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Banking on the Confucian Clan: Why China Developed Financial Markets so Late

Citations

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Cited by:

  1. Ma, Yongfan & Hu, Xingcun, 2024. "Shadow banking and SME investment: Evidence from China's new asset management regulations," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 332-349.
  2. Fang, Guanfu & Gao, Tiantian & He, Huanlang & Sun, Qian, 2023. "Public credit information arrangements and entrepreneurship: Evidence from China," China Economic Review, Elsevier, vol. 81(C).
  3. Zhang, Mengzhi & He, Wenjian, 2025. "Encouraging or inhibiting: Can analyst attention reduce corporate greenwashing behavior?," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 943-962.
  4. Xue, Shengxi & Cao, Taiyun & Yu, Qianqian & Liu, Yuanyuan, 2024. "Clan culture and corporate cash holdings: Are private companies supported by informal institutions?," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
  5. Sascha O. Becker & Jared Rubin & Ludger Woessmann, 2024. "Religion and Growth," Journal of Economic Literature, American Economic Association, vol. 62(3), pages 1094-1142, September.
  6. Bian, Wenlong & She, Kexin & Wang, Xiangnan & Wang, Yuxiang, 2025. "Cultural persistence and economic change: the evolving role of Confucian clans in insurance development, 1936–2019," Finance Research Letters, Elsevier, vol. 86(PG).
  7. Yao Wang & Zhecong Zheng & Dawei Feng, 2025. "Historical Clans and Contemporary Human Capital," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 33(3), pages 234-270, May.
  8. Liu, Yulin & Ran, Wei, 2024. "The clan imprint within gender wage gap: Evidence from China," Journal of Asian Economics, Elsevier, vol. 95(C).
  9. Machielsen, Bas & Vicq de Cumptich, Amaury de, 2026. "Borders of Belief: Protestantism and Social Mobility," EconStor Preprints 342596, ZBW - Leibniz Information Centre for Economics.
  10. Cai, Yang & Li, Dongxu, 2024. "Modern banking development during natural disasters: Evidence from the early 20th century China," Journal of Empirical Finance, Elsevier, vol. 77(C).
  11. Kebin Deng & Zhong Ding & Xu Liu, 2023. "Clan loyalty and COVID‐19 diffusion: Evidence from China," Health Economics, John Wiley & Sons, Ltd., vol. 32(4), pages 910-938, April.
  12. Yu Hao & Yuxiang Wang, 2026. "Telegraph and capital market integration: Evidence from late imperial China," Economic History Review, Economic History Society, vol. 79(2), pages 781-810, May.
  13. Zhang, Yi & Deng, Chenchen & Liu, Chun & Wei, Yunyan, 2026. "Home ties, global trade: How clan culture shapes Chinese exports," Journal of Economic Behavior & Organization, Elsevier, vol. 243(C).
  14. Xie, Dongshui & Bai, Caiquan & Zhang, Yuwei, 2023. "Relation-based governance, financial crisis shock, and economic growth in China," Economic Modelling, Elsevier, vol. 129(C).
  15. Ziye Wu & Songfa Zhong, 2026. "Individualism-Collectivism and Risk Perception Around the World," Management Science, INFORMS, vol. 72(5), pages 4231-4246, May.
  16. Bao, Kangyun & Lu, Shenghua, 2024. "Judiciary-driven finance: Quasi-experimental evidence from specialized financial adjudication institutions in China," International Review of Law and Economics, Elsevier, vol. 80(C).
  17. Becker, Sascha O. & Panin, Amma & Pfaff, Steven & Rubin, Jared, 2025. "Religion and Economic Development: Past, Present, and Future," LIDAM Discussion Papers CORE 2025006, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  18. Zhang, Yan & Wang, Xiaoyang & Zhang, Wenwen, 2025. "The impacts of clan culture on private investment: Financing substitution and human capital accumulation," Journal of Asian Economics, Elsevier, vol. 97(C).
