Journal Pre-proof

Thirty years of the Global Finance Journal: A bibliometric

analysis

H. Kent Baker, Satish Kumar, Nitesh Pandey

PII: S1044-0283(19)30111-5
DOI: https://doi.org/10.1016/j.gfj.2019.100492
Reference: GLOFIN 100492

To appear in: Global Finance Journal

Received date: 17 May 2019

Revised date: 31 August 2019
Accepted date: 7 September 2019

Please cite this article as: H.K. Baker, S. Kumar and N. Pandey, Thirty years of the Global
Finance Journal: A bibliometric analysis, Global Finance Journal(2018), https://doi.org/
10.1016/j.gfj.2019.100492

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Research Paper

Thirty Years of the Global Finance Journal: A Bibliometric Analysis

H. Kent Baker, Satish Kumar, and Nitesh Pandey

Authors
1. Corresponding Author: H. Kent Baker, University Professor of Finance, American
University, Kogod School of Business, Department of Finance and Real Estate, 4400
Massachusetts Avenue, NW, Washington, DC 20016-8044, USA.
Email: kbaker@american.edu, Telephone 1-301-984-7784

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2. Satish Kumar, Associate Professor, Department of Management Studies, Malaviya
National Institute of Technology, Jaipur 302017, Rajasthan, India.

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Email: skumar.dms@mnit.ac.in, Telephone 91-141-2713474
3. Nitesh Pandey, Research Scholar, Department of Management Studies, Malaviya
National Institute of Technology, Jaipur 302017, Rajasthan, India.
Email: theartistnk@gmail.com
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Abstract
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In 1989, Global Finance Journal (GFJ) started publishing articles examining financial topics from
a global perspective. In 2018, the journal celebrated its 30th anniversary. This study provides a
retrospective analysis of the journal’s content. It offers insights into the publication activity,
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citation trends, most prominent themes, and state of collaboration among GFJ contributors and its
aggregate contribution to the field of finance. Overtime, GFJ has experienced a rise in both
publication activity and citations, which reflects its growing presence among finance journals and
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the relevance and diversity of its contributions to research.

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Keywords: Global Finance Journal; GFJ; Bibliometric analysis

JEL classifications: G11; G12; G13; G1; G17
Acknowledgement: We are grateful to Manuchehr Shahrokhi, founding editor of GFJ, and Ali
M. Fatemi, GFJ’s current Editor-in-Chief, for their valuable guidance and contribution on GFJ’s
historical development and to the helpful comments of the reviewers.
This research did not receive any specific grant from funding agencies in the public, commercial,
or not-for-profit sectors.

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Thirty Years of Global Finance Journal: A Bibliometric Analysis

1. Introduction

Global Finance Journal (GFJ) was founded in 1989 by Manuchehr Sharhrokhi who

remained its editor until 2015 when Ali M. Fatemi assumed this responsibility. GFJ’s initial

purpose was to examine financial and economic issues with a “global” perspective. During that

time, the world economy was becoming more inclusive and businesses were beginning to take a

worldwide perspective instead of having an “international” division. JAI Press in collaboration

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with California State University, Fresno published GFJ until 1998 when Elsevier acquired the

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journal. GFJ’s first and only issue in 1989 contained six articles but rose to a high of 70 in 2018.

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According to its statement of aims and scope, GFJ aims to publish rigorous theoretical,
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conceptual, and empirical articles dealing with issues in all areas of finance. It currently ranks in
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the upper 74th percentile of academic journals in economics, econometrics, and finance and 65th

among journals in the finance category. GFJ has a CiteScore of 1.69, meaning that GFJ articles
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published between 2015 and 2017 received 1.69 citations, on average, in 2018. Its Source
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Normalized Impact per Paper (SNIP) score of 0.919, which is a field normalized assessment of

journal impact, denotes that GFJ articles received 0.919 citations each specifically from journals
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belonging to the finance field. By comparison, a journal with a SNIP of 1.0 has the median

(not mean) number of citations for journals in that field. GFJ’s SCImago Journal Rank (SJR) of

0.636 indicates that the average number of citations received by GFJ articles over the past three

years is 0.636. SJR measures the scientific influence of a scholarly journal that accounts for both

the number of citations received by a journal and the prestige of the journals from which such

citations come. Figure 1 shows the trend of CiteScores, SJRs, and SNIPs between 2011 and

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2018. Despite some occasional dips, all three metrics reflect a general upward trend over this

period indicating improvement in these measures.

(Insert Figure 1 about here)

Several other metrics provide additional insights about GFJ. According to SCImago, GFJ

has an h-index of 26, meaning that at least 26 GFJ articles have been cited at least 26 times.

Between 2009 and 2018, ScienceDirect reports 605,292 GFJ article downloads. GFJ’s

acceptance rate was 18.5% between 2015 and 2018.

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Table 1 lists the 10 most frequently downloaded GFJ articles since 2016. Ranked first is

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Salina Kassim’s “Islamic Finance and Economic Growth: The Malaysian Experience” (2016)

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with 11,712 downloads followed by Ali M. Fatemi, Martin Glaum, and Stefanie Kaiser’s “ESG

Performance and Firm Value: The Moderating Role of Disclosure” (2018), and Hoje Job, Moon
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H. Song, and Albert Tsang’s “Corporate Social Responsibility and Stakeholder Governance
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Around the World” (2016) with 10,745 and 9,830 downloads, respectively. GFJ’s open access
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arrangement began in 2017 resulting in three articles under this arrangement by the end of 2018.

(Insert Table 1 about here)

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In 2018, GFJ celebrated its 30th anniversary. A common practice among journals is to
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mark its special anniversary by publishing a review, special issue or an editorial (Martínez-

López, Merigó, Valenzuela-Fernández, and Nicolás, 2018). Such studies help to identify a

journal’s past and present trends by offering a retrospective (Schwert, 2002). Examples include

The Accounting Review (Heck and Bremser, 1986), Journal of Consumer Research (Hoffman

and Holbrook, 1993), Journal of Advertising (Zinkhan and Leigh, 1999), and Journal of Public

Policy and Marketing (Sprott and Miyazaki, 2002).

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Our study’s purpose is to provide a retrospective analysis of GFJ using bibliographic

analysis. It examines the journal’s publishing activity in terms of annual publication, contributing

authors, and their affiliated institutions and countries. It also provides an analysis of GFJ’s

annual citation structure as well as citing authors and their affiliated institutions and countries.

Finally, the study provides content and inter-temporal analyses to identify GFJ’s major focus

over time.

The paper has the following organization. Section 2 introduces the study’s methodology.

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Section 3 reports the results of the descriptive and network analysis while also providing content

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analysis of each cluster. Section 4 offers a summary and conclusions.

2. Methodology -p
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First introduced by Pritchard (1969), bibliometrics is the application of statistical
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methods to the study of bibliographic data. It can be used to determine the intellectual structure

of any scientific field using quantitative methods (Hota, Subramanian, and Narayanamurthy,
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2019). Our study uses a range of tools such as bibliographic coupling (Kessler, 1963; Weinberg,
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1974), author keyword co-occurrence, and co-authorship analysis to conduct a retrospective

analysis of GFJ. It also uses bibliometric indicators (Garfield, 1955) to represent bibliographic
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data such as the total number of articles and citations (Ding, Rousseau and Wolfram, 2014),

which measure productivity and influence, respectively (Svensson, 2010). Other metrics such as

citations per article and the h-index combine both publications and citations (Alonso, Cabrerizo,

Herrera-Viedma and Herrera, 2009; Hirsch, 2005).

