“…For quite a long time, studies have been attempting to get a better understanding of stock market participation and the parameters impacting individual's decisions whether or not participate in the stock market (Heaton and Lucas, 2000;Seasholes and Zhu, 2010;Korniotis and Kumar, 2011;Barber and Odean, 2013;Sivaramakrishnan et al, 2017;Bamforth et al, 2018;Ponchio et al, 2019). Previous studies have identified several factors that shape participation in the stock market, including demographics, education, social capital, income level, IQ level, investment knowledge, optimistic beliefs, financial literacy, peer effects, financial self-efficacy, stock market experiences, herding, heuristics, and cultural factors (Hong et al, 2004;Campbell, 2006;Brown et al, 2008;Georgarakos and Pasini, 2011;Grinblatt et al, 2011;Hurd et al, 2011;Malmendier and Nagel, 2011;Van Rooij et al, 2011;Bonaparte and Kumar, 2013;Calvet and Sodini, 2014;Kengatharan and Kengatharan, 2014;Li, 2014;Arrondel et al, 2015;Balloch et al, 2015;Gao, 2015;Gao et al, 2019;Liivamägi et al, 2019;Zou and Deng, 2019).…”