Is Finance Research a 'Normal Science'? A Bibliometric Study of the Structure and Development of Finance Research from 1988 to 2007

Schmalenbach Business Review, Vol. 63, pp. 189-225, April 2011

37 Pages Posted: 5 Jul 2011

See all articles by Utz Schäffer

Utz Schäffer

WHU Otto Beisheim School of Management

Pascal Nevries

University of Witten/Herdecke

Christian Fikus

WHU Otto Beisheim Graduate School of Management - Institute of Management Accounting and Control

Matthias Meyer

Technical University Hamburg-Harburg (TUHH)

Date Written: April 1, 2011

Abstract

In the wake of the financial crisis of 2008/09, finance research has been criticized for an ineffective allocation of research efforts and a narrowing research focus. We address this discussion via a quantitative analysis of 4,064 articles published in the top four finance journals between 1988 and 2007 depicting the intellectual structure and development of finance research. We find stable structures over time that can be allocated to nine distinct research areas that represent finance research. Within each research area, both core articles and a considerable inflow of new articles exist, allowing for the systematic accumulation of knowledge. Based on our evidence, the intellectual structure of finance research can be characterized as “normal science” (Kuhn (1970)). We find no tendency towards a restricted or narrowing focus.

Keywords: co-citation analysis, finance research, financial crisis, intellectual structure, normal science

JEL Classification: G00, G01

Suggested Citation

Schäffer, Utz and Nevries, Pascal and Fikus, Christian and Meyer, Matthias, Is Finance Research a 'Normal Science'? A Bibliometric Study of the Structure and Development of Finance Research from 1988 to 2007 (April 1, 2011). Schmalenbach Business Review, Vol. 63, pp. 189-225, April 2011, Available at SSRN: https://ssrn.com/abstract=1879172

Utz Schäffer (Contact Author)

WHU Otto Beisheim School of Management ( email )

Burgplatz 2
Vallendar, D-56179
Germany

HOME PAGE: http://www.whu.edu/controlling

Pascal Nevries

University of Witten/Herdecke ( email )

Alfred-Herrhausen-Straße 50
Witten, 58448
Germany

Christian Fikus

WHU Otto Beisheim Graduate School of Management - Institute of Management Accounting and Control ( email )

Burgplatz 2
Vallender, 56179
Germany

HOME PAGE: http://www.whu.edu

Matthias Meyer

Technical University Hamburg-Harburg (TUHH) ( email )

Schwarzenbergstr. 95
Hamburg, 21073
Germany

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