Technology-enabled innovations in financial markets and retail investors: a systematic literature review
系统梳理了2003至2023年间技术驱动创新如何影响散户投资者处理财务信息及与市场互动的研究，发现技术既提升信息可及性，也带来信息质量、行为偏差和市场波动等新挑战。
Purpose We systematically review research examining the intersection between technology-enabled innovations (TEIs) and retail investors in financial markets. We analyse how these innovations affect retail investors' processing of financial disclosures and their interactions with capital markets and corporations. Design/methodology/approach We employ a systematic literature review methodology, examining 2,877 publications from 2003 to 2023, with detailed bibliometric and content analyses performed on 171 relevant studies. The review focuses on articles from journals rated 2* and above in the Academic Journal Guide 2021. Findings We identify four core themes: (1) information diffusion through retail investor attention and sentiment, (2) dual-edged impacts of TEIs on investor decision-making (3) democratization of corporate information acquisition/dissemination and (4) TEI acceptance/adoption by retail investors. Our findings suggest that while TEIs enhance accessibility to financial information, they also introduce new challenges in information quality and interpretation and can amplify behavioural biases and market volatility. Practical implications The findings highlight the need for enhanced regulatory frameworks and risk management strategies to protect retail investors while leveraging TEIs' benefits. Companies developing TEIs should design features that minimize behavioural biases and excessive risk-taking while maintaining accessibility and maximising the comprehension and utilization of financial reports. Social implications The review reveals how TEIs can either reduce or exacerbate information asymmetries among retail investors based on their ability to effectively utilize these technologies, highlighting social equality concerns in financial market participation and raising concerns about equal access to financial reporting information. Originality/value This review provides the first comprehensive analysis of how TEIs transform the accessibility, processing, dissemination and utilization of financial information by retail investors. It offers a structured framework for understanding this rapidly evolving relationship between technology, financial reporting, and retail investor behaviour.