outbreak on household investment choices. Journal of Economic Behavior & Organization, 231, 106931. https://doi.org/10.1016/j.jebo.2025.106931
[51].He, H. (2022). Home equity and household portfolio choice: Evidence from China. Journal of Housing Economics, 59(C), 101795. https://doi.org/10.1016/j.iref.2018.12.014
[52].Huang, S. X., & Kim, M. (2023). Accounting quality and household stock market participation. Accounting Horizons, 37(1), 93-120. https://doi.org/10.2308/horizons-2020-126
[53].Huang, W., & Gooi, L.-M. (2023). Social support and household stock market participation. Economics Letters, 233(C), 111408. https://doi.org/10.1016/j.econlet.2023.111408
[54].Hwang, I. D. (2024). Behavioral aspects of household portfolio choice: Effects of loss aversion on life insurance uptake and savings. International Review of Economics & Finance, 89, 1029-1053. https://doi.org/10.1016/j.iref.2023.07.027
[55].Jia, D., Li, R., Bian, S., & Gan, C. (2021). Financial planning ability, risk perception and household portfolio choice. Emerging Markets Finance and Trade, 57(8), 2153–2175. https://doi.org/10.1080/1540496X.2019.1643319
[56].Jiang, F., Lowry, M., & Qian, Y. (2024). Local IPOs and household stock market participation. Review of Finance, 28(6), 1919-1952. http://dx.doi.org/10.2139/ssrn.3909980
[57].Jiang, M. M., Sun, R. R., & Zhang, B. (2022). Social networks and household financial decisions: evidence from China. Journal of Applied Economics, 25(1), 58-92. https://doi.org/10.1080/15140326.2021.2007725
[58].Jiang, Y. (2023). Digital financial inclusion and diversity of household financial asset allocation: Evidence from China. China Economic Review, 83(C), 102095. https://doi.org/10.1016/j.chieco.2023.102095
[59].Jing, P., Zhao, S. C., & Wang, M. L. (2025). From Savings to investments: How retirement consumption expectations shape household risky financial asset allocation. Pacific-Basin Finance Journal, 93, 102828. https://doi.org/10.1016/j.pacfin.2025.102828
[60].Ke, D. (2021). Who wears the pants? Gender identity norms and intrahousehold financial decision-making. Journal of Finance, 76(3), 1389-1425. https://doi.org/10.1111/jofi.13002
[61].Kim, H., Kim, K. T., & Han, S. H. (2021). Religious differences and households' investment decisions. Journal of Financial Research, 44(4), 753-788. https://doi.org/10.1111/jfir.12260
[62].Koijen, R. S. J., & Yogo, M. (2019). A demand system approach to asset pricing. Journal of Political Economy, 127(4), 1475-1515. https://doi.org/10.1086/701683
[63].Kotb, N., & Proaño, C. R. (2023). Capital-constrained loan creation, household stock market participation and monetary policy in a behavioural new Keynesian model. Journal of Economic Dynamics & Control, 145(3), 104256-104270. https://doi.org/10.1016/j.jedc.2023.104256
[64].Kuhnen, C. M., & Miu, A. C. (2017). Socioeconomic status and learning from financial information. Journal of Financial Economics, 124(2), 349-372. https://doi.org/10.1016/j.jfineco.2017.03.002
[65].Lan, J., Peng, Z., Pan, Y., & Liu, Y. (2024). Interest rate liberalization and household investment in China. International Review of Economics & Finance, 74(C), 1-15. https://doi.org/10.1016/j.iref.2024.103631
[66].Lee, K. (2023). Geopolitical risk and household stock market participation. Finance Research Letters, 51(C), 1-10. https://doi.org/10.1016/j.frl.2022.103328
[67].Lee, K., Jeon, Y., & Kim, I. (2020). Chinese economic policy uncertainty and U.S. households' portfolio decisions. Pacific-Basin Finance Journal, 64(C), 101440. https://doi.org/10.1016/j.pacfin.2020.101440
[68].Li, J. & Li, W. (2025). Retreating from risks: Household stock market participation in a protectionist era. Journal of Banking and Finance, 172,107392. https://doi.org/10.1016/j.jbankfin.2025.107392
[69].Li, J., Li, Q., & Wei, X. (2020). Financial literacy, household portfolio choice and investment return. Pacific-Basin Finance Journal, 62(C), 1-15. https://doi.org/10.1016/j.pacfin.2020.101370
[70].Li, L. (2022). Social interactions and Chinese households' participation in the risky financial market. Finance Research Letters, 49(C), 102200. https://doi.org/10.1016/j.frl.2022.103142
[71].Li, W. C., Song, C. C., Xu, S., & Yi, J. J. (2022). High sex ratios and household portfolio choice in China. Journal of Human Resources, 57(2), 465-490. https://doi.org/10.3368/jhr.57.2.1217-9245R2
[72].Li, X. Li, X. H., & Zhang, J. (2025). Digital Financial Capability and Efficiency of Household Financial Asset Portfolios: Evidence from China. Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-025-10039-7
