Determinants of Retail Investor Behavior in Mutual Funds: A Systematic Literature Review

Noor; Harvinder Singh

doi:10.68090/IJBSIVol1Iss2-12

Authors

Noor Research Scholar, Department of Commerce, Punjabi University, Patiala, Punjab, India Author
Harvinder Singh Associate Professor, Commerce Department, University College Benra-Dhuri (A constituent college of Punjabi University, Patiala), Punjab, India Author

DOI:

https://doi.org/10.68090/IJBSIVol1Iss2-12

Keywords:

Mutual funds, Investor Behaviour, Financial Literacy, Behavioural Biases, Fintech Adoption

Abstract

This study examines the empirical literature to identify the key factors influencing investor behavior in mutual funds. Evidence from institutional reports and peer-reviewed research published between 2000 and 2025 is gathered through a PRISMA-based systematic review. The results show that financial education, risk tolerance, behavioral biases, socio-demographic traits, service quality, and fintech adoption significantly influence investor behavior and investment intention. Instead of relying solely on rational risk-return analyses, investors often rely on heuristics, trust, and digital convenience. The study makes a substantial contribution by providing asset management firms and policymakers with important insights into how to improve investor engagement and informed participation by combining behavioral finance and digital investment views.

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