Al-Kharaj: Journal of Islamic Economic and Business
Al-Kharaj: Journal of Islamic Economic and Business is peer-reviewed journal published by Program Studi Ekonomi Syariah, Institut Agama Islam Negeri (IAIN) Palopo. Al-Kharaj focus on the research of Economic and Business and shariah economic, Management, Finance and accounting, public administration, Sharia Economic Law. The aims of this journal is to explore and develop economic related disciplines. This Journal welcomes contributions from researchers in related diciplines. Accredited Sinta 3 by minister of education and culture, Research and Technology (SK Dirjen Pendidikan Tinggi, Riset dan Teknologi No 0173/C3/DT.05.00/2025. This journal was published twice a year June and Desember from 2019-2022, then Since 2023 onwards it is published four times a year, on March, June, September and December Journal title Al-Kharaj: Journal of Islamic Economic and Business Initials kharaj Abbreviation al. kharaj. j. islam. econ. bus. Frequency 4 issues per year DOI Prefix 10.24256 by Crossref ISSN 2686-262X (Print) | 2685-9300 (Online) Editor-in-chief Mujahidin Publisher Institut Agama Islam Negeri Palopo Indexing SINTA | Garuda | Dimensions | Crossref
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
The Effect of Environmental, Social, and Governance (ESG) Performance on Dividend Policy in Non-Financial Companies in the ASEAN Capital Market
This study analyzes the influence of Environmental, Social, and Governance (ESG) performance on dividend policies in 199 non-financial companies listed on the ASEAN-5 capital market during the 2019-2023 period. The background of the research emphasizes the increasing attention of investors to the sustainability of the company and its potential to influence dividend distribution decisions. This quantitative study used panel data regression and probit regression with 995 company-year observations from the Refinitiv Eikon Database. The purposive sampling technique is used to select companies with complete ESG disclosures and reliable financial data. The results showed that the aggregate ESG performance significantly positively affected the Dividend Payout Ratio (coefficient of 0.010216, p=0.000). However, this relationship differs by dimension: the Environmental pillar shows a significant negative impact (coefficient -0.0074334, p=0.000), while the Social pillar (coefficient 0.0067466, p=0.000) and Governance (coefficient 0.0063344, p=0.000) pillar show a significant positive effect. Free Cash Flow emerges as a more important determinant than accounting profitability. In conclusion, the ESG dimension has a differential influence on dividend policy, with significant trade-offs between sustainability investments and dividend distributions varying by ESG type in emerging ASEAN markets.
Copyright (c) 2026 Julianti, Abdul Moin https://creativecommons.org/licenses/by-sa/4.0
The Impact of Green Accounting, Company Size, and Company Value on Profitability Moderated by Firm Age
Penelitian ini bertujuan untuk menguji pengaruh Akuntansi Hijau, Total Aset, dan Nilai Perusahaan terhadap Profitabilitas dengan Usia Perusahaan sebagai variabel moderasi pada perusahaan sektor konsumen non-siklik yang terdaftar di Bursa Efek Indonesia (IDX) untuk periode 2021–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan analisis regresi linier berganda dan Analisis Regresi Moderasi (MRA). Data dianalisis menggunakan SPSS dengan uji asumsi klasik, uji kelayakan model, dan pengujian hipotesis. Hasil penelitian menunjukkan bahwa Akuntansi Hijau mempunyai pengaruh negatif yang signifikan terhadap profitabilitas karena peningkatan biaya lingkungan. Total Aset dan Nilai Perusahaan tidak berpengaruh signifikan terhadap profitabilitas karena keuntungan lebih ditentukan oleh efektivitas manajemen dan kondisi pasar. Usia Perusahaan terbukti memoderasi dan meningkatkan pengaruh Akuntansi Hijau terhadap profitabilitas, tetapi tidak memoderasi hubungan antara Total Aset dan Nilai Perusahaan terhadap profitabilitas. Secara teoritis, temuan ini memperkuat perspektif legitimasi dan teori agensi bahwa kepatuhan lingkungan memiliki konsekuensi keuangan jangka pendek. Secara praktis, perusahaan dan regulator perlu menyeimbangkan komitmen lingkungan dengan strategi bisnis yang lebih efisien melalui insentif dan inovasi hijau. Penelitian ini memberikan perspektif berbeda melalui penempatan umur perusahaan sebagai variabel moderasi untuk menganalisis dampak akuntansi hijau serta struktur aset dan nilai perusahaan terhadap profitabilitas dalam cakupan perusahaan yang berperingkat PROPER di Indonesia.
Copyright (c) 2026 Merdiasari Iraningrum, Putri Awalina, Beby Hilda Agustin https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work System, Compensation, and Well-Being on Employee Performance at PT Haleyora Powerindo East Java Branch
This study aims to analyze the influence of work systems, compensation, and well-being on the performance of office employees at PT Haleyora Powerindo, East Java Branch. This research employs a quantitative approach utilizing SPSS version 31 for analysis. The research sample consists of 35 respondents, determined through a saturated sampling technique. Data were collected via questionnaires developed based on the indicators of each research variable. Data analysis was conducted using validity and reliability tests, classical assumption tests, and multiple linear regression analysis, with hypothesis testing performed through t-tests and F-tests. The results indicate that work systems and well-being have a positive and significant effect on employee performance, whereas compensation does not have a partially significant effect. However, work systems, compensation, and well-being simultaneously exert a significant influence on employee performance. These findings emphasize that the effectiveness of work systems and the fulfillment of employee well-being play a crucial role in enhancing performance. This research provides practical contributions for management in formulating human resource management policies oriented toward improving employee performance. Keywords: Work Systems, Compensation, Well-being, Employee Performance
Copyright (c) 2026 Fitri Eka Vayuni, Acep Samsudin https://creativecommons.org/licenses/by-sa/4.0
The Influence of Promotion, Online Customer Reviews, and Price on Generation Z’s Purchase Decisions at Belia Cosmetic in the Shopee Marketplace (Study on Consumers in Surabaya)
This study aims to determine and analyze the influence of promotion, online customer reviews, and price on the purchasing decisions of Generation Z at Belia Cosmetic on the Shopee marketplace (a study of consumers in Surabaya). The research is motivated by the increasing competition in the cosmetics and skincare industry within marketplaces and the changing behavior of Generation Z, who are becoming more selective in considering promotions, customer reviews, and prices before making purchasing decisions. This study employed a quantitative method with an associative approach. The population consisted of Generation Z consumers who had purchased Belia Cosmetic products through Shopee, and the sample was selected using simple random sampling with a total of 100 respondents who met the research criteria. Data were collected through questionnaires using a Likert scale and analyzed using validity tests, reliability tests, classical assumption tests, multiple linear regression analysis, the coefficient of determination (R²), and hypothesis testing through t-tests and F-tests. The results indicate that promotion, online customer reviews, and price simultaneously have a significant effect on purchasing decisions. Partially, promotion has a positive and significant effect on purchasing decisions, online customer reviews have a positive and significant effect on purchasing decisions, and price has a positive and significant effect on purchasing decisions. Among the variables, online customer reviews have the most dominant influence on Generation Z purchasing decisions at Belia Cosmetic on the Shopee marketplace. This study is expected to serve as a reference for companies in optimizing marketing strategies, particularly in managing customer reviews to enhance purchasing decisions among Generation Z consumers. Keywords: Promotion, Online Customer Review, Price, Purchasing Decision, Generation Z.
Copyright (c) 2026 Ra Nadia Triyana Serli, R. Yuniardi Rusdianto https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Environmental And Social Factors On The Interest In Purchasing Green Products Among Generation Z In Malang City Through Green Trust As A Mediating Variable
The purpose of this study is to analyze the influence of environmental knowledge, environmental awareness, and social norms on the intention to purchase green products and how the mediation role of green trust as an intermediary relationship between three independent variables on the intention to purchase green products of generation Z in Malang City. The research method uses quantitative descriptive with data collection from direct questionnaire distribution and Google Form to generation Z Malang City aged 17-27 years. The sampling technique is purposive sampling with a total of 147 respondents. The data analysis technique uses PLS-SEM with the help of the SmartPLS 4.0 application. The results of this study indicate that environmental awareness and social norms have a positive influence on green trust, while environmental knowledge does not show a significant influence. Environmental knowledge, environmental awareness, and green trust have a positive influence on the intention to purchase green products, while social norms do not show a significant influence. Green trust mediates the influence of environmental awareness and social norms on the intention to purchase green products, but not on environmental knowledge. Novelty: Highlighting the mediation of green trust on social norms, enriches the TPB model. Practical implications: The Malang Government implements social media-based PLH to increase the green trust of Gen Z; Green businesses integrate social norms via influencers to encourage purchases of eco-friendly packaging and reduce urban waste.
