Mapping the Literature on Financial Behavior: a Bibliometric Analysis

Using the VOSviewer Program

MAKSYM DUBYNA

Department of Finance, Banking and Insurance,

Chernihiv Polytechnic National University,

Chernihiv, 14039, UKRAINE

OLHA POPELO

Department of Management and Civil Service,

Chernihiv Polytechnic National University,

Chernihiv, 14039, UKRAINE

NATALIIA KHOLIAVKO

Department of Finance, Banking and Insurance,

Chernihiv Polytechnic National University,

Chernihiv, 14039, UKRAINE

ARTUR ZHAVORONOK

Department of Public, Corporate Finances and Financial Mediation,

Yuriy Fedkovych Chernivtsi National University,

Chernivtsi, 58029, UKRAINE

MAIIA FEDYSHYN

Department of Public, Corporate Finances and Financial Mediation,

Yuriy Fedkovych Chernivtsi National University,

Chernivtsi, 58029, UKRAINE

INNA YAKUSHKO

Department of Management,

IHE “Academician Yuriy Bugay International Scientific and Technical University”,

Kyiv, 02000, UKRAINE

Key-Words: - Financial Behaviour, VOSviewer, Bibliometric, Economic Agents, Households, Financial

Services Market, Scopus, Web of Science Core Collection.

Received: July 4, 2021. Revised: December 6, 2021. Accepted: January 12, 2022. Published: January 14, 2022.

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Abstract: The objective of the article is to study the current state of researches of financial behaviour. The article

is conceptual and based on the use of the methodology of the bibliometric analysis. The analysis is based on

data retrieved from functionalities of the Scopus and Web of Science platforms. The VOSviewer program is

used for network visualization of keywords in scientific publications. Key findings are the number of

publications directly study the nature and features of the financial behavior formation of various economic

agents is insignificant, but is constantly growing. An important role in this process is played by digitalization

processes of financial services, which have an important impact on the models transformation of both financial

behavior of economic agents, and changes in the model of the financial services provision to customers by

financial institutions.

1 Introduction

Development of the financial services market is an

important component for ensuring stable and

progressive development of the national economy.

Each country is trying to create such conditions for

the financial services development, the availability

of which will improve the quality of work,

especially of financial institutions, increase the

efficiency of their work through continuous

improvement of their own activities. A special role

in the development of the financial services market

is played by households, which are able to ensure

the financial system functioning of the state through

temporary use by credit and investment institutions

of their funds. In the vast majority of developed

countries it is the funds of population that are the

basis for the development of the national economy,

form a stable and longterm financial resource for

economic development [1].

The leading role of households’ funds in the

development of the national economy is also

important from the standpoint of these resources

stability in the financial system of the state [2]. In

fact, the formation of adequate and clear rules for

the work of financial institutions, which play an

indirect role between the owners of funds and those

entities that need them, allows to ensure the

effectiveness of the transformation mechanism by

transforming financial resources of households into

credit and investment funds [3], [4]. However, the

complexity of the outlined mechanism due to the

involvement of a large number of economic agents,

among which households play an important role,

makes this mechanism vulnerable to various

dissipative, turbulent factors, processes may occur

in the households’ financial system and in the

financial system of the country in general [5-6]. The

complexity of the situation is exacerbated by the

fact that predicting the actions of households from

the standpoint of the system analysis within the

country is quite difficult, and sometimes impossible,

given the wide range of individual factors that affect

each person in making their own financial decisions

[7-9].

Today, the financial market, the financial

services market develop in rather difficult,

transformational conditions of own functioning. The

main reason for this against the background of basic

traditional reasons (economic downturn, rising

unemployment, changes in raw materials, goods,

etc.) are informatization processes [10-14],

digitalization [15-20], innovation renewal [21-29],

active introduction of the latest technologies in all

spheres of these markets functioning. Accordingly,

these processes affect the development of

households, processes of their own financial

decisions-making, form new requirements to the

work of financial institutions, financial products and

services. These processes will continue in the future,

and that is why the issues of conducting research in

this sphere, systematizing the results that have

already been obtained by scientists are becoming

relevant.

