Investment intentions and financial decisions of women investors: A bibliometric analysis for future research

Dash, Pratichi; Mishra, Susanta Kumar Article Investment intentions and financial decisions of women investors: A bibliometric analysis for future research Global Business & Finance Review (GBFR) Provided in Cooperation with: People & Global Business Association (P&GBA), Seoul Suggested Citation: Dash, Pratichi; Mishra, Susanta Kumar (2024) : Investment intentions and financial decisions of women investors: A bibliometric analysis for future research, Global Business & Finance Review (GBFR), ISSN 2384-1648, People & Global Business Association (P&GBA), Seoul, Vol. 29, Iss. 6, pp. 114-128, https://doi.org/10.17549/gbfr.2024.29.6.114 This Version is available at: https://hdl.handle.net/10419/306017 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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Introduction The predominance of irrational behaviour in recent decades has posed challenges for women investors in making investing decisions (Harinakshi & Goveas, Received: Apr. 23, 2024; Revised: May. 9, 2024; Accepted: May. 24, 2024 † Corresponding author: Susanta Kumar Mishra E-mail: [email protected], [email protected] 2023). Investors feel apprehensive about their investing decisions as they anticipate higher rewards based on their choices (Jindal, 2020). Regarding this matter Salim and Khan, (2020) contends that reasonable investment decisions encompass a diverse array of advantages. Research on financial behaviour suggests that women investors' financial decision-making and investment intention abilities play a crucial role in making investment decisions in their everyday lives GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128 pISSN 1088-6931 / eISSN 2384-1648∣Https://doi.org/10.17549/gbfr.2024.29.6.114 ⓒ 2024 People and Global Business Association GLOBAL BUSINESS & FINANCE REVIEW www.gbfrjournal.org for financial sustainability and people-centered global business1) Investment Intentions and Financial Decisions of Women Investors: A Bibliometric Analysis for Future Research Pratichi Dash, Susanta Kumar Mishra† School of Management, Centurion University of Technology and Management, Jatni, Bhubaneswar-752050, Odisha, India A B S T R A C T Purpose: Making investment decisions has become more difficult for women investors in recent decades due to the prevalence of irrational behaviour. This research aims to use bibliometric analysis to fill a gap in the current literature on women's investing aspirations. This analysis will offer a thorough overview and suggest potential areas for further research. Design/methodology/approach: This study conducted a search on the Web of Science databases to identify 29 publications published between 2013 and 2023. Afterwards, this study used the PRISMA method to evaluate these articles for systematic reviews and meta-analyses. The VOS viewer software was utilized for conducting bibliometric analysis. Findings: The outcomes of this study shows that women's financial literacy, risk behavior, and financial planning are all correlated with the decisions they make with their own money. Various elements, including demographics, society, and psychology, influence female investor's intention to invest. Research limitations/implications: To ensure the accuracy and reliability of the findings, data for bibliometric analysis was extracted exclusively from a single database, namely Web of Science. Subsequent investigations have the potential to expand the systematic literature review by incorporating various databases containing diverse software applications, as well as distinct theories and methodologies for future research. Originality/value: This study assesses the existing literature and enhance the conceptual and social framework surrounding the investment intention and financial decision-making of women investors. The findings offer valuable insights for firms, financial institutions, and policy makers to a thorough comprehension on the intentions of women investors. This may help enhancing the financial sector and economy, both in theory and in practice. Keywords: Investment intention, Financial decision, PRISMA, Bibliometric study, Content analysis, Women investor ⓒ Copyright: The Author(s). This is an Open Access journal distributed under the terms of the Creative Commons Attribution Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted non-commercial use, distribution , and reproduction in any medium, provided the original work is properly cited. Pratichi Dash, Susanta Kumar Mishra 115 (Iram et al., 2021). There has been increased acknowledgment of women's empowerment in terms of economic advancement, opportunities for job creation, and reducing poverty (Sharma, 2018). Limitations of conventional literature reviews include insufficient coverage, reviewer bias, and failure to account for differences in research efficacy. A systematic literature review is a methodical strategy that thoroughly examines and evaluates existing material. Shaffril et al. (2020) presents systematic literature review is a technique that enables the identification, choice, and thorough assessment of previous studies pertaining to a particular topic through an organized and methodical approach. Systematic Literature