Machine learning In the financial industry: A bibliometric approach to evidencing applications

Figures & data

Figure 1. PRISMA flow chart of the study on machine learning and finance.

Source: Adapted from Page et al. (2021).

Table 1. General information

Description	Results
Main information about the data
Timespan	1988–2022
Documents	189
Average citations per document	20.81
Average citation per document per year	0.31
Document Type
Article	178
Review	11
Authors
Authors	201
Authors of single-authored documents	30
Authors of multi-authored documents	171
Authors collaboration
Documents per author	0.94
Authors per document	1.03

Figure 2. Document growth per year.

Figure 3. Most relevant countries by the corresponding author.

Table 2. The ten most relevant institutions

No	Affiliations	Articles	No	Affiliations	Articles
1	Stevens Institute of Technology, USA	5	6	Malaviya National Institute of Technology, India	3
2	University of Glasgow, UK	3	7	Nankai University, China	3
3	Delft University of Technology, Netherlands	3	8	Harbin Institute of Technology, China	3
4	Tecnologico de Monterrey, Mexico	5	9	Woosong University, South Korea	4
5	Financial University under the Government of the Russian Federation	5	10	University of Bahrain, Bahrain	3

Table 3. The ten most relevant journals

Rank	Sources	No of Articles	JH-index 2022	SJR 2022	Publisher
1	Journal of Forecasting	13	66	Q1 0.77	John Wiley & Sons Ltd
2	Knowledge-Based Systems	7	151	Q1 2.07	Elsevier
3	Technological Forecasting and Social Change	7	155	Q3 2.64	Elsevier
4	Risks	7	23	Q2 0.44	MDPI AG
5	Decision Support Systems	7	170	Q1 2.08	Elsevier
6	Journal of Finance and Data Science	6	18	Q2 0.62	KEAi Communication Co.
7	Computational Economics	6	45	Q2 0.47	Springer Netherlands
8	Journal of Behavioral and Experimental Finance	2	31	Q1 1.24	Emerald Group
9	Journal of International Financial Markets, Institutions and Money	3	66	Q1 0.31	Elsevier
10	Journal of Modelling in Management	2	43	Q2 0.55	Emerald Group

Figure 4. Most relevant authors.

Table 4. The ten most-cited academic articles

No	Authors	Title	Year	Source Title	SJR Rank	Cited By
1	Dwivedi Y.K. et al.,	Artificial Intelligence (AI): Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy	2021	International Journal of Information Management	Q1	507
2	Ma X. et al.	Study on a prediction of P2P network loan default based on the machine learning LightGBM and XGboost algorithms according to different high dimensional data cleaning	2018	Electronic Commerce Research and Applications	Q1	178
3	Ghoddusi H. et al.	Machine learning in energy economics and finance: A review	2019	Energy Economics	Q1	130
4	Zhu Y. et al.	Forecasting SMEs’ credit risk in supply chain finance with an enhanced hybrid ensemble machine learning approach	2019	International Journal of Production Economics	Q1	125
5	Liang D.	The effect of feature selection on financial distress prediction	2015	Knowledge-Based Systems	Q1	119
6	Hajek P., Henriques R.	Mining corporate annual reports for intelligent detection of financial statement fraud – A comparative study of machine learning methods	2017	Knowledge-Based Systems	Q1	117
7	Cecchini M. et al.	Detecting management fraud in public companies	2010	Management Science	Q1	113
8	Uthayakumar J. et al.	Financial crisis prediction model using ant colony optimisation	2020	International Journal of Information Management	Q1	93
9	Schebesch K.B., Sleeking R.	Support vector machines for classifying and describing credit applicants: Detecting typical and critical regions.	2005	Journal of the Operational Research Society	Q1	76
10	Atkins A. et al.	Financial news predicts stock market volatility better than close price.	2018	Journal of Finance and Data Science	Q2	66

Figure 5. Co-authorship network of key authors.

The VoSViewer software is utilised to construct the density visualisation map.

Table 5. Nine most key authors based on co-authorship analysis

Rank	Author Name	Affiliation	Country	No. of Articles	Citations	Total Link Strength
1	Creamer, G. G	Stevens School of Technology Management	USA	3	140	0
2	Kumar, S.	Malaviya National Institute of Technology	India	3	73	4
3	Pattnaik, D.	Woxsen UniversityTelangana, India	India	3	73	4
4	Gogas, P.	Democritus University of Thrace	Greece	3	47	3
5	Papadimitriou, T.	Democritus University of Thrace	Greece	3	47	3
6	Li, Z.	Shanghai Normal University	China	4	25	0
7	Li, X.	Nankai University	China	3	21	2
8	Samitas, A.	Zayed University	UAE	1	17	0
9	Al Janabi, M.A. M	EGADE Business School, Tecnologico de Monterrey	Mexico	3	12	0

Figure 6. Co-occurrence network of keywords.

The VoSViewer software is utilised to construct the density visualisation map.

Figure 7. Keywords density visualisation map.

The VoSViewer software is utilised to construct the density visualisation map.

Table 6. The top 10 keywords of publications

Rank	Keywords	Frequency	Total Link Strength
1	Machine Learning	147	128
2	Finance	28	42
3	Artificial Intelligence	16	31
4	Forecasting	12	18
5	Deep learning	11	19
6	Credit risk	8	14
7	Data mining	7	10
9	Natural language processing	7	11
10	Computational finance	6	9

Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., & Mulrow, C. D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 29(372). https://doi.org/10.1136/bmj.n71

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