Purpose This study traces the origin, evolution, and conceptual development of cognitive, behavioural and other drivers of stock market participation. This systematic review analyzed contemporary developments and national and global contributions to this field. This study identifies the potential sub-topics and trend-topics in stock market participation performed on a sample of 336 journal articles retrieved from the Scopus database from 1998 to 2024. Design/methodology/approach This study uses a bibliometric and SLR approach based on a scientific search strategy using VoS viewer and Bibliometrix of R studio (Ariaa and Cuccurullo, 2017). It provides a detailed analysis of systematically selected literature for the past 26 years, from 1998 to 2024. Bibliometrix's automated workflow facilitates bibliometric analysis by listing prominent journals, sources, authors, countries, citations and co-citations, affiliations etc. Findings This study shows that financial literacy and investments play a critical role in driving stock market participation. It intends to elicit trends in the research field through comprehensive science mapping of these drivers of stock market participation. This study finds that Financial Literacy is still a developing concept and area, especially in the Indian context. Practical implications The current study provides valuable insights for financial institutions, governmental bodies, personal finance consultants, and individual investors; they should consider behaviour-related characteristics that may impact investment decisions and tailor their portfolios accordingly. Policymakers can establish financial literacy programs to enhance investment decisions in India. Originality/value This paper is unique in that it covers the antecedents of stock market participants among retail investors.
Sasidharan Anjana (Fri,) studied this question.