Syndicated loans: mapping the trends, sources and intellectual evolution


This study conducts a citation-based comprehensive systematic literature review (SLR) of the syndicated loan market by identifying and recognizing the sources of knowledge-producing leading articles, journals and authors in this area. In total, we present a citation analysis of 374 articles from the Scopus database using a comprehensive list of keyword searches. We find that the importance of research using syndicated loan data has increased after the global financial crisis (GFC). It is perhaps due to the reason that the GFC was mainly a credit crisis that sparked the interest of research in this area. We identify the Journal of Financial Economics as the leading journal in terms of citation and the Journal of Banking and Finance in terms of publication count. Victoria Ivashina comes out as the leading author in terms of the citation count and Anthony Saunders in terms of publication count. We also perform a content analysis of the top 100 most cited papers and identify data characteristics, major themes, estimation techniques and empirical approaches. Our SLR provides a macro picture of research on syndicated loan studies. Finally, we provide an overview of the direction for future research.

Publication DOI:
Divisions: College of Business and Social Sciences > Aston Business School
College of Business and Social Sciences > Aston Business School > Centre for Personal Financial Wellbeing
College of Business and Social Sciences > Aston Business School > Economics, Finance & Entrepreneurship
Aston University (General)
Additional Information: Copyright © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature, 2024. This version of the article has been accepted for publication, after peer review and is subject to Springer Nature’s AM terms of use [], but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at:]
Uncontrolled Keywords: Citation analysis,Content analysis,Syndicated loans,Systematic literature review,Accounting,Business, Management and Accounting(all),Finance
Publication ISSN: 1573-7179
Last Modified: 17 Jun 2024 08:23
Date Deposited: 18 Apr 2024 14:58
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Related URLs: https://link.sp ... 156-024-01243-x (Publisher URL)
http://www.scop ... tnerID=8YFLogxK (Scopus URL)
PURE Output Type: Article
Published Date: 2024-05
Published Online Date: 2024-02-01
Accepted Date: 2024-01-03
Authors: Saharti, Mohammed
Chaudhry, Sajid M. (ORCID Profile 0000-0001-8769-8920)
Ahmad, Nisar
Hussain, Syed Mujahid



Version: Accepted Version

Access Restriction: Restricted to Repository staff only until 1 February 2025.

License: ["licenses_description_other" not defined]

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