Uneingeschränkter Zugang

Review of Research on Determinants of Stock Profitability: A Bibliometric Analysis

,  und   
04. Sept. 2025

Zitieren
COVER HERUNTERLADEN

Adams, R. B., Almeida, H., & Ferreira, D. (2005). Powerful CEOs and their impact on corporate performance. Review of Financial Studies, 18(4), 1403–1432. https://doi.org/10.1093/rfs/hhi030 Search in Google Scholar

Almeida, L. A. G. (2020). Technical indicators for rational investing in the technology companies: The evidence of FAANG stocks. Jurnal Pengurusan, 59. https://doi.org/10.17576/pengurusan-2020-59-08 Search in Google Scholar

Almeida, L., & Vieira, E. (2023). Technical analysis, fundamental analysis, and Ichimoku dynamics: A bibliometric analysis. Risks, 11(8), 142. https://doi.org/10.3390/risks11080142 Search in Google Scholar

Almeida, L. (2023). Risk and bankruptcy research: Mapping the state of the art. Journal of Risk and Financial Management, 16(8), 361. https://doi.org/10.3390/jrfm16080361 Search in Google Scholar

Aria, M., & Cuccurullo, C. (2017). bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959–975. https://doi.org/10.1016/j.joi.2017.08.007 Search in Google Scholar

Amanda, S. T., Akhyar, C., & Ilham, R. N. (2023). The Effect of Inflation, Exchange Exchange, Interest Rate On Stock Price In The Transportation Sub-Sector, 2018-2020. Journal of Accounting Research, Utility Finance and Digital Assets, 1(4), 342-352. https://doi.org/10.54443/jaruda.v1i4.54 Search in Google Scholar

Arouri, M., Hossain, M. A., & Shahbaz, M. (2020). Political instability and stock market performance: Evidence from emerging markets. Journal of International Financial Markets, Institutions and Money, 69, 101235. Search in Google Scholar

Bae, K.-H., Karolyi, G. A., & Stulz, R. M. (2003). A new approach to measuring financial contagion. Review of Financial Studies, 16(3), 717–763. https://doi.org/10.1093/rfs/hhg012 Search in Google Scholar

Bae, J., Yang, X., & Kim, M. I. (2021). ESG and stock price crash risk: Role of financial constraints. Asia-Pacific Journal of Financial Studies, 50(5), 556-581. https://doi.org/10.1111/ajfs.12351 Search in Google Scholar

Baker, M., & Wurgler, J. (2006). Investor sentiment and the cross-section of stock returns. Journal of Finance, 61(4), 1645–1680. https://doi.org/10.1111/j.1540-6261.2006.00885.x Search in Google Scholar

Barberis, N., Shleifer, A., & Vishny, R. (1998). A model of investor sentiment. Journal of Financial Economics, 49(3), 307–343. https://doi.org/10.1016/S0304-405X(98)00027-0 Search in Google Scholar

Barros, V., Verga Matos, P., & Miranda Sarmento, J. (2020). What firm’s characteristics drive the dividend policy? A mixed-method study on the Euronext stock exchange. Journal of Business Research, 115, 365–377. https://doi.org/10.1016/j.jbusres.2019.11.042 Search in Google Scholar

Bassen, A., Shu, H., & Tan, W. (2023). Green revenues and stock returns: Cross-market evidence. Finance Research Letters, 52, 103550. https://doi.org/10.1016/j.frl.2022.103550 Search in Google Scholar

Bessembinder, H., Cooper, M. J., & Zhang, F. (2023). Mutual fund performance at long horizons. Journal of Financial Economics, 147(1), 132–158. https://doi.org/10.1016/j.jfineco.2022.10.006 Search in Google Scholar

Blay, K. A. (2024). From Portfolio Selection to Portfolio Choice: Remembering Harry Markowitz. The Journal of Portfolio Management, 50(8), 45–58. https://doi.org/10.3905/jpm.2024.50.8.045 Search in Google Scholar

Campbell, J. Y., Hilscher, J., & Szilagyi, J. (2008). In search of distress risk. The Journal of Finance, 63(6), 2899–2939. https://doi.org/10.1111/j.1540-6261.2008.01416.x Search in Google Scholar

Carhart, M. M. (1997). On Persistence in Mutual Fund Performance. The Journal of Finance, 52(1), 57–82. https://doi.org/10.1111/j.1540-6261.1997.tb03808.x Search in Google Scholar

Castro, P., Gutiérrez-López, C., Tascón, M. T., & Castaño, F. J. (2021). The impact of environmental performance on stock prices in the green and innovative context. Journal of Cleaner Production, 320. https://doi.org/10.1016/j.jclepro.2021.128868 Search in Google Scholar

Chordia, T., Roll, R., & Subrahmanyam, A. (2000). Commonality in liquidity. Journal of Financial Economics, 56(1), 3–28. https://doi.org/10.1016/S0304-405X(99)00057-4 Search in Google Scholar

Chouaibi, S., Chouaibi, Y., & Zouari, G. (2022). Board characteristics and integrated reporting quality: Evidence from ESG European companies. EuroMed Journal of Business, 17(4), 425–447. https://doi.org/10.1108/EMJB-11-2020-0121 Search in Google Scholar

Cooper, M. J., Gulen, H., & Schill, M. J. (2008). Asset growth and the cross-section of stock returns. The Journal of Finance, 63(4), 1609–1651. https://doi.org/10.1111/j.1540-6261.2008.01370.x Search in Google Scholar

Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371–406. https://doi.org/10.1016/S0304-405X(98)00058-0 Search in Google Scholar

Đặng, R., Houanti, L., Reddy, K., & Simioni, M. (2020). Does board gender diversity influence firm profitability? A control function approach. Economic Modelling, 90, 168–181. https://doi.org/10.1016/j.econmod.2020.05.009 Search in Google Scholar

Demers, E., Hendrikse, J., Joos, P., & Lev, B. (2021). ESG did not immunize stocks during the COVID-19 crisis, but investments in intangible assets did. Journal of Business Finance & Accounting, 48(3–4), 433–462. https://doi.org/10.1111/jbfa.12523 Search in Google Scholar

Deng, X., Kang, J., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87–109. https://doi.org/10.1016/j.jfineco.2013.04.014 Search in Google Scholar

Devpura, N., Narayan, P. K., & Sharma, S. S. (2018). Is stock return predictability time-varying? Journal of International Financial Markets, Institutions and Money, 52, 152–172. https://doi.org/10.1016/j.intfin.2017.06.001 Search in Google Scholar

Easley, D., Hvidkjaer, S., & O’Hara, M. (2002). Is information risk a determinant of asset returns? The Journal of Finance, 57(5), 2185–2221. https://doi.org/10.1111/1540-6261.00493 Search in Google Scholar

Egghe, L. (2006). Theory and practise of the g-index. Scientometrics, 69(1), 131–152. https://doi.org/10.1007/s11192-006-0144-7 Search in Google Scholar

Eyvazloo, R., Hashemi, Y., & Qorbani, A. (2021). Multi-Factor asset pricing model in Iranian Capital Market. Shahid Beheshti University Journal of Financial Management Perspective No, 32, 9–32. Search in Google Scholar

Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. In Source: The Journal of Finance (Vol. 25, Issue 2). Search in Google Scholar

Fama, E. F. (1991). Efficient Capital Markets: II. The Journal of Finance, 46(5), 1575–1617. https://doi.org/10.1111/j.1540-6261.1991.tb04636.x Search in Google Scholar

Fama, E. F. (1998). Market efficiency, long-term returns, and behavioural finance. Journal of Financial Economics, 49, 283–306. https://doi.org/https://doi.org/10.1016/S0304-405X(98)00026-9 Search in Google Scholar

Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56. https://doi.org/10.1016/0304-405X(93)90023-5 Search in Google Scholar

Fama, E. F., & French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116(1), 1–22. https://doi.org/10.1016/j.jfineco.2014.10.010 Search in Google Scholar

Fama, E. F., & French, K. R. (2017). International tests of a five-factor asset pricing model. Journal of Financial Economics, 123(3), 441–463. https://doi.org/10.1016/j.jfineco.2016.11.004 Search in Google Scholar

Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957–1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x Search in Google Scholar

Fayad, A. A. S., Binti Mohd Ariff, A. H., Ooi, S. C., Ahmi, A., & Khatib, S. F. A. (2024). Towards concise reporting through integrated reporting: a bibliometric review. In Meditari Accountancy Research (Vol. 32, Issue 3, pp. 832–856). Emerald Publishing. https://doi.org/10.1108/MEDAR-10-2021-1470 Search in Google Scholar

Gant, L. (2023). Models of investing: Value investing 2.0, Warren Buffett’s methods beyond net-nets. Equity, 37(6), 4–5. Search in Google Scholar

Grobys, K., Han, Y., & Kolari, J. W. (2023). Better Not Forget: On the Memory of S&P 500 Survivor Stock Companies. Journal of Risk and Financial Management, 16(2). https://doi.org/10.3390/jrfm16020126 Search in Google Scholar

Guerard, J. (2023). Harry Markowitz: An appreciation. International Journal of Forecasting, 39(4), 1496–1501. https://doi.org/10.1016/j.ijforecast.2023.07.004 Search in Google Scholar

Haryanto, J. T. (2024). Short-Term Versus Long-Term Portfolio Management Strategies and the Selection of Securities. Advances in Management & Financial Reporting, 2(1). https://doi.org/10.60079/amfr.v2i1.247 Search in Google Scholar

Hirsch, J. E. (2005). An index to quantify an individual’s scientific research output. Proceedings of the National Academy of Sciences, 102(46), 16569–16572. www.pnas.orgcgidoi10.1073pnas.0507655102 Search in Google Scholar

Ilut, C., & Saijo, H. (2021). Learning, confidence, and business cycles. Journal of Monetary Economics, 117, 354–376. https://doi.org/10.1016/j.jmoneco.2020.01.010 Search in Google Scholar

Javeed, S. A., & Lefen, L. (2019). An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability, 11(1), 248. https://doi.org/10.3390/su11010248 Search in Google Scholar

Jegadeesh, N., & Titman, S. (1993). Returns to buying winners and selling losers: Implications for stock market efficiency. The Journal of Finance, 48(1), 65–91. https://doi.org/10.1111/j.1540-6261.1993.tb04702.x Search in Google Scholar

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360. Search in Google Scholar

Khan, A., Goodell, J. W., Hassan, M. K., & Paltrinieri, A. (2022). A bibliometric review of finance bibliometric papers. Finance Research Letters, 47. https://doi.org/10.1016/j.frl.2021.102520 Search in Google Scholar

Khursheed, A., Naeem, M., Ahmed, S., & Mustafa, F. (2020). Adaptive market hypothesis: An empirical analysis of time –varying market efficiency of cryptocurrencies. Cogent Economics and Finance, 8(1). https://doi.org/10.1080/23322039.2020.1719574 Search in Google Scholar

Kushairi, N., & Ahmi, A. (2021). Flipped classroom in the second decade of the Millenia: a Bibliometrics analysis with Lotka’s law. Education and Information Technologies, 26(4), 4401–4431. https://doi.org/10.1007/s10639-021-10457-8 Search in Google Scholar

Laporšek, S., Dolenc, P., Grum, A., & Stubelj, I. (2021). Ownership structure and firm performance – The case of Slovenia. Economic Research-Ekonomska Istraživanja, 34(1), 2975–2996. https://doi.org/10.1080/1331677X.2020.1865827 Search in Google Scholar

