Behavioral finance is now recognized as a significant subfield of finance, contradicting the conventional assumptions of investor rationality that form the foundation of classical economic theory. The purpose of this study is to investigate the systematic review and bibliometric analysis of behavioral finance, a relatively new field of study.
We extracted 454 documents from the Scopus database, one of the highly incredible sources for the period from 2000 to 2024. Then, we finally performed bibliometric analysis of a total of 175 articles. The Biblioshiny package in RStudio has been used to do bibliometric analysis. Additionally, VOSviewer software was employed to map relationships between authors, keywords, and resources through network mapping to conduct citation, co-citation and social network analysis.
The result shows there is substantial growth and increasing academic recognition in the field of behavioral finance. The United States leads research output and citation impact in behavioral finance, with 77 publications and 1,059 citations. India follows with 60 publications and 710 citations. The Journal of Economic Literature and the Journal of Finance are the top journals in this field, with 1,249 and 1,003 citations, respectively. The findings also highlight a notable rise in international collaborations and an increase in the average number of publications globally in behavioral finance.
The current study is a bibliometric analysis with few limitations. The dataset was sourced exclusively from the Scopus database. Future research could explore a more extensive bibliometric dataset for greater depth of analysis, a strong conceptual framework and emergent themes in the field of behavioral finance.
The present study provides valuable insights for scholars and industry professionals. Its research can potentially assist managers in identifying the most recent advancements in behavioral finance and elucidating how these developments influence effective investment decisions.
This study contributes to the expanding corpus of knowledge in behavioral finance by providing a comprehensive bibliometric analysis in this field, offering a novel perspective on the scholarly progress and evolving structure of research in behavioral finance.
