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Literature Reviews in Finance
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Literature Reviews in Finance

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (14 April 2023) | Viewed by 107563

Special Issue Editors

Dr. Muneer M. Alshater

E-Mail Website
Guest Editor
Faculty of Business, Philadelphia University, Amman, Jordan
Interests: islamic finance; fintech
Dr. Rim El Khoury

E-Mail Website
Guest Editor
Faculty of Business Administration and Economics, Notre Dame University, Louaize, Lebanon
Interests: ESG; connectedness; corporate finance

Special Issue Information

Dear Colleagues,

A well-conducted literature review is constantly needed to stay up to date with the changes in the continually evolving field of finance. Advances in the finance literature occur when new studies build upon earlier studies by consolidating existing findings, reconciling conflicting findings, identifying research gaps, and suggesting avenues that meaningfully advance theory, method, policy, and practice (Canabal & White III, 2008; Hao et. al, 2019). We are searching for well-researched contributions that address the profoundly complicated and constantly changing nature of the finance field.

This Special Issue seeks literature reviews that go beyond simply summarizing what has been carried out in a particular area of research, and rather focus on why this topic deserves to be studied in the first place, what needs to be explored further, whether there is enough room for future researchers to contribute meaningfully, and how future research can get around the limitations inherent in prior works. It is also crucial to identify any gaps and to combine the description with criticisms and observations.

Special consideration:

  • Authors can update outdated literature reviews by extending a “dated” literature review paper. In this case, the author must critically review recent developments in the literature, discuss how more recent studies have improved knowledge about the topic, compare newer work relative to the prior work, and discuss how future research can advance knowledge.
  • Authors are encouraged to write research syntheses about finance topics that intersect with other areas such as technology, statistics, economics, business, accounting, and so on.
  • Authors should avoid conducting systematic reviews on topics that have been reviewed by other scholars within the last three years if such a review is available in an SSCI-listed publication.
  • Authors should avoid narrow topics about a specific country, industry, or other entity, and instead concentrate on a topic of broad global interest.
  • All types of literature reviews including systematic reviews, integrated reviews, bibliometric reviews, content analyses, hybrid reviews, etc., as long as they are not descriptive, are encouraged.
  • Authors are encouraged to write research syntheses that not only benefit academics, but also provide tangible knowledge and usefulness to business practitioners, such as: How can research findings improve current finance practices? How can existing research findings assist businesses in resolving critical business and financial problems? Are research studies useful in identifying common pitfalls that practitioners should avoid? 

Dr. Muneer M. Alshater
Dr. Rim El Khoury
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • finance technology
  • financial markets
  • islamic finance
  • sustainable finance and investment
  • corporate finance
  • risk management

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  • Greater discoverability: Special Issues support the reach and impact of scientific research. Articles in Special Issues are more discoverable and cited more frequently.
  • Expansion of research network: Special Issues facilitate connections among authors, fostering scientific collaborations.
  • External promotion: Articles in Special Issues are often promoted through the journal's social media, increasing their visibility.
  • e-Book format: Special Issues with more than 10 articles can be published as dedicated e-books, ensuring wide and rapid dissemination.

Further information on MDPI's Special Issue polices can be found here.

Published Papers (10 papers)

