Affiliation:
1. Yazd University
2. Laval University
3. National School of Commerce and Management
4. Concordia University
Abstract
The paper systematically identifies and discusses the factors influencing institutional investors’ herd behavior. It conducts a systematic review of the literature and bibliometric analysis of 82 papers from 1990 to 2023 using VOSviewer and CiteSpace software. The study categorizes the influential countries, institutions, journals, and articles, and outlines three main research streams: Investment strategies, financial theories, and sentiment and experience. It highlights critical factors of herding behavior in two dimensions: intra-organizational (job and management components) and extra-organizational (information and environmental components). The study serves as a valuable reference for managers and researchers, providing insights to help institutional investors understand and prevent detrimental herd behaviors in the market.