However, as at the beginning of any study, there is

always a categorical vacuum and the need to clarify,

to specify and find new approaches to understanding

the object of the study. It is quite clear that as of

today economics has already formed a powerful

system of economic categories that have their own

ontological connections, a logical structure that

allows them to be considered as a holistic, universal

space of economic knowledge. However, this

system is constantly evolving. That is why the

traditional question arises when conducting research

in fairly new areas of economics, which include

behavioral finance [30-32], namely: what is

financial behavior as an economic, financial

category and why today it is important to study its

essence [33]. Issues of studying the nature and

structure of financial behavior of households,

current state of conducting researches in this sphere

are of particular relevance. Thus, the purpose of the

article is to study the trends in the study of financial

behavior, conducting a bibliographic analysis of this

category.

2 Literature review

It is well known among economists that research in

the field of knowledge of the peculiarities of various

models formation of the economic agents’ behavior

began to be actively conducted in the late twentieth

century and gained considerable popularity. This

situation is primarily due to the fact that within new

conceptual provisions put forward by scientists the

attempt is made to explain those economic

processes and phenomena, which could not have

been explained so far by classic, traditional theories

[34-36].

On the other hand, new concepts have not only

given an understanding of what is happening in the

financial market, within individual economic

systems, but also have put forward and successfully

proved new hypotheses and concepts based on the

results of numerous experiments, surveys,

sociological studies in which thousands of

respondents were involved. It is the synthesis of

methodological constructions of several sciences

that allowed economists to gain new knowledge

and, most important, to adapt it for practical use in

the work of financial institutions, to form new

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approaches to the regulation of financial relations.

Considerable attention in the process of studying

behavior of economic agents and the possibility of

influencing it was paid namely to psychological

aspects of their decision making on the management

of their own financial resources [7; 37-42]. Thus,

the theory of behavioral finance was gradually

formed.

In the theory of behavioral finance in the late

twentieth century, a significant amount of research

was conducted on the behavior of households and

other economic agents in different types of financial

markets. The results of these studies confirmed that

people’s behavior is not rational in making financial

decisions, can be spontaneous, illogical and

unpredictable [39; 43-45]. Accordingly, it

complicates the processes of modeling the

functioning and development of the financial

market, markets of individual financial assets, even

in the conditions of relatively stable economic

development in the country [36; 46-48].

However, in a significant number of papers by

scientists in the field of behavioral economics, much

attention is paid primarily to the study of

peculiarities of the formation and transformation of

the behavior of investors [6; 49-51], who are active

in the stock market either independently, or using

the services of professional financial advisors. Nagy

& Obenberger [52] paid significant attention in their

research to the identification and description of the

characteristics of the influence of various factors on

the formation of different types of investors’

behavior. The outlined issues are reflected in

scientific works of Lodhi [49], Sarwar and Afaf

[50]. Orden-Cruz and Díaz-Iglesias [53] carried out

the bibliometric analysis of the investors’

protection. Jureviciene and Jermakova [54]

investigate the impact of financial behavior of

individuals on investment decisions made by them.

Thus, within many scientific researches it is very

often possible to meet the identification of concepts

of financial and investment behavior, in other case,

the researches at all do not give own definition of

the financial behavior essence. Accordingly, the

question arises: and in the countries where the stock

market is not developed, what model of financial

behavior is inherent in economic agents and how is

it formed? These issues among a significant number

of scientific papers in the field of financial behavior

are not sufficiently clear.

In general, in the field of studying financial

behavior, a number of studies have already been

conducted, but all of them are fragmentary in nature

and reveal some features of this concept. For

example, O’Neill and Xiao [55] carried out a

thorough study based on the results of online

surveys of the peculiarities of the financial behavior

formation of households before a financial crisis in

2007 and afterwards. More than 10,000 respondents

took part in the survey. The authors highlight both

negative and positive consequences of this crisis,

which affected the behavior of citizens in the credit

and deposit markets. Fred van Raaij [56] conducts a

detailed analysis of the formation of irrational and

rational behavior of the consumers of financial

services, determines the importance of marketing

tools in shaping the model of this behavior,

considers specific features of citizens’ behavior in

different financial services markets (Saving

Behavior; Credit Behavior; Insurance Behavior;

Investment Behavior; Tax Behavior; Responsible

Financial Behavior). Madrian [57] focus on the

public focus features in the field of regulation of

financial institutions, the prevention of financial

fraud and combating financial fraud in order to

create conditions for the formation of rational

financial behavior of citizens in evolving them in

further transformation into investment resources.

