Renewable energy investments: Exploring the financial landscape through a bibliometric analysis

The paper investigates discretionary budget expenditure and determines its role in the system of regulation of country’s socio-economic development. In a very difficult political and socio-economic situation, Ukraine faces an urgent need to finda balance between the amount of functions performed by the state and the level of their financial support. The analysis of the State Budget of Ukraine expenditure according to the functional classification in 2014–2017 has been carried out. In particular, the discretionary budget expenditures (on state functions, economic activity, defense budget expenditures, budget expenditure on public order, security and judiciary; environmental protection, housing and utilities) are carefully analyzed. The purpose of the article is to study trends in financing discretionary budget expenditure and determine their impact on the socio-economic development of a country. Discretionary budget expenditures are the study object. It is determined that socio-economic development of a country requires government to apply progressive forms, methods and principles of expenditure management between the budget system levels. This need is due to the objective necessity to achieve sustainable development of economy and population welfare. The main problems that reduce budget discretionary expenditure effectiveness in the current conditions are investigated and the main directions to improve their financing are offered. The obtained results indicate the need to revise the funding of discretionary budget expenditures depending on the state policy priorities.

This paper comprehensively evaluates the literature on retail investor overconfidence using a framework-based systematic approach to understand the various dimensions of overconfidence bias, its effect on investing choices, and market dynamics. A systematic review of 137 publications from the Scopus database have been done to detect the research trend concerning investor overconfidence bias from its inception. An integrated ADO-TCM framework has been employed to present a systematic analysis of the theory, context, and methodologies (TCM) employed in the reviewed studies. The ADO (Antecedents, Decisions, and Outcomes) framework thoroughly examines the antecedents, decisions, and results of investor overconfidence.
The study identified four broad sets of factors contributing to investor overconfidence, as found in the existing literature. These factors include demographic characteristics, personality traits of investors, their knowledge and experience, and the features of investments and investor types. The Prospect theory is the most popular theory in the literature, with much research using secondary data and experiment-based analysis. The prospective study directions, based on the gaps in the existing literature, are as follows: further investigation into the decision-making processes of overconfident retail and professional investors is a worthwhile subject. Future research may shift their focus from financial outcome variables to non-financial outcome variables such as the impact of investor overconfidence on individuals’ stress levels, subjective financial well-being, and overall life happiness.

Dynamic capabilities theory has become one of the most widely accepted theories of business strategy. The study aims to determine the degree of development of the dynamic capabilities theory. A meta-analysis was carried out through a bibliometric analysis and a systematic literature review. Documents published in Scopus and Web of Science between 1997–2023 were analyzed using VOSviewer software. 49 documents met the analysis requirements, with a maximum of 11 published in 2022. Keyword co-occurrences were also analyzed. 222 were found, and 26 were selected with at least two co-occurrences. The documents were grouped into six clusters by these keywords and analyzed to determine the degree of development of the theory. The results have shown popularity among researchers in different science branches, indicating a high degree of development. However, the study noted a lack of theoretical consistency in elaborating constructs for measuring variables in empirical investigations. As a result, this leads to a lack of consistency and generalization of the results. Hence, the theory is not considered fully developed in terms of lack of internal coherence, falsifiability, and predictability. Tools for the empirical measurement of variables need to be theoretically and empirically validated to ensure their application in different contexts. The confrontation of results from validated measurement tools in diverse environments will contribute to developing dynamic capabilities theory.

Acknowledgment
We appreciate the support granted through the Postdoctoral Stays program by CONAHCYT.