Page 121 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.83, # 1, 2026, pp. 107-131

Cluster -4 Retail investor decision-making and mobile stock trading outcomes-
This theme focuses on the decision-making processes of retail investors using mobile
platforms, including the factors that drive adoption, continued use, and investment
outcomes. Mobile stock trading has transformed retail investment. Studies examine
whether investors will adopt mobile trading and what factors—such as perceived benefits,
risks, and usability shape their decisions (Tai et al., 2013).The UTAUT and UTAUT2
models are frequently applied to understand technology acceptance in this context
(Restuputri et al., 2023). Investment decision-making among retail investors is influenced
by a combination of cognitive, social, and platform-specific factors. Research identifies
antecedents of intention to recommend mobile stock trading applications, as well as
factors influencing behavioural intention in digital investment services (Sembel et al.,
2024). The impact of mobile trading on information asymmetry and investor sentiment is
also explored. Retail investor behaviour, particularly in the Indonesian and Indian
markets, is analysed to understand market-specific dynamics (Adrianto & Hamidi, 2020).

5. CONCLUSION AND FUTURE RESEARCH AGENDA-
With the growing interest of researchers, practitioners, and policymakers, research on
mobile stock trading applications (MTAs) and their adoption for investment services
has gained considerable momentum in recent years. The present study employed
bibliometric and thematic analysis approaches to examine the evolving research
landscape and to enhance understanding regarding the role of AI-enabled mobile
trading applications in investment decision-making.

The bibliometric and thematic analyses offered a comprehensive overview of how
research in this field has evolved. By witnessing at trends in yearly publications and
citations, exploring which countries and authors have contributed most, highlighting
influential articles, and mapping out key thematic clusters, The study looks at a more
comprehensive view of this field's intellectual landscape. The findings show that research
on AI and mobile stock trading apps has developed in three distinct phases. The formative
stage (1983–2012) saw only a handful of studies and little academic focus. A
consolidation phase From 2013 to 2018, the field began to consolidate, with more
attention on digital transformation and technology adoption. Since 2019, rapid growth
phase there has been a surge in research , demonstrating the speed at which the subject is
growing. This shift emphasize how AI-powered mobile trading apps have become a key
part of today’s retail investing and digital finance prospect. These applications have made
it simpler for regular investors to enter financial markets by incorporating AI into
investment platforms, benefit from automated tools, get real-time insights, receive
personalized investment advice, and manage their portfolios more efficiently.

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