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A Bibliometric Analysis on Investor Behavior Using Wosviever

Year 2025, Volume: 10 Issue: 1, 248 - 264, 30.06.2025

Abstract

The aim of this study is to identify trends and priorities for studies on investor behavior and to examine research institutions and publishing activities in this field. In the study, with the use of VOSviewer software, the studies in the Web of Science database with the terms “investor behavior” and “investor behaviour” in the title, abstract or keywords were analyzed. In this context, 1054 researches were analyzed in this study. The results show that the earliest study in this field dates back to 1983 and the number of studies in the field has increased since 2006. James Ming Chen is the researcher with the most publications in the field. The most cited country is the USA, the institution is Tilburg University and the journal is Journal of Banking & Finance. The prominent keywords are “investor behavior” and “investor behaviour” as well as “behavioral finance”, “covid-19” and “disposition effect”.

References

  • Ajit Yadav, A., & Chakraborty, A. (2023). “Relationship Between Investor Sentiment and Stock Returns: a Bibliometric Analysis Using Scopus Database.” Global Business and Economics Review, 28(1): 62-90. https://dx.doi.org/10.1504/GBER.2023.10046444
  • Akten Çürük, S., & Kaynar, Z. (2021). “Bibliometric Analysis of Islamic Finance Literature.” International Journal of Business & Economic Studies, 3(1): 27-42.
  • Alamsyah, M. I., Huda, M., & Pranata, R. M. (2023). “Herding as Behavior Investing: a Bibliometric Analysis.” Journal of Applied Accounting and Finance, 7(1): 28-39. http://dx.doi.org/10.33021/jaaf.v7i1.4141
  • Almeida, J, & Gonçalves, T. C. (2023). “A Systematic Literature Review of Investor Behavior in the Crypto Currency Markets.” Journal of Behavioral and Experimental Finance, 37: 1-18. https://doi.org/10.1016/j.jbef.2022.100785
  • Ansari, Y., Albarrak, M.S., Sherfudeen, N., & Aman, A. A. (2022). “Study of Financial Literacy of Investors—A Bibliometric Analysis.” International Journal of Financial Studies, 10(2): 1-36. https://doi.org/10.3390/ijfs10020036
  • Aouadi, A., Arouri, M., & Teulon, F. (2013). “Investor Attention and Stock Market Activity: Evidence From France.” Economic Modelling, 35: 674-681. https://doi.org/10.1016/j.econmod.2013.08.034
  • Bailey, W., Kumar, A., & Ng, D. (2011). “Behavioral Biases of Mutual Fund Investors.” Journal of Financial Economics, 102(1): 1-27. https://doi.org/10.1016/j.jfineco.2011.05.002
  • Barber, B. M., & Odean, T. (2008). “All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors.” The Review of Financial Studies, 21(2): 785-818. https://doi.org/10.1093/rfs/hhm079
  • Bi, S., Liu, Z., & Usman, K. (2017). “The Influence of Online Information on Investing Decisions of Reward-Based Crowdfunding.” Journal of Business Research, 71: 10-18. https://doi.org/10.1016/j.jbusres.2016.10.001
  • Bouyaddou, Y., & Jebabli, I (2025). “Integration of Investor Behavioral Perspective and Climate Change in Reinforcement Learning for Portfolio Optimization.” Research in International Business and Finance, 73: 1-13. https://doi.org/10.1016/j.ribaf.2024.102639
  • Broihanne, M. H., Merli, M., & Roger, P. (2014). “Overconfidence, Risk Perception and the Risk-Taking Behavior of Finance Professionals.” Finance Research Letters, 11(2): 64-73. https://doi.org/10.1016/j.frl.2013.11.002
  • Bulavinova, N., Burdenko, I., Lehenchuk, S., Tsaruk, I., & Ostapchuk, T. (2021). “Trends in Research of Responsible Investment in the Context of Sustainable Development: Bibliometric analysis.” Agricultural and Resource Economics: International Scientific E-Journal, 7(3): 179-199. http://dx.doi.org/10.22004/ag.econ.314171
  • Chang, C-H., & Lin, S-J. (2015). “The Effects of National Culture and Behavioral Pitfalls on Investors' Decision-Making: Herding Behavior in International Stock Markets.” International Review of Economics & Finance, 37: 380-392. https://doi.org/10.1016/j.iref.2014.12.010