Strömbäck [51; 58] focus on the study of the

financial behavior model, individual internal factors

of the person that influence its formation. The

authors pay considerable attention to the issues of

self-control in spending money, rationality in their

own costs, optimism, and deliberative thinking.

In the process of the financial behavior study,

special attention is paid by scientists to the issues of

financial literacy and its role in shaping financial

behavior of households. Carlo de Bassa Scheresberg

[6] examines the role of financial literacy in shaping

financial behavior of young people. The outlined

matters were also investigated by Lajuni [59], who

studied the impact of religion, financial knowledge

on the formation of financial behavior among

millennial generation and specific features of the

emergence of financial difficulties by them. Special

attention is paid to financial behavior of the youth in

scientific works of A. da Silva [60]; Marcellia [61];

Deventer [62]. Within the paper of Daqar [63], the

issues of the attitude of Millennials and generation Z

to Fintech and the impact of these technologies on

the formation of their financial behavior are studied.

In addition, research in the field of the financial

literacy impact on the formation of financial

behavior of households and certain categories of

citizens was carried out by Hasibuan [64]; Andarsari

and Ningtyas [65]; Rai [66]; Arifin [67]. For

example, Komara [68] study in their work features

of the financial literacy impact on financial

decision-making in Indonesia.

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There is a significant amount of scientific works

in the field of describing financial behavior of the

citizens of specific countries. In particular, Sudindra

[69] considers financial decision-making by

households and conducts an empirical study of the

formation of the financial behavior model of 378

working women serving in information technology

services in India. Zulaihat and Widyastuti [70]

conduct research on the factors influencing on the

financial behavior formation of households in

Indonesia. The scientists carry out online survey of

citizens and use 21 indicators to describe the

financial behavior model. Jurevicienè and Gausienè

[71] investigate the peculiarities of the financial

behavior formation in Lithuania and state that

citizens mostly strive to meet short-term goals and

do not care about savings for retirement, do not use

all available investment instruments to increase their

savings. Xiao and Porto [72] consider the formation

of financial behavior in China. The authors as a

result of the study conclude that most citizens form

a model of financial behavior, in which they prefer

current costs than savings. Ismail [73] carried

research in the field of The Relationship between

Financial Attitude and Financial Goal Towards

Financial Behaviour, which was implemented on the

base of a survey of citizens in Malaysia. The study

proved that financial attitude is significant to

financial behaviour.

However, despite numerous scientific works of

scientists, systematic theoretical and methodological

research in this area, as noted, is absent, which

updated this area of research and justified the need

for conceptual analysis of the state of scientific

developments in the study of financial behavior.

This contributed to the choice of the article’s topic.

Preliminary analysis of the state of scientific

developments in the field of knowledge of the

nature and peculiarities of the model formation of

financial behavior showed that there is a large

number of scientific papers that analyze the state of

scientific developments in general in the field of

financial behavior. For example, Paule-Vianez [74]

in the paper “A bibliometric analysis of behavioural

finance with mapping analysis tools” consider the

works for the period 1987-2017 in the sphere of the

irrational investors’ behavior and its impact in

financial markets, and highlight 13 directions in the

behavioral finances sphere, namely: Investor

sentiment, disposition effect, Overconfidence and

Expected Return Stocks as motor themes; Arbitrage,

Biasand Model as basic and transversal themes;

OPI, Weather and Mutual Funds as specialized

themes; Strategies, Attention and Portfolio Selection

as emerging or declining themes. The authors state

that issues of the investment behavior analysis are

central among the works in this area. Fakhry [75]

provides a literature review of the behavioral

finance theory and analyses existing theories to

explain the mechanism of the investors’ response to

information on how asset prices are formed in

investment markets. The author notes that

determining or forecasting such prices is tentatively

possible only using both traditional theories of the

explanation of price settings in the financial market,

and by taking into consideration certain provisions

of behavioral finance. Joo and Durri [76] investigate

the state of research by analyzing the psychological

factors impact on the decision-making process of

investors. Pimenta and Famá [77] review scientific

papers in the field of behavioral finance from 1993

to 2012, study the most cited scientific papers [78-

95], the number of authors, scientific publications

where they are published.