An analysis of the Scopus database involving GFJ in March 2019 yielded 567 articles.

The search excluded all articles published after 2018, the year in which GFJ celebrated its 30th

anniversary. The bibliometric analysis uses tools such as Bibexcel (Persson, Danell, and

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Schneider, 2009), Gephi, and VOSViewer (van Eck and Waltman, 2010) to analyze the

literature.

3. Results and Discussion

3.1 GFJ Publication and Citation Trends

Based on an analysis of the Scopus database, GFJ published 567 articles between 1989

and 2018. Figure 2 shows that the number of GFJ articles increased from six articles in 1989 to

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70 articles in 2018. The number of issues per year increased to four in 2018, which accounts for

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the all-time high of the number of articles published during a single year.

(Insert Figure 2 about here)

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Table 2 lists the authors with the most GFJ articles. Ali M Fatemi and Yochanan
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Shachmurove both have nine articles followed by Jeff Madura with eight, and H. Kent Baker and
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Anthony F. Herbst both with seven. As Table 2 shows, the top publishing GFJ authors by decade

are Jeff Madura (1989-1998), Yiuman Tse (1999-2008), and Yochanan Shachmurove (2009-
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2018).
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(Insert Tables 2 and 3 about here)

Table 4 lists the top institutions affiliated with GFJ authors. These institutions are
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California State University, Monash University, University of New Orleans, University of Texas

at El Paso, City University of New York, and Florida Atlantic University. All are universities

located in the United States except Monash University, which is in Australia. Table 5 further

breaks down these institutions by decade: 1989-1998, 1999-2008, and 2009-2018. No institution

affiliated with GFJ authors remained dominant throughout the 30-year period when separated

into decades.

(Insert Tables 4 and 5 about here)

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Table 6 lists the top countries affiliated with GFJ authors. The United States clearly

dominates with 344 articles followed by the United Kingdom with 49. Table 7 further separates

these countries by decade: 1989-1998, 1999-2008, and 2009-2018. The United States dominates

each decade in terms of the affiliation with GFJ authors.

(Insert Tables 6 and 7 about here)

Table 8 shows citations of GFJ articles increased from zero in 1989 to 601 in 2018. In

2006, GFJ reached 100 citations. As previously noted, the journal only published three articles

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under an open access arrangement by the end of 2018. Not having this arrangement earlier may

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have hindered GFJ’s growth in citations.

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(Insert Table 8 about here)
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Table 9 lists the top authors citing GFJ articles, their affiliated countries, and the journals

where GFJ articles receive the most citations. Shawkat M. Hammoudeh is the author most
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frequently citing GFJ articles with 30 citations. GFJ articles are most often cited by authors
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affiliated with the United States. The journals most frequently citing GFJ articles are GFJ (99

citations) followed by International Review of Financial Analysis (92 citations), Energy

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Economics (82 citations), Journal of International Financial Markets, Institutions and Money
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(77 citations), and Applied Financial Economics (74 citations).

(Insert Table 9 about here)

As Table 10 shows, the most cited GFJ articles are Syed A. Basher and Perry Sadorsky's

“Oil Price Risk and Emerging Stock Markets” (2006) with 254 citations. Other frequently cited

articles are Chung S. Kwon and Tai S. Shin's "Cointegration and Causality between Macro-

economic Variables and Stock Market Returns" (1999) with 113 citations, and Cetin Ciner's "On

the Long Run Relationship between Gold and Silver Prices: A Note” (2001) with 86 citations.

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(Insert Table 10 about here)

Table 11 lists the most cited authors, countries affiliated with these authors, and the most

cited journals in GFJ between 1989 and 2018. The most cited authors are Eugene F. Fama with

46 citations followed by Andrei Shleifer with 44 citations and Campbell Harvey with 42

citations. U.S. affiliated authors clearly dominate the number of articles cited in GFJ with 4,281

citations. By far, the most cited journal is the Journal of Finance with 941 citations followed by

the Journal of Financial Economics with 650 citations and the Journal of Banking and Finance

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with 466 citations. This latter finding is not surprising given the prominence of these three

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finance journals.

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(Insert Table 11 about here)
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As Table 12 shows, the most cited articles in GFJ concern research methodology. Tim

Bollerslev’s “Generalized Autoregressive Conditional Heteroscedasticity” (1986) is the most

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cited article with 13 citations followed by Søren Johansen’s “Statistical Analysis of

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Cointegration Vectors” (1988) with 10 citations. Halbert White’s “A Heteroskedasticity-

consistent Covariance Matrix Estimator and a Direct Test for Heteroscedasticity” (1980)
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received eight citations and Stephen J. Brown and Jerold B. Warner’s “Using Daily Stock
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Returns: The Case of Event Studies” (1985) got seven citations. Other notable works include

Mark M. Carhart’s “On Persistence in Mutual Fund Performance” (1997) with nine citations and

Eugene F. Fama and Kenneth R. French’s “Common Risk Factors in the Returns on Stocks and

Bonds” (1993) with eight citations.

(Insert Table 12 about here)

3.2 Network Analysis

3.2.1 Clustering of Articles Based on Bibliographic Coupling

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Bibliographic coupling is based on M. M. Kessler’s belief that scientific papers have a

meaningful relation when they have common references (Weinberg, 1974). Figure 3 shows a

bibliographic coupling network of articles published in GFJ between 1989 and 2018. Of the 88

clusters, only eight have more than 10 articles. These clusters include 475 of the 567 articles and

are the focal point of our analysis Table 13 shows the publication year of each GFJ article within

the top eight clusters. Although Cluster 6 developed earliest, other clusters started to appear

around the same time.

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(Insert Table 13 and Figure 3 about here)

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3.2.1.1 Cluster 1

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As the largest cluster, its 105 articles received 766 citations. The connecting thread
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among these articles is that they examine the impact of country-specific factors on financial
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ratios, stocks, and financial risk. Specifically, these articles explore the impact of state ownership

(Wei and Varela, 2003), policy issues (Vo and Daly, 2007), political instability (Rivoli and
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Brewer, 2002), privatization (D’Souza, Megginson, and Nash, 2007; Wei and Varela, 2003), and
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changes in the business landscape (Staikouras, Mamatzakis, and Koutsomanoli-Filippaki, 2008).

These articles also investigate the effect of structural and policy changes within a country on the
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finances of firms operating in that country. The most cited article in this cluster with 63 citations

is Wei and Varela (2003), which finds a negative impact of state ownership on firm value. Cheng

et al. (2007) with 43 citations explore the potential effect of Brazil, Russia, India and China

(BRICs) on the world economy.

3.2.1.2 Cluster 2

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As the second largest cluster, its 89 articles received 959 citations. The articles in this

cluster concentrate on how different macro- and micro-economic factors affect stock returns. The

macro-economic factors focus on oil prices (Basher and Sadorsky, 2006; Mohanty, Nandha,

Turkistani, and Alaitani, 2011), investor behavior (Mookerjee and Yu,1999; Chiang, Li, and Tan,

2010), home country (Krishnan and Moyer, 2002), and liberalization (Laopodis, 2004). Among

the micro-economic factors highlighted are managerial power and compensation gap (Lin and

Lu, 2009), and capital structure (Krishnan and Moyer, 2002). The most cited article in this

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cluster − Basher and Sadorsky (2006) with 254 citations − examines the impact of oil price

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movements on the stock returns of emerging stock markets. Tykvová and Walz (2007) with 31

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citations investigate how the participation of different venture capitalists affects the returns of
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initial public offerings. Mookerjee and Yu (1999) with 29 citations study the seasonality of

returns in the Chinese stock market.

