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Review Of Research On Determinants Of Stock Profitability: A Bibliometric Analysis

Author

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  • Vasco FERREIRA

    (University of Aveiro, Portugal)

  • Luís ALMEIDA

    (University of Aveiro, Portugal)

  • Victor MOUTINHO

    (University of Beira Interior, Covilhã, Portugal & Lusófona University, Porto, Portugal)

Abstract

This paper examines the determinants of stock returns, a critical area for investors and scholars aiming to understand and predict stock market performance. Through analyzing emerging research trends, this study enriches academic discourse and offers practical insights for investors, enabling informed decision-making. Specifically, it qualitatively and quantitatively analyzes 1,756 articles published from 1986 to 2023, identifying key authors, journals, and studies that define the current knowledge landscape while also pinpointing research gaps and topics for future study. The study employs descriptive and network analysis, including bibliometric methods, to systematically assess publication trends and critically examine the literature on stock price determinants. These methods facilitate an objective overview of a substantial research corpus, addressing the primary aims of this work. By adopting a systematic bibliometric approach, this study offers a comprehensive evaluation of stock profitability determinants, shedding new light on key factors influencing stock returns. It highlights research quality, trends, significant contributors, and their geographical and institutional affiliations while mapping relationships across these factors. Moreover, it raises relevant questions and recommends directions for future research and cross-disciplinary collaboration, reinforcing the findings' validity and reliability. This research emphasizes interdisciplinary dialogue and highlights the importance of collaborative efforts to advance understanding of the determinants of stock returns.

Suggested Citation

  • Vasco FERREIRA & Luís ALMEIDA & Victor MOUTINHO, 2025. "Review Of Research On Determinants Of Stock Profitability: A Bibliometric Analysis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 20(2), pages 113-136, August.
    • Handle: RePEc:blg:journl:v:20:y:2025:i:2:p:113-136
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    File URL: http://magazines.ulbsibiu.ro/eccsf/RePEc/blg/journl/20206ferreira.pdf
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    References listed on IDEAS

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    1. Stewart C. Myers, 1984. "Finance Theory and Financial Strategy," Interfaces, INFORMS, vol. 14(1), pages 126-137, February.
    2. Kee-Hong Bae & G. Andrew Karolyi & René M. Stulz, 2003. "A New Approach to Measuring Financial Contagion," The Review of Financial Studies, Society for Financial Studies, vol. 16(3), pages 717-763, July.
    3. Saeed, Tareq & Bouri, Elie & Alsulami, Hamed, 2021. "Extreme return connectedness and its determinants between clean/green and dirty energy investments," Energy Economics, Elsevier, vol. 96(C).
    4. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    5. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-139, May.
    6. Fama, Eugene F, 1991. "Efficient Capital Markets: II," Journal of Finance, American Finance Association, vol. 46(5), pages 1575-1617, December.
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