Review is a meticulously structured and transparent process that involves searching through multiple credible data sources. A systematic review provides comprehensive information on the review method, including the specific keywords employed and the selected papers, enabling other researchers to duplicate and validate the results. The systematic search technique allows scholars to seek solutions to particular challenges (Xiao & Watson, 2019). Furthermore, this study included many cuttingedge techniques that integrated diverse methodologies, including bibliometric analysis, which examines extensive scientific data at an early stage. Additionally, a range of theories and methods were employed to build a plan for further study. Current research seeks to address the gap in prior research by evaluating the impact of different crucial behavioural factors on the investing intentions of women investors. The evaluation centres around a primary research inquiry: which criteria might anticipate the intention to invest and to make financial decisions among women investors. This study aims to shed light on developing patterns in behavioural finance. This study seeks to discover and delineate the factors that influence investing intention and financial decisionmaking among female investors. Based on previous scholarly works, this research aims to contribute to the existing knowledge by conducting a comprehensive and systematic analysis of the literature on investment intention and financial decision-making. Academics must have a thorough understanding of the factors that influence adoption intentions and actual usage behaviour in order to direct their future research efforts. In order to increase the participation of women investors in financial planning and investing tactics, this study provides professionals with concrete suggestions. These suggestions have been derived from an exhaustive analysis of the factors that impact financial decisionmaking and investment intentions. The content of this publication is structured into multiple sections. The initial segment of this study provides an introduction. Section two elucidates the methodology, which includes the review process utilizing PRISMA. Section 3 succinctly outlines the findings, encompassing bibliometric and content analyses. Section 4 explores the areas of limited understanding and potential areas for further investigation. Section 5 serves as the conclusion of this review. II. Methodology A. The Review Protocol - PRISMA The research followed the standards laid out by PRISMA, the Preferred Reporting Items for Systematic Reviews, and Meta-analyses (Moher et al.,2009). As previously mentioned by Kintz and Correa (2015), the approach aims to achieve verification, creates criteria for inclusion and exclusion, and establishes a well-defined research subject that allows thematic inquiry. These three benefits are independent of one another. Following the PRISMA guidelines, the first step in conducting a Systematic Literature Review (SLR) was to develop relevant research questions for the review. Next, a three-step process for document searching was established and carried out: identification, screening, and eligibility assessment. We concluded by outlining the steps to retrieve data for the review and then double-checking that information. We conducted a meta-literature review by analyzing the chosen papers using both quantitative (bibliometric) GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128 116 and qualitative (content) methods. Meta-analysis is a method that involves analyzing multiple studies or examinations collectively. The use of bibliometric analysis for analyzing relevant studies (meta-analysis) is a recently developed method (Zamore et al., 2018). This meta-analysis approach differs from typical quantitative analysis in that it focuses on the statistical analysis of previous research studies. (Hussain & Aziz, 2022). Therefore, it is frequently utilized in contemporary writing. This study involved the use of bibliometric analysis performed with the VOS viewer software. We utilized the Web of Science (WoS), a widely recognized indexed database, to acquire papers on behavioural investment within the scope of this evaluation. The WoS database was chosen for document collection because of its extensive bibliographic data coverage and reputation as the most trustworthy global source for publications and citations. The scope of WoS encompasses a wide range of subjects, including science, technology, medicine, social sciences, arts, and humanities (Bui et al., 2020). B. Formulation of Research Questions The research topic for this study was formulated by considering the population, interest, context, and outcomes. This tool facilitates authors in formulating pertinent research inquiries for a review. Therefore, this study included three main elements in the analysis: women investors (population), factors influencing investment intention and financial decision-making (interest), and financial products (context). Based on these three considerations, we formulated a core research question: what variables impact female investors' investing intentions and financial decisions? (Lockwood et al., 2015). C. Systematic Searching Strategy Methods for conducting systematic searches often include the following three stages: identification, screening, and eligibility. 