An overview of investor sentiment: Identifying themes, trends, and future direction through bibliometric analysis

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Investor sentiment is the result of trading behavior and irrational beliefs of investors leading to high volatility and market mispricing. This review aims to study the entire spectrum of articles in the domain of investor sentiment using a bibliometric analysis approach. To this end, the study analyzes a total of 1,919 articles published in the Scopus database between 1979 and 2022. The review uncovers major themes, leading authors, influencing articles, trend topics, top contributing countries, and affiliations. The review shows that the research in the domain of investor sentiment is growing exponentially with an annual growth rate of 15.88%, and the year 2020 witnessed the highest number of scientific productions accounting for 252 (13.68%) total publications. The results display that the USA and China are leading countries in terms of the total contribution and volume of studies from respective authors. The review also reveals that existing research in the field has mainly focused on themes such as market efficiency, asset pricing, stock returns, sentiment analysis, IPO underpricing, overreaction, and volatility, whereas Covid-19 and Bitcoin depicted as emerging themes from recent scholarly works.

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    • Figure 1. Bibliometrix and recommended science mapping workflow
    • Figure 2. Inclusion-exclusion criteria
    • Figure 3. Annual scientific production
    • Figure 4. Three-field plot of author’s country, authors, and keywords
    • Figure 5. Top 20 most cited countries
    • Figure 6. Word cloud analysis showing most frequently used keywords
    • Figure 7. Thematic map
    • Figure 8. Alluvial diagram of thematic evolution
    • Table 1. Characteristics of the bibliometric study
    • Table 2. Data synthesis indicating primary information and summary of the sources
    • Table 3. Annual scientific production
    • Table 4. Top 20 most relevant authors, author’s impact, and author’s affiliation
    • Table 5. Top 20 the most influencing articles
    • Table 6. Top 20 most frequently used author keywords associated with investor sentiment
    • Conceptualization
      Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Data curation
      Aditi N. Kamath
    • Formal Analysis
      Aditi N. Kamath
    • Investigation
      Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Methodology
      Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Resources
      Aditi N. Kamath
    • Software
      Aditi N. Kamath
    • Validation
      Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Writing – original draft
      Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Writing – review & editing
      Aditi N. Kamath, Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Project administration
      Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Supervision
      Sandeep S. Shenoy, Subrahmanya Kumar N.
    • Visualization
      Sandeep S. Shenoy, Subrahmanya Kumar N.