  • Choijil, E., Méndez, C. E., Wong, W-K. Vieito, J. P., & Batmunkh, M-U. (2022). “Thirty Years of Herd Behavior in Financial Markets: A Bibliometric Analysis.” Research in International Business and Finance, 59: 1-13. https://doi.org/10.1016/j.ribaf.2021.101506
  • Costa, D. F., Carvalho, F. M., Moreira, B. C. M., & do Prado, J. W. (2017). “Bibliometric Analysis on the Association Between Behavioral Finance and Decision Making with Cognitive Biases such as Overconfidence, Anchoring Effect and Confirmation Bias.” Scientometrics ,111: 1775–1799. https://doi.org/10.1007/s11192-017-2371-5
  • Depren, Ö., Kartal, M. T., & Depren, S. K. (2018). “Borsalarda Oynaklık Üzerine Yayınlanmış Akademik Çalışmaların Bibliyometrik Analizi.” Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 2(6): 1-15.
  • Dhingra, B., Yadav, M., Saini, M., & Mittal, R. (2024). “A Bibliometric Visualization of Behavioral Biases in Investment Decision-Making.” Qualitative Research in Financial Markets, 16(3): 503-526. https://doi.org/10.1108/QRFM-05-2022-0081
  • Ding, L., Zhao, Z., & Wang, L. (2022). “A Bibliometric Review on Institutional Investor: Current Status, Development and Future Directions.” Management Decision, 60(3): 673-706. https://doi.org/10.1108/MD-09-2020-1302
  • Dirik, D., Eryılmaz, İ. ve Erhan, T. (2023). Post-truth kavramı üzerine yapılan çalışmaların VOSviewer ile bibliyometrik Analizi. Sosyal Mucit Academic Review, 4(2), 164-188. https://doi.org/10.54733/smar.1271369
  • Dubyna, M., Popelo, O., Kholiavko, N., Zhavoronok, A., Fedyshyn, M., & Yakushko, I. (2022). “Mapping the Literature on Financial Behavior: A Bibliometric Analysis Using the VOSviewer Program.” WSEAS Transactions on Business and Economics, 19: 231-246. https://doi.org/10.37394/23207.2022.19.22
  • Duranay, S., & Yağcılar, G. G. (2023). “Investigating Socially Responsible Investor Behavior Within the Scope of Theory of Planned Behavior.” Financing Regions Toward Sustainability in the Midst of Climate Change Risks and Uncertainty, IGI Global, 264-291.
  • Filip, A., Pochea, M., & Pece, A. (2015). “The Herding Behaviour of Investors in the CEE Stocks Markets.” Procedia Economics and Finance, 32: 307-315. https://doi.org/10.1016/S2212-5671(15)01397-0
  • Gao, J., Fan, C., Liu, T., Bai, X., Li, W., & Tan, H. (2025). “Embracing Market Dynamics in the Post-COVID Era: A Data-Driven Analysis of Investor Sentiment and Behavioral Characteristics in Stock Index Futures Returns.” Omega, 131. https://doi.org/10.1016/j.omega.2024.103193
  • Goetzmann, W. N., & Kumar, A. (2008). “Equity Portfolio Diversification.” Review of Finance, 12(3): 433–463. https://doi.org/10.1093/rof/rfn005
  • Goodell, J. W., Kumar, S., Li, X., Pattnaik, D., & Anuj Sharma, A. (2022). “Foundations and Research Clusters in Investor Attention: Evidence From Bibliometric and Topic Modelling Analysis.” International Review of Economics & Finance, 82: 511-529. https://doi.org/10.1016/j.iref.2022.06.020.
  • Glaser, M., Nöth, M., & Weber, M. (2003). “Behavioral Finance.” in Blackwell Handbook of Judgment and Decision Making, Derek J. Koehler and Nigel Harvey (eds.), Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
  • Glaser, M., & Weber, M. (2007). “Overconfidence and Trading Volume.” The Geneva Risk and Insurance Review, 32: 1-36. https://doi.org/10.1007/s10713-007-0003-3
  • Gunawan, A., Koto, V., Yusnandar, W., & Jufrizen, J. 2022. “Impact of Covid-19 Pandemic on the Financial Behavior.” Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(1): 300-321. https://doi.org/10.31538/iijse.v5i1.1849
  • Haroon, O., & Rizvi, S. A. R. (2020) COVID-19: Media Coverage and Financial Markets Behavior—A Sectoral Inquiry.” Journal of Behavioral and Experimental Finance, 27: 1-5. https://doi.org/10.1016/j.jbef.2020.100343
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  • Hoffmann, A. O. I., Post, T., & Pennings, J. M. E. (2013). “Individual Investor Perceptions and Behavior During the Financial Crisis.” Journal of Banking & Finance, 37(1): 60-74. https://doi.org/10.1016/j.jbankfin.2012.08.007
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Yatırımcı Davranışları Üzerine Wosviever ile Bibliyometrik Bir Analiz