Copyright (c) 2026 Ronaldus Ledo, Abdul Khodir Djaelani, Ahmad Subhan Mahardani https://creativecommons.org/licenses/by-sa/4.0
Zoning of Nature Tourism Parks Based on Ecological and Socio-Economic Sensitivity: Case Study of Grojogan Sewu Nature Tourism Park
Grojogan Sewu Nature Tourism Park, covering an area of 64,124 hectares, has undergone environmental and spatial changes that no longer align with its original management zoning plan. This study aims to redesign the management blocks based on ecological and socio-economic sensitivities through the use of spatial multi-criteria evaluation combined with a hierarchical decision-making process and geographic information system-based analysis. The objectives of the study are to determine management zones using ecological sensitivity criteria, including vegetation cover, land cover, slope classification, geological sensitivity, and distribution of flora and fauna. Additionally, socio-economic sensitivity is assessed using criteria such as accessibility to potential areas of utilization, zones of tourism activities, and water resource usage areas. The findings of this study indicate a revised spatial division of the nature park into two main management blocks: the protection block and the utilization block. The protection block accounts for approximately 36,966 hectares or 57.65 percent of the total area, while the utilization block comprises about 27,158 hectares or 42.35 percent. The proposed zoning scheme is expected to support effective conservation strategies and enhance integrated spatial planning for sustainable nature tourism management in Grojogan Sewu
Copyright (c) 2026 Evi Heriyaningtyas, Maryono Maryono; Fuad Muhammad https://creativecommons.org/licenses/by-sa/4.0
Marketplace Responsibility in the Sales of Super KW Bag Products Based on MUI Fatwa No. 1/5/2005 and Law No. 20 of 2016 concerning Trademarks
The phenomenon of increasing circulation of counterfeit products such as super KW bags on marketplace platforms has caused new problems. This problem not only has an impact on the infringement of the intellectual property rights of brand owners, but also harms consumers and causes unfair business competition and even violations of religious norms. This study aims to analyze the form of marketplace responsibility in the sale of KW bag products based on legal, moral, social and religious products. This research includes doctrinal research, namely deductive normative juridical with a conceptual approach and statute approach. Primary data sources are laws and regulations related to this title, while secondary data sources are books and journals related to this research. Data is collected through document studies that include primary and secondary legal materials, then all data is analyzed qualitatively with deductive reasoning. The results of the study show that marketplaces have legal, moral, social and religious responsibilities to prevent the circulation of counterfeit goods. Marketplaces have legal, moral, social and religious responsibilities to prevent and overcome the circulation of counterfeit products such as super KW bags that are widely sold on digital platforms. Juridically, the marketplace's responsibility is not to market counterfeit products, including super KW bags. Its moral responsibilities are to maintain honesty and transparency, supervise and control sellers, provide consumer protection, educate consumers and business ethics, avoid fraudulent practices and comply with sharia principles. Its social responsibility is the verification and screening of sellers and products, providing certainty and transparency of information to consumers, providing education and prevention efforts, cooperation with authorities, brand owners, and the public. Furthermore, his religious responsibility is that he is responsible to Allah SWT for the actions of tadlis, ghasab, and gharar that he has done by repentance and not repeating the sale of KW products, including KW bag products.
Copyright (c) 2026 Aflia Ramadhani Srg, Zulkifli Nas https://creativecommons.org/licenses/by-sa/4.0
The Analysis of Community Financial Resilience in Traditional Savings and Loan Practices, Remittances, and Banking Access in East Lombok
Community financial resilience is an important aspect of household welfare, particularly in rural areas where income tends to fluctuate. In East Lombok, many households rely on agriculture and informal economic activities, making them vulnerable to economic shocks. In this context, traditional savings and loan practices, remittances from migrant workers, and access to formal banking services play a crucial role in supporting household financial stability. This study aims to analyze the effect of traditional savings and loan practices, remittances, and banking access on community financial resilience in East Lombok. The research employs a quantitative associative approach using primary data collected through questionnaires distributed to 94 household heads in Rarang Village, Terara District. Data were analyzed using multiple linear regression with the assistance of JASP software, preceded by validity, reliability, and classical assumption tests. The results show that banking access has a positive and significant effect on community financial resilience, while traditional savings and loan practices and remittances have positive but statistically insignificant effects. However, simultaneously these three variables significantly influence community financial resilience. These findings imply that strengthening financial inclusion and improving access to formal financial services can enhance household financial stability, while informal financial mechanisms still function as complementary support for rural communities.
Copyright (c) 2026 Linda Junita Lestari, Sulkiah https://creativecommons.org/licenses/by-sa/4.0
Digital Strategy and Citizen Engagement in Digital Government: Evidence from Generation Z
This study seeks to investigate the extent to which Digital Strategy and E-Government Service Quality influence Citizen Engagement within the context of local digital governance. It also explores the intermediary functions of Trust in E-Government and Government Reputation in shaping this relationship. Specifically, the research assesses not only the direct effects of the independent variables on citizen engagement but also the indirect effects that operate through trust and institutional reputation as mediating constructs. A quantitative survey approach was implemented. Data collection involved 150 Generation Z participants who are users of digital service platforms provided by the Jepara Regency government, recruited using purposive sampling. The data were examined using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) approach, implemented through SmartPLS software. The empirical findings demonstrate that both Digital Strategy and the Quality of E-Government Services exert a positive and statistically significant effect on Citizen Engagement. Furthermore, Trust in E-Government and Government Reputation serve as mediating variables, transmitting the influence of the independent constructs to the level of citizen engagement. The implications underscore the necessity for local governments to move beyond technical digital improvements by strengthening trust and institutional credibility through enhanced transparency, reliable systems, and secure data governance. Further research should extend the study area and employ longitudinal methods to achieve a more comprehensive understanding of engagement patterns in the e-government environment.
Copyright (c) 2026 Chairunnisa Amin, Ali, Sisno Riyoko https://creativecommons.org/licenses/by-sa/4.0
Comprehensive Analysis of the Health Level of BCA Syariah Bank Based on CAMELS Parameters Period 2019 – 2024
This study aims to analyze the financial health level of BCA Syariah Bank during the 2019-2024 period using the CAMELS approach, which includes aspects of Capital, Asset, Management, Earning, Liquidity, and Sensitivity to Market Risk. The method used is quantitative-descriptive with secondary data obtained from annual financial reports and OJK official publications. The analysis was conducted using the ratio assessment method and longitudinal trend measurement for six years. The results show that BCA Syariah is consistently in the healthy category. The Capital Adequacy Ratio (CAR) remains high despite a gradual decline, while the Non Performing Financing (NPF) ratio remains below the safe limit. Profitability indicators such as ROA and NIM showed an upward trend, accompanied by improved operational efficiency through a decrease in BOPO. The FDR ratio also stabilized within the optimal range, indicating good liquidity management. This study strengthens the CAMELS evaluation model in the context of Islamic banking and provides practical contributions for bank management and policy implications for regulators. This study also opens up room for further research with advanced quantitative approaches and broader objects.
