Robustness: Addressing Issues Related to Son-Preferring Fertility Stopping Rules
| Dependent variable | Stock-Market Participation | ||||||
|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | |
| First son (β1) | −0.235*** (0.068) | −0.387*** (0.104) | −0.515*** (0.154) | ||||
| Proportion of sons (β1) | −0.310*** (0.076) | −0.330*** (0.082) | |||||
| Having any son (β1) | −0.199*** (0.073) | −0.228*** (0.077) | |||||
| Sex ratio (β2) | −0.021 (0.180) | −0.188 (0.390) | −0.099 (0.309) | −0.098 (0.223) | −0.092 (0.222) | −0.176 (0.290) | −0.174 (0.288) |
| First son × sex ratio (β3) | 0.321** (0.161) | 0.657* (0.386) | 0.705* (0.403) | ||||
| Proportion of sons × sex ratio (β3) | 0.460** (0.232) | 0.455* (0.231) | |||||
| Having any son × sex ratio (β3) | 0.464* (0.280) | 0.462* (0.279) | |||||
| # children | −0.004 (0.006) | −0.007 (0.006) | −0.013 (0.009) | ||||
| First son × # children | 0.002 (0.009) | ||||||
| Proportion of sons * # children | 0.008 (0.012) | ||||||
| Having any son × # children | 0.013 (0.011) | ||||||
| Observations | 4,363 | 2,726 | 2,216 | 4,363 | 4,363 | 4,363 | 4,363 |
| R-squared | 0.271 | 0.236 | 0.246 | 0.264 | 0.264 | 0.210 | 0.210 |
| Other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Son × other controls | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Prefecture fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Son × prefecture fixed effects | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
↵Notes: Data on county-level sex ratios are from the 2010 China population census. Data on other variables are from the 2013 CHFS. Results are estimated using Equation 1 based on our sample of CHFS households. Column 2 includes one-child families. Column 3 includes one-child families with a child above the age of six. Other controls include various parental and household characteristics—both parents’ age, education, hukou, political status, and occupational dummies, plus age of the first child, region of residence, and ethnicity. Interactions of the first-son dummy with these variables as well as prefecture fixed effects are also controlled for. Regressions are weighted by CHFS sampling weights. Standard errors clustered at the county level are given in parentheses. *p<0.1, **p< 0.05, ***p<0.01.