Bibliometric study reviews behavioral finance and sustainable investment, highlighting research trends and directions.
The Behavioral Finance (BF) has undergone significant developments due to the transformative influence of Environmental, Social and Governance (ESG) practices. BF and Sustainable Investment (SI) are closely intertwined domains, both of which bring into line with the broader framework of ESG. Integrating BF into the field of SI expands the understanding of how psychological biases, emotional factors, and cognitive constraints influence investors decisions connected to sustainability focused assets. Despite their growing relevance, the existing literature lacks a comprehensive review that provides holistic reviewing of research integrating into these areas. To address this gap, we provide an overview of BF and SI research in Socially Responsible Investments (SRI). Using both co-citation and bibliometric-coupling analysis, we infer the thematic structure of key words of BF and SI for a period of 20 years starting from 2004 to September 2025. Additionally using performance analysis and co-occurrence analysis, we highlighted trends and research directions regarding BF and SI. Further, seven thematic clusters and coupling networks were also identified which are offering to the researchers a structured foundation to explore emerging trends and consolidate knowledge within the BF and SI field. This Bibliometric study aids in recognizing the emerging topics for research in the domain of BF and SI.
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Gangineni et al. (2026) studied this question.
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