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The purpose of this study is to analyze the previous study made in the past related to an association between herding and investment decisions based on primary data. It also explores the various instruments used for measuring herd behavior and investment decisions made by investors. Data were collected from 2 databases (ScienceDirect, and Scopus) using PRISMA guidelines. The inclusion criteria for this systematic review were (i) publication date 2012 to 2022 (ii) published in the English language (iii) open access articles (iv) Based on primary data, etc. The findings of the study support that there is a significant relation between herding and investment decision. All of the studies show that there is a lack of female participants than male participants. Most of the primary data-based open-access studies were conducted in the Asian continent. There is a sampling bias found in many studies i.e., the studies employed non-probability techniques to collect samples. There is a chance that some of the important studies might be missed due to including only open access articles and limiting search terms. This study extends the current knowledge about the previous study being researched related to an association between herding and investment decisions. This systematic review provides a clear picture of gaps in the previous research which need to be bridged by new researchers.
Keywords:
Herding, Investment Decision, Capital Market, Behavioral Factors, Behavioral Biases
Cite Article:
"Herding influencing Investment Decisions: A Systematic Review Using “PRISMA” Protocol", International Journal of Science & Engineering Development Research (www.ijrti.org), ISSN:2455-2631, Vol.7, Issue 10, page no.736 - 746, October-2022, Available :http://www.ijrti.org/papers/IJRTI2210100.pdf
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000205108
ISSN:
2456-3315 | IMPACT FACTOR: 8.14 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.14 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator