Role of Social Media in Investment Decision-making: A Comprehensive Review and Future Roadmap

Abstract

In recent years, the importance of social media has grown analytically, emphasizing the importance of an appropriate framework that can clarify its role in financial investment decision-making. This essay aims to establish a link between social media use and stock market participation. We used the SPAR-4-SLR technique with theory, context, characteristics and methodology framework analysis to conduct a systematic literature review of essential journal articles published between 2013 and 2023. This review summarizes theoretical and empirical research on social media use and stock market participation. By revealing a significant association between social media use and stock market participation and explaining the impact of other elements that remain unresearched, this study has added a new perspective to the literature. This study will help financial specialists, economic institutions and policymakers design better stock market strategies, make financial decisions and add to the body of knowledge concerning the relationship between social impact and SMP.