Singh, Dha mend a; Malik, Ga ima; Jain, P a eek; Abou aia, Mahmoud
A icle
A sys ema ic e iew and esea ch agenda on he causes
and consequences o inancial o e con idence
Cogen Economics & Finance
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Singh, Dha mend a; Malik, Ga ima; Jain, P a eek; Abou aia, Mahmoud
(2024) : A sys ema ic e iew and esea ch agenda on he causes and consequences o inancial
o e con idence, Cogen Economics & Finance, ISSN 2332-2039, Taylo & F ancis, Abingdon, Vol. 12,
Iss. 1, pp. 1-19,
h ps://doi.o g/10.1080/23322039.2024.2348543
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/321487
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Economics & Finance
ISSN: 2332-2039 (Online) Jou nal homepage: www. and online.com/jou nals/oae 20
A sys ema ic e iew and esea ch agenda
on he causes and consequences o financial
o e confidence
Dha mend a Singh, Ga ima Malik, P a eek Jain & Mahmoud Abou aia
To ci e his a icle: Dha mend a Singh, Ga ima Malik, P a eek Jain & Mahmoud Abou aia
(2024) A sys ema ic e iew and esea ch agenda on he causes and consequences
o financial o e confidence, Cogen Economics & Finance, 12:1, 2348543, DOI:
10.1080/23322039.2024.2348543
To link o his a icle: h ps://doi.o g/10.1080/23322039.2024.2348543
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 03 Jun 2024.
Submi you a icle o his jou nal
A icle iews: 3141
View ela ed a icles
View C ossma k da a
Ci ing a icles: 5 View ci ing a icles
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oae 20
FINANCIAL ECONOMICS | REVIEW ARTICLE
A sys ema ic e iew and esea ch agenda on he causes and
consequences o inancial o e con idence
Dha mend a Singh
a
, Ga ima Malik
b
, P a eek Jain
c
and Mahmoud Abou aia
a
a
Depa men o Business and Economics, Mode n College o Business and Science, Bawsha , Oman;
b
Depa men o
Ma ke ing, Bi la Ins i u e o Managemen Technology, Noida, India;
c
Depa men o S a egy Managemen , Bi la Ins i u e
o Managemen Technology, Noida, India
ABSTRACT
The li e a u e on o e con idence has wi nessed p oli ic g ow h since he beginning o
he cen u y. This con ex unde sco es he necessi y o comp ehend and ca ego ize an
inc easingly di e se body o o e con idence esea ch wi hin he inancial domain. This
s udy e iews exis ing li e a u e on inancial o e con idence om i s incep ion o he
p esen wi h a de ailed e iew o 132 a icles om 84 jou nals by examining heo ies,
con ex , and me hods (TCM) used in o e con idence esea ch. Ou e iew unpacks sig-
ni ican hemes (i.e. de e minan s o o e con idence, o e con idence and isk- aking,
o e con idence measu es and ype o in es o s, o e con idence in a ola ile ma ke ,
o e con idence, and pe sonal inancial beha io ). We p opose a pe inen esea ch
amewo k o in es iga e he less in es iga ed aspec s o inancial o e con idence and
sugges u u e esea ch di ec ion.
IMPACT STATEMENT
The signi icance o his pape lies in i s po en ial o deepen ou unde s anding o how
psychological biases and signi ican o e con idence in luence in es men beha io and
ma ke ou comes. By syn hesizing indings om mul iple s udies, his li e a u e e iew
highligh s common hemes, iden i ies gaps in knowledge, and sugges s a enues o
u u e esea ch. Ul ima ely, insigh s gained om such a e iew can in o m in es o s,
inancial p o essionals, and policymake s abou he impo ance o ecognizing and
add essing o e con idence in in es men decision-making p ocesses. This unde s and-
ing can lead o mo e in o med and a ional in es men s a egies, po en ially mi iga ing
he ad e se e ec s o o e con idence on indi idual in es o s and ma ke e iciency.
ARTICLE HISTORY
Recei ed 10 No embe 2023
Re ised 19 Ma ch 2024
Accep ed 11 Ap il 2024
KEYWORDS
O e con idence; bibliome -
ic; decision-making;
clus e s; in es o beha io
REVIEWING EDITOR
D Da id McMillan,
Uni e si y o S i ling, Uni ed
Kingdom o G ea B i ain
and No he n I eland
SUBJECTS
Finance; Business,
Managemen and
Accoun ing; Cogni i e
Psychology
1. In oduc ion
O e con idence bias is a cogni i e bias ha e e s o he endency o in es o s o o e es ima e hei
knowledge, skills, and abili ies when making inancial decisions (Kahneman & Riepe, 1998).
O e con idence bias has been s udied ex ensi ely in psychology and was in oduced o inance in he
la e 20 h cen u y; o e con idence among in es o s is a c ucial no ion in beha io al inance (Michailo a &
Schmid , 2016; S a man e al., 2006). Pionee ing esea ch in beha io al economics and inance, such as
he wo k o Ba be and Odean (2001) and Kahneman & Riepe (1998), highligh ed he ole o o e con i-
dence in shaping economic and inancial decisions. Recognizing and dealing wi h o e con idence bias is
c i ical o in es o s; o e con idence bias can hu long- e m in es ing pe o mance. In es o s who
assume hey a e mo e in o med o skilled han hey a e may ake undue isks o make poo decisions
(Du & Budescu, 2007; Pikulina e al., 2017). O e con idence bias can esul in a ious beha io al ou -
comes, including excessi e ading (Fellne -R€
ohling & K €
ugel, 2014; Wilaipo n e al., 2021), ailu e o seek
p o essional ad ice (Hsu, 2022) ha may esul in inadequa e po olio di e si ica ion (Pak & Cha e jee,
2016), inc easing exposu e o indi idual isk, and educed alue o o e con iden ade s (Odean, 1998).
Financial o e con idence can esul om a ious an eceden s o unde lying a iables con ibu ing o
people’s endency o o e es ima e hei skills. Unde s anding he causes o o e con idence bias is c i ical
CONTACT Ga ima Malik [email p o ec ed] Depa men o Ma ke ing, Bi la Ins i u e o Managemen Technology, Noida, India
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2348543
h ps://doi.o g/10.1080/23322039.2024.2348543
o indi iduals and o ganiza ions aiming o educe i s ha m ul consequences. The o e con idence o a
ade changes conside ably wi h his successes and losses (Ge ais & Odean, 2001). The dominan ac o s
a ec ing o e con idence a e social compa ison, expe ience (Pak & Cha e jee, 2016), and demog aphic ac-
o s, especially gende (Bake e al., 2019; Jiang e al., 2020), income (Ansa i e al., 2023). O e con idence
a ec s he inancial ma ke ; o e con idence among in es o s can con ibu e o ma ke booms, c ashes, and
ine iciencies (Bou eska e al., 2023). Thei excessi e ading and isk- aking migh agg a a e ma ke ola il-
i y (Filbeck e al., 2017). The syn hesis o he di e se li e a u e on inancial o e con idence is essen ial o
unde s anding i s causes, e ec s, and po en ial ea men s. We ha e conduc ed a sys ema ic li e a u e
e iew (SLR) on o e con idence. We employed he Theo y Con ex -Me hodology (TCM) amewo k p o-
posed by Paul and Rosado-Se ano in 2019 o comp ehend o e con idence’s heo e ical and empi ical
aspec s. In ligh o his amewo k, ou e iew a icle aims o in es iga e he ollowing esea ch ques ions.
RQ1. How has he li e a u e on o e con idence e ol ed?
RQ2. Wha di e en heo e ical pe spec i es a e applied in he o e con idence li e a u e?
