Investor Attention and Abnormal Returns in Islamic Stock Indices: A PRISMA 2020-Based Systematic Review and VOSviewer Bibliometric Analysis
DOI:
https://doi.org/10.59890/ijmbi.v4i3.9Keywords:
Investor Attention, Abnormal Return, Islamic Stock Index, PRISMA, VOSviewerAbstract
This study analyzes the development of literature on investor attention and its relationship with abnormal return in Islamic stock indices. The study is motivated by the limitations of the efficient market hypothesis in explaining market reactions that are not always immediate or fully rational. Drawing on behavioral finance theory, investor attention is considered an important determinant of investment decisions, particularly in Islamic capital markets where Sharia compliance, transparency, and trust also influence investor behavior. A hybrid systematic-bibliometric review approach was employed, combining a PRISMA 2020-based Systematic Literature Review with bibliometric analysis using VOSviewer. Data were collected from Scopus-indexed journal articles, resulting in 82 publications from 1987–2025. The analysis included network, overlay, and density visualizations to identify research clusters, trends, and gaps. The findings show that investor attention has evolved from a theoretical concept of limited attention into an empirical construct measured through digital indicators such as Google Search Volume, social media, Bloomberg, Robinhood, and YouTube. Although investor attention, abnormal return, and Islamic stock markets have emerged as significant research themes, their direct relationship remains underexplored. The study highlights substantial opportunities for future research, particularly by integrating dimensions of Sharia compliance and Islamic values into investor attention models.
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