  19. Deng, Jiapin & Liu, Qiao & Yan, Se, 2025. "Fostering social capital: The long-term effects of Protestant activities on corporate tax avoidance in modern China," Journal of Economic Behavior & Organization, Elsevier, vol. 234(C).
  20. Wenge Zhu, 2024. "Market or clan: A comparative study of risk sharing institutional evolution in China and Europe," International Studies of Economics, John Wiley & Sons, vol. 19(2), pages 293-327, June.
  21. Zhang, Jier & Yin, Libo, 2026. "Conservatism and silence: The clan premium," Pacific-Basin Finance Journal, Elsevier, vol. 96(C).
  22. Zhiwu Chen & Zhan Lin & Kaixiang Peng, 2025. "Rise of the south: How Arab‐led maritime trade transformed China, 671–1371 CE," Asia-Pacific Economic History Review, John Wiley & Sons, vol. 65(1), pages 3-38, March.
  23. Xuefeng Hu & Wenlan Wang & Rong Xu & Fulong Xiao, 2024. "Keju tradition and major litigation cases: The persistent impact of Confucian norm standard," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(5), pages 4647-4673, December.
  24. Wubiao Zhou & Tuoqian Xu, 2024. "Democratic Governance, Kinship Networks, and Entrepreneurial Development: Evidence from Rural China," Entrepreneurship Theory and Practice, , vol. 48(2), pages 645-674, March.
  25. Lixia Wang & Haiyun Liu, 2024. "Included or Excluded? When Foreign Direct Investment Meets the Confucian Clan in China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 17232-17255, December.
  26. Wang, Jun & Ang, James B., 2025. "Cultivating equality: The effect of traditional farming practices on gender disparity in China," China Economic Review, Elsevier, vol. 93(C).
  27. Sun, Shutao & Wang, Chunchao & Yang, Fanzheng & Yu, Li, 2025. "Dual social identities, cross-cultural differences, and cooperation: Evidence from the One Country, Two Systems paradigm," China Economic Review, Elsevier, vol. 93(C).
  28. Wang, Xiaoyu & Long, Zhineng & Zhao, Xiangfang, 2024. "Merchant guild culture and cash holdings: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 94(C).
  29. Pengfei Fan & Ashok K. Mishra & Shuyi Feng & Min Su, 2025. "From informal farmland rental to market‐oriented transactions: Do China's Land Transfer Service Centers help?," Journal of Agricultural Economics, Wiley Blackwell, vol. 76(1), pages 74-97, February.
  30. Li, Yanjun & Bai, Yu & Nakabayashi, Masaki, 2025. "Land reform and illegal adoption of children," Journal of Comparative Economics, Elsevier, vol. 53(1), pages 182-208.
  31. Zhang, Lifang & Zhu, Jiusheng, 2024. "Can higher education improve egalitarian gender role attitudes? Evidence from China," China Economic Review, Elsevier, vol. 88(C).
  32. Feng, Chen & Bai, Caiquan & Kang, Yankun, 2023. "Historical social capital and contemporary private investment choices," Journal of Corporate Finance, Elsevier, vol. 79(C).
  33. Zhang, Haiyang & Wang, Lina & Song, Wenda, 2025. "Do multicultural barriers hinder fintech development? A pre-registered report," Pacific-Basin Finance Journal, Elsevier, vol. 94(C).
  34. Tan, Lin & Lu, Dong & Liu, Jiangtao, 2025. "Stay in hometown or go elsewhere: Clan culture and the cross-regional expansion of family firms," Pacific-Basin Finance Journal, Elsevier, vol. 92(C).
  35. Chen, Zhongfei & Jiang, Kangqi, 2024. "Digitalization and corporate investment efficiency: Evidence from China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
  36. Yang Cai & Sijie Hu & Shengmin Sun, 2024. "Confucianism and war mobilization: evidence from Chinese revolutions," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 18(2), pages 493-529, May.
