Thirty Years of Behavioral Finance Research: A Bibliometric Perspective on Financial Markets
Thirty Years of Behavioral Finance Research: A Bibliometric Perspective on Financial Markets

Summary/Abstract: The importance of behavioral finance lies in its ability to explain and predict financial behaviors that do not align with traditional models of rational economics. This impacts financial markets by offering a perspective that challenges conventional assumptions about how markets and investors operate. Therefore, the objective of this research is to characterize the scientific output of behavioral finance in financial markets over the past 30 years through a bibliometric analysis. Scopus was used to analyze 994 documents focused on the areas of Business, Management, Economics, Econometrics, Finance, Social Sciences, and Multidisciplinary studies using R Core Team 2022 software with the Bibliometrix package and VOSviewer. The main results reveal the following thematic clusters: "Behavior and decision-making in personal finance," "Impact of psychological and market factors on economic crises," "Innovations in trading and financial analysis in the digital age," "Advanced analysis and prediction in finance and economics," "Financial markets and economic systems," "Financial management models and risk analysis," and "Opinions and data on social networks." The findings conclude that these clusters reflect the diversity and breadth of the field of behavioral finance, spanning from individual behavior in financial decision-making to advanced analysis and prediction in global markets, as well as the influence of psychological and technological factors in the current economic context.

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