However, given that the range of different areas

in the behavioral finance theory is quite significant,

it is the matter of specifying the essence of financial

behavior, the study of the scientific works state in

this field is not given due attention. Therefore, we

will try to answer the following questions:

RQ1: is the number of scientific papers by

studying financial behavior sufficient, given high

level of the scientists’ interest in conducting

research in the field of financial behavior?

RQ2: is there systematic and thorough scientific

research that would form a holistic theoretical basis

for further research of financial behavior, whether

its essence and ways to describe its forms are

specified?

RQ3: are the issues of financial behavior mostly

studied in the countries where the stock market is

developed, and does the research focus primarily on

studying investment behavior of economic agents?

3 Methodology

The methodological basis of the study is a range of

general scientific research methods, which include

observation, measurement, and comparison. The

methodology of the system approach, comparative

analysis, statistical research methods is being

actively used. The VOSviewer toolkit was used to

visualize analytical information. MS Excel functions

were used for corresponding graphic analytical

researches.

The information base of the research is the

results of analytical study of the data of information

retrieval functionalities of Scopus and Web of

Science scientific platforms on the number of

publications in the field of financial behaviour

research. The availability of this information

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Maiia Fedyshyn, Inna Yakushko

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allowed us to single out all articles in the entire

scientific array of scientific publications, which,

firstly, concerned the study of in the field of

behavioral finance in general and, secondly, to

analyze in detail the state of research exclusively in

the field of financial behavior. This was done by

defining a sample of scientific papers according to

the following criteria: simultaneous use of the words

"financial" and "behavior" exclusively in the title of

the article; the period is 1970-2020. For such

parameters as scientific field, type of documents,

sources of publications, country, additional selection

parameters were not used. A similar approach was

used to search for publications in two databases,

namely: Scopus and Web of Science.

The application of grouping and comparative

analysis methods as well allowed to conduct

research on the main scientific areas within which

the study financial behavior are researched, and

analyze the countries in which the world’s major

research centers are concentrated where the above

issues are studied.

4 Results and Discussion

Understanding the essence of financial behavior as a

universal category is the first step towards finding

new methodological concepts for studying behavior

of economic entities in the financial services market,

identifying the features of its change in the

digitalization era, specifying new threats and

benefits for customers that have digitalization

processes of the financial services sphere,

understanding the differentiation of the financial

behavior model between different generations,

countries.

The potential of the behavioral economy theory

was really extremely large, and this is confirmed by

a large number of scientific works that have been

done in this area for recent 50 years (Fig. 1).

Figure 1. Number of publications in the Scopus data

in the behavioral finances sphere

Source: сompiled by the authors based on the analysis of the

Scopus database

Actually, the data in Fig. 1 confirm active

development of research in the field of financial

economy and behavioral finance. If in 1970 in the

Scopus database, only one paper was registered in

this field, then in 1980 – 4 works, in 1990 – 7

works, and already in 2000 – 20 publications, in

2010 – 165 works, and in 2019 – 488 scientific

works. It is worth noting that most of these studies

were conducted by scientists working in the

countries with developed financial markets, and this

was also one of the reasons for active development

of research in this area.

In Fig. 2, a cognitive model of the interaction

between key words in publication relating research

of individual issues in the sphere of behavioral

finance is presented.

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Figure 2. Graphic map of the interaction between key words in publications relating research in behavioral

finance sphere

Source: compiled by the authors based on the analysis of the Scopus database and using tools of the VOSviewer program

In Fig. 2, a cognitive model of the interaction

between key words in publication relating research

of individual issues in the sphere of behavioral

finance is presented.

Therefore, analyzing the information in Fig. 2,

we can say that in publications relating to the study

of certain aspects of the behavioral finance

direction, scientists pay the most attention to the

following spheres: investing, e-commerce,

financing, making investment and financial

decisions in general, and scientific issues of the

analysis of the behavior models of economic agents.