1. Identification Identification is the systematic exploration for synonyms, analogous terms, and other forms of the primary keywords employed in the research, including investment intention, financial decision, and women investors. The use of this technology expands the range of databases choices available for finding pertinent fresh content to be examined. The keywords were derived from Okoli's (2015) research inquiry and were sourced from many outlets, such as an online thesaurus, keywords utilised in prior studies, keywords recommended by WoS, and keywords put forth by domain experts. Before creating a search string, we improved the current keywords for WoS by utilizing "Boolean operators, phrase searching, truncation, wild card, and field code operations", (Hassan et al., 2023) as described in Table 1. At first, a total of 313 publications were obtained from the WOS databases spanning from 2013 to May 2023. Documents from the archives were culled in an Excel file in order to detect all replicated content before transferring them to the "Mendeley" software for the purpose of arranging the articles. 2. Screening This study utilized an automated criterion selection process according to the database's sorting algorithm to screen all 313 articles. Zhu and Liu (2020) proposed the implementation of a review period due to the impracticality of thoroughly reviewing all previously Database Search Strings Web of Science TS = (("investment intention " OR "investment behaviour" OR " investment phycology" OR "investment decision" OR "financial decision") AND (("women" OR "women investor" OR " female" OR "female investor") Table 1. Database and search strings Pratichi Dash, Susanta Kumar Mishra 117 published publications. The database search disclosed a notable increase in many research studies pertaining to women's financial decision-making process after the year 2000. Women investor behavior studies gained popularity in WoS databases in 2013. As a criterion for inclusion, the time frame from 2013 to 2023 was chosen. The search was restricted to the past decade to encompass the latest research and ascertain the most up-to-date advancements in this constantly changing field. Regarding the timeframe, a period of 10 years is adequate for observing the pattern of research and its associated publications (Handranata et al., 2022). In addition, we incorporate the phrase "women investors" into the search query. In order to eliminate any uncertainties, the review exclusively incorporated studies that utilized factual data and were published in the English language. A total of 15 duplicate items and 220 articles that did not match the inclusion criteria were excluded from the screening process (Table 2). Subsequently, the remaining 78 articles underwent the third process of assessing their eligibility. 3. Eligibility Throughout the eligibility phase, the collected articles were thoroughly scrutinized to verify that all the remaining articles, following the evaluation process, met the necessary criteria. The manual inspection was conducted by scrutinizing the titles and abstracts of the publications. A total of 24 articles were removed because they focused on investment performance rather than on the factors that influence and determine investor decision-making. Therefore, publications that lacked statistical data, such as theoretical or review articles, were removed. In the end, only 29 items were used in this research. 4. Data extraction Figure 1 was used as the basis for examining and extracting data from the 29 finalized publications. We thoroughly examined all 29 papers, with a particular focus on the abstracts and findings. We then selected and organized papers that addressed the study questions into a table to retrieve pertinent data. Finally, this study conducted a bibliometric analysis. Criteria Eligibility Exclusion Literature type Academic publication that contains research articles presenting systematic analysis using empirical data. Non indexed journals, literature review journals, book chapters, conference proceedings. Language English NonEnglish Timeline 2013-2023 Not before 2013 Unit of an-alysis Women investors - Table 2. The inclusion and exclusion criteria Figure 1. Prisma flow diagram GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128 118 III. Results and Discussion A. Bibliometric Analysis 1. Key word network analysis Keywords such as women, investing goal, financial decision, risk attitude, determinants, literacy, and so forth are shown in Figure 2 based on bibliometric analysis. The relationship between each of the key words is reflected in the different colors, sizes, shapes, and thicknesses of connecting lines, which indicate important themes and subthemes found after an extensive literature review. 2. Authors analysis Table 3 and Figure 3 display the rankings of the ten authors with the highest number of citations in our dataset. Herve (2019) holds the highest number of citations, with a total of 40. Hood (2014) ranked as the second most frequently mentioned author, with a total of 36 citations. Another author, Maligalig (2019) also holds eighteen citations. Nath (2013), Booth (2013) and Kulas (2013) received the most significant number of citations, twenty-three times, sixteen times, and fifteen times, respectively. Kappal (2020) received a total of Fourteen citations. Naiwen (2021) has been cited fourteen times, while Caliendo (2022) has also been discussed fourteen times. 