RQ3: Which esea ch con ex s ha e been explo ed in he s udy o o e con idence in beha io al inance?
RQ4. Wha a e he a ious me hods u ilized in o e con idence esea ch in beha io al inance?
RQ5. Wha a e he u u e esea ch agendas o inancial o e con idence based on he TCM amewo k?
This e iew will help p omo e a g ea e unde s anding o he opic by p oposing a esea ch ame-
wo k and u u e esea ch di ec ions. The es o he pape is s uc u ed as ollows: i begins wi h a dis-
cussion o he backg ound and de ini ions o o e con idence, ollowed by a discussion o he
me hodology and bibliome ic analysis. In conclusion, he pape p esen s he p oposed amewo k and
discusses p ospec i e esea ch di ec ions in o e con idence.
2. Backg ound o inancial o e con idence: de ini ion and measu es
O e con idence is mul idimensional and dynamic (Dea es e al., 2009). O e con idence is one o he
mos common biases among indi idual in es o s (Jain e al., 2019; Kansal & Singh, 2018). ‘Th ee de ini-
ions o o e con idence a e used in he psychological li e a u e: o e es ima ion, o e -placemen , and
calib a ion o subjec i e p obabili ies’(Olsson, 2014, p.1). Using ‘o e es ima ion’ o desc ibe o e con i-
dence means compa ing a pe son’s ac ual pe o mance o how hey pe cei e hey pe o med (Moo e &
Healy, 2008). The second measu e o o e con idence is ‘o e placemen ’, which is assessed by compa ing
an indi idual’s pe o mance wi h ha o o he s. Bo h o e es ima ion and o e -placemen deno e a en-
dency o excessi ely es ima e one’s abili y (Pikulina e al., 2017). O e p ecision o miscalib a ion is he
hi d sign o o e con idence ha in es o s mos o en show. T ade s o e es ima e how p ecise a p i a e
signal is and unde es ima e how ola ile an asse is (Me kle, 2017).
Table 1 showcases he mos ci ed and impac ul a icles in he inancial o e con idence ield based
on he ci a ions. Among he op in luen ial a icles, one no ewo hy s udy was conduc ed by Ba be and
Odean (2001) ha posi s ha o e con iden in es o s engage in excessi e ading and men a e mo e
Table 1. Lis o seminal pape s in he ield.
Seminal pape s in he ield o o e con idence Re e ence
‘Judgmen Unde Unce ain y: Heu is ics and Biases’T e sky e al. (1982)
‘Ad ances In P ospec Theo y: Cumula i e Rep esen a ion o Unce ain y’T e sky and Kahneman (1992)
‘Volume, Vola ili y, P ice, And P o i When All T ade s A e Abo e A e age’Odean (1998)
‘A e In es o s Reluc an o Realize Thei Losses?’Odean (1998)
‘Aspec s O In es o Psychology’Kahneman and Riepe (1998)
‘Do In es o s T ade Too Much?’Odean (1999)
‘T ading Is Haza dous o You Weal h: The Common S ock In es men Pe o mance o Indi idual In es o s’Ba be & Odean (2001)
‘Boys Will Be Boys: Gende , O e con idence, And Common S ock In es men ’Ba be and Odean (2001)
‘Lea ning o be O e con iden ’Ge ais and Odean (2001)
‘In es o O e con idence and T ading Volume’S a man e al. (2006)
‘O e con idence And T ading Volume’Glase and Webe (2007)
‘The T ouble wi h O e con idence’Moo e and Healy (2008)
‘Sensa ion Seeking, O e con idence, And T ading Ac i i y’G inbla and Keloha ju (2009)
‘Financial Li e acy and S ock Ma ke Pa icipa ion’Van Rooij e al. (2011)
‘P ospec Theo y: An Analysis o Decision Unde Risk’Kahneman & T e sky, (2013)
Sou ce: Au ho s compila ion wi h he help o Scopus Da abase.
2 D. SINGH ET AL.
p one o o e con idence. An in luen ial wo k by Ge ais and Odean (2001) o mula ed a mul ipe iod
ma ke model and explained he de elopmen o o e con idence bias. Fu he mo e, Glase and Webe
(2007) sugges ed ha o e con iden in es o s ade mo e han a ional in es o s. In a ela ed ein, he
s udy by Ba be and Odean (2001) explains ha high ading le els esul in poo pe o mance o o e -
con iden e ail in es o s and enhance ma ke dep h (Odean, 1998). The esea ch pape s lis ed comp e-
hensi ely explo e beha io al economics and in es o psychology. Kahneman and T e sky’s seminal wo k
on p ospec heo y laid he ounda ion o unde s anding how indi iduals make decisions in unce ain
si ua ions. Odean’s(1998) del es in o he psychological eluc ance o in es o s o cu hei losses. The
s udy by S a man e al. (2006) sheds ligh on he impac o o e con idence on ading beha io .
Meanwhile, T e sky e al. (1982) discuss cogni i e sho cu s and biases ha in luence decision-making.
T e sky and Kahneman (1992) expand on hei o iginal p ospec heo y, while G inbla and Keloha ju
(2009) in es iga e how sensa ion-seeking endencies a ec ading. Moo e and Healy (2008) o e
insigh s in o he challenges o e con idence poses. Odean (1999) examines he phenomenon o excessi e
ading. Las ly, Kahneman and Riepe (1998) del e in o he a ious ace s o in es o psychology.
Toge he , hese pape s p o ide a comp ehensi e unde s anding o he complexi ies o human decision-
making and i s impac on inancial ma ke s. The cen al message he e unde sco es ha excessi e ading
due o o e con idence can ha m one’s weal h. Van Rooij e al. (2011) examined inancial
li e acy’s ela ionship o he s ock ma ke and ce i ied ha inancial li e acy a ec s inancial decision-
making. In conclusion, he seminal esea ch unde aken on o e con idence has p o ided aluable
insigh s in o inance and decision-making.
3. Bibliome ic esea ch me hod
Ou esea ch is limi ed o pee - e iewed pape s e ie ed om he Scopus da abase, equen ly u ilized
o sys ema ic li e a u e e iew (Singh & Malik, 2022). Ini ially, 1,566 a icles we e ex ac ed om he
Scopus da abase using he keywo ds in he ield (Ti le-Abs ac -keywo ds). Sea ches o (‘o e con idence’)
AND (‘ inance’OR ‘c edi ’OR ‘deb ’OR ‘s ess’OR ‘in es ’OR ‘ isk’OR ‘li e acy’OR ‘ad ice’OR
‘beha io ’OR ‘ inancial knowledge’OR ‘well-being’) we e made in he da abase, combined wi h AND
NOT (‘CEO’OR ‘manage ’OR ‘CSR’OR ‘co po a e social esponsibili y’OR ‘ i m’). The ‘and no ’sea ch
c i e ia we e included o exclude a icles ha highligh manage ial o e con idence in co po a e go e n-
ance and social esponsibili y. Manage s’o e con idence can a ec in es men decisions, business s a -
egy, and he o e all cou se o he o ganiza ion. Meanwhile, an indi idual’s o e con idence is
conside ably mo e comp ehensi e and ele an in i s implica ions o hei isk- aking, in es men , and
sa ing habi s. The e o e, he decision was aken o es ic he esea ch scope o indi idual o e con i-
dence in inancial decision-making a he han manage ial o e con idence. A e he exclusion o con e -
ence pape s, p oceedings, and non-English jou nal a icles, he coun became 1179. Fu he , he subjec
a ea il e was imposed and limi ed o Economics, Econome ics, and Finance; Business, Managemen ,
and Accoun ing; Social Sciences, and Psychology; his educed he pape coun o 774. The manual
sc eening was done by eading abs ac s, keywo ds, and, in some cases, ull a icles o check he ele-
ance o he e ie ed a icles. A e all he il e s and sc eening, he inal sample o 132 s udies om
2001 o Aug 31, 2023, was used o he analysis. The c i ical in o ma ion abou he da a se is displayed
below (Table 2).
