Behavioral finance: a four-decade bibliometric exploration
V.M. Vijay Kumar et al.
What the paper says
Purpose This study provides a comprehensive scientometric analysis of publication trends and thematic evolution in behavioral finance, spanning four decades (1984–2024). It aims to map the intellectual structure, identify key thematic shifts and analyze the impact of 7,053 Scopus-indexed journal articles. Design/methodology/approach A comprehensive bibliometric analysis was conducted using RStudio (bibliometrix) and VOSviewer. The methodology analyzed publication volume, citation impact, co-citation networks and co-word mapping to objectively visualize the field's performance, influential entities and conceptual clusters. Findings The analysis reveals an exponential growth in the number of publications and a corresponding increase in citation impact over the period. A significant finding is an interdisciplinary shift, evidenced by the high volume of research published in sustainability-oriented outlets such as the Journal of Cleaner Production, as well as by the emergence of financial literacy as a central theme. Traditional core areas, including decision-making, risk assessment and overconfidence, remain foundational. Research limitations/implications The study is limited to Scopus-indexed journal articles. It provides a foundation for future qualitative studies on influential themes and proposes new quantitative research avenues in algorithmic behavioral finance and cross-cultural biases. Practical implications The findings guide policymakers and practitioners in designing behaviorally informed interventions, such as using nudge theory to enhance investor protection and developing tailored financial education programs. Social implications Potential outcomes include improved financial decision-making, greater financial literacy and the promotion of responsible investment practices. Originality/value This study offers a data-driven, comprehensive roadmap of the field by defining its intellectual core and providing a unique analytical explanation for the rise of sustainable behavioral finance in the academic literature, thereby challenging conventional assumptions about research outlets.
Evidence weight
Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40
| F · citation impact | 0.50 × 0.4 = 0.20 |
| M · momentum | 0.50 × 0.15 = 0.07 |
| V · venue signal | 0.50 × 0.05 = 0.03 |
| R · text relevance † | 0.50 × 0.4 = 0.20 |
† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.