Copyright (c) 2026 Lusiana Febrianti, Ujang Syahrul https://creativecommons.org/licenses/by-sa/4.0
The Role of Corporate Transparency in Moderating the Influence of Fixed Asset Intensity, Leverage, and Profitability on Tax Avoidance in Mining Companies Listed on the Indonesia Stock Exchange from 2020-2024
Tax avoidance is an important issue for companies in managing their finances, especially for companies in the mining sub-sector that have flexibility in tax planning. The purpose of this study is to analyze the effect of fixed asset intensity, leverage, and profitability on tax avoidance using the moderating variable of transparency in mining sub-sector companies listed on the Indonesia Stock Exchange from 2020 to 2024. The approach used by the researcher in this study is quantitative panel data regression analysis. The model selected for this study is the Random Effect Model (REM), which has undergone several tests, namely the Chow Test, Hausman Test, and Lagrange Multiplier (LM) Test. In this study, the researcher measures tax avoidance using the Effective Tax Rate (ETR), which reflects the actual tax burden borne by the company. The results show that fixed asset intensity does not affect tax avoidance. Meanwhile, leverage can positively affect tax avoidance, and profitability negatively affects tax avoidance. Tax avoidance can only be moderated by corporate transparency in the relationship between leverage and tax avoidance in a weakening direction, but it cannot moderate the variables of fixed asset intensity and profitability on tax avoidance. This study emphasizes the importance of internal company characteristics and the role of transparency as a governance mechanism in suppressing tax avoidance practices. It is recommended that future researchers add different variables and expand the sample size to obtain more comprehensive results with a higher level of generalization.
Copyright (c) 2026 Dea Ananda Arfianti, Beby Hilda Agustin, Nur Rahmanti Ratih https://creativecommons.org/licenses/by-sa/4.0
Values And Practices Of Business Ethics In Islamic Hospital Services
Hospitals are increasingly required to balance high-quality healthcare delivery with financial sustainability, a condition that often generates ethical dilemmas related to pricing, cost transparency, supplier selection, and service efficiency. These challenges are particularly salient for Islamic hospitals, where healthcare services are expected to reflect Islamic values in practice rather than merely adopting a Sharia label. This study aims to analyze how Islamic business ethics function as a foundational framework guiding managerial and service-related decisions in Islamic hospital settings. This research employs a qualitative conceptual approach based on a synthesis of recent empirical studies and a review of Sharia hospital regulatory frameworks in Indonesia. The analysis focuses on integrating Islamic business ethics across three dimensions: service ethics, organizational ethics, and transactional ethics. The findings indicate that consistent implementation of values such as amanah (trustworthiness), justice, compassion, and service excellence guided by maqāṣid al-sharīʿah enhances public trust, improves patient experience, and supports long-term hospital sustainability through reputation and service differentiation. However, practical constraints remain, including limited availability of halal medicines, resource demands for gender-sensitive services, and inconsistent SOP implementation. The study concludes that Islamic business ethics serve as a strategic mechanism for ethical sustainability. Practically, the findings highlight the need for maqāṣid-based SOPs, Sharia compliance audits, strengthened halal supply chains, and continuous ethics training to institutionalize Sharia values in daily hospital operations.
Copyright (c) 2026 Muhammad Taufik Rahman, Surya Sukti https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Implementation of the Wadiah Contract System and Financial Report Performance on Bank Management Strategy (Case Study of Indonesian Sharia Banks for the 2021-2023 Period)
This study aims to analyze the influence of the wadiah contract system and financial report performance on the management strategy of Bank Syariah Indonesia (BSI). A qualitative descriptive approach was employed using secondary data, including financial reports, regulatory documents, and academic literature. The results show that the wadiah contract plays a significant role in third-party fund collection through savings and checking products that are free from interest elements. This contract contributes to the bank’s cost of fund efficiency due to the absence of profit-sharing obligations and supports liquidity enhancement. Furthermore, BSI’s financial performance, reflected in ROA, CAR, and FDR indicators, demonstrates stable and sound managerial capacity. The integration of sharia-based contract practices and strong financial performance strengthens BSI’s position in the competitive Islamic banking industry. This study enriches the discourse on the integration of sharia principles into sustainable bank financial management strategies.
Copyright (c) 2026 nindi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Emotional Intelligence, Digital Literacy on Innovative Behavior Through Work Ethic As A Mediation Variable in Generation Z Employees
The purpose of this study is to analyze the influence of emotional intelligence, digital literacy, and work ethic on innovative behavior in Generation Z employees and to analyze the mediating role of work ethic in the relationship between emotional intelligence and innovative behavior in Generation Z employees. The sample used in this study was 190 active employees in companies or agencies in the Greater Jakarta area aged 15-29 years. The results show that emotional intelligence and digital literacy have a positive influence on the work ethic of Generation Z employees. Furthermore, emotional intelligence, digital literacy, and work ethic have a positive influence on the innovative behavior of Generation Z employees. This study also reveals the mediating role of work ethic in the relationship between emotional intelligence and innovative behavior in Generation Z employees
Copyright (c) 2026 Fitrahtul Aqidah, Muhammad Ridwan Basalamah, M. Cholid Mawardi https://creativecommons.org/licenses/by-sa/4.0
Human Capital Development Strategy in Supporting Employee Performance Improvement Usedcar Advisor
This study aims to analyze human capital development strategies in supporting the improvement of the performance of Usedcar Advisor employees at Kalla Toyota Trust Makassar. The background of this research departs from the low effectiveness of training and mastery of used vehicle appraisal techniques which has implications for the increase in the number of old stock and the decline in the company's operational efficiency. The research uses a descriptive qualitative approach with data collection techniques through observation, interviews, and documentation studies on employees and company management. The results of the study show that the human capital development strategy at Kalla Toyota Trust has included training, competency development, and career management, but the implementation has not been optimal in the field of implementation. The main inhibiting factors include the lack of post-training assistance and the lack of a measurable performance evaluation system. With the optimization of continuous training strategies and the improvement of competency-based work culture, the performance of Usedcar Advisor employees can be significantly improved
Copyright (c) 2026 Jedil, Akhmad, Rusydi https://creativecommons.org/licenses/by-sa/4.0
The Influence of Candidate Brand Personality and Islamic Marketing Concepts on Voting Behavior: Evidence from the Lampung Gubernatorial Election
Understanding voting behavior in contemporary local elections requires moving beyond conventional political analysis toward psychological and value-based perspectives. While prior political marketing studies primarily emphasize candidate image and campaign communication, limited research integrates candidate brand personality and Islamic marketing values within a unified framework to explain voter behavior in socio-religious contexts. This study aims to examine the influence of candidate Brand Personality and Political Party Image on voting intention in the Lampung Provincial Gubernatorial Election and to analyze the mediating role of party image. A quantitative explanatory design was employed using survey data collected from 110 millennial voters selected through purposive sampling. Data were analyzed using path analysis to evaluate direct and indirect relationships among variables. The findings indicate that Brand Personality has a positive and significant effect on voting intention, while Political Party Image also significantly influences voting intention. Brand Personality further exerts a strong effect on Political Party Image, confirming a perception transfer mechanism whereby voters generalize evaluations of candidates to the supporting political institution. Political Party Image acts as a partial mediator that strengthens the relationship between candidate personality and voting intention. The structural model demonstrates excellent goodness-of-fit, indicating strong explanatory capability. This study contributes to political marketing literature by introducing an integrative model combining candidate branding and Islamic marketing ethics in explaining local electoral behavior. The findings highlight the strategic importance of aligning candidate personal branding with party identity through consistent, ethical, and value-based political communication to enhance electoral competitiveness.
