Investment Intention and Decision Making: A Systematic Literature Review and Future Research Agenda

Norhazimah Che Hassan, Aisyah Abdul-Rahman (), Syajarul Imna Mohd Amin and Siti Ngayesah Ab Hamid
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Norhazimah Che Hassan: Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Aisyah Abdul-Rahman: Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Syajarul Imna Mohd Amin: Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia
Siti Ngayesah Ab Hamid: Faculty of Economics and Management, Universiti Kebangsaan Malaysia, Bangi 43600, Selangor, Malaysia

Sustainability, 2023, vol. 15, issue 5, 1-22

Abstract: The expansion of financial markets has enabled individuals to invest in a variety of securities and financial instruments. Consequently, behavioral finance has shed light on the characteristics and psychological processes that influence the investment intentions and decisions of investors. We performed a systematic review of the recent literature on the key elements that influence the behavioral intentions and investment decisions of individual investors. In combination with bibliometric and weight analysis, this review aims to propose a comprehensive approach to present quantitative and qualitative analyses of the rising elements influencing investors’ intentions and behaviors in financial investment products. Using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) statement, this work comprises a review of 28 articles published in Web of Science and Scopus databases between 2016 and 2021. The findings identify six underlying themes of investor behavior determined using content: (1) personal factors, (2) social factors, (3) market information, (4) firm-specific factors, (5) product-related factors, and (6) demography. The future research agenda is highlighted based on the Theories, Constructs, Contexts, and Methods framework. The findings provide insights for both theoretical and practical application for corporations, financial institutions, and policy makers in understanding investors’ behavior so as to strengthen the financial industry and economy.

Keywords: systematic literature review; behavioral intention; investors’ behavior; investment decisions; weight analysis; content analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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