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3.2.1.3 Cluster 3
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The third largest cluster, consisting of 78 articles, received 681 citations. These articles
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mainly explore the relation between volatility and different macro- and micro-economic factors

especially involving information. For example, they include the impact of information (Tse and
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Martinez, 2007; Yeh and Lee, 2002), national context (Fernández-Izquierdo and Lafuente, 2004;

Kearney, 2002; Wang and Wang, 2010), and trading volumes and stock returns (Chuang, Liu,

and Susmel, 2012) on the volatility of returns. The cluster’s most cited article is Bhar and

Nikolova (2009) with 57 citations. This article examines the association between returns and

volatility spillovers in BRICs equity markets using an exponential generalized autoregressive

conditional heteroskedasticity (EGARCH) framework. Yeh and Lee (2002), cited 55 times,

explore the relation between volatility of returns and information (good or bad news) using a

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generalized autoregressive conditional heteroskedasticity (GARCH) model. Tse and Martinez

(2007), cited 42 times, study the price discovery and information transmission in iShare funds.

3.2.1.4 Cluster 4

The 61 articles in the fourth largest cluster received 504 citations. These articles focus on

uncertainty and the market reaction to different events. For example, they deal with such topics

as sovereign ratings (Bissoondoyal-Bheenick, 2005; Bissoondoyal-Bheenick, Brooks, and Yip,

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2006; Li, Jeon, Cho, and Chiang, 2008), transmission of uncertainty (Nikkinen and Sahlström,

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2004), investor sentiment (Siriopoulos and Fassas, 2012), the relation between equity and bond

markets (Graham, Kiviaho, and Nikkinen, 2012; Min, Lee, Nam, Park, and Nam, 2003;

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Nikkinen, Omran, Sahlström, and Äijö, 2006), and the volatility index (Äijö, 2008; Siriopoulos
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and Fassas, 2012). This cluster’s most cited article is Graham et al. (2012) with 61 citations,
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which studies the co-movement of stocks in 22 emerging markets. Nikkinen and Sahlström

(2006), cited 56 times, explore the impact of U.S. macro-economic news announcements on the
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global stock market. Bissoondoyal-Bheenick (2005), cited 56 times, investigates the

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determinants of sovereign ratings.

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3.2.1.5 Cluster 5

The 62 articles in this cluster have 865 citations and involve the association among

macro-economic variables. For example, they explore gold and silver prices (Ciner, 2001), stock

returns as a predictor for macro-economic variables (Ajayi, Friedman, and Mehdian, 2002; Bley

and Chen, 2006; Kwon and Shin, 1999), stock market linkages (Dekker, Sen, and Young, 2001;

Diamandis, 2009; Masih and Masih, 2002), purchasing power parity (Christev and Noorbakhsh,

2000), and interest rate parity (Baharumshah, Haw, and Fountas, 2005). The most cited article in

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this cluster is Kwon and Shin (1999) with 113 citations. This article examines causality between

macro-economic variables and stock market returns. Ciner (2001), cited 86 times, explores the

relation between gold and silver prices. Ajayi et al. (2002), cited 66 times, analyze linkages

between stock returns and exchange rates across developed and emerging economies.

3.2.1.6 Cluster 6

This cluster contains 49 articles published between 1989 and 1995 that received 227

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citations. It offers insights into GFJ’s early content. The articles focus on stock markets and

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explore such areas as differences in stock market returns according to their geographical location

(Park and Fatemi, 1993; Rahman and Yung, 1994), impact of specific events on equity returns

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(Humpage and Osterberg, 1992; Lau and McInish, 1993), valuation (Torabzadeh, Berlin, and
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Zivney Maxon, 1992), mergers and acquisitions (Vasconcellos, Madura, and Kish, 1990),
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influence of macro-economic factors on stock markets (Bodurtha Jr., Cho, and Senbet, 1989),

and characteristics of a financial system (Aggarwal, 1994).

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3.2.1.7 Cluster 7
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This second smallest cluster consists of 17 articles with 176 citations. Its articles
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concentrate on risk management including exchange rate behavior (Gilmore, 2001; Mahajan and

Wagner, 1999; McGroarty, Gwilym, and Thomas, 2006), hedging (Albuquerque, 2007; Hommel,

2003; Lien and Wong, 2005), and corporate risk management (Fatemi and Luft, 2002).

McKenzie (2001), the most citied article in this cluster with 28 citations, attempts to detect

chaotic behavior in stock market indices. Fatemi and Luft (2002) with 25 citations, establish a

framework for corporate risk management decisions. Gilmore (2001), cited 25 times, tests chaos

theory in the context of exchange rate movements.

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3.2.1.8 Cluster 8

This smallest cluster consists of 14 articles with 63 citations. Articles in this cluster focus

on country risk (Glambosky, Gleason, and Murdock, 2015; Kiymaz, 2009; Rajan and Friedman,

2002), cross-border mergers and acquisitions (Vasconcellos and Kishi, 1996), and conducting

business in an international setting (Blumberg and Owers, 1996; Frenkel and Trauth, 1997; Shao,

2002). Thus, the connecting thread among these articles is their concentration on country-

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specific factors. Kiymaz (2009), the most cited article in this cluster with 15 citations, studies the

impact of a country’s risk ratings on the wealth gain of U.S. bidders involving cross acquisitions.

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Vasconcellos and Kishi (1996), cited 13 times, investigate the factors affecting cross-border

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mergers and acquisitions. Rajan and Friedman (2002), cited 11 times, examine the impact of
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country risk on international portfolio investment decisions.
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3.2.2 Dynamic analysis of clusters

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3.2.2.1 Bibliographic coupling of GFJ articles between 1989 and 1999

Figure 4 represents the bibliographic coupling network of GFJ articles between 1989 and
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1999. A shift in GFJ’s focus appears between 1989 and 1994 and 1995 and 1999. As previously
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stated, the dominant themes in Cluster 6 between 1989 and 1994 focus on how different macro-

and micro-economic variables affect stock returns. Between 1995 and 1999, the themes of GFJ

articles expanded as shown in Clusters 3 and 5. Major themes during this latter period concern

the volatility of returns and the interactions among different macro- and micro-economic

variables.

(Insert Figure 4 about here)

3.2.2.2 Bibliographic coupling of GFJ articles between 2000 and 2009

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Figure 5 reveals further changes in GFJ’s structure. Between 2000 and 2004, Clusters 3

and 5 still dominate but Clusters 1 and 2 begin to emerge. This period marks an expansion of

GFJ’s themes to include studies on the interaction of country-specific factors on a firm’s

financials and the impact of certain firm-specific variables such as the compensation gap,

managerial power, and capital structure. During the second half of the 2000−2004 period, Cluster

3 starts to shrink while Cluster 4 begins to emerge. Thus, GFJ expanded its coverage beyond

topics related mainly to stock markets.

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(Insert Figure 5 about here)

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3.2.2.3 Bibliographic coupling of GFJ articles between 2010 and 2018

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Figure 6 shows GFJ’s bibliographic coupling network between 2010 and 2018. During
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this period, a transition appears in which all other clusters shrink to make way for Clusters 1, 2,
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and 3. GFJ’s focus shifts to publishing studies on the impact of macro-economic factors on

financial aspects of a firm, the stock market, and volatility. Less attention focuses on risk
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management and conducting business in an international setting. Cluster 5 diminishes while

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Clusters 1, 2, and 3 expand.

