Overtime Work and "the Mystery of Limited Participation" in the Household Risky Financial Market

MA Guorui; GUO Borui; CHANG Jinxiong

Volume 41 Issue 2

Mar. 2026

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2026 > 41(2): 60-74

MA Guorui, GUO Borui, CHANG Jinxiong. Overtime Work and 'the Mystery of Limited Participation' in the Household Risky Financial Market[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(2): 60-74.

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MA Guorui, GUO Borui, CHANG Jinxiong. Overtime Work and "the Mystery of Limited Participation" in the Household Risky Financial Market[J]. Journal of Guangdong University of Finance & Economics, 2026, 41(2): 60-74.

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Overtime Work and "the Mystery of Limited Participation" in the Household Risky Financial Market

1.
School of Economics, Shanghai University of Finance and Economics, Shanghai, 200433
2.
School of Finance, Renmin University of China, Beijing 100872, China

Received Date: 2025-10-29
Available Online: 2026-05-15
Publish Date: 2026-03-28

Abstract

Abstract

The "mystery of limited participation" in the household risky financial market attracts much attention, and overtime work offers a new perspective to explain this phenomenon. Using panel data from the CHFS from 2011 to 2019, this study examines the impact of overtime work on household decision-making regarding participation in risky financial market. The findings reveal that for every additional 10 hours of overtime work per month, the probability of household participation in risky financial market decreases by an average of 2.1%, and the proportion of household investment in risky financial assets decreases by an average of 0.5%. This effect is more significant in households with young heads, those lacking housing, and those located in regions with lower financial development levels. Overtime work primarily reduces household participation in risky financial market and the proportion of household investment in risky financial assets by the mechanisms of risk aversion, health depletion, and limited attention. This paper reveals the new key factors of "the mystery of limited participation" in the household risky financial market in China, and provides policy references for optimizing the labor hours system and enhancing household financial participation.
- overtime work,
- participation in risky financial market,
- mystery of limited participation,
- proportion of risky financial assets

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References(40)

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