Year 2025, Volume: 10 Issue: 1, 248 - 264, 30.06.2025

Abstract

Bu çalışmanın amacı, yatırımcı davranışları üzerine yapılmış çalışmaların eğilimleri ve önceliklerini belirlemek ve bu alandaki araştırma kurumlarını ve yayıncılık faaliyetlerini incelemektir. Çalışmada VOSviewer programı yardımıyla, Web of Science veri tabanında yer alan ve başlık, özet yahut anahtar kelimler kısmında “investor behavior” ve “investor behaviour” ifadeleri yer alan çalışmalar analize tabi tutulmuştur. Bu bağlamda çalışmada 1054 araştırmaya ulaşılmıştır. Elde edilen sonuçlar bu alanda yapılan en eski çalışmanın 1983 yılına ait olduğunu ve 2006 yılından itibaren alandaki çalışma sayısının arttığını göstermiştir. Alanda en çok yayın yapan araştırmacı James Ming Chen’dir. En çok atıf alan ülke ABD, kurum Tilburg University, dergi ise Journal of Banking & Finance’dir. Ön plana çıkan anahtar kelimeler “investor behavior” ve “investor behaviour” kelimelerinin yanısıra “behavioral finance”, “covid-19” ve “disposition effect”dir.

References

  • Ajit Yadav, A., & Chakraborty, A. (2023). “Relationship Between Investor Sentiment and Stock Returns: a Bibliometric Analysis Using Scopus Database.” Global Business and Economics Review, 28(1): 62-90. https://dx.doi.org/10.1504/GBER.2023.10046444
  • Akten Çürük, S., & Kaynar, Z. (2021). “Bibliometric Analysis of Islamic Finance Literature.” International Journal of Business & Economic Studies, 3(1): 27-42.
  • Alamsyah, M. I., Huda, M., & Pranata, R. M. (2023). “Herding as Behavior Investing: a Bibliometric Analysis.” Journal of Applied Accounting and Finance, 7(1): 28-39. http://dx.doi.org/10.33021/jaaf.v7i1.4141
  • Almeida, J, & Gonçalves, T. C. (2023). “A Systematic Literature Review of Investor Behavior in the Crypto Currency Markets.” Journal of Behavioral and Experimental Finance, 37: 1-18. https://doi.org/10.1016/j.jbef.2022.100785
  • Ansari, Y., Albarrak, M.S., Sherfudeen, N., & Aman, A. A. (2022). “Study of Financial Literacy of Investors—A Bibliometric Analysis.” International Journal of Financial Studies, 10(2): 1-36. https://doi.org/10.3390/ijfs10020036
  • Aouadi, A., Arouri, M., & Teulon, F. (2013). “Investor Attention and Stock Market Activity: Evidence From France.” Economic Modelling, 35: 674-681. https://doi.org/10.1016/j.econmod.2013.08.034
  • Bailey, W., Kumar, A., & Ng, D. (2011). “Behavioral Biases of Mutual Fund Investors.” Journal of Financial Economics, 102(1): 1-27. https://doi.org/10.1016/j.jfineco.2011.05.002
  • Barber, B. M., & Odean, T. (2008). “All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors.” The Review of Financial Studies, 21(2): 785-818. https://doi.org/10.1093/rfs/hhm079
  • Bi, S., Liu, Z., & Usman, K. (2017). “The Influence of Online Information on Investing Decisions of Reward-Based Crowdfunding.” Journal of Business Research, 71: 10-18. https://doi.org/10.1016/j.jbusres.2016.10.001
  • Bouyaddou, Y., & Jebabli, I (2025). “Integration of Investor Behavioral Perspective and Climate Change in Reinforcement Learning for Portfolio Optimization.” Research in International Business and Finance, 73: 1-13. https://doi.org/10.1016/j.ribaf.2024.102639