(Insert Figure 6 about here)

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3.2.3 Keyword Analysis

Figure 7 provides an overview of the co-occurrence network of author keywords. The

dominant keywords in this network as represented by the size of the nodes are emerging markets

followed by liquidity and volatility. Table 14 lists the keywords along with the frequency of their

occurrence. The most often occurring key words are volatility (16), emerging markets (14),

cointegration (13), corporate governance (12), and market efficiency (10).

(Insert Figure 7 and Table 14 about here)

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3.2.4 Co-Authorship Analysis

Figure 8 shows the network of co-authorship based on the countries of the affiliated GFJ

authors. The size of the bubble represents the number of co-authorship links from each country.

The most frequent collaborations are between authors from the United States and the United

Kingdom. Although the United States acts as the centrepiece of this network, collaborations also

occur between authors from the United States and those from European and Asian nations. Some

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of the most prominent research areas in GFJ concern China.

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(Insert Figure 8 about here)

4. Summary and Conclusions

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This study provides an overview of GFJ’s evolution between 1989 and 2018. It offers

insights into the publication activity, citation trends, most prominent themes, and state of
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collaboration among GFJ contributors. Although GFJ’s initial focus was on stock returns and
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volatility, it now includes other common themes such as emerging markets, return volatility,

market efficiency, and corporate governance. Co-authorship analysis reveals that most co-
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authorships involve U.S. authors.

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A cluster analysis reveals 88 clusters of which about 85 percent of the articles appear in

the top eight clusters. Each cluster has a common theme. For example, articles in the largest

cluster examine the impact of country-specific factors on financial ratios, stocks, and financial

risk. Articles in the second largest cluster concentrate on how different macro- and micro-

economic factors affect stock returns.

Over the years, GFJ has established itself as an important refereed finance journal. It

began during a time when most journals and business schools dealt with issues related to global

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finance in a cursory manner in favor of discussing domestic issues. GFJ arose from this vacuum

and met the growing need for comprehensive and scientific study of global finance. GFJ

experienced a rise in both publication activity and citations, which reflects its growing presence

among finance journals.

GFJ articles cover a wide range of topics including the impact of different macro- and

micro-economic factors on financial ratios, financial risk, stock market returns, and volatility of

market. Other important topics include uncertainty and market reactions to different events. GFJ

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articles also cover such issues as the impact of geographical location on stock market behavior,

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and corporate risk management practices. Despite publishing on numerous topics, GFJ has not

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lost sight of its original mission: to act as a forum for exchange of ideas and as a context for
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evaluating present and future issues related to global finance. GFJ continues to fulfill that

mission.
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Table 1 Most frequently downloaded GFJ articles since 2016

This table ranks the 10 most frequently downloaded GFJ articles since 2016 among those
published between 2001 and 2018. It also shows the total number of downloads of GFJ articles
(TD), year of publication, and author.
R TD Year Authors Title
1 11,712 2016 Kassim, S. Islamic finance and economic growth: The
Malaysian experience
2 10,745 2018 Fatemi, A., Glaum, ESG performance and firm value: The
M., and Kaiser, S. moderating role of disclosure
3 9,830 2015 Jo, H., Song, M.H., Corporate social responsibility and stakeholder
and Tsang, A. governance around the world
4 9,204 2006 Basher, S.A., and Oil price risk and emerging stock markets

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Sadorsky, P.

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5 8,922 1999 Kwon, C.S., and Cointegration and causality between
Shin, T.S. macroeconomic variables and stock market

6 7,336 2017 Booth, L., and

Zhou, J.
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returns
Dividend policy: A selective review of results
from around the world
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7 6,877 2017 Mager, F., and Mergers and acquisitions in Germany: 1981–
Meyer-Fackler, M. 2010
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8 6,500 2016 Yaari, U., Finance methodology of free cash flow

Nikiforov, A.,
Kahya, E., and
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Shachmurove, Y.
9 6,301 2011 Mohanty, S.K., Oil price movements and stock market returns:
Nandha. M., evidence from Gulf Cooperation Council (GCC)
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Turkistani, A.Q., countries

and Alaitani, M.Y.
10 6,008 2013 Fatemi, A.M., and Sustainable finance: A new paradigm
Jo

Fooladi, I.J.

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Table 2 Top GFJ authors between 1989 and 2018

This table ranks the top 35 authors publishing in GFJ between 1989 and 2018. It also shows the
total number of GFJ articles (TA), total number of citations of these articles (TC), h-index (H), and
cites per article (C/A). The remaining five columns show the number of articles with at least 50,
25, 10, 5, and 1 citation(s), respectively.
Rank Author TA TC H C/A ≥ 50 ≥ 25 ≥ 10 ≥5 ≥1
1 Fatemi, A.M. 9 106 4 11.77 0 1 7 7 8
2 Shachmurove, Y. 9 81 4 9.00 0 1 3 5 8
3 Madura, J. 8 47 4 5.88 0 0 2 3 7
4 Baker, H.K. 7 40 4 5.71 0 0 2 3 4
5 Herbst, A.F. 7 14 2 2.00 0 0 1 1 3

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6 Shahrokhi, M. 6 21 3 3.50 0 0 1 2 4
7 Tucker, A.L. 6 19 3 3.17 0 0 1 1 4

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8 Chiang, T.C. 5 98 4 19.60 1 1 2 4 5
9 Chen, K.C. 5 23 2 4.60 0 0 2 2 4
10
11
12
Marshall, J.F.
Friedman, J.
Tse, Y.
5
4
4
16
105
73
2
4
4
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26.25
18.25
0
1
0
0
1
1
1
4
3
1
4
4
5
4
4
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13 Mahajan, A. 4 64 3 16.00 0 1 2 3 4
14 Vasconcellos, G.M. 4 51 4 12.75 0 0 3 3 4
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15 Kwok, C.C.Y. 4 14 1 3.50 0 0 1 1 2

16 Faff, R. 4 12 3 3.00 0 0 0 1 3
17 Ghosh, D.K 4 9 2 2.25 0 0 0 0 3
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19 Parhizgari, A.M. 4 7 2 1.75 0 0 0 0 3

20 Inci, A.C. 4 3 1 0.75 0 0 0 0 3
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21 Nikkinen, J. 3 142 3 47.33 2 2 3 3 3

22 Noorbakhsh, A. 3 45 3 15.00 0 1 1 2 3
23 Jeong, J.G. 3 35 3 11.67 0 0 2 2 3
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24 Brooks, R. 3 34 3 11.33 0 1 1 2 3
25 Brewer, T.L. 3 27 1 9.00 0 1 1 1 2
26 Poshakwale, S.S. 3 25 3 8.33 0 0 1 3 3
27 Mehran, J. 3 23 2 7.67 0 0 1 1 2
28 Wu, L. 3 22 2 7.33 0 0 2 2 3
29 Degiannakis, S. 3 15 2 5.00 0 0 0 2 3
30 Ariff, M. 3 14 3 4.67 0 0 0 1 3
31 Floros, C. 3 14 2 4.67 0 0 0 2 3
32 Mukherji, S. 3 14 2 4.67 0 0 1 1 3
33 Eun, C.S. 3 12 1 4.00 0 0 1 1 3
34 Swanson, P.E. 3 9 1 3.00 0 0 0 1 1
35 Martin, A.D. 3 8 2 2.67 0 0 0 1 2

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Table 3 Top GFJ authors by decade

This table shows the top GFJ authors during 1989-1998, 1999-2008, and 2009-2018. It also
shows the total number of GFJ articles (TA) and the total number of citations of these articles
(TC).
1989-1998 1999-2008 2009-2018
Author TA TC Author TA TC Author TA TC
Madura, J. 7 36 Tse, Y. 3 65 Shachmurove, Y. 7 23
Friedman, J. 4 105 Jeong, J.G. 3 35 Baker, H.K. 5 10
Kwok, C.C.Y. 4 14 Faff, R. 3 7 Fatemi, A.M 4 31
Herbst, A.F. 4 11 Inci, A.C. 3 2 Chiang, T.C. 3 76
Fatemi, A.M. 3 32 Äijö, J. 2 87 Chen, K.C. 3 22

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Bissoondoyal-
Brewer, T.L. 3 27 2 81 Degiannakis, S. 3 15
Bheenick, E.

