Table 6 Themes of content analysis... | Emerald Publishing

Table 6

Themes of content analysis

Cluster	Themes	Sub-themes	Reference and citation
Cluster 1 (Red)	Stock market and personality traits	Stock market, stock holding, personality traits, investment, gender, financial crisis, empirical analysis and education	Van Rooij et al. (2012), Almenberg and Dreber (2015), Conlin et al. (2015), Sivaramakrishnan et al. (2017)
Cluster 2 (Green)	Stock market participation, risk tolerance and behavioural finance	Stock market participation, behavioural finance, risk tolerance, social interaction, risk aversion, investor behaviour, information and immigrants	Hong et al. (2004), Gomes et al. (2005), Guvenen (2006), Kaustia et al. (2023)
Cluster 3 (Blue)	Financial literacy and financial market participation	Financial literacy, financial market participation, household finance, digital divide, inequality and trust	Guiso et al. (2008), Van Rooij et al. (2011), Kaustia et al. (2023), Akhtar and Das (2020)
Cluster 4 (Yellow)	Portfolio choice and investments	Portfolio choices, investments, financial markets, limited participation, market participation and risk preference	Grinblatt et al. (2011), Lin et al. (2020)
Cluster 5 (Purple)	Financial market and financial system	Financial market, financial system, household survey, asset allocation and participatory approach	Dimmock et al. (2010), Raut et al. (2018)
Cluster 6 (Light Blue)	Individual investors and decision-making	Individual investors, decision-making, finance, household income, macroeconomics	Pagano et al. (1993), Li et al. (2020), Gomes et al. (2021)

Cluster	Themes	Sub-themes	Reference and citation
Cluster 1 (Red)	Stock market and personality traits	Stock market, stock holding, personality traits, investment, gender, financial crisis, empirical analysis and education	Van Rooij et al. (2012),Almenberg and Dreber (2015),Conlin et al. (2015),Sivaramakrishnan et al. (2017)
Cluster 2 (Green)	Stock market participation, risk tolerance and behavioural finance	Stock market participation, behavioural finance, risk tolerance, social interaction, risk aversion, investor behaviour, information and immigrants	Hong et al. (2004),Gomes et al. (2005),Guvenen (2006),Kaustia et al. (2023)
Cluster 3 (Blue)	Financial literacy and financial market participation	Financial literacy, financial market participation, household finance, digital divide, inequality and trust	Guiso et al. (2008),Van Rooij et al. (2011),Kaustia et al. (2023),Akhtar and Das (2020)
Cluster 4 (Yellow)	Portfolio choice and investments	Portfolio choices, investments, financial markets, limited participation, market participation and risk preference	Grinblatt et al. (2011),Lin et al. (2020)
Cluster 5 (Purple)	Financial market and financial system	Financial market, financial system, household survey, asset allocation and participatory approach	Dimmock et al. (2010),Raut et al. (2018)
Cluster 6 (Light Blue)	Individual investors and decision-making	Individual investors, decision-making, finance, household income, macroeconomics	Pagano et al. (1993),Li et al. (2020),Gomes et al. (2021)

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