A Systematic Literature Review and Research Agenda of Share Price Movement of the Indian Pharmaceutical Industry

Abstract

Purpose: This paper aims to systematically review the literature published over the past two decades on the share price movement of the Indian Pharmaceutical Industry. The paper emphasizes finding the major gaps in the existing studies on the share price movement of the Indian Pharmaceutical industry to address such gaps by raising specific questions about future research.

Design/Methodology/Approach: To identify the research gap and define the research agenda a systematic review of literature (SLR) method is employed for the present study. Over hundreds of peer-reviewed research articles published in two decades are analyzed and considering the theoretical prospect behind the study a few articles published since 1953 are also analyzed. The vitality of this research article is determined by studying the journal of publication, year of publication of the article, types of statistical techniques used, citation analysis, and text analysis on the literature on share price movements of the pharmaceutical industry and other related areas. The literature survey revolves around key areas such as share price behavior, fundamental analysis, technical analysis, volatility, stock valuation models, risk-return analysis, and investing psychology.  Finally, the research gap, as well as the research agenda, are scrutinized for further studies using ABCD and SWOC frameworks.

Findings: Much of the existing literature on the Indian Pharmaceutical industry’s share price movement suggests that limited research in this domain is undertaken. This literature review suggests investigating the share price movement of the Indian Pharmaceutical industry for a crucial time frame covering both the pre-Covid-19 and Covid-19 phases.

Originality/Value: The article spans a significant period (1953-2021). To the best of the author’s knowledge, this is the first study to explore the share price movement of the Indian Pharmaceutical business using a systematic review of the literature approach. Academicians, researchers, and professionals working in the area of capital markets would find this article valuable in understanding the present status and the existing gap in the literature on the share price movement of the Indian Pharmaceutical industry.

Paper Type: Literature Review