Bounded Rationality, Literasi Keuangan, dan Efisiensi Investasi dalam Perilaku Investor di Indonesia
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Abstract
This study examines the effects of bounded rationality and financial literacy on investment efficiency among individual investors in Indonesia. The rapid expansion of digital investment platforms and increasing retail investor participation have created greater access to financial markets while simultaneously increasing the complexity of investment decision-making. Drawing on bounded rationality theory and behavioral finance, this study investigates how cognitive limitations and financial knowledge contribute to the efficiency of individual investment decisions. A quantitative, cross-sectional research design was employed involving 150 individual investors in Indonesia selected through purposive sampling. Data were collected using a structured questionnaire measured on a five-point Likert scale and analyzed using IBM SPSS Statistics version 25. The analysis included validity and reliability tests, classical assumption tests, Pearson correlation, multiple linear regression, t-tests, F-tests, and the coefficient of determination. The results indicate that bounded rationality has a negative and significant effect on investment efficiency, while financial literacy has a positive and significant effect on investment efficiency. Simultaneously, bounded rationality and financial literacy significantly explain investment efficiency, with an R² value of 0.488. Financial literacy emerged as the stronger predictor of investment efficiency. These findings demonstrate that investment efficiency is shaped by both investors' cognitive constraints and their financial capabilities. The study contributes to behavioral finance literature by integrating bounded rationality and financial literacy within a unified framework for explaining individual investment efficiency in an emerging-market context.
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