4. Analysis
The cu en e iew s udy co e s p oduc i i y and impac o au ho s, sou ces, and documen s; co e age
o heo ies used; bibliog aphic coupling o unea h he signi ican hemes; and concep ual co e age
h ough keywo d co-occu ence.
Table 2. O e iew o he sample.
Sou ces: 84 Documen s: 132 Annual G ow h Ra e: 14.04% Au ho s: 326
In e na ional Collabo a ion: 19.7% Au ho Keywo ds:352 Re e ences:6242 A e age Ci a ions pe documen :21.73
Sou ce: Scopus Da abase.
COGENT ECONOMICS & FINANCE 3
4.1. Pe o mance analysis
Table 2 p o ides a comp ehensi e o e iew o he sample pape s included in his sys ema ic li e a u e
e iew. The able p esen s da a on se e al aspec s: he o al numbe o sou ces, he annual g ow h a e
o he publica ions, he numbe o au ho s, in e na ional collabo a ion, he numbe o au ho keywo ds,
and a e age ci a ions pe documen in he ield o o e con idence bias. Figu e 1 shows he p og ession
o he li e a u e on in es o o e con idence bias o 2001–2023. In e es in he esea ch on o e con i-
dence bias picked up a e 2012. The e is an inc easing end in he publica ions, ep esen ing
his as he g owing ield o esea ch; close o 60% o he pape s ha e been published in he las i e
yea s.
Table 3 p esen s an o e iew o he co e zone sou ces in he gi en domain as pe B ad o d’s law o
sca e ing (1934). A co e zone is a small g oup o jou nals wi h he mos ele an a icles widely ci ed.
Nine jou nals ep esen he esea ch ield’s co e zone; hese a e he mos p oduc i e and highly ci ed.
The jou nals ha e been anked in e ms o p oduc i i y; he op h ee jou nals a e Quali a i e Resea ch in
Financial Ma ke s (n ¼8, 216 ci a ions, h-index 6), Jou nal o Beha io al and Expe imen al Finance (n ¼7,
93 ci a ions, h-index 6), and Jou nal o Economic Beha io and O ganiza ion (n ¼5, 189 ci a ions, h-index
5). The ollowing wo jou nals a e Finance Resea ch Le e s and Re iew o Beha iou al Finance.Table 4
indica es he mos in luen ial au ho s in o e con idence esea ch. Dea es and Lude s a e he mos in lu-
en ial au ho s, each wi h 234 ci a ions, ollowed by Maciejo sky (133 ci a ions).
4.2. Keywo d analysis
In his pa o he s udy, he mos equen ly used au ho keywo ds in he o e con idence li e a u e
ha e been analyzed o s udy he concep ual s uc u e o he gi en esea ch domain (Syed e al., 2023).
Figu e 2 depic s he map o keywo d co-occu ence o he op 30 keywo ds wi h a minimum o
3 occu ences. The mos co-occu ing keywo ds in his li e a u e a e inancial li e acy, beha io al biases,
Figu e 1. G ow h o publica ions.
Sou ce: Scopus Da abase.
Table 3. Co e sou ces in he ield.
Co e sou ces in he esea ch domain Rank F eq TC H-Index
Quali a i e Resea ch in Financial Ma ke s 1 8 216 7
Jou nal o Beha io al and Expe imen al Finance 2 7 93 6
Jou nal o Economic Beha io and O ganiza ion 3 5 189 5
Finance Resea ch Le e s 4 5 89 3
Re iew o Beha io al Finance 8 4 122 3
Jou nal o Beha io al Finance 5 4 72 4
Jou nal o Economic Psychology 6 4 64 4
Resea ch In In e na ional Business and Finance 7 4 61 3
Accoun ing and Finance 9 3 67 3
Sou ce: Scopus Da abase.
4 D. SINGH ET AL.
in es men decisions, demog aphic ac o s, especially gende , isk- aking, ading ac i i y, inancial
ad ice-seeking, inancial beha io , and pe sonali y ai s o he in es o s. In Figu e 2, he close dis ance
o wo e ms and he hickness o he linking lines ep esen how closely hey ha e been used in he li -
e a u e, while he size o he nodes shows how equen ly hey co-occu ed as keywo ds. Fu he mo e,
Figu e 3 illus a es he keywo ds u ilized mos equen ly o e he pas decade wi h a leas wo
occu ences. Figu e 3 emphasizes he mos ecen pa e ns in he li e a u e, whe eas Figu e 2 is a key-
wo d-based map om 2000. Figu e 3 shows ha ading ac i i y, isk- aking, pe sonali y ai s, po olio
selec ion, in es men decisions, he ding bias, inancial li e acy, beha io al biases, and beha io al ac o s
ha e equen ly been used in o e con idence esea ch in he decade. Howe e , inancial ad ice, p o es-
sional o e con idence, and o e con idence in c yp ocu ency ha e ecei ed ela i ely li le a en ion in
o e con idence esea ch.
Figu e 2. Keywo ds co-occu ence analysis.
Sou ce: Au ho s compila ion wi h he help o Scopus Da abase.
Table 4. P ominen au ho s in inancial o e con idence.
Au ho s TC h_index g_index m_index NP PY_s a
Dea es R 234 2 2 0.133 2 2009
L€
ude s E 234 2 2 0.133 2 2009
Maciejo sky B 133 2 2 0.091 2 2002
Goyal N 130 2 2 0.25 2 2016
Kuma S 130 2 2 0.25 2 2016
Schmid U 93 2 3 0.182 3 2013
Singh S 42 2 2 0.333 2 2018
Ge ans P 42 2 2 0.4 2 2019
Rahman M 32 2 3 0.5 3 2020
Das N 29 2 2 0.5 2 2020
Sou ce: Scopus Da abase.
COGENT ECONOMICS & FINANCE 5
4.3. Thema ic and in luence s uc u e analysis h ough bibliog aphic coupling
Bibliog aphic coupling is used o ge he signi ican clus e s in each li e a u e (Syed e al., 2023). We
conduc ed bibliog aphic coupling wi h a minimum o 12 ci a ions pe a icle, esul ing in 48 a icles ha -
ing he mos signi ican o al link s eng h g ouped in o i e clus e s (Figu e 4).
4.3.1. Clus e 1: De e minan s o o e con idence
This clus e includes se en een publica ions on o e con idence and in es men decision-making beha -
io . This clus e demons a es he c ucial ac o s shaping and de eloping in es o ’s o e con idence bias.
The de e minan s o he o e con idence bias can be lis ed as demog aphic a iables (age, gende ,
income, occupa ion), inancial li e acy (Kawamu a e al., 2021), pe sonali y ai s (Akh a & Das, 2020;
Du and e al., 2013; Kleine e al., 2016), employmen s a us (Rahman & Gan, 2020), p o ession (P osad
e al., 2015), in es men expe ience (Kansal & Singh, 2018) and pas in es men pe o mance (Pa een
e al., 2020). Gende is he mos dominan demog aphic ac o a ec ing in es o o e con idence
(Bake e al., 2019; Kansal & Singh, 2018), whe e males a e mo e p one o o e con idence (Kuma &
Goyal, 2016). Financial li e acy has p o ed o be a signi ican posi i e ac o o o e con idence
(Kawamu a e al., 2021). Meie and De Mello (2020) con i med ha o e con idence is uns able; wi h
con adic o y eedback, i anishes, and wi h suppo i e signals, i e u ns.
Figu e 3. Au ho keywo ds in he las 10 yea s.
