BEHAVIOURAL FINANCE AND INVESTOR PSYCHOLOGY IN CAPITAL MARKETS: A TWO-DECADE BIBLIOMETRIC REVIEW
DOI:
https://doi.org/10.29121/shodhkosh.v3.i1.2022.2874Keywords:
Behavioral Finance, Comparison Analysis, Research Evolution, Scientific MappingAbstract [English]
This study conducts a comprehensive bibliometric analysis of behavioral finance literature from 2000 to 2020 using data from the Scopus database. The analysis examines 970 documents from 390 sources, revealing an 18% annual growth rate in research output and significant academic impact with an average of 30.29 citations per document. The United States and China emerge as leading contributors with 324 and 314 publications respectively, demonstrating strong international collaboration patterns with 22.68% of publications involving cross-border partnerships. The analysis identifies key research clusters around market efficiency, investor psychology, and behavioral biases, with prominent authors like Hirshleifer D significantly influencing the field through highly cited works. Publication patterns show increasing interdisciplinary integration, with journals like Physica A and Journal of Behavioural Finance serving as primary outlets. The keyword co-occurrence analysis reveals evolving research themes from fundamental concepts to specialized applications, particularly in emerging markets and technological aspects of behavioral finance. Network visualization demonstrates strong collaborative ties among developed nations, while emerging economies show growing research contributions. These findings provide valuable insights into the development and current state of behavioral finance research, highlighting its evolution from theoretical foundations to practical applications in understanding market behavior and investment decisions.
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