Lintner, J. (1965). Security prices, risk, and maximal gains from diversification. The Journal of Finance, 20(4), 587–615. https://doi.org/https://doi.org/10.2307/2977249 Search in Google Scholar

Liu, W. (2006). A liquidity-augmented capital asset pricing model. Journal of Financial Economics, 82(3), 631–671. https://doi.org/10.1016/j.jfineco.2005.10.001 Search in Google Scholar

Mandal, P. K., & Thakur, M. (2024). Higher-order moments in portfolio selection problems: A comprehensive literature review. In Expert Systems with Applications (Vol. 238). Elsevier Ltd. https://doi.org/10.1016/j.eswa.2023.121625 Search in Google Scholar

Markowitz H. (1952). Portfolio selection. Journal of Finance, 7(1), 77–91. Search in Google Scholar

Mensi, W., Kumar, A. S., Vo, X. V., & Kang, S. H. (2023). Asymmetric multifractality and dynamic efficiency in DeFi markets. In Journal of Economics and Finance. Springer. https://doi.org/10.1007/s12197-023-09655-6 Search in Google Scholar

Merendino, A., & Melville, R. (2019). The board of directors and firm performance: Empirical evidence from listed companies. Corporate Governance (Bingley), 19(3), 508–551. https://doi.org/10.1108/CG-06-2018-0211 Search in Google Scholar

Myers, S. C. (1984). Finance theory and financial strategy. Interfaces, 14(1), 126–137. https://doi.org/10.1287/inte.14.1.126 Search in Google Scholar

Munteanu, I., Aivaz, K. A., Micu, A., Căpățână, A., & Jakubowicz, F. V. (2023). Digital transformations imprint financial challenges: accounting assessment of crypto assets and building resilience in emerging innovative businesses. Economic Computation & Economic Cybernetics Studies & Research, 57(3).Doi: 10.24818/18423264/57.3.23.12 Search in Google Scholar

Munteanu, I., Ileanu, B. V., Florea, I. O., & Aivaz, K. A. (2024). Corruption perceptions in the Schengen Zone and their relation to education, economic performance, and governance. Plos one, 19(7). https://doi.org/10.1371/journal.pone.0301424 Search in Google Scholar

Nasir, A., Shaukat, K., Hameed, I. A., Luo, S., Alam, T. M., & Iqbal, F. (2020). A bibliometric analysis of corona pandemic in social sciences: A review of influential aspects and conceptual structure. In IEEE Access (Vol. 8, pp. 133377–133402). Institute of Electrical and Electronics Engineers Inc. https://doi.org/10.1109/ACCESS.2020.3008733 Search in Google Scholar

Nowzohour, L., & Stracca, L. (2020). More than a feeling: confidence, uncertainty, and macroeconomic fluctuations. Journal of Economic Surveys, 34(4), 691–726. https://doi.org/10.1111/joes.12354 Search in Google Scholar

Nyakurukwa, K., & Seetharam, Y. (2023). Alternatives to the efficient market hypothesis: an overview. In Journal of Capital Markets Studies (Vol. 7, Issue 2, pp. 111–124). Emerald Publishing. https://doi.org/10.1108/JCMS-04-2023-0014 Search in Google Scholar

Paltrinieri, A., Hassan, M. K., Bahoo, S., & Khan, A. (2023). A bibliometric review of sukuk literature. International Review of Economics and Finance, 86, 897–918. https://doi.org/10.1016/j.iref.2019.04.004 Search in Google Scholar

Panagiotidis, T., Stengos, T., & Vravosinos, O. (2018). On the determinants of bitcoin returns: A LASSO approach. Finance Research Letters, 27, 235–240. https://doi.org/10.1016/j.frl.2018.03.016 Search in Google Scholar