3. Journal source analysis Table 4 displays the datasets that pertain to the periodicals in the fields of economics, finance, business, and social science. Journal of Financial Services has 36 citations, the Journal of Business Ethics has 23 citations, and the Journal of Business Finance & Accounting has 40 citations, making it the most cited Journal. The following journals have published the work: Journal of Rural Studies (18 citations), Economic Record (16 citations), Leadership Quarterly (15 citations), Industria Textile (14 citations), Journal of Human Resources (14 citations), and Qualitative research in financial markets (14 citations). Figure 4 represents the most-cited Journal in 2018, the Journal of Rural Studies, followed by the Journal of Corporate Finance & accounting. This year, the most referenced journals were Leadership Quarterly, Figure 2. Network visualization map of the keywords in women investor's investment intention Sl. No. Authors Citation 1 Herve (2019) 40 2 Hood (2014) 36 3 Nath (2013) 23 5 Maligalig (2019) 18 6 Booth (2013) 16 7 Kulas (2013) 15 8 Kappal (2020) 14 9 Caliendo (2022) 14 10 Li haojian (2021) 14 Table 3. Shows top 10 authors with their citations Figure 3. Authors citations w ith y ears Pratichi Dash, Susanta Kumar Mishra 119 Economic Record, Journal of Business Ethics, and Journal of Financial Services. Among all journals published between 2018 and 2020, the Journal of Rural Studies received the highest number of citations. Eventually, in 2020, the most-cited Journal was Qualitative Research in Financial Markets, the mostcited Journal in 2022 was the Journal of Human Resources, and the most-cited Journal in 2021 was Industria Textile. 4. Country analysis Table 5 displays the country that has made the most contribution in our study field, based on the number of citations and publications. The United States of America is the primary country that significantly contributes to our study. Australia, with 72 citations, is the second most referenced country, followed by France with 56 citations. However, in terms of publication count, Germany (06) and India (06) hold the second and third positions, respectively. In contrast, Lebanon has the highest ratio of citations per publication Figure 4. Source of the data set with year Sl. No. Journal Name Documents Citation 1 Journal of business finance & accounting 1 40 2 Journal of financial services 1 36 3 Journal of business ethics 1 23 5 Journal of rural studies 1 18 6 Economic record 1 16 7 Leadership quarterly 1 15 8 Industria textile 1 14 9 Journal of human resources 1 14 10 Qualitative research in financial markets 1 14 Table 4. Top ten j ournals w ith citations Country Documents Citation USA 10 127 Australia 05 72 France 03 56 Germany 06 53 Pakistan 06 32 England 03 26 India 06 23 Peoples r China 02 16 Turkey 02 10 Table 5. Countries w ith their publications and citations Figure 5. Countries in different clusters with the year GLOBAL BUSINESS & FINANCE REVIEW, Volume. 29 Issue. 6 (JULY 2024), 114-128 120 among the top 10 countries, with a value of 127. Figure 5 shows that regarding normalized citations USA, Australia, France, Germany, Pakistan, England, India, Peoples Republic China, Malaysia and Turkey are the most cited countries with different clusters with different colors. total eight clusters are there. First cluster contains three countries (USA, Lithuania, and Pakistan). Second cluster contains Malaysia and India. B. Content Analysis Content analysis is a study method used to generate an unbiased, numerical, and systematic description of the content in actual communication (Sachdeva & Lehal, 2023). Content analysis yields data on the empirical discoveries of prior investigations. Several studies have examined the investment preferences and intentions of female investors in relation to their financial decision-making. Female investors often display investment behavior that diverges from logical and rational thinking. Consequently, they exhibit a range of aspects and elements that impact their investment intentions and financial decision-making. A comprehensive comprehension of financial markets is essential for mastering the skill of financial decision-making. The process involves collecting data, understanding financial matters, and performing research and analysis on assets (Sreelakshmi et al., 2022). Within many financial decision-making contexts, males and females employ distinct techniques that do not impact their performance. These disparities should be regarded as inherent characteristics (Denura & Soekarno, 2023). Family demands and professional associations significantly influence the investing decisions made by women (Sushmitha & Jayabal, 2023). The unequal representation of genders in decision-making positions at the initial stages of fundraising exacerbates the imbalance in funding for female entrepreneurs (Sharma & Kaur, 2019). According to Falah and Asandimitra (2023), women who contribute a higher income to the household are the ones who make significant financial decisions, as opposed to women who earn less. Multiple