Speaking to the market: mapping the literature on financial communication and investor responses

Purpose This study systematically maps the literature on financial communication and investor responses to consolidate fragmented knowledge, identify key themes and outline future research directions. By examining how the quality, clarity and delivery of financial disclosures influence investor behavior, it aims to advance understanding of effective corporate communication strategies. Design/methodology/approach A bibliometric analysis was conducted on 181 articles published between 2003 and 2024, retrieved from the Web of Science database using search terms related to financial communication and investor behavior. Inclusion criteria were rigorously applied following a PRISMA approach. The analysis explored publication trends, authorship networks, international collaborations, thematic clusters and keyword frequencies. Findings The results show a surge in publications since 2018, with increasing focus on corporate governance, financial reporting quality, sustainability disclosures and the strategic use of tone and readability. The findings highlight that clear and accessible disclosures enhance investment efficiency, while complex reports increase perceived risk. Technological tools like AI and blockchain are reshaping disclosure practices, though they also raise concerns over accessibility. Sustainability communication and ESG reporting have emerged as critical drivers of investor decisions. Significant regional disparities in research contributions point to the need for more inclusive, global perspectives. Originality/value This is the first study to comprehensively map the interdisciplinary field of financial communication and investor responses using bibliometric methods. It identifies knowledge gaps, proposes future research on the interplay of technology, regulation and investor psychology and underscores the importance of aligning communication strategies with evolving stakeholder expectations.