Copyright (c) 2026 Ujang Mahmud, Finny Ligery, Ahmad Mukhlishin, Muhammad Agus Mushodiq, Subandi https://creativecommons.org/licenses/by-sa/4.0
Green Human Resource Management Behavior from a Maqashid al-Shariah Perspective: Evidence from the Inspectorate of Central Lampung Regency, Indonesia
This study aims to analyze the influence of Green Human Resource Management (GHRM), Religiosity, and Organizational Commitment on Employee Green Behavior. The study uses a quantitative approach with a survey method, where data is collected through a questionnaire to 55 employees as respondents. The research instrument has met the validity and reliability test (Cronbach's Alpha > 0.60), then the data is analyzed using multiple linear regression. The results of the analysis showed that simultaneously GHRM, religiosity, and organizational commitment had a significant effect on the green behavior of employees. GHRM partially has a positive and significant effect on the green behavior of employees, while Religiosity and Organizational Commitment have no significant effect. These findings confirm that improving employees' green behavior is more effective through strengthening GHRM practices, such as green training, environmentally friendly work policies, environmental-based performance evaluation, and reward systems
Copyright (c) 2026 Endrie Sanjaya, Finny Ligery, Ahmad Muklisin https://creativecommons.org/licenses/by-sa/4.0
Credit Risk Management Analysis at PNM Mekar, Bumiratu Nuban District, Lampung Regency
This study aims to analyze the credit risk management strategies implemented by PNM Mekaar in Bumi Ratu Nuban District, Central Lampung Regency, and to examine their relevance to Islamic economic values. The background of this research stems from the high risk of non-performing loans (NPL) in microfinance institutions, which can potentially disrupt institutional stability and the sustainability of community empowerment programs. The study employs a descriptive qualitative approach, with data collected through in-depth interviews with management, field staff, and clients, supported by observation and documentation. The findings indicate that credit risk management strategies at PNM Mekaar are carried out through a group responsibility system, weekly monitoring, business mentoring, and credit restructuring for clients experiencing financial difficulties. These strategies are relatively effective in reducing non-performing loans, although challenges remain, including low financial literacy, limited field facilitators, and external economic factors. From the perspective of Islamic economics, these practices align with the concepts of dhaman jama’i (collective guarantee), hisbah (social oversight), al-amanah (trustworthiness), and the principle of leniency for debtors as prescribed in the Qur’an. The study concludes that credit risk management at PNM Mekaar not only serves to maintain institutional soundness but also reflects the values of justice, solidarity, and the objectives of maqashid sharia in protecting wealth (hifdz al-mal) and enhancing community welfare. These findings are expected to provide practical contributions for PNM Mekaar in strengthening risk mitigation strategies and academic contributions to the literature on credit risk management in microfinance institutions from an Islamic perspective
Copyright (c) 2026 Ainun Farichah, Finny Ligery, Ahmad Mukhlishin https://creativecommons.org/licenses/by-sa/4.0
The Effect of Additional Employee Income Allowance (TPP) and Islamic Organizational Culture on the Quality of Internal Services at Sub-District Offices in Tulang Bawang Regency
This study aims to analyze the effect of Additional Employee Income (TPP) and Islamic Organizational Culture on Internal Service Quality in sub-district offices throughout Tulang Bawang Regency. The background of this research is based on the importance of improving public service quality, which is determined not only by external services delivered to the community but also by the quality of internal services among employees within governmental organizations. The provision of TPP as a performance-based incentive instrument and the strengthening of Islamic organizational values are considered strategic factors in enhancing employees’ motivation, discipline, and professionalism. This research employed a quantitative approach using a survey method. The population consisted of all Civil Servants (ASN) in sub-district offices across Tulang Bawang Regency, with a sample size of 134 respondents using stratified sampling techniques. Data were collected through questionnaires using a Likert scale and analyzed using Structural Equation Modeling (SEM) with the Partial Least Square (PLS) approach. The results indicate that Additional Employee Income (TPP) has a positive and significant effect on Internal Service Quality. Likewise, Islamic Organizational Culture has a positive and significant influence on Internal Service Quality. These findings suggest that improving employee welfare through fair and performance-based financial incentives, combined with the internalization of Islamic values such as trustworthiness, honesty, responsibility, and professionalism, can significantly strengthen internal service quality within governmental organizations. This study implies that the synergy between material and non-material factors is essential for enhancing organizational performance and sustainable public service quality.
Copyright (c) 2026 Rizal Ferdiansyah, Finny Ligery, Muhamad Agus Mushodiq, Ahmad Muklisin, Muhammad Yusuf, Subandi https://creativecommons.org/licenses/by-sa/4.0
The Effect of Limited Time Offers and Platform Service Quality on Impulsive Buying Among E-Commerce Consumers in Indonesia With Paylater As a Moderating Variable
The rapid growth of e-commerce in Indonesia has led to the emergence of various digital marketing strategies that stimulate consumers’ impulsive buying behavior. This study examined the effects of limited time offers and platform service quality on impulsive buying among e-commerce consumers in Indonesia, with paylater as a moderating variable. It employed a quantitative approach. Research data were collected using an online survey method, in which questionnaires were distributed through social media. The collected data were analyzed using the Structural Equation Model (SEM) method with Amos 31 software. The results of this study indicate that limited time offers have a significant effect on impulsive buying. In contrast, platform service quality does not have a significant effect on impulsive buying. In addition, paylater has been shown to influence the relationship between limited time offers and platform service quality, as well as impulsive buying. This study contributes to the literature and has practical implications for e-commerce practitioners in developing digital marketing strategies.
Copyright (c) 2026 Nazmi Aulia Rachim, Sulhaini https://creativecommons.org/licenses/by-sa/4.0
The Influence of Service Quality and Customer Value on Customer Satisfaction at PT. KONSUIL Pringsewu Area from an Islamic Economics Perspective
The development of the electrical inspection service sector in Indonesia, particularly PT. KONSUIL as a Technical Inspection Institution issuing Electrical Operation Eligibility Certificates for electrical installations, still faces challenges in service aspects. This condition potentially reduces consumer value and user satisfaction, and creates inconsistency with Islamic economic principles. This study aims to analyze the influence of service quality and consumer value on customer satisfaction of PT. KONSUIL Pringsewu Area from an Islamic economics perspective. This research employs an explanatory quantitative approach using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The population consisted of housewives who used PT. KONSUIL services, totaling 257 individuals, with a sample of 155 respondents selected through purposive sampling based on the criteria of residing in Pringsewu and having used the service at least once. Data were collected through questionnaires. The findings indicate that service quality and consumer value have a positive and significant influence on customer satisfaction, both partially and simultaneously. These results emphasize the importance of integrating service quality and consumer value in building sustainable satisfaction. Strengthening the complaint handling system, fostering a culture of trustworthiness, and implementing service differentiation strategies are key factors in improving service quality and consumer value in accordance with Islamic economic principles.
Copyright (c) 2026 Suntiaji Yudho Negoro, Finny Ligery, Ahmad Muklisin, Subandi https://creativecommons.org/licenses/by-sa/4.0
Analysis Of Shariah Economic Value Implementation And Its Implications On The Local Economy Study Of Bumdes In Gedung Harapan Village, Penawar Aji, Tulang Bawang
This research is motivated by the transformation of BUMDes Mekar Gemilang which revitalized its governance by integrating sharia values after experiencing failure in its savings and loan unit. This study aims to analyze the implementation of sharia values in the aspects of institutional governance, financing, business activities, and profit distribution at BUMDes Mekar Gemilang, as well as its implications for the local economy in Gedung Harapan Village, Penawar Aji District, Tulang Bawang Regency. This research employs a qualitative method with a descriptive approach. Data collection techniques were carried out through in-depth interviews, observation, and documentation. To ensure data validity, this study used source triangulation and technique triangulation. Data analysis was conducted through data reduction, data display, and conclusion drawing. The results show that: first, the implementation of sharia economic values at BUMDes Mekar Gemilang is comprehensively applied in the institutional aspect through the principles of trust (amanah) and deliberation (syura), in the financing aspect through a riba-free system with prudent capital management, in the business activity aspect through catfish farming that meets the halalan thayyiban principle, and in the profit distribution aspect through justice ('adl) by implementing an agreed profit-sharing system and a 5% social program for the poor. Second, the implementation of these sharia values has positive implications for the local economy, namely increasing community income through opportunities to buy and sell fresh fish, as well as absorbing part-time workers from economically disadvantaged groups through an inclusive rotating harvest system. This study concludes that the consistent application of sharia values in BUMDes management can create transparent, accountable, and socially just governance while making a real contribution to improving the economic welfare of the people of Gedung Harapan Village.
Copyright (c) 2026 Muhammad Rizqi Muzakki, Didik Kusno Aji Nugroho, Ahmad Mukhlishin, Subandi https://creativecommons.org/licenses/by-sa/4.0
Fraud Awareness And Professional Skepticism In Detecting Fraud: Moderation Of Religiosity In Accounting Students
Fraud detection is a critical competence for accounting professionals in preventing financial irregularities. This study examines the influence of fraud awareness and professional skepticism on fraud detection ability, with religiosity as a moderating variable. Data were collected from accounting students in Lamongan who had completed auditing courses and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that fraud awareness and professional skepticism significantly improve fraud detection ability. Religiosity also has a significant effect and moderates the relationships among variables by weakening the effect of fraud awareness while strengthening the effect of professional skepticism on fraud detection ability. These findings highlight the importance of integrating cognitive competence, professional attitudes, and ethical values in accounting education.
