Behavioral finance: A systematic literature review

Abstract

Purpose: The goal of this research is to identify the various behavioral biases that influence individual investors' investment decisions in order to create a conceptual model of behavioral biases and a historical framework of behavioral biases. These efforts will also serve to provide future directions for behavioral finance and behavioral bias research.

Design/Methodology: This study's foundation is an analysis of pertinent behavioral finance research papers published between 2011 and 2023 as well as behavioral biases. Google Scholar, Research Gate, Emerald Inside, Taylor and Francis, Shodh Ganga, Science Direct Etc. are the core sources of the papers reviewed in this study. The tabular form is used for Discussing reviews of the present paper.  

Findings: The present paper describes the literature review on behavioral finance and biases from 2011 to 2023 and it is still continuous in underdeveloped and developed nations. Also, find out that the study on behavioral finance increased in the past few years.

Originality/Value: The present paper caters to different types of classification and review of behavioral finance and behavioral biases and also presents the collection in the form of a systematic review matrix of behavioral finance, this will help students, Researchers, academicians for next level research on the topic of behavioral finance.