Mapping Research Trends in Portfolio Diversification across Sustainable Finance, Financial Technology, and Economic Resilience: A Bibliometric Analysis

Abstract

Objective: To map the development and trends of research on portfolio diversification at the intersection of Sustainable Finance, Financial Technology (FinTech), and Economic Resilience through a bibliometric analysis of 79 relevant articles sourced from Scopus. This study identifies key themes, patterns of scholarly collaboration, topic evolution, and research directions amidst the global financial market driven by digital and sustainability. Design/Methodology: A bibliometric approach analyzed 79 publications on portfolio diversification. Techniques used included keyword mapping, co-occurrence, bibliographic linkages, and thematic analysis to uncover research clusters, topic trends, and the relationship between portfolio diversification, sustainable investing, fintech, digital assets, risk management, and economic resilience. Findings: Portfolio diversification remains rooted in Markowitz's modern portfolio theory but has evolved to include sustainability, digital technology, and resilience. Emerging themes include ESG investing, green finance, crypto assets, blockchain, DeFi, NFTs, AI in portfolio optimization, and crisis risk mitigation (e.g., COVID-19). The integration of sustainable and digital assets improves portfolio efficiency due to their low correlation with traditional assets. Income diversification and sustainable investments strengthen the resilience of the financial sector and market stability. The shift from traditional risk-return optimization to multidimensional risk management includes environmental, social, governance, and systemic risks. Research Limitations and Implications: Limited to the publications analyzed, the study does not fully represent the global literature. The findings offer insights for academics, investors, managers, and policymakers on the integration of sustainable finance, fintech, and resilience in portfolio diversification. Future research should expand the database coverage, extend the observation period, and explore cross-disciplinary relationships more deeply.

Keywords: Diversifikasi Portofolio; Sustainable Finance; ESG; Financial Technology (FinTech); Economic Resilience; Bibliometric Analysis; Portfolio Optimization; Risk Management; Artificial Intelligence; Digital Asset.