Behavioral and Social Factors Influencing Stock Selection Decision: A Bibliometric Analysis

Abstract

Stock selection is a crucial component of the investment process that seeks to identify stocks that would yield optimal returns with minimal risk. Behavioral factors have long influenced investment behavior. However, recent years have seen these decisions are increasingly shaped by social influences, particularly through social media platforms such as Instagram and Telegram, from which investors acquire information that subsequently affects their stock selection choices. This bibliometric study aims to examine the impact of behavioral and social factors on investors' stock selection decisions and their evolution over time. A CSV file was exported from the Scopus database using search keywords and Boolean operators, resulting in 331 publications which were restricted to the fields of Business, Management and Accounting, as well as Economics, Econometrics and Finance. The study employed VOS-viewer software to conduct several analyses, including bibliographic coupling, trend analysis, co-occurrence analysis, and keyword analysis, and also identifying important themes. The results indicated that India had the highest number of publications, totalling 71 papers. This study will assist investors, brokers, institutions, governments, and other stakeholders in comprehending the dynamics of retail investors' stock selection behavior and the influence of emerging factors, hence aiding in policy formulation and regulation.