EXPLORING THE NEXUS OF FINANCIAL LITERACY, BEHAVIORAL FINANCE, AND INVESTMENT DECISIONS: A BIBLIOMETRIC APPROACH

DOI: https://doie.org/10.65985/APER.2026615793

Authors:

Dr. Dipti Periwal, Dr. Madhavi Dhole

Keywords:

Financial Literacy, Behavioral Finance, Investment Decision-Making, Bibliometric Analysis, Cognitive Biases, Prospect Theory, Investor Behaviour

Abstract:

Financial Literacy (FL) and behavioral finance (BF) in the context if investment decision (ID) making is a research phenomenon in the field of business and finance that has gain popularity in the research domain in the last decades. The increasing needs for individual and investors to take daily decision(s) on their investment has increase the popularity of the research domain, most specifically, since the integration of financial literacy to the concept of behavioral finance. But, since the emergence of this research area, there seems to be limited studies to examine the evolution of research of FL and BF in the context of investment decision. Therefore, this study presents a bibliometric overview of FL and BF research on investment decision in the last 19 years (2007- 2025). Both performance and science mapping analysis of bibliometric methods were utilized to examined the research domain. Bibliometric indicators of performance analysis used includes; numbers of publications, years of publications, total citations, and total linked strength. Unit analysis for performance analysis includes; evolution analysis, and citation analysis. Unit analysis performed under science mapping includes; authorship analysis, bibliographic coupling, and co-occurrence of keywords analysis. Bibliographic mapping and network visualization were performed through VoSviewer software. Bibliographic data for the analysis were retrieved from the Web of Science database. Limiters were set where necessary for retrieving only relevant data published in the last 19 years. The results of the analysis revealed that, this research concept has experienced significance increase in the last 19 years, and that USA is the most productive and influential country in this aspect of research domain. However, some cognitive bias or illusion theories were identified as a mediating factor associated with investment decision while gender was observed as another distinctive mediator. Also, it essential to consider, however, that research continues to evolve in this research domain, and as a result data continues to change rapidly in the cause of time. Therefore, research present a temporal evolution of the research domain which may change over time.

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