  37. Cheng, Maoyong & Fan, Ziying & Feng, Chen & Tian, Binbin, 2024. "Cultural norms and tax compliance: Evidence from China," Journal of Economic Behavior & Organization, Elsevier, vol. 227(C).
  38. Fan, Haichao & Hu, Xingcun & Lin, Faqin & Liu, Mengxun, 2025. "Cultural origin and international trade," Journal of Economic Behavior & Organization, Elsevier, vol. 229(C).
  39. Zhao, Shuai & Hou, Linke, 2025. "Climbing the social ladder: Clans and intergenerational mobility in China," China Economic Review, Elsevier, vol. 94(PC).
  40. Du, Shuaishuai & He, Shijun & Huang, Guitian & Kong, Dongmin, 2024. "Financial development and money market integration in Qing China, 1800–1911," Finance Research Letters, Elsevier, vol. 63(C).
  41. Li, Xiuqing & Mao, Hui & Fang, Lan, 2024. "The impact of rural human capital on household energy consumption structure: Evidence from Shaanxi Province in China," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 8, pages 1-10.
  42. Wei Zou & Ruiqi Ma & Zhaojun Ma & Panpan Zheng, 2026. "How informal institutions matter: clan culture and fertility in China," Review of Economics of the Household, Springer, vol. 24(1), pages 17-59, March.
  43. Dan Zhou & Xue Li & Yao Yao & George S. Chen, 2025. "“If you build it, will they come?”—Did city commercial bank development shape the spatial evolution of foreign direct investment in China?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 74(2), pages 1-30, June.
  44. Quoc-Anh Do & Sebastian Ellingsen & Gedeon Lim, 2026. "Communities of Commerce: The Legacy of Chinese Immigration on Java," CESifo Working Paper Series 12893, CESifo.
  45. Yu Zhang & Wenqi Zhang & Bowen Cheng, 2024. "The curse of spanning over millennium: Confucian culture and corruption in China," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 32(2), pages 473-500, April.
  46. Israel Eruchimovitch & Moti Michaeli & Assaf Sarid, 2024. "On the coevolution of individualism and institutions," Journal of Economic Growth, Springer, vol. 29(3), pages 391-432, September.
  47. Xie, Jian & Yuan, Song, 2025. "The cultural origins of family firms," Journal of Comparative Economics, Elsevier, vol. 53(1), pages 1-24.
  48. Yongning Deng & Sipeng Zeng, 2025. "Does culture matter in corporate cash holdings?," International Review of Finance, International Review of Finance Ltd., vol. 25(1), March.
  49. Liang Tang & Tongwei Qiu & Biliang Luo, 2025. "The Moderating Effect of Informal Institutions: Clans and Straw Burning in China," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 69(3), pages 566-583, July.
  50. Lu, Kelin, 2025. "Silver spoons and scales of justice: The fairness preference over unequal intergenerational wealth transfers between Americans and Chinese," Journal of Economic Behavior & Organization, Elsevier, vol. 236(C).
  51. Ding, Congming & Chen, Zhiyuan & Ma, Qiucen, 2025. "Traditional clans and environmental governance: Evidence from China," World Development, Elsevier, vol. 185(C).
  52. Wang, Jun & Ang, James B., 2024. "Epidemics, disease control, and China’s long-term development," Journal of Comparative Economics, Elsevier, vol. 52(1), pages 93-112.
  53. Xinyu Ji & Zeyu Liu & Tingshao Zhu, 2026. "Clan ties, collective minds: the persistent impact of Chinese kinship structures on modern collectivism," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 13(1), pages 1-20, December.
  54. Baomin Dong & Bowen Cheng, 2024. "Neo‐Confucianism and the rise of science and technology in Medieval China," Economic History Review, Economic History Society, vol. 77(4), pages 1282-1313, November.
  55. Yadan Liu & Shaowei Zhang & Fengwen Chen & Yikang Mu, 2025. "Clan culture and digital transformation: Evidence from Chinese family firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 971-1008, March.