Sou ce: Au ho s compila ion wi h he help o Scopus Da abase.
6 D. SINGH ET AL.
4.3.2. Clus e 2: O e con idence & isk aking
The collec i e indings o his clus e shed ligh on he complex dynamics be ween o e con idence, pe -
cep ion o isk, and in es men pa e ns. The clus e comp ises ele en publica ions in es iga ing he
in e play o o e con idence and isk- aking and hei impac on inancial decision-making (Me kle, 2017).
The clus e is mainly ocused on he wo consequences o o e con idence: he isk- aking beha io o
he in es o and excessi e ading. The esea ch examines he impac o inancial o e con idence on
indi iduals’ isk pe cep ion and subsequen beha io (B oihanne e al., 2014). Mo eo e , he in luence o
ade s’o e con idence on hei ading beha io may lead o inc eased ading ac i i y and un a o able
esul s (Fellne -R€
ohling & K €
ugel, 2014). A ascina ing inding s a es ha o e con idence in sel - inancial
skills inc eases wi h age and a ec s iskiness and equi y pe cen age in he e i emen po olio (Pak &
Cha e jee, 2016).
4.3.3. Clus e 3: O e con idence measu es and ype o in es o s
This clus e wi h en a icles emphasizes he complexi y o measu ing o e con idence, i s dynamism, he
un ela edness in he di e en measu es o o e con idence, and he deg ee o o e con idence ega ding
ypes o in es o s. Ki chle and Maciejo sky (2002) compa ed he wo measu es o o e con idence: sub-
jec i e con idence in e als and he di e ence be ween objec i e and subjec i e ce ain y in he expe i-
men al asse ma ke . The o e con idence was mo e equen when subjec i e o e con idence in e als
we e used, and his o e con idence was posi i ely co ela ed wi h he ade ’s expe ience. Among he
a ious measu es o o e con idence, which measu e is bes and close o inancial beha io needs o be
cla i ied (Dea es e al., 2009). The e idence on he dynamics o o e con idence is mixed and needs in e -
p e a ion (Dea es e al., 2010). O e con idence ises wi h w ong in es men decisions and ask complex-
i y (Di ich e al., 2005). The deg ee o o e con idence a ies be ween he in es o g oups: In es men
ad iso s we e iden i ied as he mos o e con iden g oup, ollowed by e ail in es o s and ins i u ional
in es o s (Menkho e al., 2013).
4.3.4. Clus e 4: O e con idence in a ola ile ma ke
This clus e comp ises i e pape s ocusing on he deg ee o o e con idence du ing he inancial c isis
and e y highly ola ile ma ke s (Biais e al., 2005). The ma ke s wi h high o e con idence ha e wi -
nessed p ice bubbles and in ense ading olumes (Michailo a & Schmid , 2016). Expe s ha e shown
be e o ecas ing skills han non-expe s du ing inancial c ises (Zaleskiewicz, 2011). Addi ionally, he
clus e emphasizes ha he o e con idence o en u e capi alis s leads o w ong in es men decisions
Figu e 4. Clus e s iden i ied h ough bibliog aphic coupling.
No e. Colou heme o clus e s: Clus e one: ed; Clus e wo: g een; Clus e h ee: blue; Clus e ou : ligh g een; Clus e i e: pu ple.
Sou ce: Au ho s compila ion wi h he help o Scopus Da abase.
COGENT ECONOMICS & FINANCE 7
8 Implica ions
This s udy highligh s he mul idimensional na u e o o e con idence in inancial decision-making by syn-
hesizing e ol ing ideas and in eg a ing he bibliome ic and TCM amewo ks. This imp o ed comp e-
hension is c i ical o academics and p ac i ione s in he inancial indus y. The esea ch success ully
b idges he gap be ween psychological heo ies and he inancial decision-making p ocess by inco po-
a ing he TCM amewo ks. This syn hesis o heo e ical app oaches o e s a mo e in-dep h comp ehen-
sion o he cogni i e p ocesses ha con ibu e o he de elopmen o o e con idence in indi iduals.
This wo k p esen s he new esea ch pa hways o be in es iga ed in inancial o e con idence and opens
up new possibili ies in his ield.
Fu he , In es o s, inancial ad iso s, and legisla o s mus deeply comp ehend he complexi ies o dis-
playing excessi e con idence in one’s inancial si ua ion. When in es ing, i is bene icial o in es o s o
be awa e o hei biases and ake ac ion o ba le o e con idence in hei decision-making. Being awa e
o hei biases and ying o comba o e con idence may be ound he e. Financial ad ise s can use his
in o ma ion o help hei clien s be e by gi ing hem mo e educa ed counsel, which is made possible
using he in o ma ion. In es ing in inancial li e acy p og ams can e ec i ely enhance in es o awa eness
and p omo e mo e a ional decision-making. By equipping in es o s wi h he knowledge o ecognize
and mi iga e o e con idence, policymake s can con ibu e o a mo e s able and esilien inancial sys em
(Cwyna e al., 2020;V
€
o €
os e al., 2021). Also, insigh s om beha io al economics in o policy-making p o-
cedu es can yield a mo e holis ic comp ehension o how psychological biases, such as o e con idence,
impac economic beha io . Policymake s can design in e en ions ha conside in es o s’cogni i e limi-
a ions and wo k owa ds c ea ing a mo e esilien inancial ecosys em. Wi h he help o his ac ic,
schola s who specialize in a wide ange o ields a e encou aged o collabo a e o con ibu e o a mo e
in-dep h unde s anding o he pa ha beha io al biases play in inance.
9. Conclusions
The cu en hyb id sys ema ic e iew u ilizes bibliome ic ools and con en analysis, employing he TCM
amewo k o examine and syn hesize o e con idence esea ch. This e iew con ibu es deepe insigh s
in o c i ical con ibu o s (jou nals, au ho s, a icles) o inancial o e con idence esea ch, se ing as a
aluable e e ence o academic schola s and indus y p o essionals seeking expe opinions (Me kle,
2017). The a icle add esses i e esea ch ques ions h ough a sys ema ic p ocedu e, whe e ou e iew
e alua es he li e a u e, highligh s pe o mance ends, and explains he in ellec ual s uc u e o o e con-
idence esea ch. Fu he mo e, disco e ing i e signi ican clus e s in his esea ch ield and iden i ying
keywo d co-occu ence add obus ness o he clus e s’con en s. Addi ionally, we conduc ed in-dep h
con en analysis using he TCM amewo k, p esen ing he mos p ominen heo ies, geog aphical con-
ex , and impac ul me hods used in o e con idence esea ch.
10. Limi a ions
E en hough he equi ed p o ocol was ollowed and a comp ehensi e li e a u e analysis was pe o med,
he indings o his s udy a e ne e heless es ic ed in se e al ways. Fi s , only he SCOPUS da abase is
used o bibliome ic analysis esea ch. In subsequen s udies, in es iga o s migh look a a icles
sou ced om single o nume ous da abases, such as Web o Science o EBSCO. Second, he e is a possi-
bili y ha pa icula esea ch has been omi ed due o he use o il e s and keywo ds. Thi d, his in es i-
ga ion was limi ed o pape s w i en in English; as a esul , we may ha e o e looked any pe inen
publica ions ini ially published in languages o he han English.
Au ho con ibu ions
D . Dha mend a Singh: Concep ualizing ou hough s in he manusc ip , e ie ing da a om Scopus, conduc ing
bibliome ic analysis, and pe o ming pe o mance analysis. D . Ga ima Malik: Clus e Analysis and Comp ehensi e
TCCM Analysis, P oo eading, and Fo ma ing. D . P a eek Jain: Fu u e Resea ch Di ec ions and Implica ions. D .