[73].Li, Z., & Xu, X.-Z. (2024). House purchasing intention and household participation in the financial market: evidence from Chinese households. Journal of the Asia Pacific Economy, 29(2), 721-738. http://dx.doi.org/10.1080/13547860.2022.2041313
[74].Liao, K., Liu, Y., He, L., & Peng, G. (2025). Subjective financial literacy gap and household stock market participation. Applied Economics Letters, 1–5. https://doi.org/10.1080/13504851.2025.2547100
[75].Lin, L. (2020). Bank deposits and the stock market. The Review of Financial Studies, 33(6), 2622–2658. https://doi.org/10.1093/rfs/hhz078
[76].Lin, T. C., & Pursiainen, V. (2023). The disutility of stock market losses: Evidence from domestic violence. Review of Financial Studies, 36(4), 1703-1736. https://doi.org/10.1093/rfs/hhac049
[77].Liu, T. X., Yin, X. C., & Yan, Y. (2025). Household Financial Risk-Taking: Does Digital Infrastructure Matter? Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-025-10032-0
[78].Liu, Z., Li, K., & Zhang, T. (2023). Information diversity and household portfolio diversification. International Journal of Finance & Economics, 28(4), 3833-3845. https://doi.org/10.1002/ijfe.2622
[79].Luo, Z. Y., Azam, S. M. F., & Wang, L. X. (2023). Impact of financial literacy on household stock profit level in China. PLOS ONE, 18(12), e0296100. https://doi.org/10.1371/journal.pone.0296100
[80].Markowitz, H. M. (1991). Portfolio Selection: Efficient Diversification of Investments. Reprint. Cambridge, MA: Basil Blackwell. https://doi.org/10.1002/9780470563841
[81].Melcangi, D., & Sterk, V. (2024). Stock market participation, inequality, and monetary policy. Review of Economic Studies. https://doi.org/10.1093/restud/rdae068
[82].Moher, D. (2013). Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement. Annals of Internal Medicine. https://doi.org/10.7326/0003-4819-151-4-200908180-00135
[83].Moher, D., & Shamseer, L. (2021). PRISMA 2020 explanation and elaboration: updated guidelines for reporting systematic reviews. PubMed Central. https://pmc.ncbi.nlm.nih.gov/articles/PMC8005925/
[84].Munk, C. (2020). A mean-variance benchmark for household portfolios over the life cycle. Journal of Banking & Finance, 116, 105833. https://doi.org/10.1016/j.jbankfin.2020.105833
[85].Nargunam, R., & Anuradha, N. (2017). Market efficiency of gold exchange-traded funds in India. Financial Innovation, 3(1), 14. https://doi.org/10.1186/s40854-017-0064-y
[86].Otinga, N. K., Obi, P., & Mugo-Waweru, F. (2024). Stock market participation puzzle: a systematic review and bibliometric analysis. Cogent Business & Management, 11(1), 2396531-239. https://doi.org/10.1080/23311975.2024.2396531
[87].Peng, P., & Mao, H. (2022). The Effect of Digital Financial Inclusion on Relative Poverty Among Urban Households: A Case Study on China. Social Indicators Research, 165(2), 377-407. https://doi.org/10.1007/s11205-022-03019-z
[88].Pratt, J. W. (1964). Risk aversion in the small and in the large. Econometrica, 32, 122–136. https://doi.org/10.2307/1913738
[89].Rodini, L. (2023, February 7). What is the economic cycle? Stages & importance. TheStreet. https://www.thestreet.com/dictionary/economic-cycle
[90].Ross, S. A. (1976). The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13(3), 341–360. https://doi.org/10.1016/0022-0531(76)90046-6
[91].Saijo, H. (2019). Technology shocks and hours revisited: Evidence from household data. Review of Economic Dynamics, 31, 347-362. https://doi.org/10.1016/j.red.2018.09.002
[92].Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425–442. https://doi.org/10.1111/j.1540-6261.1964.tb02865.x
[93].Shi, G. F., Li, M., Shen, T. T., & Ma, Y. (2021). The Impact of Medical Insurance on Household Stock Market Participation: Evidence From China. Frontiers in Public Health, 9, 710896. https://doi.org/10.3389/fpubh.2021.710896
[94].Sias, R., Starks, L. T., & Turtle, H. J. (2023). The negativity bias and perceived return distributions: Evidence from a pandemic. Journal of Financial Economics, 147(3), 627-657. https://doi.org/10.1016/j.jfineco.2023.01.003
[95].Song, Y., Wu, W., & Zhou, G. (2020). Inequality of opportunity and household risky asset investment: Evidence from panel data in China. China Economic Review, 63(C), 101513. https://doi.org/10.1016/j.chieco.2020.101513
[96].Tischbirek, A. (2019). Long-term government debt and household portfolio composition. Quantitative Economics, 10(3), 1109-1151. https://doi.org/10.3982/QE836