  56. Chen, Zhiwu & Lin, Zhan & Zhang, Xiaoming, 2024. "Hedging desperation: How kinship networks reduced cannibalism in historical China," Journal of Comparative Economics, Elsevier, vol. 52(2), pages 361-382.
  57. Goel, Anand M. & Ren, Hongju, 2026. "Impact of culture in peer-to-peer lending," Journal of Corporate Finance, Elsevier, vol. 96(C).
  58. Chen, Yanran & Lyu, Youji, 2025. "Grandchild care and grandparents’ labor supply," Economic Modelling, Elsevier, vol. 143(C).
  59. Kairui Cao & Weijie Jiang & Laiqun Jin & Yuanyuan Zhu, 2024. "Does Confucian culture reduce firms' pollution emissions," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 1838-1852, May.
  60. Wang, Xiangnan & She, Kexin & Bian, Wenlong, 2024. "Clan culture and participation in FinTech-based risk sharing," Pacific-Basin Finance Journal, Elsevier, vol. 83(C).
  61. Ziyu Liu & Binhui Wei & Jinhai Xu, 2026. "How institutional soil nourishes entrepreneurial seeds: natural experimental evidence from China’s IPR protection," Small Business Economics, Springer, vol. 67(1), pages 493-516, June.
  62. Huang, Feng & Ye, Haichun & Zhang, Jing, 2025. "Off the books, away from the market: Clan culture and female labor force participation," China Economic Review, Elsevier, vol. 89(C).
  63. Zhang, Dongyang & Guo, Yichen & Vigne, Samuel A., 2024. "Does family culture hamper corporate deceptive green behavior decision-making?," Journal of Economic Behavior & Organization, Elsevier, vol. 228(C).
  64. Wang, Zhenyu, 2025. "Place-based policies, financial friction, and city size: Evidence from China’s institutional opening-up," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 1522-1556.
  65. Ding, Haoyuan & Li, Chang & Lu, Xingyu & Wang, Huanhuan, 2025. "Clan culture and supply chain resilience in China," Journal of Economic Behavior & Organization, Elsevier, vol. 238(C).
  66. Qing He & Tianyu Yao & Liang Guo & Chi Zhang, 2025. "Clan culture and carbon emission intensity," International Review of Finance, International Review of Finance Ltd., vol. 25(3), September.
  67. Shuyuan Qin & Yongqiu Wu, 2026. "How Does Traditional Clan Culture Shape Trust in Local Government?," Journal of International Development, John Wiley & Sons, Ltd., vol. 38(4), pages 699-715, May.
  68. Wei Zou & Ruiqi Ma, 2024. "An Extended Family Perspective on Intergenerational Human Capital Transmission in China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 174(3), pages 1101-1139, September.
  69. Cai, Qingfeng & Li, Dongxu & Liu, Hao, 2025. "Gender minority: A non-pecuniary approach to political capital," Journal of Comparative Economics, Elsevier, vol. 53(3), pages 834-855.
  70. Ma, Qiucen & Chen, Zhiyuan & Ding, Congming, 2026. "Traditional clans and modern corporate ESG: Evidence from China," Economic Modelling, Elsevier, vol. 157(C).
  71. Li, Hongquan & Yang, Yang, 2025. "Can proximity to World Heritage Sites reduce corporate misconduct? Evidence from Chinese listed companies," Research in International Business and Finance, Elsevier, vol. 77(PB).
  72. Wenyi Lu & Siyuan Fan, 2024. "Drinking in despair: Unintended consequences of automation in China," Health Economics, John Wiley & Sons, Ltd., vol. 33(9), pages 2088-2104, September.
  73. Han, Jiajun & Zhang, Yuan, 2025. "Education and tolerance towards Homosexuality—Evidence from China," European Journal of Political Economy, Elsevier, vol. 87(C).
  74. Deng, Kebin & Ding, Zhong & Liu, Xu, 2026. "The clan-based investment hypothesis in household stock investment," Journal of Banking & Finance, Elsevier, vol. 183(C).
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