Mapping the Conceptual and Intellectual Structure of the Investor’s Financial Behaviour: A Bibliometric Analysis

Abstract

Examining the diverse roles played by various kinds of investors in the stock market is crucial, because of their differing behaviours while making investment decisions. This study reviewed the academic literature on investor behaviour to acquire insights into the current status, developments and significant gaps with the help of bibliometric analysis. The research methodology involved selecting articles from the Scopus database and conducting performance analysis using VOSviewer software for science mapping. The study retrieved 313 research articles using the PRISMA protocol. It identified influential articles, journals, authors and five major themes (inefficiency and bubbles in the stock market, technological advancement in the financial market, behavioural aspect in investment decisions, prospect theory and cognitive bias and stock trading behaviour), adding to the body of knowledge on investor behaviour. The findings also revealed that there has been a consistent rise in research in this area. In addition, scientific mapping techniques, such as bibliographic coupling, showed that the majority of the literature is focused on the connection between asset price models, behavioural biases, investor sentiment and portfolio choices. Finally, the research directions identified in this study could serve as a guide for future research.