DIGITAL INVESTMENT: A SYSTEMATIC LITERATURE REVIEW ON INVESTORS' BEHAVIOUR IN THE INDIAN STOCK MARKET.
DOI:
https://doi.org/10.53555/5qze9a69Keywords:
Behavioural bias, Behavioural finance, Investors' behaviour, TCCM approach, Stimulus-Organism-Response (SOR)Abstract
This systematic literature review, utilising the TCCM (Theory, Context, Characteristics, Methodology) framework, examines the behaviour of individual stock market investors. For the study, the researcher has a refined set of 50 articles published between 2005 and 2025, primarily selected from Scopus and EBSCO databases. Four research questions focus on theoretical foundations, contextual factors, contents, and methodologies. The findings confirm that investor decisions are not solely rational but are heavily influenced by a range of behavioural and psychological factors, including cognitive biases, personality traits and financial literacy. Theories like Prospect Theory and the Stimulus-Organism-Response (SOR) Model are frequently applied. The review highlights a predominant use of quantitative research methods, with a strong emphasis on statistical models such as Structural Equation Modelling (SEM) and regression analysis. The analysis reveals significant research gaps and suggests future directions. Future studies should also adopt mixed-methods approaches and a cross-cultural perspective to gain a more holistic and globally generalizable understanding. The study concludes that while substantial progress has been made in identifying behavioural patterns, further research is required to understand the complex "how" and "why" behind these phenomena is evolving.
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