Social Interaction and Stock Market Participation: Evidence from China

Table 3

The activeness of stock market participation in different groups.

	Nonsocial group	Social group	Mean test
Traditional social interaction
𝑋1	0.0036	0.0088	−4.2248***
𝑋2	0.0041	0.0114	−4.8238***
𝑋3	0.0044	0.0195	−6.4936***
𝑋4	0.0034	0.0356	13.5532***
𝑋5	0.0048	0.0472	8.7514***
𝑋6	0.0052	0.0404	−4.7464***
𝑋7	0.0056	0.0168	−1.6916*
𝑋8	0.0049	0.1607	15.9479***
Modern social interaction
𝑋9	0.0021	0.0090	−5.8833***
𝑋10	0.0011	0.0275	−16.8022***
𝑋11	0.0015	0.1507	−43.2711***

Note. The mean of 𝑌₂ equals 0.0054. The numbers with ***, **, and * are significant at 1%, 5%, and 10% level, respectively.