Les biais comportementaux influençant la prise de décision d'investissement dans les marchés émergents : Une revue de littérature systématique

Résumé

The literature and research document review aims to highlight gaps in the current body of knowledge, thereby predicting the future direction of research. Over the past years, major theoretical developments have taken place in financial investment decision-making. Today, many new concepts, theories, and related models are used extensively in financial investment decision-making. However, less attention has been paid to building systematic literature reviews in the field of behavioral finance, especially in the context of emergent markets. To fill this gap, the present study reviewed research articles published in renowned databases such as (Web of Science, Scopus, and JSTOR) using the PRISMA guidelines. Inclusion criteria comprised the type of the document, the field of the study, and the language. The present study is based on 20 selected articles from journals published in English in the field of “economics, econometrics and finance; business, management and accounting” between 2013 and 2023. Our analysis of the literature produced the following results: Most of the current literature on behavioral biases focuses on common behavioral biases such as overconfidence bias, herding bias, and disposition affect to the detriment of others that also influence investment decision-making. In addition, the vast majority of the studies analyzed show a sampling bias, manifested by the use of convenience sampling instead of probabilistic sampling. The outcomes of this research will help both academics and practitioners to understand the existence of various behavioral biases, and to identify potential strategies to overcome the adverse effects of these biases. Still, some significant studies may be missed due to the inclusion criteria settled. The originality of this paper is that it covers a recent period: from 2013 to 2023. Besides, this paper offers new insights into potential research areas by pinpointing studies in emergent countries that are still less frequently undertaken compared to developed countries.

Keywords: Behavioral biases, investment decision, individual investors, emergent markets, systematic literature review.

JEL Classification: D91; G11; G4; G41.

Paper type: Theoretical Research