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Digital media information and household stock market participation: Evidence from China

Author

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  • Hao, Jing
  • Sun, Ran
  • Wang, Ziqiao

Abstract

This study examines the effect of digital media information on household stock market participation. Using data from the China Household Finance Survey (CHFS) project, we find that households exposed to more digital media information of local listed firms are more likely to participate in the stock market. Further analysis reveals that this effect is primarily driven by positive digital media information. Moreover, the effect is more pronounced among households with greater risk tolerance, higher education levels, stronger social security protections, and more developed local legal institutions. These findings enrich the existing literature on the role of digital information in household asset allocation decisions.

Suggested Citation

  • Hao, Jing & Sun, Ran & Wang, Ziqiao, 2026. "Digital media information and household stock market participation: Evidence from China," Finance Research Letters, Elsevier, vol. 93(C).
    • Handle: RePEc:eee:finlet:v:93:y:2026:i:c:s1544612326001352
    DOI: 10.1016/j.frl.2026.109604
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    References listed on IDEAS

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