Copyright (c) 2026 Happy Fitria A’ yuni https://creativecommons.org/licenses/by-sa/4.0
Love Of Money And Risk Tolerance On Investment Interest In The Digital Era With The Use Of Fintech As A Moderating Variable
The development of digital technology in the financial sector has significantly influenced people's behavior in conducting investment activities, particularly among university students. The accessibility of investment through financial technology (fintech) platforms enables individuals to invest more easily and efficiently. However, investment interest is not only influenced by technological advancements but also by psychological factors such as love of money and risk tolerance. This study aims to analyze the influence of love of money and risk tolerance on investment interest in the digital era with the utilization of fintech as a moderating variable among accounting students in Lamongan Regency. This research employed a quantitative approach using Structural Equation Modeling based on Partial Least Square (PLS-SEM) analyzed with the SmartPLS application. The results indicate that love of money, risk tolerance, and fintech utilization have a positive and significant effect on investment interest. Furthermore, fintech utilization is proven to moderate the relationship between love of money and investment interest as well as the relationship between risk tolerance and investment interest. These findings suggest that psychological factors and the utilization of financial technology play an important role in increasing students' investment interest in the digital era.
Copyright (c) 2026 Agus Nur Saputra, Isnaini Anniswati Rosyida, Dewi Khusmayasari https://creativecommons.org/licenses/by-sa/4.0
Strengthening Financial Working Capital through Fintech Platforms and Product Innovation via Digital Marketing in MSMEs
Micro, Small, and Medium Enterprises (MSMEs) play an important role in economic development; however, many still face challenges in accessing financial services and optimizing digital technology to strengthen their financial capacity. This study aims to analyze the influence of fintech platforms and product innovation on working capital, as well as the mediating role of digital marketing among MSMEs. The research employs a quantitative explanatory approach using survey data collected from 200 food and beverage MSMEs in Sidoarjo Regency, Indonesia. The sampling technique used is purposive sampling based on specific criteria related to fintech usage and digital marketing activities. Data were collected through structured questionnaires using a five-point Likert scale and analyzed using Structural Equation Modeling–Partial Least Square (SEM-PLS) with SmartPLS software. The results show that fintech platforms and product innovation have a positive and significant effect on working capital, while fintech also has a positive and significant influence on digital marketing. Product innovation has a significant but negative effect on digital marketing, and digital marketing shows a significant negative effect on working capital. Furthermore, digital marketing is proven to significantly mediate the relationship between fintech and working capital, but it does not mediate the relationship between product innovation and working capital. These findings indicate that fintech adoption plays a crucial role in strengthening MSMEs’ financial capacity both directly and indirectly through digital marketing activities. The study implies that integrating fintech utilization with digital marketing strategies can support MSME financial sustainability and market expansion. Policymakers and stakeholders are encouraged to enhance digital financial literacy, fintech accessibility, and digital marketing capability among MSMEs to strengthen their competitiveness in the digital economy. Future studies are recommended to include additional variables and broader sectors to further explore the role of digital transformation in MSME performance.
Copyright (c) 2026 Arbiya Magfiroh Rohmi, Sriyono, Muhammad Yani https://creativecommons.org/licenses/by-sa/4.0
International Franchise or Local Brand Management? A Comparative Analysis of Strategic Partnership Models for Three- and Four-Star Hotels in Indonesia
Purpose: This study aims to comparatively analyze the strategic partnership models of international franchising and local brand management contracts in three- and four-star hotels in Indonesia. The research seeks to examine which model provides greater strategic, financial, and operational advantages from the perspective of hotel owners. The study is guided by the assumption that different branding partnerships generate distinct implications for performance, cost structure, market positioning, and long-term sustainability. Methods: This research employs a qualitative comparative design. Data were collected through in-depth semi-structured interviews with hotel owners and executive managers of three- and four-star hotels operating under international franchise agreements and local brand management contracts in major Indonesian cities. The sampling technique used purposive sampling to ensure participants had direct decision-making authority regarding partnership selection. Data were analyzed using thematic analysis, involving coding, categorization, and cross-case comparison to identify patterns in strategic considerations, financial performance perceptions, brand leverage, operational autonomy, and contractual risk.Results: The findings reveal that international franchise models tend to provide stronger brand recognition, standardized operational systems, and broader access to global distribution networks, but involve higher fees and reduced managerial flexibility. Conversely, local brand management contracts offer greater operational autonomy, lower financial obligations, and better adaptation to domestic market characteristics, although brand equity and international market penetration are comparatively limited. The choice of partnership model is strongly influenced by ownership objectives, capital structure, target market segmentation, and long-term growth strategy.Implications: The study provides practical insights for hotel owners, investors, and policymakers in evaluating strategic partnership options within Indonesia’s mid-scale hospitality sector. The findings suggest that partnership decisions should align with the hotel’s strategic orientation, financial capacity, and competitive positioning. Future research is recommended to incorporate quantitative performance indicators and longitudinal analysis to measure the long-term financial and operational impact of each partnership model.
Copyright (c) 2026 Wala Erpurini, dino gustaf leonandri, nuralamsyah https://creativecommons.org/licenses/by-sa/4.0
The Contribution of Green Accounting and Green Tax to Tax Avoidance
This study aims to analyze the effect of green accounting and green tax on tax avoidance in energy companies within the coal subsector listed on the IDX during 2022-2024. The study used a quantitaive approach with pur[osive sampling techniques on 20 companies over 3 years. Data was obtained from sustainability and annual reports, then analyzed using multiple linear regression testing in SPSS. The result show that green accounting has a positive and significant effect on tax avoidance, while green tax has no significant effect. Simultaneously, both variables influence tax avoidance, indicating that the implementation of green accounting plays a role in tax avoidance strategies, whereas green tax has not yet been effective. The findings support legitimacy and stakeholder theories, which suggest that companies aim to maintain a sustainable image and manage their tax burdens. Therefore, to enhance the effectiveness of green fiscal policies in improving tax compliance, the government must reinforce environmental tax regulation and oversight. This study combines simultaneous green accounting and green tax analyses of tax avoidance in the energy sector, a previously rare approach in the context of Indonesian companies. Keywords: Green accounting, Green tax, Tax avoidance, Stakeholder Theory, Legitimacy Theory .
Copyright (c) 2026 Ahmad, Sri Luayyi, Muhammad Alfa Niam https://creativecommons.org/licenses/by-sa/4.0
The Effect of Poverty and Open Unemployment Rate on the Human Development Index in West Nusa Tenggara Province
This research aims to determine the effect of the Poverty Rate and Open Unemployment Rate (OUR) on the Human Development Index (HDI) in the NTB Province from 2010 to 2024. The research method used is a quantitative method with a causal approach (causality). The data analysis technique uses a multiple linear regression model with the help of SPSS software, accompanied by classical assumption tests and hypothesis tests. This study uses secondary data in the form of time series data with a period of 15 years, from 2010 to 2024. Data were obtained from official government agencies, specifically the Central Statistics Agency (BPS) of NTB Province. The research results show that partially, the Poverty Rate and the Open Unemployment Rate have a negative and significant impact on the HDI in the NTB Province. Simultaneously or together, these two variables also have a significant impact on the HDI in the NTB Province. To improve the welfare and quality of human development in a region, local governments must prioritize policies and programs that can reduce poverty and unemployment rates in order to encourage the increase of HDI in NTB Province.
Copyright (c) 2026 Baehaqi, Dea Triwahyu, Baiq Rizka Milania Ulfah https://creativecommons.org/licenses/by-sa/4.0
The Influence of Experiential Marketing on Consumer Satisfaction and Repurchase Intention at Warung Ayam Penyet Bang Amin
Consumer satisfaction is one of the main keys in a business, especially the culinary business. purpose: To determine the effect of experiential marketing on customer satisfaction at Warung Ayam Penyet Bang Amin. To determine the effect of experiential marketing on repeat purchase intention at Warung Ayam Penyet Bang Amin. Methods: The method used in this study is Structural Equation Modeling (SEM) using Partial Least Square (PLS) software. Structural Equation Modeling (SEM) is a set of statistical techniques that allows testing a series of relatively complex relationships that cannot be solved by linear regression equations (Statistical Tests). Results: The experiential marketing variable obtained a T-statistic value of 10.819> 1.96 with a P-value of 0.000. This means that experiential marketing has a significant effect on customer satisfaction, or H1 is accepted, The experiential marketing variable obtained a T-statistic value of 26.283> 1.96 with a P-value of 0.000. This means that experiential marketing has a significant effect on repurchase interest, or H2 is accepted. Implications: In growing a business, efforts to improve experiential marketing need to be carefully considered, in order to increase consumer satisfaction and repurchase interest.
