From Rationality to Digital Influence: A Bibliometric and Thematic Review of Retail Investor Behaviour (2006–2026)

Abstract

Retail investor behaviour has attracted sustained scholarly attention, yet the literature remains dispersed across theoretical and empirical domains, limiting a coherent understanding of its evolution. This study addresses this gap through a comprehensive bibliometric and thematic synthesis of 645 peer-reviewed publications spanning 2006–2026. Employing citation analysis and science mapping techniques, the paper systematically delineates the intellectual structure, key research clusters, and developmental trajectory of the field. The findings reveal a decisive shift from rationality-based frameworks toward behaviourally informed perspectives centred on cognitive biases, financial literacy, and investor psychology. Importantly, the analysis captures the rapid emergence of digitally mediated investing, where social media dynamics and finfluencers increasingly shape investment behaviour, particularly among younger cohorts. By consolidating fragmented insights, the study advances an integrated understanding of retail investor behaviour and identifies critical directions for future research, including digital financial ecosystems and cross-cultural variations.