[97].Tsang, A., & Yu, L. (2023). Socially responsible local firms and stock market participation: Evidence from the US household survey. Journal of Behavioral and Experimental Finance, 40, 100854. https://doi.org/10.1016/j.jbef.2023.100854
[98].Tsendsuren, S., Wong, W.-K., & Li, C.-S. (2024). Cognitive abilities and household financial portfolios in association with economic development and national health system: A cross-country analysis based on SHARE data. Acta Oeconomica, 74(3), 379-404. https://doi.org/10.1551/aoecon.2024.74.3.379
[99].Vestman, R. (2019). Limited stock market participation among renters and homeowners. The Review of Financial Studies, 32(4), 1494-1535. https://academic.oup.com/rfs/article-pdf/32/4/1494/28021872/hhy089.pdf
[100].Wang, J., Zhang, D. & Wang, Z. (2022). Digital finance, stock market participation and asset allocation of Chinese households. Applied Economics Letters. 30. 1-4. https://doi.org/10.1080/13504851.2022.2083556
[101].Wen, C., Zhao, X., Xu, L., & Yin, H. (2023). Military experience and household stock market participation: Evidence from China. International Review of Financial Analysis, 86(C), 102519. https://doi.org/10.1016/j.irfa.2023.102519
[102].Wen, X., Chen, Z. M., & Tani, M. (2025). Daughters, Savings and Household Finances. Journal of Behavioural and Experimental Economics, 117, 102395. https://doi.org/10.1016/j.socec.2025.102395
[103].Wu, X., Zhao, J. Risk sharing, siblings, and household equity investment: evidence from urban China. J Popul Econ 33, 461–482 (2020). https://doi.org/10.1007/s00148-019-00740-x
[104].Xie, Y., Tang, R., Pantelous, A. A., & Lu, X. (2024). Narrow framing and under-diversification: Empirical evidence from Chinese households. China Economic Review, 83(C), 102095. https://doi.org/10.1016/j.chieco.2023.102095
[105].Xu, S. L., Yang, Z., Ali, S. T., Li, Y. F., & Cui, J. W. (2022). Does financial literacy affect household financial behavior? The role of limited attention. Frontiers in Psychology, 13, 906153. https://doi.org/10.3389/fpsyg.2022.906153
[106].Xu, S., Alnafrah, I., & Dagestani, A. A. (2024). Cognitive ability and stock market participation: evidence from China. Kybernetes. https://doi.org/10.1108/K-07-2023-1296
[107].Xu, X. Z., Wang, J., & Li, Z. (2024). The impact of property tax expectations on household asset allocation. Buildings, 14(9), 2745. https://doi.org/10.3390/buildings14092745
[108].Xu, Y. (2024). Financial literacy and household investment performance: evidence from China. Journal of Financial Literacy, 1(1), 1-15. https://doi.org/10.1186/s40563-022-00202-4
[109].Xu, Z., Ma, J., Li, D., & Fu, W. (2022). Religious beliefs and stock market participation: Evidence from urban households in China. Research in International Business and Finance, 63(C). https://doi.org/10.1016/j.ribaf.2022.101795
[110].Yamori, N., & Ueyama, H. (2022). Financial Literacy and Low Stock Market Participation of Japanese Households. Finance Research Letters, 44, 102074. https://doi.org/10.1016/j.frl.2021.102074
[111].Zhang, L. (2020, October 20). The impact of the COVID-19 pandemic on global supply chains. Sohu. https://www.sohu.com/a/298930168_485176
[112].Zhao, F., & Xiao, Y. Z. (2023). Information searching from new media and households' investment in risky assets: New evidence from a quasi-natural experiment. Sustainability, 15(4), 3385. https://doi.org/10.3390/su15043385
[113].Zheng, W. Y., Li, B. Q., Huang, Z. Y., & Chen, L. (2022). Why was there more household stock market participation during the COVID-19 pandemic? Finance Research Letters, 46(B), 102481. https://doi.org/10.1016/j.frl.2021.102481
[114].Zhou, J. (2020). Household stock market participation during the great financial crisis. The Quarterly Review of Economics and Finance, 75, 265-275. https://doi.org/10.1016/J.QREF.2019.04.008
[115].Zhou, Z., Zhou, Y., & Zhou, Y. (2025). Does residential housing crowd out or promote households' stock investment? Evidence from China. Economics Letters, 250(C), 106468. http://dx.doi.org/10.1080/1540496X.2016.1199381
[116].Zou, Z., & Xu, X. Z. (2022). Financial literacy, housing value and household financial market participation: Evidence from urban China. Journal of Housing Economics, 59(C), 101795. https://doi.org/10.1016/j.chieco.2019.03.008

Copyright © 2025 Blessings Zitta, Amei Feng Creative Commons License Publishing time:2025-12-30
This work is licensed under a Creative Commons Attribution 4.0 International License