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Marshall, J.F. 3 13 Nikkinen, J. 2 81 Ariff, M. 3 14
Shahrokhi, M. 3 9 Sahlström, P. 2 81 Floros, C. 3 14
Kish, R.J.
Vasconcellos,
G.M.
2
2
35 Mahajan, A.
35 Fatemi, A.M
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2
54 Tucker, A.L.
43 Szyszka, A.
3
3
11
7
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Ratner, M. 2 29 Noorbakhsh, A. 2 40 Ghosh, D.K 3 6
Fraser, D.R. 2 17 Rose, L.C. 2 39 Ngo, T. 3 5
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Mahajan, A. 2 10 MacDonald, R. 2 35 Wu, L. 2 21

Biswas, R. 2 9 Baker, H.K. 2 30 Mehran, J. 2 19
Dandapani, K. 2 6 Brooks, R. 2 29 Hrazdil, K. 2 17
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Picou, A. 2 5 Wu, C. 2 23 Poshakwale, S.S. 2 15

Tucker, A.L. 2 5 Chiang, T.C. 2 22 Jo, H. 2 13
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Whyte, A.M. 2 4 Yawson, A. 2 18 Kowalski, T. 2 13

Yau, J. 2 4 Kia, A. 2 17 Song, M.H. 2 13
Chen, S.N.
Jo

2 3 Lien, D. 2 16 Tsang, A. 2 13
Dhatt, M.S. 2 3 Anoruo, E. 2 12 Shahrokhi, M. 2 11
Kim, Y.H. 2 3 Pierdzioch, C. 2 12 Filis, G. 2 10
Martin, A.D. 2 3 Ramchander, S. 2 12 Durand, R.B. 2 8
Mukherji, S. 2 3 Swanson, P.E. 2 9 Kuttu, S. 2 8
Kohers, T. 2 2 Chakraborty, A. 2 8 Farag, H. 2 6
Philippatos,
2 2 Evans, J.P. 2 8 Kilincarslan, E. 2 6
G.C.
Brooks, L.R.D. 2 1 Simpson, J.L. 2 8 French, J.J. 2 5
Constand, R.L. 2 1 Allegretto, W. 2 5 Nam, J. 2 5
Laiss, B. 2 0 Balachandran, B. 2 3 Fooladi, I. 2 4
Poskitt, R. 2 2 Li, Y. 2 4
Jeng, J.L. 2 0

27
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28
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Table 4 Top institutions affiliated with GFJ authors between 1989 and 2018
This table ranks the top institutions affiliated with GFJ authors between 1989 and 2018. It also
shows the total number of GFJ articles (TA), total number of citations of these articles (TC), h-index
(H), and cites per article (C/A). The remaining three columns show the number of articles with at
least 50, 25, and 10 citations, respectively.

Rank Institution TA TC H C/A ≥ 50 ≥ 25 ≥ 10

1 California State University, 12 84 5 7.00 0 1 4
Fresno
2 Monash University 10 149 5 14.90 1 2 3
3 University of New Orleans 9 116 5 12.89 1 1 3
4 University of Texas at El Paso 9 100 3 11.11 1 1 3

of
5 City University of New York 9 75 3 8.33 0 1 3
6 Florida Atlantic University 9 49 4 5.44 0 0 2

ro
7 DePaul University 8 76 4 9.50 0 1 4
8 RMIT University 7 137 5 19.57 1 3 4
9

10
University of Texas at San
Antonio
American University
7

7
-p89

39
6

4
12.71

5.57
0

0
1

0
4

2
re
11 Florida International University 7 23 3 3.29 0 0 1
12 University of Texas at Arlington 7 15 2 2.14 0 0 0
lP

13 Curtin University 7 5 5 0.71 0 0 2

14 University of New South Wales 6 114 5 19.00 1 2 4
UNSW Australia
na

15 Temple University 6 108 4 18.00 1 1 4

16 Kansas State University 6 88 4 14.67 0 1 4
17 San Diego State University 6 47 3 7.83 0 1 2
ur

18 Dalhousie University 6 24 3 4.00 0 0 1

19 Hofstra University 6 24 2 4.00 0 0 1
Jo

20 Vaasan Yliopisto 5 173 4 34.60 2 3 4

21 National Taiwan University 5 92 4 18.40 1 1 2
22 Drexel University 5 79 3 15.80 1 1 1
23 Fairfield University 5 71 3 14.20 0 1 1
24 National Chung Cheng 5 50 3 10.00 0 1 2
University
25 California State University, Los 5 43 3 8.60 0 0 3
Angeles
26 Howard University 5 38 3 7.60 0 0 2
27 University of Technology 5 35 4 7.00 0 0 1
Sydney
28 Kent State University 5 17 2 3.40 0 0 1
29 The University of Hong Kong 5 11 2 2.20 0 0 0

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Rank Institution TA TC H C/A ≥ 50 ≥ 25 ≥ 10

30 Florida State University 5 5 1 1.00 0 0 0
31 University of South Carolina 5 3 1 0.60 0 0 0
32 Athens University of Economics 4 80 3 20.00 0 2 1
and Business
33 Universidade de Macau 4 63 4 15.75 0 1 1
34 Sun Yat-Sen University 4 56 4 14.00 0 1 3
35 Texas A and M University 4 55 2 13.75 0 1 1
36 University of Rhode Island 4 52 4 13.00 0 1 3
37 Oakland University 4 52 2 13.00 0 1 2
38 Universiti Putra Malaysia 4 52 3 13.00 0 1 1
39 Lehigh University 4 51 4 12.75 0 0 3

of
40 Université Laval 4 46 2 11.50 0 1 1
41 University of Birmingham 4 37 3 9.25 0 0 2

ro
42 Chinese University of Hong 4 31 3 7.75 0 0 2
Kong
43
44
45
Georgetown University
Cranfield University
Hellenic Open University
4
4
4
-p 28
26
26
1
3
3
7.00
6.50
6.50
0
0
0
1
0
0
1
1
4
re
46 Colorado State University 4 25 2 6.25 0 0 2
47 University of Texas-Pan 4 24 3 6.00 0 0 1
lP

American
48 University of Baltimore 4 15 2 3.75 0 0 1
49 Georgia Institute of Technology 4 11 1 2.75 0 0 1
na

50 Mississippi State University 4 9 2 2.25 0 0 0

51 Harvard University 4 9 2 2.25 0 0 0
ur

52 Pace University 4 9 2 2.25 0 0 0

53 St. John's University 4 9 2 2.25 0 0 0
54 California State University, 4 6 2 1.50 0 0 0
Jo

Fullerton

30
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Table 5 Top institutions affiliated with GFJ authors by decade

This table shows the top institutions affiliated with GFJ authors during 1989-1998, 1999-2008,
and 2009-2018. It also shows the total number of GFJ articles (TA) and the total number of
citations of these articles (TC).
1989-1998 1999-2008 2009-2018
Institution TA TC Institution TA TC Institutions TA TC
Florida
RMIT City University of
Atlantic 7 33 5 130 7 16
University New York
University
University of
Temple California State
5 106 Texas at San 5 81 6 34
University University, Fresno

of
Antonio
University of Monash
5 3 5 40 DePaul University 6 33
South Carolina University

ro
Kansas State University of Dalhousie
4 34 4 97 6 24
University New Orleans University