Mahmoud Abou ia: Re ised he manusc ip as pe he ecommended e isions.
14 D. SINGH ET AL.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho s
D . Dha mend a Singh is an Associa e P o esso and p og am head (Finance) a Mode n College o Business and
Science, Musca (Oman). He possesses ich p o essional expe ience o o e 23 yea s in he ield o inance. He holds
a Ph.D. (Finance), p o essional ce i ica ions like Ce i ied Financial Planne (CFP), an associa e diploma (li e insu -
ance) om he Insu ance Ins i u e o India, and a CFA. He has published se e al a icles & esea ch pape s in ABDC,
CABS, and Scopus Q1- anked in e na ional and e e eed jou nals. He has published i e edi ed books wi h enowned
publishe s. His esea ch a eas include banking, co po a e inance, en ep eneu ial inance, and inancial ma ke s.
D . Ga ima Malik is an Assis an P o esso in he Ma ke ing a ea a Bi la Ins i u e o Technology Managemen
(BIMTECH), G ea e Noida. She is a Fellow o Xa ie School o Managemen , XLRI Jamshedpu , India, and a ecipien
o he K.V. Raju (Na ajuan Awa d) Gold Medal awa ded o an ou s anding Ph.D. s uden . She has mo e han wen y
yea s o academic expe ience. He esea ch in e es s span a ious a eas, including gami ica ion, ma ke ing analy ics,
cus ome engagemen , des ina ion ma ke ing, and gaming ma ke ing expe ience. She au ho ed mo e han 80þ
esea ch pape s. In addi ion o he esea ch con ibu ions, D . Malik has w i en i e books, wo o which a e ex -
books, and ou a e case s udy books.
D . P a eek Jain is wo king as Associa e P o esso o S a egy & En ep eneu ship a Bi la Ins i u e o Managemen
Technology (BIMTECH), G ea e Noida. Be o e joining Academics he had wo ked in Co po a e sec o o 23 yea s in
a ious Indus ies & sec o s. D . P a eek had done his PhD om IIT Delhi and MBA om IIM Lucknow. He had done
his g adua ion in Mechanical Enginee ing. D . P a eek had also au ho ed 3 Books in he a ea o Managemen &
S a egy.
D . Mahmoud Abou aia is a P o esso and head o he Ph.D. p og am a he Mode n College o Business and
Science, Musca (Oman). He has published se e al pape s in epu ed jou nals. His esea ch a eas include banking,
co po a e inance, and inancial ma ke s.
ORCID
Dha mend a Singh h p://o cid.o g/0000-0003-0966-6530
Ga ima Malik h p://o cid.o g/0000-0002-3892-8299
Da a a ailabili y s a emen
The da a o he s udy we e e ie ed om SCOPUS wi hin he speci ied pe iod (as men ioned in he manusc ip ),
ollowing he p ope p ocedu e o da a e ie al, including keywo ds. Subsequen ly, a da a il e ing p ocess was
conduc ed. Anyone can e ie e he da a om SCOPUS by applying he same c i e ia used in he s udy.
Re e ences
Abdallah, S., & Hilu, K. (2015). Explo ing De e minan s o Explain Aspec s o Indi idual In es o s’Financial Beha iou .
Aus alasian Accoun ing, Business and Finance Jou nal,9(2), 4–22. h ps://doi.o g/10.14453/aab j. 9i2.2
Ab eu, M., & Mendes, V. (2012). In o ma ion, o e con idence, and ading: Do he sou ces o in o ma ion ma e ?
Jou nal o Economic Psychology,33(4), 868–881. h ps://doi.o g/10.1016/j.joep.2012.04.003
Adel, B., & Ma iem, T. (2013). The impac o o e con idence on in es o s’decisions. Business and Economic Resea ch,
3(2), 53. h ps://doi.o g/10.5296/be . 3i2.4200
Ahmad, F. (2020). Pe sonali y ai s as a p edic o o cogni i e biases: The mode a ing ole o isk-a i ude.
Quali a i e Resea ch in Financial Ma ke s,12(4), 465–484. h ps://doi.o g/10.1108/QRFM-10-2019-0123
Aini, N. S. N. & Lu i, L. (2019). The in luence o isk pe cep ion, isk ole ance, o e con idence, and loss a e sion
owa ds in es men decision making. Jou nal o Economics, Business, & Accoun ancy Ven u a,21(3), 401–413.
h ps://doi.o g/10.14414/jeba . 21i3.1663
Akh a , F., & Das, N. (2020). In es o pe sonali y and in es men pe o mance: F om he pe spec i e o psychological
ai s. Quali a i e Resea ch in Financial Ma ke s,12(3), 333–352. h ps://doi.o g/10.1108/QRFM-11-2018-0116
Ang, A., Go o yy, S., & Van Inwegen, G. B. (2011). Hedge und le e age. Jou nal o Financial Economics,102(1), 102–
126. h ps://doi.o g/10.1016/j.j ineco.2011.02.020
COGENT ECONOMICS & FINANCE 15
Ansa i, Y., Alba ak, M. S., She udeen, N., & Aman, A. (2023). Examining he ela ionship be ween inancial li e acy
and demog aphic ac o s and he o e con idence o Saudi in es o s. Finance Resea ch Le e s,52, 103582. h ps://
doi.o g/10.1016/j. l.2022.103582
Bake , H. K., Kuma , S., Goyal, N., & Gau , V. (2019). How inancial li e acy and demog aphic a iables ela e o beha -
io al biases. Manage ial Finance,45(1), 124–146. h ps://doi.o g/10.1108/MF-01-2018-0003
Bansal, R., & Singh, D. (2021). E iciency d i e s o insu e s in GCC: An analysis inco po a ing company-speci ic and
ex e nal en i onmen al a iables. Cogen Economics & Finance,9(1), 1922179. h ps://doi.o g/10.1080/23322039.
2021.1922179
Ba be , B. M., & Odean, T. (2001). Boys will be boys: Gende , o e con idence, and common s ock in es men . The
Qua e ly Jou nal o Economics,116(1), 261–292. h ps://doi.o g/10.1162/003355301556400
Beckmann, D., Menkho , L., & Su o, M. (2008). Does cul u e in luence asse manage s’ iews and beha io ?. Jou nal
o Economic Beha io & O ganiza ion,67(3-4), 624–643. h ps://doi.o g/10.1016/j.jebo.2007.12.001
Biais, B., Hil on, D., Mazu ie , K., & Pouge , S. (2005). Judgemen al o e con idence, sel -moni o ing, and ading pe -
o mance in an expe imen al inancial ma ke . Re iew o Economic S udies,72(2), 287–312. h ps://doi.o g/10.1111/
j.1467-937X.2005.00333.x
Bou o a, E., Ande son, ME., Ramsay, I., & Ali, P. (2018). Impac s o inancial li e acy andcon idence on he se e i y o
inancial ha dship in Aus alia. Aus alasian Accoun ing, Business and Finance Jou nal,12(4), 4–23. h ps://doi.o g/
10.14453/aab j. 12i4.2
Bou eska, A., Ha asheh, M., & Abedin, M. Z. (2023). Re isi ing o e con idence in in es men decision-making: Fu he
e idence om he US ma ke . Resea ch in In e na ional Business and Finance,66, 102028. h ps://doi.o g/10.1016/j.
iba .2023.102028
B oihanne, M.-H., Me li, M., & Roge , P. (2014). O e con idence, isk pe cep ion and he isk- aking beha io o
inance p o essionals. Finance Resea ch Le e s,11(2), 64–73. h ps://doi.o g/10.1016/j. l.2013.11.002
Chen, Y., Mandle , T., & Meye -Waa den, L. (2021). Th ee decades o esea ch on loyal y p og ams: A li e a u e e iew
and u u e esea ch agenda. Jou nal o Business Resea ch,124, 179–197. h ps://doi.o g/10.1016/j.jbus es.2020.11.
