IJARSAI International Journal of Advanced Research Scientific Analysis & Inferences
Volume 2, Issue 2, 2026
Finfluencers and Retail Investment Behaviour: A Systematic Literature Review Using the TCCM Framework
Embedded Files
IJARSAI Int. J. Adv. Res. Sci. Anal. Infer.
Author(s):
Article Dates: Received: 01 July 2026 | Revised Submission: 25 August 2026 | Accepted: 01 September 2026 | Available Online: 30 September 2026
Abstract
Keywords: Finfluencer, Financial Influencer, Parasocial Relationship, Information Adoption, Fear of Missing Out, Herding.
How to Cite:Anjali S., & Rajeev Kumar A. D. (2026). Finfluencers and Retail Investment Behaviour: A Systematic Literature Review Using the TCCM Framework. IJARSAI International Journal of Advanced Research Scientific Analysis & Inferences, 02(02), 105–127. https://doi.org/10.5281/zenodo.23055655
Anjali S.
Research scholar
Department of Commerce
Sanatana Dharma College, Alappuzha
Affiliated to the University of Kerala, India
ORCID ID: 0009-0007-2033-8411
Email: anjalis.research@sdcollege.in
Prof. (Dr.) Rajeev Kumar A. D.
Head of the Department of Commerce
BJM Government College, Chavara, Kollam
Affiliated to the University of Kerala, India
ORCID ID: 0000-0001-5600-3292
Email: rad.gcl@gmail.com
Article Dates: Received: 01 July 2026 | Revised Submission: 25 August 2026 | Accepted: 01 September 2026 | Available Online: 30 September 2026
Abstract
This study reviews research on financial influencers, or finfluencers, and their effects on retail investors’ behaviour. The review uses the theory, context, characteristics, and methodology (TCCM) framework to sort out what the field knows and where it falls short. A total of 51 articles published between 2018 and 2026 were used for the TCCM analysis. The articles were found, filtered and reported using the PRISMA protocol from the Scopus and Web of Science databases. The result shows that source credibility theory, the elaboration likelihood model, parasocial interaction theory and behavioural finance ideas such as herding and fear of missing out are the main theories used in this area. Most studies come from a small number of countries, with India, the United States, and Western Europe accounting for most of the articles. Equity and cryptocurrency are the assets studied most often. Work on characteristics focuses on credibility, content quality, parasocial attachment and behavioural bias, but rarely follows investors long enough to see what happens to their money. Regarding method, cross-sectional surveys analysed with PLS-SEM are dominant, and there is very little experimental, longitudinal or configurational work. Future research can examine information adoption models, which are missing from this field; investors outside big cities; the untested link between parasocial attachment and fear of missing out; and actual trading behaviour rather than stated intention.
Keywords: Finfluencer, Financial Influencer, Parasocial Relationship, Information Adoption, Fear of Missing Out, Herding.
How to Cite:Anjali S., & Rajeev Kumar A. D. (2026). Finfluencers and Retail Investment Behaviour: A Systematic Literature Review Using the TCCM Framework. IJARSAI International Journal of Advanced Research Scientific Analysis & Inferences, 02(02), 105–127. https://doi.org/10.5281/zenodo.23055655
Article Full Text
Article Metrics & Discovery
License
Creative Commons Attribution 4.0 International
The Creative Commons Attribution license allows re-distribution and re-use of a licensed work on the condition that the creator is appropriately credited.
Google Sites
Report abuse