Fifty‐two years of consumer research based on social exchange theory: A review and research agenda using topic modeling

Abstract

AbstractSocial exchange theory (SET) is a leading sociopsychological theory that has enriched understanding of consumers' behavior. In this study, we examine application of SET in consumer research over last 52 years (1971–2022) in terms of predominant topics, publications, outlets, networks, and clusters. We adopt a holistic approach by amalgamating systematic literature review (SLR) using Scientific Procedures and Rationales for SLRs protocol; scientometric analysis utilizing bibliographic coupling and betweenness centrality; and topic modeling employing latent Dirichlet allocation. Based on text analysis of 215 full research papers, the study extracts five predominant areas of extant consumer research leveraging SET: (1) relationship marketing, (2) collaborative consumption, (3) gifting behavior, (4) brand experience, and (5) tourism and hospitality. Scientometric mapping reveals six cohesive clusters and identifies seminal studies in SET‐based consumer research. Building upon the insights, the article concludes by presenting agenda for future research.