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Research

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18 pages, 441 KiB  
Article
Building Trust in Fintech: An Analysis of Ethical and Privacy Considerations in the Intersection of Big Data, AI, and Customer Trust
by Hassan H. H. Aldboush and Marah Ferdous
Int. J. Financial Stud. 2023, 11(3), 90; https://doi.org/10.3390/ijfs11030090 - 10 Jul 2023
Cited by 30 | Viewed by 41366
Abstract
This research paper explores the ethical considerations in using financial technology (fintech), focusing on big data, artificial intelligence (AI), and privacy. Using a systematic literature-review methodology, the study identifies ethical and privacy issues related to fintech, including bias, discrimination, privacy, transparency, justice, ownership, [...] Read more.
This research paper explores the ethical considerations in using financial technology (fintech), focusing on big data, artificial intelligence (AI), and privacy. Using a systematic literature-review methodology, the study identifies ethical and privacy issues related to fintech, including bias, discrimination, privacy, transparency, justice, ownership, and control. The findings emphasize the importance of safeguarding customer data, complying with data protection laws, and promoting corporate digital responsibility. The study provides practical suggestions for companies, including the use of encryption techniques, transparency regarding data collection and usage, the provision of customer opt-out options, and the training of staff on data-protection policies. However, the study is limited by its exclusion of non-English-language studies and the need for additional resources to deepen the findings. To overcome these limitations, future research could expand existing knowledge and collect more comprehensive data to better understand the complex issues examined. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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14 pages, 1332 KiB  
Article
Microfinance, an Alternative for Financing Entrepreneurship: Implications and Trends-Bibliometric Analysis
by Katherine Coronel-Pangol, Doménica Heras-Tigre, Jonnathan Jiménez Yumbla, Juan Aguirre Quezada and Pedro Mora
Int. J. Financial Stud. 2023, 11(3), 83; https://doi.org/10.3390/ijfs11030083 - 23 Jun 2023
Cited by 3 | Viewed by 7007
Abstract
Microfinance has become one of the most important financing alternatives for business start-ups, especially for vulnerable groups in poor regions. Microfinance provides access to financial products, especially to people who have been excluded from the traditional financial system. However, the mainstream literature on [...] Read more.
Microfinance has become one of the most important financing alternatives for business start-ups, especially for vulnerable groups in poor regions. Microfinance provides access to financial products, especially to people who have been excluded from the traditional financial system. However, the mainstream literature on microfinance shows its impact on poverty alleviation, but it is not yet well developed to understand its dynamizing role in the entrepreneurial sector. There is still a large gap in the literature on analyzing microfinance as a financing alternative, so this paper seeks to find this relationship in the literature. A bibliometric analysis is applied, both of the performance of the publications and a word co-occurrence analysis during the period 2017–2022. The articles indexed in the Web of Science have been considered and systematized through the SCIMAT software v1.1.04, developed by the Soft Computing and Intelligent Information Systems Research Group, University of Granada, Granada, Spain. Microfinance institutions, education, entrepreneurship, organizational performance, business microcredits, and women microentrepreneurs have been identified as driving themes to be considered in future analyses. At the end of the document, the proposed future lines of research are presented. In addition, the results show the growing interest of the academic community in the topic, with 2022 being the year with the highest number of articles published on the topic. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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19 pages, 2577 KiB  
Article
An Exploration of Overconfidence and the Disposition Effect in the Stock Market
by Benomar Ikram, Ben El Haj Fouad and Chelh Sara
Int. J. Financial Stud. 2023, 11(2), 78; https://doi.org/10.3390/ijfs11020078 - 13 Jun 2023
Cited by 1 | Viewed by 3842
Abstract
This paper offers a comprehensive empirical overview of the impact of overconfidence in the stock market, thus contributing to the existing research literature on this topic. The study employs a bibliometric approach that utilizes the VOSviewer to extract and analyze 277 articles registered [...] Read more.
This paper offers a comprehensive empirical overview of the impact of overconfidence in the stock market, thus contributing to the existing research literature on this topic. The study employs a bibliometric approach that utilizes the VOSviewer to extract and analyze 277 articles registered between 1992 and January 2023. By providing a detailed analysis of the literature, this research expands our understanding of the impact of overconfidence in the stock market and offers avenues for future studies in this area. The results of this analysis are noteworthy, as they reveal several important findings. These include the exponential growth of scientific production in recent decades, the concentration of research in specific journals indexed in the Journal Citation Reports, the presence of institutional co-author networks, and the thematic and temporal segregation of financial behavior concepts. The most significant finding of this study is the identification of six major clusters: investor behavior during times of crisis; behavioral finance; herding and risk-taking concepts; psychological and cognitive decisions; emotions and decision-making; and the performance of stocks. This temporal evolution of research demonstrates the emergence of various perspectives on the relationship between individual financial behavior and the global market. This study represents a pioneering effort in the field of bibliometric analysis as it is the first to specifically examine the subject of overconfidence in the stock market using this method. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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Review