In total, this sample included 60 key words that are

most often mentioned in publications on behavioral

finances. We’d also like to note that the behavioral

finances field is of great significance today, and

within relevant researches, a very large list of

problems by ensuring the efficiency of financial

markets, the formation of appropriate institutional

support for their development, the search for

optimal models in first turn of investment behavior,

is being studied.

However, the analysis of the financial behavior

essence as a complex economic category, as noted,

is insufficiently studied even within the above

publications. The data of Fig. 3 confirm insufficient

study within the behavioral economy theory namely

on the issues of the essence concretization of

essence of the category “financial behavior”.

The data in Fig. 3 allow us to conclude that the

number of scientific papers, which titles contain the

words “financial” and “behavioral”, is also growing

in line with the number of scientific publications in

the behavioral economy field.

Figure 3. Number of scientific publications, in

which titles the words “financial” and “behavioral”

are simultaneously met

Source: compiled by the authors based on the analysis of the

Scopus database

If in 1972 in the Scopus database only one paper

was registered in this sphere, then in 1981 – 1 work,

in 1991 – 4 works, and already in 2001 – 12

publications, in 2011 – 52 works, and in 2019 – 112

scientific works. This tendency is also confirmed by

the analysis of the number of scientific publications,

in which titles the words “financial” and “behavior”

are simultaneously met, and which are kept in the

Web of Science database (Fig. 4).

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Figure 4. Number of scientific works, in which titles

the words “financial” and “behavior” are

simultaneously met

Source: compiled by the authors based on the analysis of the

Web of Science database

Accordingly, if in 1972 only one work in this

sphere was registered, in 1981 – 3 works, in 1991 –

5 works, then in 2001 – already 8 publications, in

2011 – 42 works, and in 2019 – 115 scientific

works.

The outlined statistical data also confirm the

relevance of the study of the financial behavior

essence, increasing the interest of scientists to this

phenomena research, peculiarities of the formation

of its various models. However, the number of

publications in this sphere remain insignificant,

even compared to the array of works in the field of

behavioral finance in general.

In Fig. 5, information on the proportion of

scientific publications that deal with both words

“financial” and “behavior” in the total number of

papers related to the behavioral finance research is

presented.

Figure 5. The share of scientific publications, in

which titles the words “financial” and “behavior”

in the total number of works relating the

financial behavior research are simultaneously

met

Source: compiled by the author based on the analysis of the

Scopus database

The data in Fig. 5 show that, on average, only

35.0% of scientific publications devoted to the study

of behavioral finance also relate to the consideration

of certain provisions of financial behavior.

This only confirms the fact of insufficient

research of this part of the behavioral economy

theory. Although, in our opinion, the very

understanding of the essence of financial behavior,

its peculiarities and types is the most important

component of the whole theory of behavioral

finances. In Fig. 6, a graphic map of key words, in

which topics the words “financial” and “behavior”

are met, is presented.

Let’s consider in detail current trends in the study

of financial behavior through the analysis of

scientific publications in this field. As already

mentioned, the methodology of behavioral economy

is synthesizing and is based on a combination of

research methods of economy, sociology and

psychology.

This only confirms the fact of insufficient

research of this part of the behavioral economy

theory. Although, in our opinion, the very

understanding of the essence of financial behavior,

its peculiarities and types is the most important

component of the whole theory of behavioral

finances. In Fig. 6, a graphic map of key words, in

which topics the words “financial” and “behavior”

are met, is presented.

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Figure 6. Graphic map of key words in publications, in which topics the words “financial” and “behavior”

are simultaneously met

Source: compiled by the author based on the analysis of the Scopus database and using the tools of the VOSviewer program

Let’s consider in detail current trends in the

study of financial behavior through the analysis of

scientific publications in this field. As already

mentioned, the methodology of behavioral economy

is synthesizing and is based on a combination of

research methods of economy, sociology and

psychology.

This combination has allowed scientists to form

a different view on the functioning of classical

processes and systems, especially to explain how

households behave and change when making

decision about using their own financial resources,

and how to use them in the best way to generate

income in long run.

