Religion is an individual and spiritual phenomenon, but it is not without collective, even economic implications. The effects of religion exert their impact on economy primarily through the link between individual religiosity and social capital, which encompasses both trust in others and a propensity for associations and volunteering. By nourishing social capital, religiosity therefore contributes to economic development and substitute for roles that the vast world of the third sector and the voluntary sector play in the declining welfare state. Through considering different levels of this relationship (individual, regional, and country level), this paper describes some implications for firm governance. Using data from 2014 to 2022 from the National Italian Institute of Statistics (ISTAT), this paper investigates the link between the degree of participation in religious life, on the one hand, and trust in others, active participation, or financial support for associations, on the other hand. The positive link between religious involvement and the aforementioned dimensions of social capital is confirmed, even when various areas of a country are considered, which are characterized by different levels of religious participation and social capital, as well as varying economic conditions, education, civil status, age, and gender.

The conceptual scheme underlying the present paper can be summarized as follows: religion influences social capital; social capital in turn, favors economic growth. The empirical analysis presented in this paper focuses on the first part of this chain: the relationship between religion and social capital. Religious attitude is measured by the frequency of attendance at places of worship; social capital is intended precisely in the double dimension of trust in others and participation, active or through financial support, to associations and organizations. We analyze Italian data at individual level over a nine-year period. We find a positive relationship between he frequency of attendance at places of worship and the considered manifestation of social capital. This relationship holds even controlling for several variables, like gender, age, education, geographival area, economic condition, marital status.