Stock market participation puzzle: a systematic review and bibliometric analysis

Abstract

This paper conducts a systematic review and bibliometric analysis of the literature on the stock market participation puzzle. Addressing the lack of comprehensive summaries in existing literature, this review combines quantitative and qualitative approaches to present detailed insights into the topic. The study examines 199 articles published in peer-reviewed journals from 2000 to 2023. Using citation network analysis, co-citation analysis, content analysis, publication trends, and keyword analysis, we identify influential works, outline the intellectual structure of the field, and highlight research gaps. The analysis reveals several key findings. First, it reveals a notable increase in studies devoted to the stock market participation puzzle. Secondly, the review underscores the variability in SMP measurement across studies, a phenomenon attributable to the diverse and multifaceted nature of research within this domain. Finally, the paper underscores the multifaceted nature of factors influencing stock market participation, emphasizing the intricate challenge of comprehending the non-participation puzzle. Notably, a prominent gap in the literature is the absence of a universally accepted theoretical framework to account for the non-participation behavior. The paper recommends that researchers employ a multi-factor approach to elucidate the complexities of SMP. Importantly, it suggests that this review can provide valuable insights not only for researchers but also for regulators and policymakers, aiding their efforts to understand and address the challenges associated with stock market participation.