A Bibliometric Analysis of Research in Behavioural Finance: Special Emphasis on Selected Behavioural Biases in Investment Decision Making

Behavioural finance combines psychology and economics to understand the anomalies of financial markets by examining human behaviour. There has been a significant global increase in research on behavioural biases and investment decisions. This paper aims to conduct a bibliometric analysis of behavioural biases and investment decisions using literature from the Scopus database for the period from 1991 to 2022 using the VOSviewer software. The research findings confirm a substantial growth in research on behavioural biases and investment decisions between 2008 and 2022. The United States is the most influential country based on citation count, and Odean (1998) stands out as the most prominent author in this research field. Co-citation analysis identifies key clusters in "efficient market, behavioural biases, and trading frequency," while bibliographic coupling highlights "Information processing and investors' behavioural biases." Co-occurrence analysis reveals gaps in research on financial literacy, personality traits, and optimism bias, suggesting future research opportunities.