Decoding the DNA of stock market microstructure: A comprehensive bibliometric and content review analysis

Market microstructure focuses on how an investor's latent demand translates into stock prices and trading volumes. Studies have explored various facets while this study provides a comprehensive bibliometric and content analysis of 867 Scopus-indexed research articles on market microstructure published during the time period 1983–2024. Using science mapping technique, this study identifies intellectual structures, thematic structure, and knowledge clusters shaping the field. Based on intellectual structure and content analysis we explored five thematic pillars. These are Liquidity & Price Discovery, Information Asymmetry, Trading Mechanisms & Market Design, High-Frequency Trading (HFT) & Low-Latency Markets, and Market Fragmentation & Execution Quality, alongside an emerging cross-cutting theme on Governance, ESG, and Market Fairness. While existing literature has advanced the understanding of price formation, liquidity dynamics, and trading behavior, significant research gaps persist, particularly in the context of emerging markets, ESG-driven trading, and cross-market comparisons. By integrating thematic clustering with a gap-mapping framework, this study connects each intellectual cluster to its underexplored areas, specifies relevant data sources, and proposes robust methodological approaches such as high-frequency econometrics, network analysis, and causal inference designs. This study has made contribution in two ways: firstly, it maps the intellectual evolution of microstructure research over last four decades; secondly, it offers a structured research agenda that transforms bibliometric insights into actionable pathways for advancing theory, policy, and practice in increasingly complex and fragmented financial markets.