Global Research Frontiers and Thematic Evolution in Behavioural Finance: A Bibliometric Review
Abstract
Behavioural finance integrates psychological perspectives to explain financial decision-making and market anomalies. This study conducts a bibliometric analysis of 1,078 Scopus-indexed publications from 1996 to 2025 using PRISMA procedures and VOSviewer mapping. Results show a steady increase in global research, led by the United States, the United Kingdom, India, Germany, and China. The most influential themes include investor sentiment, financial literacy, overconfidence, herding behaviour, prospect theory, and behavioural biases. Collaboration networks reveal increasing international co-authorship and shifting research interests from traditional theories toward technology-integrated approaches. Emerging gaps include limited research on behavioural accounting, digital finance, and AI-driven decision-making. This study contributes to the literature by identifying thematic evolution, key authors, dominant institutions, and future research directions in behavioural finance. Moreover, the analysis identifies underexplored topics, including the interplay between technological advancements and psychological determinants in investment decisions, as well as behavioural accounting.
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DOI: https://doi.org/10.17509/jrak.v13i3.92138
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