The rapid expansion of retail investor participation in emerging capital markets has intensified scholarly interest in behavioural finance. Despite a growing body of empirical research examining cognitive biases, psychological mediators, and contextual influences on retail investment decisions, the literature remains theoretically fragmented and methodologically concentrated. This study integrates bibliometric analysis and systematic literature review to consolidate 69 empirical studies published between 2016 and 2026 on behavioural biases among retail investors in emerging markets. Bibliometric mapping identifies dominant publication trends, intellectual clusters, and thematic evolution, while systematic synthesis reveals recurring cognitive distortions, mediation mechanisms, and moderating influences. The findings demonstrate that overconfidence, herding, anchoring, and loss aversion remain structurally persistent across emerging markets, with risk perception and sentiment acting as central mediators. Financial literacy moderates but does not eliminate bias effects, and crisis conditions amplify behavioural distortions. The study develops an integrated behavioural architecture that consolidates Prospect Theory, Theory of Planned Behaviour, Social Cognitive Theory, and personality frameworks. By addressing theoretical dispersion and methodological concentration, this research advances a unified conceptual foundation for future behavioural finance scholarship in emerging economies
Jhalani, P., & Dhaked, B. (2026). Behavioural Biases and Retail Investor Decision-Making in Emerging Markets: A Systematic Literature Review (2016–2026). Exploresearch, 03(01), 57–79. https://doi.org/10.62823/ExRe/2026/03/01.161
Article DOI: 10.62823/ExRe/2026/03/01.161