It is interdisciplinary nature of behavioral

economy that explains the existence of scientific

publications on the study of financial behavior in

completely different fields of study. In Table 1,

relevant information is presented.

Table 1. Number of publications by spheres of scientific research

Science

Number

publicatio

Pos.

No.

Science

Number

publicatio

Sphere of behavioural finances in general

Publications, in which titles the words “financial” and

“behaviour” are met

Economics, Econometrics and

Finance

2082

Economics, Econometrics and

Finance

555

Business, Management and

Accounting

1259

Business, Management and

Accounting

397

Computer Science

609

Social Sciences

270

Social Sciences

568

Psychology

143

Psychology

534

Computer Science

126

Engineering

348

Medicine

105

Mathematics

322

Mathematics

Medicine

309

Engineering

Decision Sciences

280

Physics and Astronomy

Environmental Science

104

Decision Sciences

Arts and Humanities

Physics and Astronomy

Environmental Science

Energy

Agricultural and Biological Sciences

Multidisciplinary

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Neuroscience

Energy

Agricultural and Biological

Sciences

Biochemistry, Genetics and

Molecular Biology

Nursing

Earth and Planetary Sciences

Materials Science

Biochemistry, Genetics and

Molecular Biology

Neuroscience

Materials Science

Nursing

Source: compiled by the authors based on the analysis of the Scopus database

Thus, the data in Table 1 confirm that scientific

works in the financial behavior sphere occur in

many scientific fields. We’d like to note that within

this analysis, first of all, publications in the Scopus

database, in which titles the words “financial” and

“behaviour” are met, were took into consideration.

It is quite logical that the majority of these

publications were in the sphere of Economics,

Econometrics and Finance (2082 and 555) and

Business, Management and Accounting (1259 and

397). This situation is common for behavioral

finances and research in financial behavior. In

addition, the data in Table 1 allow us to conclude

that a considerable number of scientific publications

relating behavioral finances were written in the

sphere of Computer Science (609), Social Sciences

(568), Psychology (534). However, the majority of

research of financial behavior was carried out in

Social Sciences (270), Psychology (143), Computer

Science (126). Accordingly, the share of scientific

publications that study financial behavior in the total

number of scientific works in the behavioral

finances field is as follows: Economics,

Econometrics and Finance – 26,7 %; Business,

Management and Accounting – 31,5 %; Social

Sciences – 47,5 %; Psychology – 26,8 %; Computer

Science – 20,7 % (see Table 1).

The structure of publications in the Web of

Science database by spheres, in which individual

aspects of financial behaviour are researched, is as

follows: Economics – 385 pcs.; Business Finance –

182 pcs.; Business – 175 pcs.; Management – 129

pcs. In other scientific fields, the number of

publications is relatively small. However, the

number of such scientific fields remains quite

significant, which confirms the interdisciplinary

potential of relevant research.

Let’s carry out the analysis on the distribution of

the number of publications, in which titles the words

“financial” and “behavior” are met by countries, in

which these publications were published. First, the

leaders in this research are scientists from the USA

– 371 publications, Great Britain – 114 publications

and China – 113 publications.

In Table 2, the more detailed distribution of

relevant publications by countries is presented..

Table 2. Number of publications, in which titles the words “financial” and “behavior” are simultaneously met

Pos. No.

Country

Number of

publications

Pos. No.

Country

Number of

publications

United States

371

Canada

United

Kingdom

114

South Korea

China

113

Spain

Germany

Russian Federation

Malaysia

Japan

Netherlands

Turkey

Australia

Belgium

Italy

Brazil

India

Swеden

France

Greece

Taiwan

South Africa

Indonesia

Poland

Source: compiled by the authors based on the analysis of the Scopus database

In addition, in Fig. 7, the relationship between

the authors of scientific publications in the financial

behavior field, who conduct research at educational

and research institutions in different countries of the

world, is shown.

