Scientific Mapping of Investment Decision-Making Studies: A Bibliometric and Co-Citation Approach

Abstract

The current paper is a systematic bibliometric review of peer-reviewed research on the topic of investment decision-making that was published in the period 2015-2026 and consists of a total of 1,216 articles. The study finds out the intellectual structure, thematic clusters, and collaborative patterns in the field using the co-occurrence, co-citation, and co-authorship network analysis. Findings show that decision making processes, investment behavior and financial literacy are the key research themes with the seminal works of Prospect Theory by Kahneman and Tversky, behavioral finance paradigm by Shefrin, and efficiency market paradigm by Fama as the groundwork. The new areas of interest are sustainability, integration of ESG, and market-specific studies in the new economies, which represent the growing priorities of responsible and context-driven investment practices. Author and source analyses demonstrate the impact of the major contributors and journals and indicate collaborative networks and central publication outlets which determine the directions of research. The paper also reveals gaps in the research on the activity of the institutional investors, cross-cultural comparison, and the use of the advanced data-driven approach. The results are applicable to researchers, investors, and policy-makers because they identify prevailing themes, knowledge frameworks and trends, and inform future research directions of behavioral, sustainable, and data-centric decisions in investment.