Analysis of Indexed Scientific Productions Related to the Subject Area of Investor Sentiment in Web Of Science Database and Construction of A Scientific Map

Iranian Journal of Accounting, Auditing and Finance

مقاله 7، دوره 9، شماره 4 - شماره پیاپی 33، اسفند 2025، صفحه 127-148   

نوع مقاله: Original Article

شناسه دیجیتال (DOI): 10.22067/ijaaf.2025.46822.1542

نویسندگان

Mohammad Javad Zare Bahnamiri^* ؛ Reza Roumiani Kar؛ Mohammadreza Nasiri

Department of Accounting, Faculty of Economics and Administrative Science, University of Qom, Qom, Iran

چکیده

This study provides an in-depth analysis of the development and intellectual structure of investor sentiment, a field that has emerged as a central topic in behavioral finance. Given its broad influence on financial and economic variables, identifying key research trends, intellectual contributions, and emerging themes is essential. A systematic search of the Web of Science (WoS) database was conducted in March 2025 using selected keywords, yielding 4,546 relevant publications. Due to the 500-record-per-batch export limit, the data were downloaded in multiple batches in Plain Text format and analyzed using the Bibliometrix package in R. The results indicate substantial growth in research on investor sentiment since the early 2000s. The keyword “investor sentiment” appeared 1,147 times across the dataset. The International Review of Financial Analysis leads the field with 158 related publications. Moreover, China and extensive international collaborations have played a significant role in shaping the intellectual landscape of this domain. Overall, investor sentiment is a dynamic, rapidly evolving area of behavioral finance that continues to attract growing global academic attention.

