BEHAVIORAL FINANCE IN THE INDONESIAN MSME SECTOR: A SYSTEMATIC LITERATURE REVIEW

DOI:

https://doi.org/10.29303/akurasi.v9i1.901

Authors

  • Komang Agus Rudi Indra Laksmana Universitas Mahendradatta

Keywords:

Behavioral Finance, MSME, Systematic Literature Review, Financial Decision Making

Abstract

This study examines behavioral finance in the Indonesian MSME sector, evaluated using a PRISMA 2020-based SLR. 1,847 articles identified from Web of Science, Google Scholar, ProQuest, SINTA/Garuda, Scopus, and other scientific research sources. 42 peer-reviewed publications satisfied the standards for MMAT and CASP. The review identifies four dominant behavioral finance constructs in the Indonesian MSME sector: overconfidence bias, loss aversion, mental accounting, and herd behavior. These cognitive biases significantly influence financial decision-making, resulting in suboptimal capital allocation, limited adoption of formal financial instruments, and constrained business growth. Digital financial literacy and Islamic financial values operate as contextual moderators unique to the Indonesian setting. This review makes a threefold contribution: it provides the first PRISMA-compliant synthesis of the Indonesian MSME behavioral finance literature (2019–2024); proposes an integrative conceptual framework combining prospect theory, bounded rationality Theora, and social capital theory; and formulates a geographically and methodologically diversified research agenda for future empirical inquiry.

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Published

2026-06-30

How to Cite

Rudi Indra Laksmana, K. A. (2026). BEHAVIORAL FINANCE IN THE INDONESIAN MSME SECTOR: A SYSTEMATIC LITERATURE REVIEW . Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 9(1), 175–190. https://doi.org/10.29303/akurasi.v9i1.901

Issue

Vol. 9 No. 1 (2026): Jurnal Studi Akuntansi dan Keuangan, June 2026

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