Table 5 Social interaction and stock...

Table 5

Social interaction and stock market participation

	Stock market participation
	1	2	3
Sociability	0.0051 (0.0064)	−0.01025 (0.0131)	0.0365** (0.0188)
Education (primary)
Secondary	0.0026 (0.0090)	0.0066 (0.0086)	0.0241* (0.0113)
Certificate/diploma	−0.0091 (0.0115)	0.0085 (0.0118)	0.0145 (0.0145)
Undergraduate	0.0291** (0.0171)	0.0610*** (0.0209)	−0.0373 (0.0240)
Postgraduate	0.0468*** (0.0179)	0.02045 (0.0208)	0.0462 (0.0282)
Other	−0.0256 (0.0081)	0.0021 (0.0312)	−0.0201 (0.0365)
Race (Black Africans)
Coloured	0.0093 (0.0081)	0.0122 (0.0081)	−0.0121 (0.0093)
Asian/Indians	0.0681*** (0.0024)	0.1013*** (0.0308)	0.0381 (0.0608)
Whites	0.0304*** (0.0132)	0.0197 (0.0251)	0.0039 (0.0252)
Net income	0.0000*** (0.0000)	0.0000 (0.0000)	0.0000*** (0.0000)
Age	0.0003 (0.0002)	0.0004 (0.0003)	−0.0003 (0.0003)
Risk tolerant indicator	0.0088 (0.0056)	0.0065 (0.0056)	0.0037 (0.0067)
Depressed indicator	0.00301 (0.0055)	0.0010 (0.0056)	0.0030 (0.0068)
Low tech indicator	−0.0016 (0.0071)	0.0038 (0.0074)	−0.0105 (0.0079)
Intercept	0.9675 (0.0163)	0.9708 (0.0171)	1.0197 (0.0000)
Multiple R-squared	0.1164	0.0420	0.0738
Adjusted R-squared	0.1088	0.0275	0.0610

	Stock market participation
	1	2	3
Sociability	0.0051 (0.0064)	−0.01025 (0.0131)	0.0365** (0.0188)
Education (primary)
Secondary	0.0026 (0.0090)	0.0066 (0.0086)	0.0241* (0.0113)
Certificate/diploma	−0.0091 (0.0115)	0.0085 (0.0118)	0.0145 (0.0145)
Undergraduate	0.0291** (0.0171)	0.0610*** (0.0209)	−0.0373 (0.0240)
Postgraduate	0.0468*** (0.0179)	0.02045 (0.0208)	0.0462 (0.0282)
Other	−0.0256 (0.0081)	0.0021 (0.0312)	−0.0201 (0.0365)
Race (Black Africans)
Coloured	0.0093 (0.0081)	0.0122 (0.0081)	−0.0121 (0.0093)
Asian/Indians	0.0681*** (0.0024)	0.1013*** (0.0308)	0.0381 (0.0608)
Whites	0.0304*** (0.0132)	0.0197 (0.0251)	0.0039 (0.0252)
Net income	0.0000*** (0.0000)	0.0000 (0.0000)	0.0000*** (0.0000)
Age	0.0003 (0.0002)	0.0004 (0.0003)	−0.0003 (0.0003)
Risk tolerant indicator	0.0088 (0.0056)	0.0065 (0.0056)	0.0037 (0.0067)
Depressed indicator	0.00301 (0.0055)	0.0010 (0.0056)	0.0030 (0.0068)
Low tech indicator	−0.0016 (0.0071)	0.0038 (0.0074)	−0.0105 (0.0079)
Intercept	0.9675 (0.0163)	0.9708 (0.0171)	1.0197 (0.0000)
Multiple R-squared	0.1164	0.0420	0.0738
Adjusted R-squared	0.1088	0.0275	0.0610

Note(s): In models 1, 2 and 3, the sociability indicator is Stokvel, women's association and men's association, respectively. Models 1 and 2 are based on a subsample that consists of women only since these two proxies of social interaction are mostly associated with women. Model 3 is based on a subsample consisting of men only since they are most likely to be members of a men's association. Standard errors are shown in parentheses. *** and ** show statistical significance at the 1 and 5% levels of significance, respectively

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