  • Broihanne, M. H., Merli, M., & Roger, P. (2014). “Overconfidence, Risk Perception and the Risk-Taking Behavior of Finance Professionals.” Finance Research Letters, 11(2): 64-73. https://doi.org/10.1016/j.frl.2013.11.002
  • Bulavinova, N., Burdenko, I., Lehenchuk, S., Tsaruk, I., & Ostapchuk, T. (2021). “Trends in Research of Responsible Investment in the Context of Sustainable Development: Bibliometric analysis.” Agricultural and Resource Economics: International Scientific E-Journal, 7(3): 179-199. http://dx.doi.org/10.22004/ag.econ.314171
  • Chang, C-H., & Lin, S-J. (2015). “The Effects of National Culture and Behavioral Pitfalls on Investors' Decision-Making: Herding Behavior in International Stock Markets.” International Review of Economics & Finance, 37: 380-392. https://doi.org/10.1016/j.iref.2014.12.010
  • Choijil, E., Méndez, C. E., Wong, W-K. Vieito, J. P., & Batmunkh, M-U. (2022). “Thirty Years of Herd Behavior in Financial Markets: A Bibliometric Analysis.” Research in International Business and Finance, 59: 1-13. https://doi.org/10.1016/j.ribaf.2021.101506
  • Costa, D. F., Carvalho, F. M., Moreira, B. C. M., & do Prado, J. W. (2017). “Bibliometric Analysis on the Association Between Behavioral Finance and Decision Making with Cognitive Biases such as Overconfidence, Anchoring Effect and Confirmation Bias.” Scientometrics ,111: 1775–1799. https://doi.org/10.1007/s11192-017-2371-5
  • Depren, Ö., Kartal, M. T., & Depren, S. K. (2018). “Borsalarda Oynaklık Üzerine Yayınlanmış Akademik Çalışmaların Bibliyometrik Analizi.” Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 2(6): 1-15.
  • Dhingra, B., Yadav, M., Saini, M., & Mittal, R. (2024). “A Bibliometric Visualization of Behavioral Biases in Investment Decision-Making.” Qualitative Research in Financial Markets, 16(3): 503-526. https://doi.org/10.1108/QRFM-05-2022-0081
  • Ding, L., Zhao, Z., & Wang, L. (2022). “A Bibliometric Review on Institutional Investor: Current Status, Development and Future Directions.” Management Decision, 60(3): 673-706. https://doi.org/10.1108/MD-09-2020-1302
  • Dirik, D., Eryılmaz, İ. ve Erhan, T. (2023). Post-truth kavramı üzerine yapılan çalışmaların VOSviewer ile bibliyometrik Analizi. Sosyal Mucit Academic Review, 4(2), 164-188. https://doi.org/10.54733/smar.1271369
  • Dubyna, M., Popelo, O., Kholiavko, N., Zhavoronok, A., Fedyshyn, M., & Yakushko, I. (2022). “Mapping the Literature on Financial Behavior: A Bibliometric Analysis Using the VOSviewer Program.” WSEAS Transactions on Business and Economics, 19: 231-246. https://doi.org/10.37394/23207.2022.19.22
  • Duranay, S., & Yağcılar, G. G. (2023). “Investigating Socially Responsible Investor Behavior Within the Scope of Theory of Planned Behavior.” Financing Regions Toward Sustainability in the Midst of Climate Change Risks and Uncertainty, IGI Global, 264-291.
