A systematic mapping and global perspective of herding behavior of institutional investors: A bibliometric analysis

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Abstract

The paper systematically identifies and discusses the factors influencing institutional investors’ herd behavior. It conducts a systematic review of the literature and bibliometric analysis of 82 papers from 1990 to 2023 using VOSviewer and CiteSpace software. The study categorizes the influential countries, institutions, journals, and articles, and outlines three main research streams: Investment strategies, financial theories, and sentiment and experience. It highlights critical factors of herding behavior in two dimensions: intra-organizational (job and management components) and extra-organizational (information and environmental components). The study serves as a valuable reference for managers and researchers, providing insights to help institutional investors understand and prevent detrimental herd behaviors in the market.

Keywords: Herd Behavior, Institutional Investors, Content Analysis, Bibliometric Analysis, Systematic Literature Review, VOSviewer

Authors’ individual contribution: Conceptualization — M.E., M.M., E.H., S.E.-D., and S.S.P.; Methodology — M.E., E.H., and S.E.-D.; Software — M.E. and E.H.; Validation — M.E., E.H., and S.E.-D.; Formal Analysis, — M.E., E.H., and S.E.-D.; Investigation — M.E., M.M., E.H., S.E.-D., and S.S.P.; Resources — M.E., M.M., E.H., S.E.-D., and S.S.P.; Data Curation — M.E. and E.H.; Writing — Original Draft — M.E., M.M., E.H., S.E.-D., and S.S.P.; Writing — Review & Editing — M.E., M.M., E.H., S.E.-D., and S.S.P.; Visualization — M.E., M.M., E.H., S.E.-D., and S.S.P.; Supervision — M.M.; Project Administration — M.M. and E.H.; Funding Acquisition — M.M.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G11

Received: 27.02.2024
Accepted: 15.07.2024
Published online: 18.07.2024

How to cite this paper: Ebrahimi, M., Mohiuddin, M., Hosseini, E., Ed-Dafali, S., & Parvin, S. S. (2024). A systematic mapping and global perspective of herding behavior of institutional investors: A bibliometric analysis. Corporate Ownership & Control, 21(3), 84–102. https://doi.org/10.22495/cocv21i3art8