The present study examined the relationship between social capital, local festival participation, and subjective well-being. Moreover, this study examined whether the effect of social capital on subjective well-being can be mediated by festival participation. In addition, it examined the decomposition effect of festival participation and control of models for demographic characteristics. Data used are from the International Comparative Survey on Lifestyle and Values (ICSLV) SWB South Korea Survey. The total number of respondents for the analysis is 1694. The findings indicate that trustful relationships with family and relatives, friends, and neighbors are considerably related to subjective well-being than structural social capital. Moreover, the trust of informal social ties shows considerable potential in facilitating individuals' local festival participation, which is associated with subjective well-being. Individuals who often participate in traditional local festivals in their communities show higher subjective well-being than those who never attend any festivals. Local festivals in communities can play an important role in strengthening links with individuals in these communities and affect community residents' well-being. Lastly, the findings can suggest beneficial theoretical and practical implications, and enrich the previous literature on social capital and festival participation.
Keywords: happiness; informal social ties; life satisfaction; local festival; social capital; subjective well-being.