057
Comb ink, S., & Lew, C. (2020). Po en ial Unde dog Bias, O e con idence and Risk P opensi y in In es o Decision-
Making Beha io . Jou nal o Beha io al Finance,21(4), 337–351. h ps://doi.o g/10.1080/15427560.2019.1692843
Cos a-Co della, S., A e alo-Rome o, C., Pa ada, F. J., & Rossi, A. (2021). Social suppo and cogni ion: A sys ema ic
e iew. F on ie s in Psychology,12, 637060. h ps://doi.o g/10.3389/ psyg.2021.637060
Cwyna , A., Cwyna , W., Pa ena, W., & Sibanda, W. (2020). Young adul s’ inancial li e acy and o e con idence bias in
deb ma ke s. In e na ional Jou nal o Business Pe o mance Managemen ,21(1/2), 95–113. h ps://doi.o g/10.1504/
IJBPM.2020.106117
Daniel, K., Hi shlei e , D., & Sub ahmanyam, A. (1998). In es o psychology and secu i y ma ke unde - and o e eac-
ions. The Jou nal o Finance,53(6), 1839–1885. h ps://doi.o g/10.1111/0022-1082.00077
Dea es, R., L€
ude s, E., & Luo, G. Y. (2009). An expe imen al es o he impac o o e con idence and gende on ad-
ing ac i i y. Re iew o Finance,13(3), 555–575. h ps://doi.o g/10.1093/ o / n023
Dea es, R., L€
ude s, E., & Sch €
ode , M. (2010). The dynamics o o e con idence: E idence om s ock ma ke o ecas -
e s. Jou nal o Economic Beha io & O ganiza ion,75(3), 402–412. h ps://doi.o g/10.1016/j.jebo.2010.05.001
Di ich, D. A., G€
u h, W., & Maciejo sky, B. (2005). O e con idence in in es men decisions: An expe imen al
app oach. The Eu opean Jou nal o Finance,11(6), 471–491. h ps://doi.o g/10.1080/1351847042000255643
Doukas, J. A., & Pe mezas, D. (2007). Acquisi ions, o e con iden manage s and sel -a ibu ion bias. Eu opean
Financial Managemen ,13(3), 531–577. h ps://doi.o g/10.1111/j.1468-036X.2007.00371.x
Du, N., & Budescu, D. V. (2007). Does pas ola ili y a ec in es o s’p ice o ecas s and con idence
judgemen s? In e na ional Jou nal o Fo ecas ing,23(3), 497–511. h ps://doi.o g/10.1016/j.ij o ecas .2007.03.
003[Misma ch[Inse edF omOnline
Du and, R., Newby, R., Tan , K., & T epongka una, S. (2013). O e con idence, o e eac ion, and pe sonali y. Re iew o
Beha io al Finance,5(2), 104–133. h ps://doi.o g/10.1108/RBF-07-2012-0011
Duxbu y, D. (2015). Beha io al inance: insigh s om expe imen s I: Theo y and inancial ma ke s. Re iew o
Beha io al Finance,7(1), 78–96. h ps://doi.o g/10.1108/RBF-03-2015-0011
Duy Bui, L., Chi Le, T., Ngoc Quang, A. H., & Wong, W.-K. (2021). De e minan s o he possibili ies by in es o s’ isk-
aking: Empi ical e idence om Vie nam. Cogen Economics & Finance,9(1), 1917106. h ps://doi.o g/10.1080/
23322039.2021.1917106
Eh linge , J., Mi chum, A. L., & Dweck, C. S. (2016). Unde s anding o e con idence: Theo ies o in elligence, p e e en-
ial a en ion, and dis o ed sel -assessmen . Jou nal o Expe imen al Social Psychology,63,94–100. h ps://doi.o g/
10.1016/j.jesp.2015.11.001
Fellne -R€
ohling, G., & K €
ugel, S. (2014). Judgmen al o e con idence and ading ac i i y. Jou nal o Economic Beha io
& O ganiza ion,107, 827–842. h ps://doi.o g/10.1016/j.jebo.2014.04.016
Filbeck, G., Ha ield, P., & Ho a h, P. (2005). Risk a e sion and pe sonali y ype. Jou nal o Beha io al Finance,6(4),
170–180. h ps://doi.o g/10.1207/s15427579jp m0604_1
Filbeck, G., Riccia di, V., E ensky, H. R., Fan, S. Z., Holzhaue , H. M., & Spiele , A. (2017). Beha io al inance: A panel
discussion. Jou nal o Beha io al and Expe imen al Finance,15,52–58. h ps://doi.o g/10.1016/j.jbe .2017.07.008
16 D. SINGH ET AL.
Ge ans, P., & Heaney, R. (2019). The impac o unde g adua e pe sonal inance educa ion on indi idual inancial li -
e acy, a i udes and in en ions. Accoun ing & Finance,59(1), 177–217. h ps://doi.o g/10.1111/ac i.12247
Ge ais, S., & Odean, T. (2001). Lea ning o be o e con iden . Re iew o Financial S udies,14(1), 1–27. h ps://doi.o g/
10.1093/ s/14.1.1
Glase , M., & Webe , M. (2007). O e con idence and ading olume. The Gene a Risk and Insu ance Re iew,32(1),
1–36. h ps://doi.o g/10.1007/s10713-007-0003-3
Gloede, O., & Menkho , L. (2014). Financial p o essionals’o e con idence: Is i expe ience, unc ion, o a i ude?
Eu opean Financial Managemen ,20(2), 236–269. h ps://doi.o g/10.1111/j.1468-036X.2011.00636.x
Goe zmann, W. N., & Kuma , A. (2008). Equi y po olio di e si ica ion. Re iew o Finance,12(3), 433–463. h ps://doi.
o g/10.1093/ o / n005
G e
zo, M. (2021). O e con idence and inancial decision-making: A me a-analysis. Re iew o Beha io al Finance,13(3),
276–296. h ps://doi.o g/10.1108/RBF-01-2020-0020
G inbla , M., & Keloha ju, M. (2009). Sensa ion seeking, o e con idence, and ading ac i i y. The Jou nal o Finance,
64(2), 549–578. h ps://doi.o g/10.1111/j.1540-6261.2009.01443.x
Hala, Y., Abdullah, M. W., Andayani, W., Ilyas, G. B., & Akob, M. (2020). The inancial beha io o in es men decision
making be ween eal and inancial asse s sec o s. The Jou nal o Asian Finance, Economics and Business,7(12),
635–645. h ps://doi.o g/10.13106/ja eb.2020. ol7.no12.635
Hamil on, E. L., & Winchel, J. (2019). In es o s’p ocessing o inancial communica ions: A pe suasion pe spec i e.