  • Filip, A., Pochea, M., & Pece, A. (2015). “The Herding Behaviour of Investors in the CEE Stocks Markets.” Procedia Economics and Finance, 32: 307-315. https://doi.org/10.1016/S2212-5671(15)01397-0
  • Gao, J., Fan, C., Liu, T., Bai, X., Li, W., & Tan, H. (2025). “Embracing Market Dynamics in the Post-COVID Era: A Data-Driven Analysis of Investor Sentiment and Behavioral Characteristics in Stock Index Futures Returns.” Omega, 131. https://doi.org/10.1016/j.omega.2024.103193
  • Goetzmann, W. N., & Kumar, A. (2008). “Equity Portfolio Diversification.” Review of Finance, 12(3): 433–463. https://doi.org/10.1093/rof/rfn005
  • Goodell, J. W., Kumar, S., Li, X., Pattnaik, D., & Anuj Sharma, A. (2022). “Foundations and Research Clusters in Investor Attention: Evidence From Bibliometric and Topic Modelling Analysis.” International Review of Economics & Finance, 82: 511-529. https://doi.org/10.1016/j.iref.2022.06.020.
  • Glaser, M., Nöth, M., & Weber, M. (2003). “Behavioral Finance.” in Blackwell Handbook of Judgment and Decision Making, Derek J. Koehler and Nigel Harvey (eds.), Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
  • Glaser, M., & Weber, M. (2007). “Overconfidence and Trading Volume.” The Geneva Risk and Insurance Review, 32: 1-36. https://doi.org/10.1007/s10713-007-0003-3
  • Gunawan, A., Koto, V., Yusnandar, W., & Jufrizen, J. 2022. “Impact of Covid-19 Pandemic on the Financial Behavior.” Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(1): 300-321. https://doi.org/10.31538/iijse.v5i1.1849
  • Haroon, O., & Rizvi, S. A. R. (2020) COVID-19: Media Coverage and Financial Markets Behavior—A Sectoral Inquiry.” Journal of Behavioral and Experimental Finance, 27: 1-5. https://doi.org/10.1016/j.jbef.2020.100343
  • Hirshleifer, D. (2015). “Behavioral Finance.” Annual Review of Financial Economics, 7: 133-159. https://doi.org/10.1146/annurev-financial-092214-043752
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There are 64 citations in total.

Details

Primary Language Turkish
Subjects Behavioural Finance
Journal Section Research Article
Authors

Serhat Duranay 0000-0002-3090-2764

Early Pub Date May 27, 2025
Publication Date June 30, 2025
Submission Date October 5, 2024
Acceptance Date March 2, 2025
Published in Issue Year 2025 Volume: 10 Issue: 1

Cite

APA Duranay, S. (2025). Yatırımcı Davranışları Üzerine Wosviever ile Bibliyometrik Bir Analiz. JOEEP: Journal of Emerging Economies and Policy, 10(1), 248-264.

JOEEP is published as two issues per year June and December and all publication policies and processes are conducted according to the international standards. JOEEP accepts and publishes the research articles in the fields of economics, political economy, fiscal economics, applied economics, business economics, labour economics and econometrics. JOEEP, without depending on any institution or organization, is a non-profit journal that has an International Editorial Board specialist on their fields. All “Publication Process” and “Writing Guidelines” are explained in the related title and it is expected from authors to Show a complete match to the rules. JOEEP is an open Access journal.