University of
4 15
University of
New South -p 4 54
American
5 10
re
Baltimore Wales UNSW University
Australia
Université Curtin Monash
lP

3 46 4 26 4 106
Laval University University
Rider Vaasan Sun Yat-Sen
3 32 3 111 4 56
University Yliopisto University
na

Georgetown Fairfield Hellenic Open

3 27 3 71 4 26
University University University
NYU Tandon National
University of
ur

School of 3 13 Taiwan 3 68 4 18
Texas at El Paso
Engineering University
Jo

University of
Oakland
Texas at El 3 11 3 52 Drexel University 3 76
University
Paso
California California
Athens University
State State
3 5 3 45 of Economics and 3 52
University, University,
Business
Fresno Fresno
American
Georgia State University of
3 4 University of 3 38 3 27
University Birmingham
Beirut
Hofstra Howard
3 3 3 35 Curtin University 3 24
University University
University of University of
Hanken School of
Texas at 3 0 Technology 3 27 3 17
Economics
Arlington Sydney

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1989-1998 1999-2008 2009-2018

Institution TA TC Institution TA TC Institutions TA TC
Colorado Poznań University
State 3 25 of Economics and 3 17
University Business
Hong Kong
University of New
Baptist 3 24 3 17
Orleans
University
Florida State Cranfield
3 2 3 16
University University

of
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ur
Jo

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Table 6 Top countries affiliated with GFJ authors between 1989 and 2018
This table ranks the top countries affiliated with GFJ authors between 1989 and 2018. It also
shows the total number of GFJ articles (TA), total number of citations of these articles (TC), h-
index (H), and cites per article (C/A). The remaining four columns (≥ 100, ≥ 50, ≥ 25, and ≥ 10)
show the number of articles with at least 100, 50, 25, and citations, respectively.

Ranks Country TA TC H C/A ≥ 100 ≥ 50 ≥ 25 ≥ 10

1 United States 344 2,492 24 7.24 1 6 24 89
2 United Kingdom 49 373 10 7.61 0 1 3 12
3 Australia 45 522 13 11.60 0 3 7 15
4 China 30 297 10 9.90 0 1 4 11
5 Canada 29 441 9 15.21 1 1 3 7

of
6 Taiwan 27 212 8 7.85 0 1 2 8
7 Germany 24 178 8 7.42 0 0 2 7

ro
8 Greece 14 208 8 14.86 0 0 4 6
9 Hong Kong 14 74 6 5.29 0 0 4 8
10
11
Finland
New Zealand
10
9
192
109
-p
6
4
19.20
12.11
0
0
2
1
3
2
4
3
re
12 South Korea 8 76 5 9.50 0 0 1 4
14 Singapore 7 138 5 19.71 0 1 3 4
lP

15 Italy 7 21 2 3.00 0 0 0 1
16 India 7 18 2 2.57 0 0 0 1
18 Sweden 6 78 3 13.00 0 1 1 2
na

19 Malaysia 6 68 4 11.33 0 0 1 2
20 France 6 30 2 5.00 0 0 0 1
21 Japan 6 8 1 1.33 0 0 0 0
ur

22 Ireland 5 110 4 22/.0 0 0 3 3

23 Egypt 5 74 4 14.8 0 1 1 1
Jo

24 Spain 5 67 3 13.4 0 0 1 2
25 Portugal 5 25 3 5.00 0 0 0 0
26 Poland 5 20 3 4.00 0 0 0 1
27 Saudi Arabia 4 127 2 31.75 0 0 1 2
28 United Arab 4 74 3 18.50 0 0 2 2
Emirates
29 Lebanon 4 44 4 11.00 0 0 2
30 Turkey 4 15 3 3.75 0 0 0 0

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Table 7 Top countries affiliated with GFJ authors by decade

This table shows the top countries affiliated with GFJ authors during 1989-1998, 1999-2008, and
2009-2018. It also shows the total number of GFJ articles (TA) and the total number of citations
of these articles (TC).

1989-1998 1999-2008 2009-2018

Country TA TC Country TA TC Country TA TC
United States 125 612 United States 94 1,267 United States 125 613
United
Taiwan 5 19 Australia 25 306 31 109
Kingdom
United
Canada 4 47 14 256 China 25 204
Kingdom

of
United
4 8 Germany 12 144 Australia 18 212
Kingdom

ro
Singapore 3 31 Taiwan 11 135 Canada 17 75
Australia 2 4 Canada 8 319 Taiwan 11 58
Japan
Switzerland
Greece
2
2
1 41
1
1
New Zealand
China
Hong Kong
-p 6
5
5
104
93
44
Greece
Germany
Hong Kong
9
9
9
89
33
29
re
Ireland 1 26 Greece 4 78 Finland 7 81
South Korea 1 13 South Korea 4 62 India 7 18
lP

Germany 1 1 Finland 3 111 Italy 6 13

Saudi Arabia 1 0 Singapore 3 111 Sweden 5 66
Spain 3 66 Malaysia 5 30
na

Lebanon 3 38 Poland 5 20
Ireland 2 77 Egypt 4 17
ur

France 2 22 France 4 8
Portugal 2 15 Japan 4 7
United Arab
Jo

3 40
Emirates
Turkey 3 15
Portugal 3 10
Kuwait 3 8
New Zealand 3 5
South Korea 3 1

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Table 8 Annual number of GFJ citations between 1989 and 2018

This table shows the annual number of GFJ citations between 1989 and 2018. It also shows the total
number of GFJ articles (TA) and the total number of citations of these articles (TC). The remaining
four columns show the number of articles with at least 25, 10, 5, and 1 citation(s), respectively.
Year TA TC ≥ 25 ≥ 10 ≥5 ≥1
1989 6 0 0 0 0 0
1990 14 2 0 0 0 1
1991 18 2 0 0 0 1
1992 11 3 0 0 0 2
1993 11 3 0 0 0 2
1994 16 8 0 0 0 7
1995 12 6 0 0 0 6

of
1996 16 14 0 0 0 13
1997 21 11 0 0 0 7

ro
1998 16 21 0 0 0 14
1999 16 11 0 0 0 8
2000
2001
2002
8
11
15
10
20
24
0
0
0
-p 0
0
0
0
1
0
10
13
20
re
2003 17 45 0 0 1 32
2004 12 65 0 0 2 36
lP

2005 23 74 0 0 0 49
2006 27 100 0 0 2 65
2007 21 117 0 0 1 76
na

2008 23 165 0 0 2 99
2009 30 233 0 1 8 115
2010 21 222 0 2 8 112
ur

2011 19 307 0 2 17 135

2012 15 268 0 1 12 130
Jo

2013 19 351 1 2 17 142

2014 17 361 0 1 11 162
2015 20 419 0 7 19 182
2016 17 434 1 7 21 183
2017 25 451 1 4 16 183
2018 70 601 1 7 32 227

