Social Interaction and Stock Market Participation: Evidence from China

Table 2

Stock market participation rates in different groups.

	Nonsocial group	Social group	Mean test
Traditional social interaction
𝑋1	0.0061	0.0113	−3.5535***
𝑋2	0.0066	0.0138	−3.9716***
𝑋3	0.0071	0.0195	−4.4405***
𝑋4	0.0051	0.0485	−15.1545***
𝑋5	0.0075	0.0343	−4.5901***
𝑋6	0.0077	0.0404	−3.6625***
𝑋7	0.0078	0.0168	−1.0997
𝑋8	0.0076	0.0893	−6.8964***
Modern social interaction
𝑋9	0.0037	0.0124	−6.1509***
𝑋10	0.0020	0.0383	−19.3076***
𝑋11	0.0038	0.1603	−37.1654***

Note. The mean of 𝑌₁ equals 0.0079. The numbers with ***, **, and * are significant at 1%, 5%, and 10% level, respectively.