Baker2019 PDF
Baker2019 PDF
PII: S1044-0283(19)30111-5
DOI: https://doi.org/10.1016/j.gfj.2019.100492
Reference: GLOFIN 100492
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
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: [email protected], 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: [email protected], Telephone 91-141-2713474
3. Nitesh Pandey, Research Scholar, Department of Management Studies, Malaviya
National Institute of Technology, Jaipur 302017, Rajasthan, India.
Email: [email protected]
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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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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
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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
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
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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.
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
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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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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,
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.
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.
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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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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.
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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
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
Economics (82 citations), Journal of International Financial Markets, Institutions and Money
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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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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
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
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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
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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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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
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
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
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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(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
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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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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),
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
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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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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.
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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
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
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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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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),
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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)
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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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-
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
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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na
https://doi.org/10.1080/00913367.1999.10673583
ur
Jo
23
Journal Pre-proof
of
Sadorsky, P.
ro
5 8,922 1999 Kwon, C.S., and Cointegration and causality between
Shin, T.S. macroeconomic variables and stock market
Shachmurove, Y.
9 6,301 2011 Mohanty, S.K., Oil price movements and stock market returns:
Nandha. M., evidence from Gulf Cooperation Council (GCC)
ur
Fooladi, I.J.
24
Journal Pre-proof
of
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
ro
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
-p 3.20
26.25
18.25
0
1
0
0
1
1
1
4
3
1
4
4
5
4
4
re
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
lP
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
25
Journal Pre-proof
of
ro
-p
re
lP
na
ur
Jo
26
Journal Pre-proof
of
Bissoondoyal-
Brewer, T.L. 3 27 2 81 Degiannakis, S. 3 15
Bheenick, E.
ro
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
-p 2
2
54 Tucker, A.L.
43 Szyszka, A.
3
3
11
7
re
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
lP
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
Journal Pre-proof
of
ro
-p
re
lP
na
ur
Jo
28
Journal Pre-proof
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.
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
29
Journal Pre-proof
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
Fullerton
30
Journal Pre-proof
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
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
31
Journal Pre-proof
of
ro
-p
re
lP
na
ur
Jo
32
Journal Pre-proof
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.
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
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
33
Journal Pre-proof
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
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
34
Journal Pre-proof
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
35
Journal Pre-proof
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
Finance
Chen, M.P. 11 Canada 120 Investment Management 43
and Financial Innovations
ur
36
Journal Pre-proof
of
ro
-p
re
lP
na
ur
Jo
37
Journal Pre-proof
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
38
Journal Pre-proof
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
39
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.
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
40
Journal Pre-proof
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
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
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
42
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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
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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
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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
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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
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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
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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
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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
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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
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of
ro
-p
re
lP
na
This figure shows the author keyword network using Gephi software. The size of the bubble
represents the co-occurrence of each keyword.
Jo
51
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of
ro
-p
re
lP
na
using Gephi software. The size of the bubble represents the number of co-authorship links from
each country.
Jo
52