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Table 9 Top authors, countries affiliated with the authors, and journals citing GFJ articles
between 1989 and 2018
This table shows the top authors, countries affiliated with the authors, and journals citing GFJ
articles between 1989 and 2018. It also shows the total number of GFJ articles cited (TA).
Authors TA Countries TA Journal TA
Hammoudeh, S. 30 United States 781 Global Finance Journal 99
Nguyen, D.K. 25 China 455 International Review of 92
Financial Analysis
Schaub, M. 23 United Kingdom 387 Energy Economics 82
Lucey, B.M. 19 Australia 278 Journal of International 77
Financial Markets,

of
Institutions and Money
Sufian, F. 19 Malaysia 238 Applied Financial 74
Economics

ro
Brooks, R. 15 Taiwan 238 Emerging Markets Finance 68
and Trade
Bouri, E.
Lee, C.C.
14
14
India
France -p 199 Economic Modelling
177 Research in International
66
66
re
Business and Finance
Nikkinen, J. 14 Germany 156 Applied Economics 65
Arouri, M.E.H. 12 Greece 152 International Review of 57
lP

Economics and Finance

Lee, Y.H. 12 Turkey 152 Emerging Markets Review 52
Baharumshah, A.Z. 11 Spain 127 Journal of Banking and 44
na

Finance
Chen, M.P. 11 Canada 120 Investment Management 43
and Financial Innovations
ur

Filis, G. 11 Tunisia 106 Managerial Finance 42

Habibullah, M.S. 11 Italy 103 Physica A Statistical 40
Jo

Mechanics and Its

Applications
Kutan, A.M. 11 Hong Kong 69 Journal of Multinational 39
Financial Management
Narayan, P.K. 11 South Korea 65 Quarterly Review of 39
Economics and Finance
Smyth, R. 11 Ireland 63 International Research 37
Journal of Finance and
Economics
Swanson, P.E. 11 Pakistan 62 Pacific Basin Finance 37
Journal
Tiwari, A.K. 11 South Africa North American Journal of 31
62 Economics and Finance
Zopounidis, C. 11 Saudi Arabia Applied Economic Letters 28
60

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ro
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ur
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Table 10 Most frequently cited GFJ articles between 1989 and 2018
This table ranks the 20 most frequently cited GFJ articles between 1989 and 2018. It also shows
the total number of citations of GFJ articles (TC), year of publication, author, and cites per article
(CA).
Rank TC Year Authors Title CA
1 254 2006 Basher, A.S., and Oil price risk and emerging stock markets 19.54
Sadorsky, P.
2 113 1999 Kwon, C.S., and Cointegration and causality between macro- 5.65
Shin, T.S. economic variables and stock market
returns
3 86 2001 Ciner, C. On the long run relationship between gold 4.78
and silver prices: A note

of
4 79 2011 Mohanty, S.K., Oil price movements and stock market 9.88
Nandha, M., returns: Evidence from Gulf Cooperation

ro
Turkistani, A.Q., Council (GCC) countries
and

5 67 2003
Alaitani, M.Y.
Wei, Z., and
Varela, O.
-p
State equity ownership and firm market
performance: Evidence from China's newly
4.19
re
privatized firms
6 66 1998 Ajayi, R.A., On the relationship between stock returns 3.14
lP

Friedman, J. and and exchange rates: Tests of granger

Mehdian, S.M. causality
7 62 2010 Chiang, T.C., Empirical investigation of herding behavior 6.89
na

Li, J. and Tan, L. in Chinese stock markets: Evidence from

quantile regression analysis
8 61 2012 Graham, M., Integration of 22 emerging stock markets: 8.71
ur

Kiviaho, J. and A three-dimensional analysis

Nikkinen, J.
9 61 2001 Dekker, A, Equity market linkages in the Asia Pacific 3.39
Jo

Sen, K. and region: A comparison of the orthogonalised

Young, M.R. and generalised VAR approaches
10 57 2009 Bhar, R. and Return, volatility spillovers and dynamic 5.70
Nikolova, B. correlation in the BRIC equity markets: An
analysis using a bivariate EGARCH
framework
11 56 2006 Nikkinen, J., Global stock market reactions to scheduled 4.31
Omran, M., U.S. macro-economic news announcements
Sahlström, P.,
and Äijö, J.
12 56 2005 Bissoondoyal- An analysis of the determinants of 4.00
Bheenick, E. sovereign ratings
13 55 2000 Yeh, Y.H., and The interaction and volatility asymmetry of 2.89
Lee, T.S. unexpected returns in the greater China
stock markets

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Rank TC Year Authors Title CA

14 46 2002 Masih, A.M.A., Propagative causal price transmission 2.71
and Masih, R. among international stock markets:
Evidence from the pre- and post-
globalization period
15 43 2007 Cheng, H. F., A future global economy to be built by 3.58
Gutierrez, M., BRICs
Mahajan, A.,
Shachmurove, Y.,
and Shahrokhi,
M.
16 42 2007 Tse, Y., and Price discovery and informational 3.50
Martinez, V. efficiency of international iShares funds

of
17 42 2005 Hogan, T., and Capital structure in new technology-based 3.00
Hutson, E. firms: Evidence from the Irish software

ro
sector
18 41 1992 Cosset, J.C., Evaluating country risk: A decision support 1.52
Siskos ,Y., and approach

19 38 2005
Zopounidis, C.
Baharumshah, -p
A panel study on real interest rate parity in 2.71
re
A.Z., Haw, C.T., East Asian countries: Pre- and post-
and Fountas, S. liberalization era
20 37 2009 Diamandis, P.F. International stock market linkages: 3.70
lP

Evidence from Latin America

na
ur
Jo

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 Journal Pre-proof

Table 11 Most frequently cited authors, countries affiliated with the cited authors, and
journals in GFJ between 1989 and 2018
This table shows the most frequently cited authors, countries affiliated with the cited authors, and
journals in GFJ between 1989 and 2018. It also shows the total number of citations of each
author, country, and journal.

Authors TC Countries TC Journals TC

Fama, E.F. 46 United States 4,281 Journal of Finance 941
Shleifer, A. 44 United Kingdom 778 Journal of Financial 650
Economics
Harvey, C.R. 42 Canada 408 Journal of Banking and 466
Finance

of
Aggarwal, R. 41 Australia 339 Journal of Financial and 283
Quantitative Analysis

ro
Bollerslev, T. 41 Germany 208 Review of Financial Studies 265
Engle, R.F. 37 Hong Kong 200 Journal of International 206
Money and Finance
Stulz, R.M.
Levine, R.
35
32
Netherlands
France -p196 American Economic Review
171 Financial Management
181
165
re
Taylor, M.P. 32 Italy 143 Journal of Business 161
Titman, S. 31 China 130 Journal of Futures Markets 151
Baker, H.K. 30 Taiwan 110 Financial Analysts Journal 144
lP

Granger, C.W.J. 29 Switzerland 101 Journal of Political 111

Economy
Frankel, J.A. 27 Japan 90 Journal of Econometrics 110
na

French, K.R. 27 Greece 88 Journal of International 107

Business Studies
Bekaert, G. 26 Singapore 87 Econometrica 106
ur

Roll, R. 25 Belgium 80 Applied Financial 105

Economics
Jo

Campbell, J.Y. 24 Israel 75 Global Finance Journal 99

Tse, Y. 24 South Korea 72 Financial Review 97
Berger, A.N. 23 Denmark 65 Journal of Financial 94
Research
Karolyi, G.A. 23 Finland 62 Journal of Accounting 90
Research
Madura, J. 23 Sweden 55 Journal of Portfolio 86
Management
Michaely, R. 23 New Zealand 48 Review of Economics and 84
Statistics
Demirgüç-Kunt, A. 22 Turkey 48 Journal of Empirical 83
Finance