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14 pages, 278 KiB  
Review
A Review of the Implementation of Financial Technology (Fintech) in the Indonesian Agricultural Sector: Issues, Access, and Challenges
by Fathi Rufaidah, Tuti Karyani, Eliana Wulandari and Iwan Setiawan
Int. J. Financial Stud. 2023, 11(3), 108; https://doi.org/10.3390/ijfs11030108 - 4 Sep 2023
Cited by 6 | Viewed by 6011
Abstract
Technological developments, especially in the financial sector, are slowly changing the financial industry through digitalization towards fintech. The application of fintech has been introduced to Indonesia in the last few years; however, the existence and development of fintech in Indonesia still needs to [...] Read more.
Technological developments, especially in the financial sector, are slowly changing the financial industry through digitalization towards fintech. The application of fintech has been introduced to Indonesia in the last few years; however, the existence and development of fintech in Indonesia still needs to be studied further. This review provided a comprehensive overview of farmer technology accessibility, fintech preferences, fintech application impacts, fintech application problems, and challenges in the future. The review data are taken from the primary and secondary data related to fintech from numerous publications in Google Scholar, the interview of Indonesian farmers, and Indonesian Government data, including the Central Statistics Agency. This study confirmed that a fintech provider has been developed in Indonesia. The farmers’ accessibility to fintech was different between urban and rural areas due to the farmers’ education levels and the availability of the infrastructure. Fintech can provide practicality, ease of access, comfort, and cost-effectiveness, and can solve existing problems in Indonesian society. However, several problems arise, including infrastructure and internet access that is less supportive, as well as a lack of education, competent workers, and regulation. Agricultural fintech is a promising business in the future, despite the many challenges that need to be overcome for a stronger agricultural sector. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
16 pages, 4628 KiB  
Review
A Systematic Bibliometric Analysis of the Real Estate Bubble Phenomenon: A Comprehensive Review of the Literature from 2007 to 2022
by José-Francisco Vergara-Perucich
Int. J. Financial Stud. 2023, 11(3), 106; https://doi.org/10.3390/ijfs11030106 - 23 Aug 2023
Cited by 1 | Viewed by 2160
Abstract
This article presents the results of a bibliometric review of the study of real estate bubbles in the scientific literature indexed in Web of Science and Scopus, from 2007 to 2022. The analysis was developed using a sample of 2276 documents, which were [...] Read more.
This article presents the results of a bibliometric review of the study of real estate bubbles in the scientific literature indexed in Web of Science and Scopus, from 2007 to 2022. The analysis was developed using a sample of 2276 documents, which were reviewed in R software and analyzed with the assistance of the Bibliometrix package of the same software. The results indicate that there has been considerable productivity on the topic of real estate bubbles since 2007, with an emphasis on housing price formation processes and the social effects when bubbles burst. The authors found that there were not many case studies located in Latin America or Africa, nor were there approaches with advanced predictive modeling techniques using machine learning or artificial intelligence. The article provides an understanding of the state of the art in real estate bubble research and situates new research in front of the influential literature previously published. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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15 pages, 6660 KiB  
Review
A Bibliometric Analysis of Fintech Trends: An Empirical Investigation
by Girish Garg, Mohd Shamshad, Nikita Gauhar, Mosab I. Tabash, Basem Hamouri and Linda Nalini Daniel
Int. J. Financial Stud. 2023, 11(2), 79; https://doi.org/10.3390/ijfs11020079 - 19 Jun 2023
Cited by 11 | Viewed by 3849
Abstract
Financial technology, or Fintech, has captured the attention of scholars, students, and institutions across worldwide for over a decade. With a plethora of new financial services, products, and innovative methods to engage with clients, the impact of technology on the financial sector has [...] Read more.
Financial technology, or Fintech, has captured the attention of scholars, students, and institutions across worldwide for over a decade. With a plethora of new financial services, products, and innovative methods to engage with clients, the impact of technology on the financial sector has been extensively studied. This research paper provides a summary of scientific research on FinTech by using bibliometric analysis. Using the Scopus database, the paper analyzed 665 publications and identified research gaps and new study topics through “VOS-Viewer” software and “Biblioshiny” using RStudio. The study focused on FinTech’s functions and research constraints in digital finance by assessing citation links between the most significant articles. The findings provide a starting point for further investigation and offer opportunities for researchers to expand their expertise in exciting and innovative studies. Overall, this study seeks to help researchers discover new avenues for exploration in Fintech while advancing their present understanding. There exists much scope in the area of Digital Lending, Supply Chain Finance, the Internet of Things, and RoboAdvisers. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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29 pages, 3170 KiB  
Review
Islamic Finance in the Era of Financial Technology: A Bibliometric Review of Future Trends
by Hanan Qudah, Sari Malahim, Rula Airout, Mohammad Alomari, Aiman Abu Hamour and Mohammad Alqudah
Int. J. Financial Stud. 2023, 11(2), 76; https://doi.org/10.3390/ijfs11020076 - 9 Jun 2023
Cited by 40 | Viewed by 14790
Abstract
This study focused on a current study on Islamic finance and financial technology as well as prospective topics for future research. As a bibliometric and visualization tool for the Web of Science core collection database and viewer-based literature, 918 papers dealing with Islamic [...] Read more.