Copyright (c) 2026 Romi Hamdani Siregar, Pristiyono, M. Irwansyah Hasibuan https://creativecommons.org/licenses/by-sa/4.0
Small Business Marketing Strategy : Increasing Product Competitiveness based Wisdom Local through Digital Marketing (MSMEs in Sungai Penuh City )
Micro, Small, and Medium Enterprises (MSMEs) in Sungai Banyak City, Jambi Province, play a crucial role in the local economy, particularly in the development of products based on local wisdom. These products, which include handicrafts, traditional foods, and traditional clothing, have significant potential but often struggle with marketing and competitiveness. In today's digital era, implementing digital marketing is an effective solution for increasing the competitiveness of MSME products, introducing them to a wider market, and strengthening local cultural identity. This study aims to analyze digital marketing strategies that MSMEs in Sungai Banyak City can implement to enhance the competitiveness of products based on local wisdom. The approach used is descriptive qualitative research, with data collection methods through in-depth interviews, field observations, and documentation studies. The results indicate that MSMEs in Sungai Banyak City have significant potential for developing products based on local wisdom, but are constrained by limited digital knowledge, technological infrastructure, and human resource skills in online marketing. Digital marketing training, the use of social media, and e-commerce optimization are some of the recommended strategies that can strengthen product competitiveness. This research also suggests the importance of collaboration with influencers and local communities, as well as government support, to overcome challenges and capitalize on opportunities in digitally marketing MSME products. It is hoped that this digital marketing strategy will increase the visibility, marketability, and competitiveness of MSME products based on local wisdom in Sungai Banyak City.
Copyright (c) 2026 Melifia Liantifa; Anggia Ayu Lestari https://creativecommons.org/licenses/by-sa/4.0
The Influence of Transformational Leadership, Work Motivation and Organizational Commitment on the Performance of State Junior High School Teachers in Jambi City
This study aims to analyze the influence of principals' transformational leadership on work motivation, organizational commitment, and teacher performance, as well as the influence of work motivation and organizational commitment on the performance of teachers at public junior high schools in Jambi City. This research employed a quantitative approach using a survey method. The population consisted of 217 teachers from four public junior high schools in Jambi City, selected using a purposive sampling technique. The data were analyzed using Structural Equation Modeling–Partial Least Square (SEM-PLS). The results indicate that transformational leadership has a significant effect on teachers' work motivation with a coefficient value of 0.498, a t-statistic of 6.152, and a p-value of 0.000. Transformational leadership also has a significant effect on teacher performance with a coefficient value of 0.156, a t-statistic of 2.186, and a p-value of 0.029. In addition, transformational leadership significantly affects organizational commitment with a coefficient value of 0.338, a t-statistic of 5.261, and a p-value of 0.000. Furthermore, work motivation has a significant effect on teacher performance with a coefficient value of 0.174, a t-statistic of 3.023, and a p-value of 0.003, and it also significantly affects organizational commitment with a coefficient value of 0.381, a t-statistic of 7.400, and a p-value of 0.000. Organizational commitment also has a significant effect on teacher performance with a coefficient value of 0.476, a t-statistic of 7.450, and a p-value of 0.000. The coefficient of determination (R²) shows that transformational leadership explains 24.8% of the variance in work motivation, 38.8% of organizational commitment, and 47.8% of teacher performance. The findings indicate that principals' transformational leadership plays an important role in improving teachers' work motivation, organizational commitment, and performance. In addition, work motivation and organizational commitment are proven to be important factors in enhancing teacher performance in public junior high schools in Jambi City.
Copyright (c) 2026 Dina Novita, Supian Ramli, K.A. Rahman https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Economic Digitalization On The Productivity Of Micro, Small, And Medium Enterprises (MSMES) In Palopo City
This study aims to analyze the influence of economic digitalization on the productivity of Micro, Small, and Medium Enterprises (MSMEs) in Palopo City. Digitalization includes the use of digital platforms.e-commerceand social media play a vital role in improving operational efficiency and expanding the market reach of MSMEs. Using quantitative methods and questionnaire data collection, this study involved 80 MSME respondents in Palopo. The analysis showed that the use of social media platformse-commerceand social media have a significant positive impact on MSME productivity. Furthermore, MSMEs that adopt digital technology have recorded increased turnover and operational efficiency, despite still facing obstacles such as low digital literacy and inadequate technological infrastructure. limited. The implications of research results regarding the influence of the platformecommerceand social media on the productivity of MSMEs in Palopo City shows that digital transformation is a crucial factor in increasing business competitiveness and efficiency.
Copyright (c) 2026 Nurul citra pratiwi, Antong, Muh Yusuf Q https://creativecommons.org/licenses/by-sa/4.0
The Impact of Improving Employee Skills and Knowledge Facing Digital Transformation at BSI Bank, Palopo City Branch
This study aims to analyze the influence of employee skills and knowledge on digital transformation at Bank Syariah Indonesia (BSI) Palopo City Branch. Digital transformation in the banking sector requires human resources who are capable of operating technology and adapting to new systems. The study used a quantitative approach, involving all 30 employees of BSI Palopo Branch as a sample through census sampling. Data were collected using a Likert-scale questionnaire and analyzed using multiple linear regression. The results showed that employee skills and knowledge have a positive and significant effect on digital transformation. Knowledge is the most dominant factor in supporting the success of service digitalization. These findings emphasize that improving competency and understanding of technology is essential to strengthen human resource readiness in facing digital changes in Islamic banking
Copyright (c) 2026 Gita Pratiwi Sultan, Altri Wahida, Jusman https://creativecommons.org/licenses/by-sa/4.0
Problems With The Use Of Waqf Land On The River Banks in Kumai District
This study aims to analyze the impact of river abrasion on the use of waqf land in the riverbank area of Kumai District, West Kotawaringin Regency. Waqf land in this region is vulnerable to environmental changes, especially river abrasion, which has the potential to threaten the physical existence and sustainability of social, religious, and educational functions. This research uses a qualitative method with a descriptive approach through case studies. Data collection was carried out through field observations, in-depth interviews with nazhir, mosque administrators, religious leaders, and the surrounding community, as well as documentation. The results of the study showed that river abrasion caused a shrinkage of waqf land from 40 × 40 meters to 35 × 40 meters. The impact can be seen in the damage to part of the mosque foundation, changes in the pattern and direction of building renovation, and the narrowing of the space of the Al-Qur'an Education Park (TPA) which has an impact on rearranging learning times. Nevertheless, the main function of waqf land as a means of worship, education, and social activities can still be maintained through various forms of adaptation carried out by the community and nazhir. This study also found that community participation and the role of nazhir are very decisive in maintaining the sustainability of waqf land utilization, although mitigation efforts are still limited. Therefore, integrated and adaptive waqf land management is needed by involving local governments and religious institutions to protect waqf assets from the threat of abrasion in a sustainable manner.
Copyright (c) 2026 Nur Aini, Rofi'i, Haidi Hajar Widagdo, Wahyu Akbar https://creativecommons.org/licenses/by-sa/4.0
The Influence of the Effectiveness of Local Revenue and Regional Expenditure Management on Regional Financial Independence with Economic Growth as a Moderating Variable (Study on Regencies/Cities in West Java Province for the 2020-2024 Period)
This article's main goal is to investigate how well local revenue works and how regional spending is managed, and how they affect financial independence in West Java's local areas, also considering how economic growth plays a moderating role in the regencies and cities. This research focuses on the 27 local governments, including regencies and cities, within West Java Province, covering a period from 2020 through 2024. This research uses a numerical method, specifically multiple linear regression, using information already gathered from sources such as the Budget Execution Report, the Statistics Indonesia, and West Java Open Data. The research indicates that when local revenue performs well, it greatly helps regional financial independence. However, the way regional spending is handled does not seem to affect financial independence in any noticeable way. The implication of this is that despite efforts to manage regional spending, it hasn't yet directly boosted the regions' financial independence. Moreover, the rate of economic growth does not change this connection, meaning it neither strengthens nor weakens it. The study points out that making local revenue work well is the most important thing for boosting financial independence for local governments in West Java.