40
 Journal Pre-proof

Table 12 Most frequently cited articles in GFJ

This table ranks the most frequently cited articles in GFJ and includes the publication year,
authors, title, journal, and the total number of GFJ citations (TC).
Rank Year Authors Title Journal TC
1 1986 Bollerslev, T. Generalized autoregressive Journal of 13
conditional Econometrics
heteroskedasticity
2 1988 Johansen, S. Statistical analysis of Journal of Economic 10
cointegration vectors Dynamics and
Control
3 1997 Carhart, M.M. On persistence in mutual Journal of Finance 9
fund performance

of
4 1993 Fama, E.F., and Common risk factors in the Journal of Financial 8
French, K.R. returns on stocks and bonds Economics

ro
5 1998 La Porta, R., Law and finance Journal of Political 8
Lopez-De- Economy
Silanes, F.,
Shleifer, A. and
Vishny, R.
-p
re
6 1980 White, H. A heteroskedasticity- Econometrica 8
consistent covariance matrix
lP

estimator and a direct test for

heteroskedasticity
7 1985 Brown, S.J., and Using daily stock returns: Journal of Financial 7
na

Warner, J.B. The case of event studies Economics

8 1992 Fama, E.F., and The cross-section of Journal of Finance 7
French, K.R. expected stock returns
ur

9 1991 Johansen, S. Estimation and hypothesis Econometrica 7

testing of cointegration
vectors in gaussian vector
Jo

autoregressive models
10 1995 Longin, F., and Is the correlation in Journal of 7
Solnik, B. international equity returns International Money
constant: 1960-1990? and Finance
11 1973 Merton, R.C. Theory of rational option Bell Journal of 7
pricing Economics and
Management Science
12 1991 Nelson D.B. Conditional Econometrica 7
heteroskedasticity in asset
returns: A new approach
13 2002 Amihud, Y. Illiquidity and stock returns: Journal of Financial 6
cross-section and time-series Markets
effects

41
 Journal Pre-proof

Rank Year Authors Title Journal TC

14 1995 Bekaert, G., and Time-varying world market Journal of Finance 6
Harvey, C.R. integration
15 1992 Bollerslev, T., Quasi-maximum likelihood Econometric Reviews 6
and Wooldridge, estimation and inference in
J.M. dynamic models with time-
varying covariances
16 1985 Brown, S.J., and Using daily stock returns: Journal of Financial 6
Warner, J.B. The case of event studies Economics
17 1981 Dickey, D.A., Likelihood ratio statistics for Econometrica 6
and Fuller W.A. autoregressive time series
with a unit root
18 1993 Engle, R.F., and Measuring and testing the Journal of Finance 6

of
Ng, V.K. impact of news on volatility
19 1989 Eun, C., and International transmission of Journal of Financial 6

ro
Shim, S. stock market movements and Quantitative
Analysis
20 1982 Hansen, L.P. Large sample properties of Econometrica 6
-p
generalized method of
moments estimators
re
21 1993 Jegadeesh, N., Returns to buying winners Journal of Finance 6
and Titman, S. and selling losers:
lP

Implications for stock market

efficiency
22 1976 Jensen, M.C., Theory of the firm: Journal of Financial 6
and Meckling, Managerial behavior, agency Economics
na

W.H. costs and ownership structure

ur
Jo

42
 Journal Pre-proof

Table 13 Publication year of each GFJ article within the top eight clusters
This table shows the evolution of cluster development between 1989 and 2018 by year.

Cluster
Year 1 2 3 4 5 6 7 8
1989 2
1990 7
1991 9
1992 7
1993 8
1994 11
1995 5

of
1996 3 5 2 2 3
1997 3 3 2 2 7 3

ro
1998 2 2 1 1 5 1 1
1999 4 5 3 2 1
2000
2001 1
1
1
3
2
-p 2
1
2
4 2
re
2002 1 2 3 2 2 2
2003 2 3 3 5 1 1 1
lP

2004 2 1 1 3 2 1 1
2005 3 5 2 3 6 2
2006 7 4 3 6 4 2
na

2007 4 4 4 6 2 1
2008 5 6 3 7 2
2009 3 8 9 4 3 2
ur

2010 4 4 3 1 3 2
2011 3 6 1 1 1
Jo

2012 4 2 2 3 3
2013 9 4 1 1 1
2014 7 2 3 2 2
2015 5 5 1 4 1
2016 5 3 4 1 2 1
2017 11 7 3 2
2018 24 13 11 3 2 2
Total articles 105 89 78 61 62 49 17 14
Total citations 766 959 681 504 865 227 176 63

43
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Table 14 Most frequently occurring keywords in GFJ articles between 1989 and 2018
This table shows the most frequently occurring keywords in GFJ articles between 1989 and
2018.
Keywords Frequency
Volatility 16
Emerging markets 14
Cointegration 13
Corporate governance 12
Market efficiency 10
Liquidity 9
Financial crisis 9

of
GARCH 8
Hedging 7

ro
Exchange rates 7
China 7
Diversification 7
-p
re
lP
na
ur
Jo

44
 Journal Pre-proof

1.8
1.6
1.4
Value as per Scopus

1.2
1
0.8
0.6
0.4

of
0.2

ro
0
2011 2012 2013 2014 2015 2016 2017 2018

-p
Year
re
CiteScore SJR SNIP
lP

Figure 1 GFJ’s CiteScores, SJRs, and SNIPs between 2011 and 2018
This figure shows GFJ’s CiteScores, SJRs, and SNIPs between 2011 and 2018.
na
ur
Jo

45
 Journal Pre-proof

80

70

60

50

40

30

20

of
10

ro
0
1989

2018
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
-p
Figure 2 Distribution of GFJ articles between 1989 and 2018
re
This figure shows the total number of GFJ articles published annually between 1989 and 2018.
lP
na
ur
Jo

46
 Journal Pre-proof

o f
r o
- p
r e
l P
n a
u r
J o
Figure 3 Bibliographic coupling network of GFJ articles
This figure shows the bibliographic coupling network of GFJ articles with a minimum citation of 30 using Gephi software. Here 1, 2, 3, 4, 5, 6,
7, and 8 refer to Clusters 1 to 8 based on the number of shared references in each cluster, respectively.

47
 Journal Pre-proof

o f
r o
- p
r e
l P
n a
u r
J o
Figure 4 Bibliographic coupling network of GFJ articles between 1989 and 1994 and 1995 and 1999
This figure shows the temporal evolution of the bibliographic coupling network of to 20 GFJ articles using Gephi software in each of the
periods: 1989 and 1994 and 1995 and 1999. Size of the bubble represents citations.

48
 Journal Pre-proof

o f
r o
- p
r e
l P
n a
u r
J o
Figure 5 Bibliographic coupling network of GFJ articles between 2000 and 2004 and 2005 and 2009
This figure shows the temporal evolution of the bibliographic coupling network of 20 GFJ articles using Gephi software in each of the
periods:2000 and 2004 and 2005 and 2009. The size of the bubble represents citations

49
 Journal Pre-proof

o f
r o
- p
r e
l P
n a
u r
J o
Figure 6 Bibliographic coupling network of GFJ articles between 2010 and 2014 and 2015 and 2018
This figure shows the temporal evolution of the bibliographic coupling network of 20 GFJ articles using Gephi software in each of the periods:
2010 and 2014 and 2015 and 2018. The size of the bubble represents citations

50
 Journal Pre-proof

of
ro
-p
re
lP
na

Figure 7 Author keyword network of GFJ articles

ur

This figure shows the author keyword network using Gephi software. The size of the bubble
represents the co-occurrence of each keyword.
Jo

51
 Journal Pre-proof

of
ro
-p
re
lP
na

Figure 8 Co-authorship network among countries with GFJ authors

This figure shows the co-authorship network among countries with authors publishing in GFJ
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using Gephi software. The size of the bubble represents the number of co-authorship links from
each country.
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