Hidden costs of separation: Exploring the effect of left-behind experiences on financial market participation in China

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-06-13 DOI:10.1016/j.ememar.2025.101328

Chunkai Zhao , Runtao Wang , Boou Chen , Jingrong Li

引用次数: 0

Abstract

This study examines the effect of childhood left-behind experience (CLBE) on financial market participation in China. We find that the CLBE significantly reduces the likelihood of financial market participation, which is supported by several robustness checks. Mechanism tests show that this negative impact can be explained by human capital loss, earnings penalty effects, and financial accessibility. Further exploration indicates that the greater the CLBE intensity, the more pronounced the negative impact. Worse, the negative effect of CLBE is not eliminated by the subsequent return of parents, and the mitigation effects of digital development are limited.

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分离的隐性成本：探讨留守经历对中国金融市场参与的影响

本研究旨在探讨童年留守经历对中国金融市场参与的影响。我们发现CLBE显著降低了金融市场参与的可能性，这得到了几个鲁棒性检验的支持。机制检验表明，这种负面影响可以通过人力资本损失、收入惩罚效应和财务可及性来解释。进一步的研究表明，CLBE强度越大，负面影响越明显。更糟糕的是，父母的后续回归并不能消除CLBE的负面影响，数字化发展的缓解效果有限。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.