کلیدواژه‌ها

Behavioral Finance؛ Investor Sentiment؛ Scientometrics

مراجع

1. Ángeles López-Cabarcos, M., M Pérez-Pico, A. and López Perez, M. L. (2020). Investor sentiment in the theoretical field of behavioural finance. Economic research-Ekonomska istraživanja, 33(1), pp. 2101-2228. https://doi.org/10.1080/1331677X.2018.1559748
2. Arabmazar Yazdi, M., & Joudaki Chegeni, Z. (2024). Illustration Global trends in social responsibility accounting discourse researches: bibliometric analysis. Financial Accounting Knowledge, 11(3), pp. 1–25. https://doi.org/10.30479/jfak.2024.20483.3213 (In Persian)
3. Asghari, E., Abbasian Fredoni, M. M., & Naslmosavi, S. (2020). The impact of investor sentiments on stock market liquidity. Journal of Accounting Advances, 12(1), pp. 1–27. https://doi.org/10.22099/jaa.2020.35769.1966 (In Persian).
4. Assadi, G., & Morshedi, F. (2019). Investigating the effect of Investor sentiment on the stock price crash risk in Tehran Stock Exchange. Financial Management Perspective, 9(25), pp. 9–30. https://doi.org/10.52547/jfmp.9.25.9 (In Persian)
5. Baker, M. and Wurgler, J. (2006). Investor sentiment and the cross‐section of stock returns. The Journal of Finance, 61(4), pp. 1645-1680. https://doi.org/10.1111/j.1540-6261.2006.00885.x
6. Barberis, N., Shleifer, A., & Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics, 49(3), pp. 307-343. https://doi.org/10.1016/s0304-405x(98)00027-0
7. Black, F. (1986). Noise. The Journal of Finance, 41(3), pp. 528-543. https://doi.org/10.1111/j.1540-6261.1986.tb04513.x
8. Blajer-Gołębiewska, A., Wach, D. and Kos, M. (2018). Financial risk information avoidance. Economic Research-Ekonomska Istraživanja, 31(1), pp. 521-536. https://doi.org/10.1080/1331677X.2018.1439396
9. Borji Dolatabad, E. (2008). Financial behavior; the dominant paradigm in financial markets. Tadbir, 19(191), pp. 31-36 (In Persian).
10. Brown, G. W. and Cliff, M. T. (2004). Investor sentiment and the near-term stock market. Journal of Empirical Finance, 11(1), pp. 1-27. https://doi.org/10.1016/j.jempfin.2002.12.001
11. Da, Z., Engelberg, J. and Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), pp. 1461-1499. https://doi.org/10.1111/j.1540-6261.2011.01679.x
12. Da, Z., Engelberg, J., & Gao, P. (2015). The sum of all FEARS investor sentiment and asset prices. The Review of Financial Studies, 28(1), pp. 1-32. https://doi.org/10.1093/rfs/hhu072
13. De Long, J. B., Shleifer, A., Summers, L. H. and Waldmann, R. J. (1990). Positive feedback investment strategies and destabilizing rational speculation. The Journal of Finance, 45(2), pp. 379-395. https://doi.org/10.1111/j.1540-6261.1990.tb03695.x
14. Dianati Deilami, Z., Haseli, D., & Maleki, A. (2023). Investigating the scientific production of Iranian accounting faculty members in scopus from 2006-2021 through a scientometric approach. Empirical Research in Accounting, 13(2), 27–54 (In Persian). https://doi.org/10.22051/jera.2023.42176.3068
15. Ebadollah Amoughin, J., Sharif moghadam, H., & Ziaei, S. (2019). A review of important indicators in scientomerics (Co-Citation & Co-Word) and the necessity of using them in scientific products analysis. Comparative Interpretation Research, 4(2), pp. 297–321 (In Persian). https://doi.org/10.22091/ptt.2018.3074.1446
16. Eskorouchi, A., Ghanbari, H., & Mohammadi, E. (2024). Exploring the evolution of robust portfolio optimization: a scientometric analysis. Iranian Journal of Accounting, Auditing and Finance, 8(3), pp. 75–92 (In Persian). https://doi.org/10.22067/ijaaf.2024.44518.1402
17. Fang, L., & Peress, J. (2009). Media coverage and the cross‐section of stock returns. The Journal of Finance, 64(5), pp. 2023-2052. https://doi.org/10.1111/j.1540-6261.2009.01493.x
18. Ganji, H., Mashayekh, S., & Seddighi, Z. (2023). Examining the impact of investors’ sentiment on their expectations of future earnings. Empirical Studies in Financial Accounting, 20(78), pp. 155–190 (In Persian). https://doi.org/10.22054/qjma.2023.73514.2452
19. Ghannad, M. (2023). Analyzing scientific collaboration and visualization among Iranian audit fees papers. Professional Auditing Research, 3(11), pp. 36–63 (In Persian). https://doi.org/10.22034/jpar.2023.1987968.1138
20. Hajannejad, A., Rahrovi Dastjerdi, A., & Alavizadeh, S. M. (2023). The effect of investor sentiment on the Likelihood of misstatement of financial statements and auditor conservatism. Financial Accounting Research, 15(1), pp. 1–20 (In Persian). https://doi.org/10.22108/far.2023.137522.1966
