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Academic Journal of Business & Management, 2026, 8(9); doi: 10.25236/AJBM.2026.080906.

A Study on How Social Networks Affect High-Risk Family Investments — Using the CGSS Database as a Sample

Author(s)

Zhixi Zhang, Xuejun Xu

Corresponding Author:
Xuejun Xu
Affiliation(s)

Business School, University of Shanghai for Science and Technology, Shanghai, China

Abstract

Using the 2023 CGSS data, this paper classifies household social networks into kinship-friendship ties and network centrality, and employs a binary logistic model to explore their impacts on household high-risk financial asset allocation. This study further conducts robustness checks, endogeneity mitigation, regional heterogeneity analysis and mediating effect tests. By systematically comparing the heterogeneous influences of diverse social relations from a multidimensional perspective, this paper establishes a streamlined analytical framework for household financial decision-making research.

Keywords

Social Network; Household High Risk Investment; Network Centrality

Cite This Paper

Zhixi Zhang, Xuejun Xu. A Study on How Social Networks Affect High-Risk Family Investments — Using the CGSS Database as a Sample. Academic Journal of Business & Management (2026), Vol. 8, Issue 9: 49-57. https://doi.org/10.25236/AJBM.2026.080906.

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