Behavioural Biases and Its Impact on Investment Decision-Making: A Review Based on Bibliometric Analysis

Abstract

Behavioural biases play a significant role in influencing investment decision making, often leading investors to make irrational choices based on emotions or cognitive errors. These biases can have a profound impact on individuals' financial outcomes, affecting their ability to achieve their long-term investment goals. Understanding and recognising these biases is crucial for investors to make more informed and rational decisions when managing their portfolios. Conducting a bibliometric analysis on "Behavioural Biases and its Impact on Investment Decision Making" is crucial to comprehensively assess the existing literature, identify seminal studies, and uncover emerging trends, facilitating a deeper understanding of the field's evolution and guiding future research efforts effectively. The present study is an attempt towards it. The Scopus database was utilised to gather pertinent research from the current body of literature, while the PRISMA Model was employed to filter the data. Subsequently, the data was analysed using Microsoft Excel, RStudio, and VOS viewer software. The study showcases the patterns in publication, prominent journals, authors, and highly cited publications. Additionally, it provides insights into the nature of the research, the type of data utilised, and the techniques employed in the top 10 most cited articles. The findings will help future researchers in understanding the current landscape of research in the field of behavioural finance and identify potential areas for further study.