BEHAVIORAL FINANCE IN EMERGING MARKETS: TRENDS, GAPS, AND COLLABORATIONS THROUGH

Year 2025, Volume: 5 Issue: 1, 15 - 32, 30.06.2025

Tuğçe Metin

Abstract

This study presents a bibliometric analysis of the behavioral finance literature in seven emerging economies Turkey, India, Brazil, Indonesia, Mexico, South Africa, and Poland based on publications indexed in the Web of Science database from 1999 to 2025. Using VOSviewer software, co-authorship networks, keyword co-occurrence maps, and citation-based indicators were analyzed to identify prolific authors, leading institutions, and major thematic trends. The findings indicate that Brazil plays a dominant role in the scholarly network, followed by India and South Africa, with increasing international collaborations. Thematic clusters centered around financial literacy, behavioral biases, and investor sentiment were identified, alongside emerging topics such as mental health, machine learning, and uncertainty. While the field demonstrates growing interdisciplinarity, critical gaps remain in areas such as neurofinance, cultural determinants, and digital financial behavior in emerging markets. The study emphasizes the importance of analyzing behavioral finance beyond the context of developed economies and offers insights for researchers, educators, and policymakers. Future research is encouraged to adopt comparative and interdisciplinary approaches to capture the complex dynamics of financial behavior in diverse socioeconomic settings.

Keywords

Behavioral Finance , Emerging Economies , Bibliometric Analysis , Financial Decision Making

GELIŞMEKTE OLAN PiYASALARDA DAVRANIŞSAL FINANS: TRENDLER, BOŞLUKLAR VE İŞBİRLİKLERİ

Abstract

Bu çalışma, 1999-2025 yılları arasında Web of Science veri tabanında dizinlenen yayınlara dayanarak, Türkiye, Hindistan, Brezilya, Endonezya, Meksika, Güney Afrika ve Polonya olmak üzere yedi gelişen ekonomideki davranışsal finans literatürünün bibliyometrik bir analizini sunmaktadır. VOSviewer yazılımı kullanılarak, ortak yazarlık ağları, anahtar kelime birlikteliği haritaları ve atıf temelli göstergeler analiz edilmiş; üretken yazarlar, önde gelen kurumlar ve başlıca tematik eğilimler belirlenmiştir. Bulgular, Brezilya’nın akademik ağda baskın bir rol oynadığını, ardından Hindistan ve Güney Afrika’nın geldiğini ve uluslararası iş birliklerinin arttığını göstermektedir. Finansal okuryazarlık, davranışsal önyargılar ve yatırımcı duyarlılığı etrafında kümelenmiş tematik yapılar tanımlanırken; ruh sağlığı, makine öğrenimi ve belirsizlik gibi yükselen konular da dikkat çekmektedir. Alan, artan bir disiplinlerarasılık göstermekteyse de, nörofinans, kültürel belirleyiciler ve dijital finansal davranış gibi konularda önemli boşluklar bulunmaktadır. Bu çalışma, davranışsal finansın yalnızca gelişmiş ekonomiler bağlamında değil, gelişen pazarlar çerçevesinde de analiz edilmesinin önemine vurgu yapmakta ve araştırmacılar, eğitimciler ile politika yapıcılar için çeşitli içgörüler sunmaktadır. Gelecek araştırmaların, finansal davranışın karmaşık dinamiklerini farklı sosyoekonomik bağlamlarda yakalayabilmek adına karşılaştırmalı ve disiplinlerarası yaklaşımlar benimsemesi teşvik edilmektedir.

Keywords

davranışsal finans , gelişen ekonomiler , bibliyometrik analiz , Finansal Karar Alma

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