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Rural cultural festivals and household cultural capital: evidence from the Chinese Farmers’ Harvest Festival

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  • Zhao, Ming
  • Li, Wei
  • Liu, Jinsong

Abstract

Rural cultural development has an increasing impact on rural financial, economic, and social progress. Using 2016–2020 China Family Panel Studies (CFPS) and provincial-level macroeconomic data, this study constructs a multidimensional fixed-effects model to empirically examine the impact of rural cultural festivals on household cultural capital accumulation and the mechanisms underlying this impact. The results indicate that rural cultural festivals have a significant positive effect on household cultural capital, primarily through increased household education expenditure and travel consumption. Additionally, credit constraints and nonhousing financial debt significantly negatively moderate the impact of cultural festivals on cultural capital. This study addresses an empirical gap in understanding the relationship between rural cultural festivals and the accumulation of cultural capital and provides a theoretical rationale for policymakers to promote rural cultural development and enhance farmers’ cultural capital.

Suggested Citation

  • Zhao, Ming & Li, Wei & Liu, Jinsong, 2026. "Rural cultural festivals and household cultural capital: evidence from the Chinese Farmers’ Harvest Festival," Finance Research Letters, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:finlet:v:98:y:2026:i:c:s1544612326003648
    DOI: 10.1016/j.frl.2026.109834
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