Beha io al Resea ch in Accoun ing,31(1), 133–156. h ps://doi.o g/10.2308/b ia-52211
Hlousko a, J., Fo in, I., & Tsiga is, P. (2017). The consump ion–in es men decision o a p ospec heo y household:
A wo-pe iod model. Jou nal o Ma hema ical Economics,70,74–89. h ps://doi.o g/10.1016/j.jma eco.2017.02.003
Hsu, Y.-L. (2022). Financial ad ice seeking and beha io al bias. Finance Resea ch Le e s,46, 102505. h ps://doi.o g/
10.1016/j. l.2021.102505
Jain, J., Walia, N., & Gup a, S. (2019). E alua ion o beha io al biases a ec ing in es men decision-making o indi id-
ual equi y in es o s by uzzy analy ic hie a chy p ocess. Re iew o Beha io al Finance,12(3), 297–314. h ps://doi.
o g/10.1108/RBF-03-2019-0044
Jiang, J., Liao, L., Wang, Z., & Xiang, H. (2020). Financial li e acy and e ail in es o s’ inancial wel a e: E idence om
mu ual und in es men ou comes in China. Paci ic-Basin Finance Jou nal,59, 101242. h ps://doi.o g/10.1016/j.
pac in.2019.101242
Kahneman, D., & Riepe, M. W. (1998). Aspec s o in es o psychology. The Jou nal o Po olio Managemen ,24(4),
52–65. h ps://doi.o g/10.3905/jpm.1998.409643
Kahneman, D., & T e sky, A. (1979). In ui i e p edic ion: Biases and co ec i e p ocedu es. TIMS S udies in
Managemen Science,1, 2,313–327.
Kahneman, D., & T e sky, A. (2013). P ospec heo y: An analysis o decision unde isk. In Handbook o he unda-
men als o inancial decision making: Pa I (pp. 99–127).
Kansal, P., & Singh, S. (2018). De e minan s o o e con idence bias in Indian s ock ma ke . Quali a i e Resea ch in
Financial Ma ke s,10(4), 381–394. h ps://doi.o g/10.1108/QRFM-03-2017-0015
Kawamu a, T., Mo i, T., Mo onishi, T., & Ogawa, K. (2021). Is inancial li e acy dange ous? Financial li e acy, beha io al
ac o s, and inancial choices o households. Jou nal o he Japanese and In e na ional Economies,60, 101131.
h ps://doi.o g/10.1016/j.jjie.2021.101131
Khalil, F., & Pipa, G. (2022). Is deep-lea ning and na u al language p ocessing anscending he inancial o ecas ing?
In es iga ion h ough lens o news analy ic p ocess. Compu a ional Economics,60(1), 147–171. h ps://doi.o g/10.
1007/s10614-021-10145-2
Khan, M. T. I., Tan, S. H., & Chong, L. L. (2017). How pas pe cei ed po olio e u ns a ec inancial beha io s—The
unde lying psychological mechanism. Resea ch in In e na ional Business and Finance,42, 1478–1488. h ps://doi.
o g/10.1016/j. iba .2017.07.088
Ki chle , E., & Maciejo sky, B. (2002). Simul aneous o e -and unde con idence: E idence om expe imen al asse
ma ke s. Jou nal o Risk and Unce ain y,25(1), 65–85. h ps://doi.o g/10.1023/A:1016319430881
Kleine, J., Wagne , N., & Welle , T. (2016). Openness endange s you weal h: Noise ading and he big i e. Finance
Resea ch Le e s,16, 239–247. h ps://doi.o g/10.1016/j. l.2015.12.002
Kou idis, D.,
Se i
c,
Z., & Cha zoglou, P. (2011). In es o s’ ading ac i i y: A beha iou al pe spec i e and empi ical
esul s. The Jou nal o Socio-Economics,40(5), 548–557. h ps://doi.o g/10.1016/j.socec.2011.04.008
Kuma , S., & Goyal, N. (2016). E idence on a ionali y and beha iou al biases in in es men decision making.
Quali a i e Resea ch in Financial Ma ke s,8(4), 270–287. h ps://doi.o g/10.1108/QRFM-05-2016-0016
Liyanaa achchi, G., Deshpande, S., & Wea en, S. (2021). Online banking and p i acy: Redesigning sales s a egy
h ough social exchange. In e na ional Jou nal o Bank Ma ke ing,39(6), 955–983. h ps://doi.o g/10.1108/IJBM-05-
2020-0278
Lude, M., & P €
ugl, R. (2018). Why he amily business b and ma e s: B and au hen ici y and he amily i m us
in e ence. Jou nal o Business Resea ch,89, 121–134. h ps://doi.o g/10.1016/j.jbus es.2018.03.040
Ma je ison, R. K., Han, L., & Chen, J. (2023). In es o beha io du ing pe iods o c ises: The Chinese unds ma ke du -
ing he 2020 pandemic. Re iew o In eg a i e Business and Economics Resea ch,12(1), 71–91.
COGENT ECONOMICS & FINANCE 17
Meie , C., & De Mello, L. (2020). In es o o e con idence in expe imen al asse ma ke s ac oss ma ke s a es. Jou nal
o Beha io al Finance,21(4), 369–384. h ps://doi.o g/10.1080/15427560.2019.1692845
Menkho , L., Schmeling, M., & Schmid , U. (2013). O e con idence, expe ience, and p o essionalism: An expe imen al
s udy. Jou nal o Economic Beha io & O ganiza ion,86,92–101. h ps://doi.o g/10.1016/j.jebo.2012.12.022
Me kle, C. (2017). Financial o e con idence o e ime: Fo esigh , hindsigh , and insigh o in es o s. Jou nal o
Banking & Finance,84,68–87. h ps://doi.o g/10.1016/j.jbank in.2017.07.009
Michailo a, J., & Schmid , U. (2016). O e con idence and bubbles in expe imen al asse ma ke s. Jou nal o
Beha io al Finance,17(3), 280–292. h ps://doi.o g/10.1080/15427560.2016.1203325
Mish a, K. C., & Me ilda, M. J. (2015). A s udy on he impac o in es men expe ience, gende , and le el o educa ion
on o e con idence and sel -a ibu ion bias. IIMB Managemen Re iew,27(4), 228–239. h ps://doi.o g/10.1016/j.
iimb.2015.09.001
Moo e, D. A., & Healy, P. J. (2008). The ouble wi h o e con idence. Psychological Re iew,115(2), 502–517. h ps://
doi.o g/10.1037/0033-295X.115.2.502
Moul on, S., Loibl, C., Samak, A., & Michael Collins, J. (2013). Bo owing capaci y and inancial decisions o low- o-
mode a e income i s - ime homebuye s. Jou nal o Consume A ai s,47(3), 375–403. h ps://doi.o g/10.1111/joca.
12021
Nguyen, D. V., Dang, D. Q., Pham, G. H., & Do, D. K. (2020). In luence o o e con idence and cash low on in es men
in Vie nam. The Jou nal o Asian Finance, Economics and Business,7(2), 99–106. h ps://doi.o g/10.13106/ja eb.2020.
ol7.no2.99
Nicolosi, G., Peng, L., & Zhu, N. (2004). Do indi idual in es o s lea n om hei ading expe ience? Yale ICF Wo king
Pape no. 03–32
Odean, T. (1998). A e in es o s eluc an o ealize hei losses? The Jou nal o Finance,53(5), 1775–1798. h ps://doi.
o g/10.1111/0022-1082.00072
Odean, T. (1999). Do in es o s ade oo much? Ame ican Economic Re iew,89(5), 1279–1298. h ps://doi.o g/10.
1257/ae .89.5.1279
Olsson, H. (2014). Measu ing o e con idence: Me hodological p oblems and s a is ical a i ac s. Jou nal o Business
Resea ch,67(8), 1766–1770. h ps://doi.o g/10.1016/j.jbus es.2014.03.002
Pak, T.-Y., & Cha e jee, S. (2016). Aging, o e con idence, and po olio choice. Jou nal o Beha io al and Expe imen al
Finance,12, 112–122. h ps://doi.o g/10.1016/j.jbe .2016.10.003
Pan, C. H., & S a man, M. (2013). In es o pe sonali y in in es o ques ionnai es. Jou nal o In es men Consul ing,
14(1), 48–56.