Paule-Vianez, J., Gómez-Martínez, R., & Prado-Román, C. (2020). A bibliometric analysis of behavioural finance with mapping analysis tools. European Research on Management and Business Economics, 26(2), 71–77. https://doi.org/10.1016/j.iedeen.2020.01.001 Search in Google Scholar

Pillai, R., & Al-Malkawi, H.-A. N. (2018). On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance, 44, 394–410. https://doi.org/10.1016/j.ribaf.2017.07.110 Search in Google Scholar

Rashid, H. A., & Bilal, A. R. (2020). Role of capital structure in financial performance of non-financial sector firms: Evidence from Pakistan stock exchange. Global Economics Review, V(II), 1–16. https://doi.org/10.31703/ger.2020(v-ii).01 Search in Google Scholar

Renneboog, L., & Vansteenkiste, C. (2019). Failure and success in mergers and acquisitions. Journal of Corporate Finance, 58, 650–699. https://doi.org/10.1016/j.jcorpfin.2019.07.010 Search in Google Scholar

Ross, S. A. (1973). The economic theory of agency: The principal’s problem. The American Economic Review, 63(2), 134–139. Search in Google Scholar

Saeed, T., Bouri, E., & Alsulami, H. (2021). Extreme return connectedness and its determinants between clean/green and dirty energy investments. Energy Economics, 96, 105017. https://doi.org/10.1016/j.eneco.2020.105017 Search in Google Scholar

Sharpe, W. F. (1964). Capital asset prices: a theory of market equilibrium under conditions of risk. In Source: The Journal of Finance (Vol. 19, Issue 3). Search in Google Scholar

Sikveland, M., & Zhang, D. (2020). Determinants of capital structure in the Norwegian salmon aquaculture industry. Marine Policy, 119, 104061. https://doi.org/10.1016/j.marpol.2020.104061 Search in Google Scholar

Simionescu, L. N., Gherghina, Ş. C., Tawil, H., & Sheikha, Z. (2021). Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 information technology sector. Financial Innovation, 7(1), 52. https://doi.org/10.1186/s40854-021-00265-x Search in Google Scholar

Smith, G., & Smith, M. (2023). Investing 2.0—The Birth of Value Investing. In The Power of Modern Value Investing (pp. 17–37). Springer Nature Switzerland. https://doi.org/10.1007/978-3-031-45900-9_2 Search in Google Scholar

Sohrabi, N., & Movaghari, H. (2020). Reliable factors of capital structure: Stability selection approach. The Quarterly Review of Economics and Finance, 77, 296–310. https://doi.org/10.1016/j.qref.2019.11.001 Search in Google Scholar

Tan, X., Sirichand, K., Vivian, A., & Wang, X. (2020). How connected is the carbon market to energy and financial markets? A systematic analysis of spillovers and dynamics. Energy Economics, 90, 104870. https://doi.org/10.1016/j.eneco.2020.104870 Search in Google Scholar

Vancea, D., Aivaz, K., & Duhnea, C. (2017). Political uncertainty and volatility on the financial markets-the case of romania. Transformations in Business & Economics, 16 457–477. Search in Google Scholar

Venturini, A. (2022). Climate change, risk factors and stock returns: A review of the literature. International Review of Financial Analysis, 79, 101934. https://doi.org/10.1016/j.irfa.2021.10193 Search in Google Scholar

Wen, F., Xu, L., Ouyang, G., & Kou, G. (2019). Retail investor attention and stock price crash risk: Evidence from China. International Review of Financial Analysis, 65, 101376. https://doi.org/10.1016/j.irfa.2019.101376 Search in Google Scholar

Wen, F., Zhao, L., He, S., & Yang, G. (2020). Asymmetric relationship between carbon emission trading market and stock market: Evidence from China. Energy Economics, 91, 104850. https://doi.org/10.1016/j.eneco.2020.104850 Search in Google Scholar

Yermack, D. (2017). Corporate governance and blockchain technology: The emerging role of decentralized finance. Journal of Corporate Finance, 47, 198-210. Search in Google Scholar