What Drives the Stock Market Participation (SMP) of an Individual Investor: A Bibliometric Analysis

Abstract

In the last two decades, multiple attempts have been made to solve the ‘stock market participation puzzle’. With the help of bibliometric analysis, we explore the various dimensions of the existing research on stock market participation (SMP). The results of this paper systematically synthesize the knowledge base and the intellectual structure of SMP. The article reveals the motivation for an individual to invest in the stock market. The study contributes by identifying the most influential authors, countries, journals and organizations that publish research on SMP. It also identifies the most impactful articles and performs a co-citation network analysis. The results indicate three broad clusters summarizing the extant literature on SMP: cognitive abilities and skills-based studies, risks appetite and asset allocation-based studies and social capital-based studies. The study findings are more relevant for researchers, policymakers, financial regulators and discount brokers.