This study focused on a current study on Islamic finance and financial technology as well as prospective topics for future research. As a bibliometric and visualization tool for the Web of Science core collection database and viewer-based literature, 918 papers dealing with Islamic finance and financial technology authored between 1999 and 2022 were analyzed. Cluster analysis, all-keyword co-occurrence analysis, and bibliographic coupling mapping are all investigated in the study. This research enables us to propose future research paths that may be useful in reflecting on the significant impact that technology will have on the growth of Islamic finance and financial technology. The survey discovered four main research trends: the first trend shown is “Financial Inclusion and Corporate Governance in Islamic Fintech”. The second trend focuses on “information technology and future financial Islamic services”. The third trend is “The Transformation of Islamic Finance: How Fintech is Changing the Game”. The fourth trend is related to “Islamic Finance: A Growing Force in the Digital Age”. This study provides a comprehensive analysis of research trends at the intersection of Islamic finance and financial technology, identifying future research directions. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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17 pages, 2327 KiB  
Review
Political Uncertainty and Initial Public Offerings: A Literature Review
by Purvi Jhawar and Jayanta Kumar Seal
Int. J. Financial Stud. 2023, 11(2), 74; https://doi.org/10.3390/ijfs11020074 - 6 Jun 2023
Cited by 2 | Viewed by 3822
Abstract
The literature on the influence of political and policy-related uncertainties on financial aspects has gained an impetus in the last two decades. This study adds to the existing literature by reviewing the impact of political uncertainty on initial public offerings (IPOs). We aim [...] Read more.
The literature on the influence of political and policy-related uncertainties on financial aspects has gained an impetus in the last two decades. This study adds to the existing literature by reviewing the impact of political uncertainty on initial public offerings (IPOs). We aim to provide a holistic overview of the past research in this domain, identify the potential research gaps, and explore them further. We performed a bibliometric analysis using VOSviewer to identify the major keywords used, the most cited papers, the authors, and the major countries where research in this domain has taken place. Our perspective on the current state of the literature has been threefold. First, considering the importance of market timing in the firm’s decision to go public, it was seen that firms had shown an unwillingness to come up with an IPO during periods of high political uncertainty. Second, political uncertainty has shown its influence in all the phases of the IPO process; however, political connections and donations mitigate this effect. Third, the research in this domain is still at a very nascent stage and is mainly restricted to China and the US. Thus, we believe that there are several areas that are yet to be explored. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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20 pages, 9943 KiB  
Review
A Decade of Cryptocurrency Investment Literature: A Cluster-Based Systematic Analysis
by José Almeida and Tiago Cruz Gonçalves
Int. J. Financial Stud. 2023, 11(2), 71; https://doi.org/10.3390/ijfs11020071 - 25 May 2023
Cited by 11 | Viewed by 14672
Abstract
This study aims to systematically analyze and synthesize the literature produced thus far on cryptocurrency investment. We use a systematic review process supported by VOSviewer bibliographic coupling to review 482 papers published in the ABS 2021 journal list, considering all different areas of [...] Read more.
This study aims to systematically analyze and synthesize the literature produced thus far on cryptocurrency investment. We use a systematic review process supported by VOSviewer bibliographic coupling to review 482 papers published in the ABS 2021 journal list, considering all different areas of knowledge. This paper contributes an in-depth systematic analysis on the unconsolidated topic of cryptocurrency investment through the use of a cluster-based approach grounded in a bibliographic coupling analysis, revealing complex network associations within each cluster. Four literature clusters emerge from the cryptocurrency investment literature, namely, investigating investor behavior, portfolio diversification, cryptocurrency market microstructure, and risk management in cryptocurrency investment. Additionally, the study delivers a qualitative analysis that reveals the main conclusions and future research venues by cluster. The findings provide researchers with cluster-based information and structured networking for research outlets and literature strands. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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25 pages, 6481 KiB  
Review
Renminbi Internationalization Process: A Quantitative Literature Review
by Ramona Orăștean and Silvia Cristina Mărginean
Int. J. Financial Stud. 2023, 11(1), 15; https://doi.org/10.3390/ijfs11010015 - 6 Jan 2023
Cited by 3 | Viewed by 5672
Abstract
As China’s position in the global economy has gradually improved, the importance of debates on the role of the renminbi in the international monetary system has significantly increased. This paper uses bibliometric methods—Bibliometrix R-package and its web-based graphical interface Biblioshiny—applied to data imported [...] Read more.
As China’s position in the global economy has gradually improved, the importance of debates on the role of the renminbi in the international monetary system has significantly increased. This paper uses bibliometric methods—Bibliometrix R-package and its web-based graphical interface Biblioshiny—applied to data imported from Web of Science and Scopus to investigate and synthesize the renminbi literature published in English between 1995 and 2021. Science mapping offers a visual representation of different networks and clusters of authors’ keywords. The performance analysis, a quantitative evaluation of the most published sources, authors and papers on renminbi internationalization in the last 25 years, shows that the interest on the topic has grown, particularly after 2009 and 2016, respectively. There is also a high degree of concentration in the field, considering that out of the 802 analyzed papers, published in 393 sources, five authors and four journals had the highest impact. The content analysis identifies the main directions in the renminbi internationalization literature and future research questions to further explore this subject. The COVID-19 pandemic and post-Ukraine war era could generate a deeper reform of the international monetary system, in which the Chinese currency will strengthen its global position alongside the US dollar and the euro. Full article
(This article belongs to the Special Issue Literature Reviews in Finance)
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