Past, present, and future research trajectories on retail investor behaviour : a composite bibliometric analysis and literature review

The emergence of online brokerage platforms, mobile banking applications, and commission-free trading has altered the investment landscape, renewing commercial and scholarly interest in retail investors. In light of these changes, the present study aims to provide a structural overview of the current state of research on the behaviour of retail investors. Based on a dataset of 386 articles sourced from the Web of Science database, this study employs a composite bibliometric approach of a co-word and co-citation analysis as well as a network analysis to determine preceding scientific discourses, current research themes, and potential avenues for future research. The co-word analysis identifies seven distinct research themes: (1) implications for financial performance; (2) information behaviour; (3) behavioural biases and investor characteristics; (4) investor attention; (5) attitudes towards financial risks; (6) socially responsible investing; and (7) complex financial retail instruments. Incorporating applicable research on individual investors, private investors, and household investors from referenced articles, the co-citation analysis reveals nine preceding scientific discourses. Additionally, the network analyses highlight the concepts and publications currently shaping and likely to influence future research in this field. The present study contributes to the academic discourse by mapping the intellectual landscape of retail investor behaviour, suggesting avenues for future research, and offering valuable insights for navigating this dynamic field.