A bibliometric visualization of behavioral biases in investment decision-making

Abstract

Purpose This study aims to conduct a bibliometric analysis to provide a comprehensive picture and identify future research directions to enrich the existing literature on behavioral biases. Design/methodology/approach The data set comprises 518 articles from the Web of Science database. Performance analysis is used to highlight the significant contributors (authors, institutions, countries and journals) and contributions (highly influential articles) in the field of behavioral biases. In addition, network analysis is used to delve into the conceptual and social structure of the research domain. Findings The current review has identified four major themes: “Influence of behavioral biases on investment decisions,” “Determinants of home bias,” “Impact of biases on stock market variables” and “Investors’ decision-making under uncertainty.” These themes reveal that a majority of studies have focused on equity markets, and research on other asset classes remains underexplored. Research limitations/implications This study extracted data from a single database (Web of Science) to ensure standardization of results. Consequently, future research could broaden the scope of the bibliometric review by incorporating multiple databases. Originality/value The novelty of this research is to provide valuable guidance by evaluating the existing literature and advancing the knowledge base on the conceptual and social structure of behavioral biases.