From trend to direction: mapping the interplay between macroeconomic factors and stock markets

This study examines the relationship between macroeconomic indicators and stock market performance, utilising bibliometric methods and content analysis to identify key research areas and propose future research directions. A comprehensive review of 660 journal articles was conducted without imposing time constraints. The data were sourced from the Scopus database and refined using ABDC quality classifications (A*, A, and B categories) to ensure analytical precision and consistent bibliometric indicators, offering a fresh perspective on the interaction between macroeconomic variables and the stock market, establishing it as a pioneering contribution to the field. Bibliometric analyses were conducted using Biblioshiny (Bibliometrix R Package) and VOSviewer to examine publication trends, evaluate journals, identify influential articles, assess author impact, and analyse institutional and country affiliations, revealing significant literary contributions. Five primary themes emerged through the bibliographic coupling. In addition, through content analysis, the investigation of themes that have emerged in the literature over the past 5 years highlighted research gaps, providing valuable insights. Furthermore, a detailed synthesis table was created to connect the bibliometric clusters with newly emerging research themes. Academics can leverage this study to identify significant gaps in the existing literature. Fund managers, wealth managers, and individual investors can enhance their investment strategies and achieve greater portfolio diversification. Further, regulatory bodies and policymakers can take crucial steps to mitigate volatility risk, protect stakeholders, and foster stock market growth.