Copyright (c) 2026 Repia Nirmala Putri, Raden Budi Hendaris https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Board Diversity And Green Intellectual Capital On Financial Sustainability With Csr As A Moderating Variable (Empirical Study On Energy Companies For The Period 2020-2024)
With corporate social responsibility (CSR) acting as a moderating variable, this study attempts to examine the impact of board diversity and green intellectual capital on financial sustainability. The growing need for sustainability and good corporate governance, especially in businesses in the energy industry, is what spurred this study. Using secondary data from the annual reports and sustainability reports of energy sector businesses listed on the Indonesia Stock Exchange between 2020 - 2024, the study takes a quantitative approach. Gender, age, and educational background variety are used to gauge board diversity. Moderated Regression Analysis (MRA) is used to investigate the moderating function of CSR, whereas multiple regression analysis is used to look at the direct effects among factors. The findings suggest that financial sustainability is influenced by board diversity and green intellectual capital. Additionally, CSR improves the connection between financial sustainability and green intellectual capital, but its moderating influence on board diversity yields contradictory findings. It is anticipated that this research will offer theoretical insights and useful recommendations for developing businesses long-term financial sustainability plans.
Copyright (c) 2026 ayu lestari, Siti Kustinah https://creativecommons.org/licenses/by-sa/4.0
A Maqashid Shariah Review of the Fish Feed Debt Practice at CV Surya Pelangi, East Lampung
This study aims to analyze the practice of fish feed debt transactions carried out by CV Surya Pelangi in East Lampung from the perspective of Maqashid Sharia. The debt system implemented by the company allows farmers to obtain feed on credit and make payments after harvest; however, the harvest must be sold back to the company at a price determined unilaterally. This condition is presumed to create an imbalance in economic relations and weaken the farmers’ bargaining position. This research uses a qualitative method with a case study approach. Data were collected through interviews, observations, and documentation, then analyzed descriptively through data reduction, data presentation, and conclusion drawing. The results of this study indicate that the practice of fish feed debt transactions at CV Surya Pelangi is carried out in a simple, flexible, and trust-based manner, without interest or collateral, using oral agreements supported by transparent administrative records. From the perspective of maqashid shari’ah, this practice reflects the principles of hifzh al-din, hifzh al-nafs, hifzh al-‘aql, hifzh al-nasl, and hifzh al-mal through fairness, transparency, and protection from usury and exploitation, although there are still weaknesses in the formal contract aspect and potential psychological pressure. The impacts are multidimensional, including improving access to capital and business sustainability, as well as strengthening social relationships, but also potentially creating economic vulnerability, thus requiring further refinement to optimize farmers’ welfare. This study concludes that the practice of fish feed debt at CV Surya Pelangi is conducted in a simple, flexible, and trust-based manner, with oral agreements and transparent record-keeping, without interest, penalties, or collateral. In general, this practice is in line with maqashid shari’ah principles as it is free from riba, gharar, and fraud, and has a positive impact on business sustainability and farmers’ social relationships. However, improvements are still needed, particularly in formalizing contracts to enhance legal certainty
Copyright (c) 2026 Rohmad Hidayatulloh, Finny Ligery, Ahmad Mukhlishin https://creativecommons.org/licenses/by-sa/4.0
The Relationship of Food Fiscal Spending to Food Security in the Maluku Islands and Its Implications for the Free Nutritious Meal Program
Food security is a fundamental issue in the development of archipelago regions that face limited access and distribution of food. This study analyzes the relationship between food fiscal spending and food security in Maluku Province and its implications for the Free Nutritious Meal Program (MBG). Data for the 2019–2024 period includes the realization of food spending by the central and regional governments as well as the Food Security Index (IKP) from eleven districts/cities in Maluku. The analysis was carried out descriptively and quantitatively using the Fixed Effect regression model in three regions with complete fiscal data (Ambon, Southeast Maluku, and Tual). The results show that food fiscal spending increased from IDR 58.30 billion (2019) to IDR 825.7 billion (2024) with an average growth of 9.99% per year, but the distribution is uneven and dominated by Ambon City. The average IKP increased from 57.69 (2019) to 63.26 (2023) and then decreased to 54.64 (2024). The data panel estimates showed a positive and significant relationship between fiscal expenditure and CPI (R² = 0.737; p < 0.01). The findings confirm that increasing public spending has not automatically strengthened food security without effective governance, spatial equity, and integration of MBG with local food systems
Copyright (c) 2026 Maryam Sangadji, Yusuf Wana Sanjaya, Mas Fadhil, Ali Tutupoho https://creativecommons.org/licenses/by-sa/4.0
Public Legitimacy of Management Dismissal Decisions in the Social Media Era: The Viral Case of “Anita Tumbler”
This study aims to analyze how digital public reactions play a role in shaping the social legitimacy of management decisions to terminate employees in the social media era, using the viral case study of "Anita Tumbler." This research starts from the assumption that the legitimacy of termination decisions is no longer solely determined by formal organizational procedures. Methods: this study used a qualitative approach through content analysis of comments from netizens on social media related to the case, as well as document analysis of the company's official response. Data were analyzed using NVivo 12 software to identify dominant themes, patterns of public reactions, and organizational legitimacy. Results: the results indicate that public reactions in the digital space were dominated by public anger, moral judgment, justification of punishment, and ridicule. These patterns collectively construct a normative narrative that legitimizes the termination decision as a socially acceptable action. The findings also reveal that the legitimacy of termination decisions is shaped by public opinion and emotional responses in the digital space rather than solely through legal grounds or formal procedures. Implications: this study emphasizes the importance of balancing the protection of employee freedom of expression with professional obligations in the use of social media. In the era of social media, HR is not only required to be able to respond to public pressure, but also to consider the proportionality of sanctions, the long-term impact on individuals, and justice mechanisms that protect both parties, namely the organization and the employees themselves.
Copyright (c) 2026 Afiah Mukhtar, Herenal , Rahmat, Masradin, Rif'ah https://creativecommons.org/licenses/by-sa/4.0
Relevance Net Income, Equity, Operating Cash Flow of Stock Prices Moderated Firm Size
This study aims to examine the value relevance of net income, book value of equity, and operating cash flow on stock prices of property sector companies listed on the Indonesia Stock Exchange, with firm size as a moderating variable. A quantitative method was used involving multiple linear regression and Moderated Regression Analysis (MRA). The study used secondary data derived from financial statements and stock price data of property sub-sector companies during the 2021–2024 period. Statistical analysis was conducted using SPSS software. The findings indicate that while net income and book value of equity lack significant impact, operating cash flow does positively and significantly impact stock price. Firm size moderates the relationship between book value of equity and stock prices by weakening this relationship. Operating cash flow has a positive and significant effect on stock prices of property sector companies listed on the Indonesia Stock Exchange during 2021–2024, while net income and book value of equity show no significant direct effect. Firm size weakens the relationship between book value of equity and stock prices, indicating that investors emphasize cash-based information in firm valuation. This study is limited to property sector companies and a specific post-pandemic period. This study contributes to value relevance literature by emphasizing the importance of operating cash flow information for investors in valuing property sector companies.
Copyright (c) 2026 Diah Maya, Putri Awalina, Miladiah Kusumaningarti https://creativecommons.org/licenses/by-sa/4.0
Seasonality, Tourist Attractions, Amenities, and Visit Intention: Insights from Bale Mangrove Ecotourism, Lombok
This study examines the effects of tourist attractions and amenities on visit intention and investigates the moderating role of seasonality in the context of Bale Mangrove Ecotourism, Lombok. Using a quantitative approach, data were collected from 160 domestic tourists and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that both tourist attractions and amenities have a positive and significant effect on visit intention, with amenities showing a stronger influence. This finding highlights the importance of functional facilities in supporting tourists’ confidence and willingness to visit nature-based destinations. However, seasonality does not significantly moderate the relationships between tourist attractions, amenities, and visit intention, suggesting that domestic tourists tend to adapt to seasonal conditions when making travel decisions. The proposed model demonstrates strong explanatory and predictive power, contributing to the application of the Theory of Planned Behavior in ecotourism contexts. Practically, the findings provide insights for destination managers to balance experiential attraction development with consistent amenity quality to enhance sustainable tourism growth.
