An insight of financial literacy and artificial intelligence to mitigate behavioral biases: a bibliometric and systematic review analysis using SPAR-4-SLR

Abstract

PurposeThe study explores new aspects of financial investment management with technological involvement, providing detailed knowledge for future research. It identifies gaps in the literature and summarizes key research topics, utilizing a precise data collection framework.Design/methodology/approachThe study is structured using systematic and bibliometric analysis with the antecedents, decisions, outcome-theories, context, and methods (ADO-TCM) framework. Data from Scopus and Web of Science were filtered based on Q1, Q2, social sciences citation index (SSCI) and Australian Business Deans Council (ABDC) criteria, resulting in 128 articles majorly emphasizing the last ten years. The “R” package facilitated bibliometric analysis, starting with data cleaning and import into Biblioshiny for effective results interpretation.FindingsThe study found that artificial intelligence detects and mitigates biases in investment decisions through rigorous pattern analysis, including social and ethical biases. The ADO-TCM framework revealed emerging theories, such as robo-advisory theory, offering new directions in behavioral finance for researchers and practitioners. The top authors and articles highlighted existing work in financial management.Originality/valueThe study’s originality is highlighted by its use of unique frameworks for data collection (SPAR-4-SLR) and interpretation (ADO-TCM).