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DOI: 10.37394/23207.2022.19.22

Maksym Dubyna, Olha Popelo,

Nataliia Kholiavko, Artur Zhavoronok,

Maiia Fedyshyn, Inna Yakushko

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Figure 7. Graphic map of the interrelation between scientists of different countries, who conduct their research

in the financial behavior sphere

Source: compiled by the authors based on the analysis of the Scopus database and using the tools of the VOSviewer program

The analysis of first ten positions on the number

of publications in the financial behavior field shows

that this area is actively studied in European

countries (Germany – 50 publications; the

Netherlands – 46 publications; Italy – 39

publications; France – 36 publications). Increased

interest in these studies is observed in countries such

as Malaysia, Australia, India, Taiwan, and

Indonesia. This indicates a global trend of increased

interest of scientists in the study of theoretical

provisions of the financial behavior essence, the

search for new methods for its study. All this is due

to awareness of the importance of the behavioral

aspects understanding by population in the financial

sector, the possibility of using new knowledge in

this area to prevent destructive, systematic and

financial crises, identifying their preconditions.

The analysis of first ten positions on the number

of publications in the financial behavior field shows

that this area is actively studied in European

countries (Germany – 50 publications; the

Netherlands – 46 publications; Italy – 39

publications; France – 36 publications). Increased

interest in these studies is observed in countries such

as Malaysia, Australia, India, Taiwan, and

Indonesia. This indicates a global trend of increased

interest of scientists in the study of theoretical

provisions of the financial behavior essence, the

search for new methods for its study. All this is due

to awareness of the importance of the behavioral

aspects understanding by population in the financial

sector, the possibility of using new knowledge in

this area to prevent destructive, systematic and

financial crises, identifying their preconditions.

5 Conclusion

Thus, within the article, the current state of research

in in the field of knowledge of the financial

behavior essence is considered. It is established that

up to date the scientists have already formed a

significant array of scientific publications in the

behavioral finance field. However, only some of

them study the essence of financial trust from a

theoretical point of view, describing ontological

characteristics of this behavior, determining the

specific features of the behavior of individual

economic agents in financial markets.

The use of analytical tools of the Scopus and Web

of Science scientometric databases allowed to

analyze publishing activity in the financial behavior

study, the identify the basic world centers where

such research is conducted. The analysis of

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS

DOI: 10.37394/23207.2022.19.22

Maksym Dubyna, Olha Popelo,

Nataliia Kholiavko, Artur Zhavoronok,

Maiia Fedyshyn, Inna Yakushko

E-ISSN: 2224-2899

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Volume 19, 2022

scientific works from 1967 to 2019 gives grounds to

assert active development of research in the

behavioral finance field, especially starting from

1999-2000. An important role in increasing the

scientists’ interest in this topic was played by the

global finance crisis of 2007-2008, which confirmed

that scientists know quite a bit about the

peculiarities of financial behavior of different

economic agents. Rather destructive impact of the

mentioned crisis on the financial security level of

households also played a positive role in the

increase of scientific publications that studied

financial behavior of citizens in different conditions

of economic development.

The analysis of information of the Scopus database

suggests a significant increase in the number of

scientific papers in 2003-2019, in which titles the

words “financial” and “behavior” are met, as well. If

in 2001, there were 12 publications of this kind,

then in 2011 – 52 papers, and in 2019 – already 112

scientific works. This tendency also gives grounds

to claim that the scientists’ interest in conducting

research in this direction will only increase.

In addition, within the article, the analysis of

scientific directions within which research of

financial behavior is carried out, and it is established

that the majority of these publications were written

in the sphere of Economics, Econometrics and

Finance 555) and Business, Management and

Accounting (397). Among countries, the above

direction is being mostly directed in the USA, Great

Britain and China.

Therefore, further research, in our opinion, should

determine the essence of financial behavior as a

separate category, a description of its features and

factors of formation. There is also a need to develop

a single concept for describing the financial

behavior model among citizens of individual

countries, and individual social groups. It is quite

logical that financial behavior from a theoretical and

methodological point of view is a very complex and

multifaceted phenomenon, many aspects of which

today require new research.

Acknowledgment

This research is carried out within the framework of

the scientific project “Transformation of

households’ behaviour in the financial services

market in the context of digitalization” with the

support of the Ministry of Education and Science of

Ukraine.

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Maiia Fedyshyn, Inna Yakushko

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