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

  • Finance Research
  • Published:
Schmalenbach Business Review Aims and scope

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.

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Authors and Affiliations

  1. WHU — Otto Beisheim School of Management, Burgplatz 2, D-56179, Vallendar, Germany

    Utz Schäffer (Professor and Director of the Institute of Management Accounting and Control (IMC)

  2. Controlling, University of Witten/Herdecke, Alfred-Herrhausen-Straße 50, D-58448, Witten, Germany

    Pascal Nevries (Professor at the Dr. Werner Jackstädt-Stiftungslehrstuhl für Betriebswirtschaftslehre, insbes)

  3. WHU — Otto Beisheim School of Management, Institute of Management Accounting and Control (IMC), Burgplatz 2, D-56179, Vallendar, Germany

    Christian Fikus

  4. Hamburg University of Technology, Schwarzenbergstr. 95, D-21073, Hamburg, Germany

    Matthias Meyer (Professor and Head of the Institute of Management Control and Accounting)

Authors
  1. Utz Schäffer
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  2. Pascal Nevries
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  3. Christian Fikus
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  4. Matthias Meyer
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Corresponding author

Correspondence to Utz Schäffer.

Additional information

We thank Alexander Just, Dirk Schiereck, Denis Schweizer, two anonymous referees as well as discussants and participants of the 22nd Australasian Finance and Banking Conference (Sydney, 2009), the 37th Annual Meeting of the Academy of Economics and Finance (Houston, 2010), and the 59th Annual Meeting of the Midwest Finance Association (Las Vegas, 2010) for their valuable comments and suggestions on earlier versions of the paper.

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Schäffer, U., Nevries, P., Fikus, C. et al. Is Finance Research a “Normal Science”? A Bibliometric Study of the Structure and Development of Finance Research from 1988 to 2007. Schmalenbach Bus Rev 63, 189–225 (2011). https://doi.org/10.1007/BF03396818

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