factors, including socio-demographics, financial literacy, economic and situational influences, and psychological constructions, have a considerable influence on women's financial planning (Thomas & Borrayo, 2014). Gender identity conventions restrict women's participation in making financial decisions within the household, resulting in a diminished influence of their informational contributions to family finances (Suriansyah & Harianto, 2022). This section provides a systematic review of the elements that impact the investment intentions of women investors. We observed that separate variables comprised distinct pre-existing parts that were very likely to be same. The primary elements that impact the financial decisions of women investors can be classified into three categories,i.e. financial literacy, personal financial planning, and risk behavior. We consolidated several elements, including financial knowledge, financial attitude, and financial behavior, into a unified term, which we referred to as a singular construct of financial literacy as mentioned in Figure 6. Figure 6. Elements influences the financial decisions of w omen investors Pratichi Dash, Susanta Kumar Mishra 121 1. Financial literacy Sustainable economic growth requires financial expertise. Wealthier and rising nations have prioritized this issue for a decade. Financial planning is crucial, but women's financial literacy is often overlooked (Sharma & Kota, 2019). Women are unaware of banking industry advancements (Sabrina et al., 2020). Professional women spend less and invest more (Suriansyah & Harianto, 2022). The inability to understand basic financial concepts hinders financial decisions (Hidayat & Abdul, 2023). The financial attitude is personal of an investor towards their investment. (Salim & Khan, 2020). Although males perform better or have more excellent financial knowledge, women have better financial attitudes (Koti, 2019). Women are more financially stressed than men (Kendi et al., 2021). As financial decisions involve risk, female investors' risk tolerance capacity is low (Sharma, 2020). Women choose income security, capital asset protection, and low investment risk (Kumar & Kumar, 2020). Money attitude significantly affects financial literacy. Financial literacy includes saving and investing. Abuse of credit and loans threatens financial stability (Sangwan, 2020). Women are conservative budgeters, but their lack of financial understanding affects many facets of their finances. Financially savvy women prefer savings and investments to loans (Abushammala, 2022). Understanding working women's spending, borrowing, and investing behaviors is crucial due to the global economy's growth and women's financial market engagement. Finance literacy changes investment risk perceptions. Income moderated the relationship of financial monitoring with financial knowledge, financial behavior, and financial attitude (Ndou, 2023). Female investors lack financial management skills and are cautious when starting enterprises (Mutha and Dargad, 2016). The gender gap in financial literacy is 33% due to low confidence and 66% due to financial ignorance (Muthu Meena & Yogeswaran, 2023). Women have a little knowledge about stocks, mutual funds, debit, credit, and debt (Ajabnoor & Faisal, 2023). The data above implies that financial literacy requires financial stability, which influence financial decision making of women investor. 2. Personal financial planning Effective household financial planning is personal, and regular monitoring and assessment are needed (Thomas & Borrayo, 2014). Understanding long-term financial planning helps women to manage their money differently (Asandimitra et al., 2019). Strong financial confidence leads women to save and invest more and borrow less (Jain, 2021). Women dominate the daily budget, threatening savings and short-term finances (Thomas & Borrayo, 2014). Personal financial planning is essential, especially for women, because they face more challenging financial decisions. 3. Risk behavior When making investing decisions, women investors think strategically about how much risk they are willing to take. As per the risk management theory, women strive for a certain level of risk and participate in activities that provide a favorable benefit-to-loss ratio to reach that level (Purohit, 2020). Therefore, women's risk perceptions are indicative of their propensity to invest (Lim & Qi, 2023). According to Ardhiani and Panjaitan (2023), there is much literature indicating that men tend to take more risks with their money, whereas women are more cautious and avoid taking risks. According to Karimov (2023), women who work are inclined to be cautious about potential losses but have optimistic hopes for their assets. Although women have a high income, they lack confidence in their investing decisions and have a moderate tolerance for risk (Jan, 2023). A study involving affluent individual investors revealed that wealthy women perceive themselves to act conservatively and distribute a significant portion of their financial holdings, in contrast to men (Bhargava et al., 2022). Hence, the literature stated above indicates that engaging in risky behavior is a crucial component of the process of making financial decisions. 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