21. Hart, R. L. (2000). Co-authorship in the academic library literature: A survey of attitudes and behaviors. The Journal of Academic Librarianship, 26(5), pp. 339-345. https://doi.org/10.1016/S0099-1333(00)00140-3
22. Hasanzadeh Diva, S. M., & Blue, G. (2021). The effect of investor sentiment on value relevance of accounting information. Journal of Accounting Advances, 13(2), pp. 97–122 (In Persian). https://doi.org/10.22099/jaa.2022.42620.2204
23. Hashemi, A, & Moshashae, M. (2018). Corporate governance and the relation between investor sentiment and corporate investment decisions. Empirical Research in Accounting, 8(1), pp. 199–226 (In Persian). https://doi.org/10.22051/jera.2017.10751.1349
24. Hosseini, Seyed Ali, & Morshedi, Fatemeh. (2020). The effects of investor sentiments on trade dynamics in Tehran Stock Exchange. The Financial Accounting and Auditing Researches, 11(44), pp. 1-22 (In Persian). https://sid.ir/paper/198210/en
25. Kamath, A. N., Shenoy, S. S. and Subrahmanya, K. N. (2022). An overview of investor sentiment: Identifying themes, trends, and future direction through bibliometric analysis. Investment Management & Financial Innovations, 19(3), p. 229. http://dx.doi.org/10.21511/imfi.19(3).2022.19
26. Khedri Gharibvand, R, & Sinayi, H. A. (2023). The impact of investors’ emotions on economic variables using the index of investors’ emotional behavior in Tehran Stock Exchange. Budget and Finance Strategic Research, 4(1), pp. 11–35 (In Persian). https://fbarj.ihu.ac.ir/article_208061.html
27. Kim, S. H. and Kim, D. (2014). Investor sentiment from internet message postings and the predictability of stock returns. Journal of Economic Behavior & Organization, 107, pp. 708-729. https://doi.org/10.1016/j.jebo.2014.04.015
28. Kim, T. and Ha, A. (2010). Investor sentiment and market anomalies. 23rd Australasian Finance and Banking Conference 2010 Paper, Pusan National University, Busan, South Korea. https://dx.doi.org/10.2139/ssrn.1663649
29. Kumar, A., & Lee, C. M. (2006). Retail investor sentiment and return comovements. The Journal of Finance, 61(5), pp. 2451-2486. https://doi.org/10.1111/j.1540-6261.2006.01063.x
30. Lee, C. M., Shleifer, A. and Thaler, R. H. (1991). Investor sentiment and the closed‐end fund puzzle. The Journal of Finance, 46(1), pp. 75-109. https://doi.org/10.1111/j.1540-6261.1991.tb03746.x
31. Liston, D. P. and Huerta, D. (2012). Does investor sentiment affect Mexican stock market returns and volatility? The Global Journal of Finance and Economics, 9(2), pp. 121-132.
32. Lucey, B. M. and Dowling, M. (2005). The role of feelings in investor decision‐ Journal of Economic Surveys, 19(2), pp. 211-237. https://doi.org/10.1111/j.0950-0804.2005.00245.x
33. Luong, A. T., Pham, H. H., Luong, H. D., Phung, H. T. T. and Le, T. T. (2024). The development of research on investor sentiment in emerging and frontier markets with the bibliometric method. Journal of Scientometric Research, 13(1), pp. 81-92. https://doi.org/10.5530/jscires.13.1.7
34. Mansourian, Y. (2010). Fifty research axes in scientometric studies. Book of the Month (general), 10(154), pp. 64-71.
35. Mohamadi, M., Azimi Yancheshme, M., Fouladi, M., & Farhadi, M. (2022). Designing a model to explain the impact of investors’ emotions on financial decisions, stock returns and economic volatility. Financial Management Perspective, 12(40), pp. 145–171. https://doi.org/10.52547/jfmp.12.40.145 (In Persian)
36. Mohammadzadeh, A., Heirany, F., & Taftiyan, A. (2020). A study of the role of islamic events in the relationship between investor sentiment and stock returns with an emphasis on the moderating variable of corporate governance. Islamic Finance Researches (IFR), 9(2), pp. 741–774 (In Persian). https://doi.org/10.30497/ifr.2020.75482
37. Mohammadzadeh, A., Heirany, F., & Taftiyan, A. (2022). A study of the role of religious months in the relationship between investor sentiment and the risk of crashing stock prices with an emphasis on the moderating role of corporate governance. Journal of Securities Exchange, 15(59), pp. 1–24. https://doi.org/10.22034/jse.2020.11460.1611
38. Moradi, M., & Safikhani, R. (2017). Analysis of public sector accounting researches in Iran and future researches directions. Accounting and Auditing Review, 23(4), pp. 547–574 (In Persian). https://doi.org/10.22059/acctgrev.2017.60859