Pa een, S., Sa i, Z. W., Subhan, Q. A., & Jamil, S. (2020). Explo ing ma ke o e eac ion, in es o s’sen imen s, and
in es men decisions in an eme ging s ock ma ke . Bo sa Is anbul Re iew,20(3), 224–235. h ps://doi.o g/10.1016/j.
bi .2020.02.002
Paul, J., & Rosado-Se ano, A. (2019). G adual In e na ionaliza ion s Bo n-Global/In e na ional new en u e models:
A e iew and esea ch agenda. In e na ional Ma ke ing Re iew,36(6), 830–858. h ps://doi.o g/10.1108/IMR-10-
2018-0280
Pe ess, J. (2004). Weal h, in o ma ion acquisi ion, and po olio choice. Re iew o Financial S udies,17(3), 879–914.
h ps://doi.o g/10.1093/ s/hhg056
Pe iwi, T. K., Yuniningsih, Y., & Anwa , M. (2019). The biased ac o s o in es o ’s beha io in s ock exchange ading.
Managemen Science Le e s, 835–842. h ps://doi.o g/10.5267/j.msl.2019.3.005
Pikulina, E., Renneboog, L., & Toble , P. N. (2017). O e con idence and in es men : An expe imen al app oach.
Jou nal o Co po a e Finance,43, 175–192. h ps://doi.o g/10.1016/j.jco p in.2017.01.002
P osad, J. M., Kapoo , S., & Sengup a, J. (2015). Beha io al biases o Indian in es o s: A su ey o Delhi-NCR egion.
Quali a i e Resea ch in Financial Ma ke s,7(3), 230–263. h ps://doi.o g/10.1108/QRFM-04-2014-0012
Puaschunde , J. M. (2017). Socio-psychological mo i es o socially esponsible in es o s. In Global co po a e go e n-
ance (pp. 209–247). Eme ald Publishing Limi ed.
Rahman, M., & Gan, S. S. (2020). Gene a ion Y in es men decision: An analysis using beha iou al ac o s. Manage ial
Finance,46(8), 1023–1041. h ps://doi.o g/10.1108/MF-10-2018-0534
Robinson, A. T., & Ma ino, L. D. (2015). O e con idence and isk pe cep ions: do hey eally ma e o en u e c e-
a ion decisions?. In e na ional En ep eneu ship and Managemen Jou nal,11(1), 149–168. h ps://doi.o g/10.1007/
s11365-013-0277-0
Sabi , S. A., Mohammad, H. B., & Shaha , H. B. K. (2019). The ole o o e con idence and pas in es men
expe ience in he ding beha iou wi h a mode a ing e ec o inancial li e acy: E idence om Pakis an s ock
exchange. Asian Economic and Financial Re iew,9(4), 480–490. h ps://doi.o g/10.18488/jou nal.ae .2019.94.480.
490 [Inse edF omOnline
Sahi, S. K., & A o a, A. P. (2012). Indi idual in es o biases: A segmen a ion analysis. Quali a i e Resea ch in Financial
Ma ke s,4(1), 6–25.
Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heu is ic biases in in es men decision-making and pe cei ed ma -
ke e iciency: A su ey a he Pakis an s ock exchange. Quali a i e Resea ch in Financial Ma ke s,10(1), 85–110.
h ps://doi.o g/10.1108/QRFM-04-2017-0033
18 D. SINGH ET AL.
Sha ma, D., Mis a, V., & Pa hak, J. P. (2021). Eme gence o beha iou al inance: A s udy on beha iou al biases du ing
in es men decision-making. In e na ional Jou nal o Economics and Business Resea ch,21(2), 223–234. h ps://doi.
o g/10.1504/IJEBR.2021.113140
Singh, D., & Malik, G. (2018). Technical e iciency and i s de e minan s: A panel da a analysis o Indian public and p i-
a e sec o banks. Asian Jou nal o Accoun ing Pe spec i es,11(1), 48–71. h ps://doi.o g/10.22452/AJAP. ol11no1.3
Singh, D., & Malik, G. (2022). A sys ema ic and bibliome ic e iew o he inancial well-being: Ad ancemen s in he
cu en s a us and u u e esea ch agenda. In e na ional Jou nal o Bank Ma ke ing,40(7), 1575–1609. h ps://doi.
o g/10.1108/IJBM-06-2021-0238
S a man, M., Tho ley, S., & Vo kink, K. (2006). In es o o e con idence and ading olume. Re iew o Financial
S udies,19(4), 1531–1565. h ps://doi.o g/10.1093/ s/hhj032
Syed, R. T., Singh, D., Ag awal, R., & Spice , D. P. (2023). En ep eneu ship de elopmen in uni e si ies ac oss Gul
Coope a ion Council coun ies: A sys ema ic e iew o he esea ch and way o wa d. Jou nal o En e p ising
Communi ies: People and Places in he Global Economy,17(5), 1045–1062. h ps://doi.o g/10.1108/JEC-03-2022-0045
Syed, R. T., Singh, D., & Spice , D. (2023). En ep eneu ial highe educa ion ins i u ions: De elopmen o he esea ch
and u u e di ec ions. Highe Educa ion Qua e ly,77(1), 158–183. h ps://doi.o g/10.1111/hequ.12379
Tekc¸e, B., Yılmaz, N., & Bildik, R. (2016). Wha ac o s a ec beha io al biases? E idence om Tu kish indi idual s ock
in es o s. Resea ch in In e na ional Business and Finance,37, 515–526. h ps://doi.o g/10.1016/j. iba .2015.11.017
Toma , S., Bake , H. K., Kuma , S., & Ho mann, A. O. (2021). Psychological de e minan s o e i emen inancial plan-
ning beha io . Jou nal o Business Resea ch,133, 432–449. h ps://doi.o g/10.1016/j.jbus es.2021.05.007
T e sky, A., & Kahneman, D. (1992). Ad ances in p ospec heo y: Cumula i e ep esen a ion o unce ain y. Jou nal
o Risk and Unce ain y,5(4), 297–323. h ps://doi.o g/10.1007/BF00122574
T e sky, A., Kahneman, D., & Slo ic, P. (1982). Judgmen unde unce ain y: Heu is ics and biases (pp. 3-20).
Van Rooij, M., Lusa di, A., & Alessie, R. (2011). Financial li e acy and s ock ma ke pa icipa ion. Jou nal o Financial
Economics,101(2), 449–472. h ps://doi.o g/10.1016/j.j ineco.2011.03.006
V€
o €
os, Z., Szab
o, Z., Kehl, D., Ko
acs, O. B., Papp, T., & Schepp, Z. (2021). The o ms o inancial li e acy o e con i-
dence and hei ole in inancial well-being. In e na ional Jou nal o Consume S udies,45(6), 1292–1308. h ps://
doi.o g/10.1111/ijcs.12734
Wawe u, N. M., Munyoki, E., & Uliana, E. (2008). The e ec s o beha iou al ac o s in in es men decision-making: A
su ey o ins i u ional in es o s ope a ing a he Nai obi S ock Exchange. In e na ional Jou nal o Business and
Eme ging Ma ke s,1(1), 24. h ps://doi.o g/10.1504/IJBEM.2008.019243
Wilaipo n, P., Nongni , C., & Su achai, C. (2021). Fac o s In luencing e ail in es o s’ ading beha iou in he Thai
s ock ma ke .
Zacha akis, A. L., & Shephe d, D. A. (2001). The na u e o in o ma ion and o e con idence on en u e capi alis s’
decision making. Jou nal o Business Ven u ing,16(4), 311–332. h ps://doi.o g/10.1016/S0883-9026(99)00052-X
Zaleskiewicz, T. (2011). Financial o ecas s du ing he c isis: We e expe s mo e accu a e han laypeople? Jou nal o
Economic Psychology,32(3), 384–390. h ps://doi.o g/10.1016/j.joep.2011.02.003
COGENT ECONOMICS & FINANCE 19
