The association between physical exercise and the subjective well-being of older adults—the mediating role of three-dimensional capital

Overall, the study suggests that physical exercise is associated with the SWB of older adults through the joint roles of health, social, and psychological capitals, thereby extending the explanation of these associations from a single-capital pathway to a more comprehensive theoretical perspective grounded in three-dimensional capital. Accordingly, it is recommended that policies related to community support, health management, and psychological interventions be implemented to support pathways for older adults' participation in physical exercise that are linked to improved SWB in an aging society through the synergistic accumulation of multidimensional capitals.