39. Nikkar, J., Nilchi, M., & Ostovarnejad, F. (2022). The effect of investor sentiment on audit quality in companies listed on Tehran Stock Exchange. Accounting and Auditing Research, 14(53), pp. 47–66. https://doi.org/10.22034/iaar.2022.151098
40. Nobakht, Y. (2018). Scientometric study of behavioral accounting research in Iran. Journal of Management Accounting and Auditing Knowledge, 7(27), pp. 125–136 (In Persian). https://www.jmaak.ir/article_12905.html
41. Nobakht, Y. (2020). Scientometric study of scientific production of the journal of accounting and auditing review. Journal of Accounting and Social Interests, 10(1), pp. 115–133 (In Persian). https://doi.org/10.22051/ijar.2019.24088.1480
42. Nobakht, Y. and Nobakht, M. (2022). Scientometric study of earnings management research in Iran. Knowledge Retrieval and Semantic Systems, 9(30), pp. 93-118 (In Persian). https://doi.org/10.22054/jks.2020.55723.1373
43. Piñeiro‐Chousa, J., Vizcaíno‐González, M. and Pérez‐Pico, A. M. (2017). Influence of social media over the stock market. Psychology & Marketing, 34(1), pp. 101-108. https://doi.org/10.1002/mar.20976
44. Rahnamay Roodposhti, F. and Yazdani, S. (2010). The sage of psychology theories in accounting. The Financial Accounting and Auditing Researches, 1(4), pp. 1-26 (In Persian). https://sid.ir/paper/198132/en
45. Renault, T. (2017). Intraday online investor sentiment and return patterns in the US stock market. Journal of Banking & Finance, 84(1), pp. 25-40. https://doi.org/10.1016/j.jbankfin.2017.07.002
46. Sengupta, I. N. (1992). Bibliometrics, informetrics, scientometrics and librametrics: An overview. Libri, 42(2), pp. 75–98. https://doi.org/10.1515/libr.1992.42.2.75
47. Shahab Lavasani, k., Shabani Rezvani, L., & Samavi, M. E. (2023). Investigating the asymmetric relationship between investor sentiments and fluctuations in the overall index via the markov switching method. Financial Research Journal, 25(4), pp. 661–687 (In Persian). https://doi.org/10.22059/frj.2023.356277.1007444
48. Shayan Majd, Majid. (2013). Study of research trends in scientometrics in Iran and examining the scientific behavior patterns of researchers in this field. Shamsae: Electronic Journal of Libraries, Museums, and Documentation Center of Astan Quds Razavi, 5(21), pp. 1-15 (In Persian).
49. Shekarkhah, J., & Hazrati, A. (2018). Corporate transparency and impact of investor sentiment on stock prices. Empirical Research in Accounting, 7(4), 1–31 (In Persian). https://doi.org/10.22051/jera.2017.12034.1458
50. Siganos, A., Vagenas-Nanos, E. and Verwijmeren, P. (2017). Divergence of sentiment and stock market trading. Journal of Banking & Finance, 78, pp. 130-141. https://doi.org/10.1016/j.jbankfin.2017.02.005
51. Sprenger, T. O., Tumasjan, A., Sandner, P. G. and Welpe, I. M. (2014). Tweets and trades: The information content of stock microblogs. European Financial Management, 20(5), pp. 926-957. https://doi.org/10.1111/j.1468-036X.2013.12007.x
52. Stambaugh, R. F., Yu, J., & Yuan, Y. (2012). The short of it: Investor sentiment and anomalies. Journal of Financial Economics, 104(2), pp. 288-302. https://doi.org/10.1016/j.jfineco.2011.12.001
53. Taghavi, R., Dadashi, I., Zare Bahnamiri, M. and Gholamnia Roshan, H.R. (2023). Predicting emotional tendency of investors using financial ratios based on principal component analysis method. Journal Of Financial Economics (Financial Economics and Development), 16(4), pp. 157-173 (In Persian). https://doi.org/10.30495/fed.2023.1925371 2345
54. Tetlock, P. C. (2007). Giving content to investor sentiment: the role of media in the stock market. The Journal of Finance, 62(3), pp. 1139-1168. https://doi.org/10.1111/j.1540-6261.2007.01232.x
55. Zhang, K., Mohd Nor, N., & Selamat, A. I. (2023). A comparative scientometric analysis of investor sentiment and trading behaviour research. International Journal of Applied Economics, Finance and Accounting, 17(2), pp. 529-552. https://doi.org/10.33094/ijaefa.v17i2.1232
56. Zhang, W., Li, X., Shen, D. and Teglio, A. (2016). Daily happiness and stock returns: Some international evidence. Physica A: Statistical Mechanics and its Applications, 460, pp. 201-209. https://doi.org/10.1016/j.physa.2016.05.026
57. Zouaoui, M., Nouyrigat, G. and Beer, F. (2011). How does investor sentiment affect stock market crises? Evidence from panel data. Financial Review, 46(4), pp. 723-747. https://doi.org/10.1111/j.1540-6288.2011.00318.x