Copyright (c) 2026 Muhammad Fatwa Zain, Ni Made Eka Mahadewi, Titien Damayanti https://creativecommons.org/licenses/by-sa/4.0
Determinants of Customer Satisfaction in Regional Culinary Businesses: Examining the Moderating Roles of Product Quality and Accessibility
This study examines the influence of facilities and infrastructure as well as location on customer satisfaction, with product quality and accessibility as moderating variables at Pondok Rumbia Restaurant, Sulawesi. Using a quantitative explanatory approach, data were collected from 100 customers through accidental sampling and analyzed using Partial Least Squares (PLS). The results reveal that facilities and infrastructure have a positive and significant effect on customer satisfaction, while location does not show a significant direct effect. Product quality significantly moderates the relationship between facilities and infrastructure and customer satisfaction, and accessibility moderates the relationship between location and customer satisfaction. These findings suggest that customer satisfaction is primarily driven by the quality of facilities, which is further strengthened by product quality and accessibility. Therefore, restaurant managers should integrate improvements in facilities, product quality, and ease of access to enhance overall customer satisfaction.
Copyright (c) 2026 Meista Bambang Wahyu Saputri, Nur Hidayati, Supriyanto https://creativecommons.org/licenses/by-sa/4.0
Locus of Control and Effectiveness of Bad Loans in Savings and Loan Co-operatives
This study examines the relationship between locus of control and the effectiveness of minimizing bad debt risk among employees of Savings and Loan Cooperatives in Kupang City. A qualitative descriptive method with a case study approach was used, analyzing and refining informants’ responses to explain causal relationships between variables.Findings reveal the presence of both internal and external locus of control in credit distribution practices at the Swastisari, Adiguna, and Serviam Cooperatives, which served as the research objects. Interpretations of locus of control varied among cooperatives. The results indicate that Swastisari and Adiguna tended to operate with a predominantly external locus of control, while Serviam showed stronger indications of an internal locus of control. Each cooperative applied its own strategies to maintain credit effectiveness. However, the research indicates that effectiveness was closely linked to the locus of control perspective, with indicators such as timeliness and efficiency reflecting this orientation. Variations in implementation outcomes were related to the specific methods employed to achieve performance targets.Overall, the study suggests that these locus of control patterns contribute to relatively low credit risk across all three cooperatives. Nevertheless, significant indications of credit risk were found only in the Serviam Cooperative.
Copyright (c) 2026 Antonius Yohanes William Timuneno, Maria Goreti Malut, Selfiana Goetha https://creativecommons.org/licenses/by-sa/4.0
Dividend Policy from the Perspective of Ownership and Governance: An Empirical Study in the Construction Sector
This study investigates the determinants of dividend policy from the perspective of ownership structure and corporate governance in the construction sector listed on the Indonesia Stock Exchange during 2018–2023. The research aims to analyze the effects of public ownership, debt policy, asset growth, and the proportion of independent commissioners on dividend policy. Employing a quantitative explanatory approach, the population consists of 29 construction companies, with purposive sampling resulting in 5 companies consistently distributing dividends over six years, yielding 30 observations. Data were collected through documentation of audited financial statements and analyzed using multiple regression with SPSS, including classical assumption tests. The results reveal that debt policy and asset growth have a significant negative effect, while independent commissioners have a significant positive effect on dividend policy. Public ownership does not significantly influence dividend policy. The study concludes that internal factors, especially capital structure and governance, are crucial in shaping dividend policy, while external factors remain a limitation. Future research should expand the sample and include macroeconomic variables for broader generalization
Copyright (c) 2026 Ryo Setyadi, Fitriasuri https://creativecommons.org/licenses/by-sa/4.0
The Effect of Leverage, Firm Size, and Transfer Pricing on Tax Planning in Energy Sector Companies Listed on the Indonesia Stock Exchange from 2022-2024
The purpose of this study is to examine the effect of leverage, firm size, and transfer pricing on tax planning in energy companies listed on the Indonesia Stock Exchange during the period 2022–2024. A quantitative approach using panel data regression analysis was used in this study. The regression model was selected through Chow tests, Hausman tests, and Lagrange Multiplier tests to determine the most appropriate model, with the results proving that the Random Effect Model (REM) was the most accurate model. Purposive sampling was used to obtain samples that met the research criteria during the observation period. The Effective Tax Rate (ETR) was used to measure tax planning. The results showed that tax planning was significantly influenced by leverage, with the Debt to Asset Ratio (DAR) as an indicator in the calculation, indicating that the company's funding structure through the use of debt could affect the company's tax management policy. Conversely, tax planning is not significantly influenced by firm size and transfer pricing. This situation is thought to be related to the existence of generally applicable tax regulations and strict fiscal supervision of taxation practices. The findings of this study indicate that corporate financing decisions play an important role in determining tax management strategies. This study provides empirical evidence that tax planning in Indonesian energy companies is more influenced by leverage than by firm size or transfer pricing.
Copyright (c) 2026 Siska Dwi Febriani, F Fauziyah, Puji Rahayu https://creativecommons.org/licenses/by-sa/4.0
The Role of CEO Education in Moderating the Influence of Financial Performance on Stock Returns in Financial Sector Companies Listed on the Indonesia Stock Exchange in 2022-2024
Stock return is one of the important indicators used to assess the success of an investment and describe the performance and prospects of a company. This study aims to analyze the effect of financial performance on stock return and also examine the extent to which CEO education can moderate this relationship among financial sector companies listed on the Indonesia Stock Exchange for the period 2022-2024. The approach used in this study is a quantitative method with panel data regression analysis techniques. Based on the Chow, Hausman, and Lagrange Multiplier tests, the most appropriate model is the Common Effect Model (CEM). Financial performance is measured using ROA, ROE, and DER, stock return is measured using the stock return formula with dividend distribution, and CEO education is measured using a dummy variable. The findings show that ROA, ROE, and DER have an effect on stock returns. In addition, CEO education does not show a significant effect in strengthening or weakening the relationship between independent and dependent variables. These results indicate that investors tend to pay more attention to information related to financial performance than to the educational background of CEOs when making investment decisions. Further research is recommended to extend the research period, increase the sample size, and include other variables that can provide a more comprehensive explanation of stock returns.
Copyright (c) 2026 Eka, Marhaendra Kusuma, Putri Awalina https://creativecommons.org/licenses/by-sa/4.0
The Role of Corporate Transparency in Moderating the Influence of Tax Planning and Tax Avoidance on Company Value in Energy Sector Companies Listed on the Indonesia Stock Exchange in 2022-2024
Company value is an important indicator in evaluating business performance and prospects, especially in the energy industry, which is known for its high risks and regulations. The purpose of this study is to investigate the impact of Tax Planning and Tax Avoidance on Company Value with Company Transparency acting as a moderating variable in energy sector companies listed on the Indonesia Stock Exchange for the period 2022-2024. The approach used in this study is quantitative with panel data regression. Based on the Chow, Hausman, and Lagrange Multiplier tests, the most appropriate model is the Random Effect Model (REM). Tax Planning is defined through the Tax Retention Rate (TRR), Tax Avoidance is measured using the Cash Effective Tax Rate (CETR), and Company Value is determined through the Price to Book Value (PBV). The findings of this study indicate that Tax Planning and Tax Avoidance do not have a significant effect on company value. Furthermore, Corporate Transparency is not effective in strengthening this relationship. Overall, these two independent variables also do not contribute significantly to Company Value. The results of this study indicate that tax management strategies are not yet a major factor influencing company value in the energy sector. For future research, it is recommended that the sample be expanded and additional variables be included to obtain more comprehensive results.
Copyright (c) 2026 Ayu Iga Wekasih, Imarotus Suaidah, F Fauziyah https://creativecommons.org/licenses/by-sa/4.0
International Business Strategy of Indonesian Ethnic Fast Food: A PESTLE Analysis for Ayam Geprek Sa’i Expansion into the United Arab Emirates
This research aims to analyze the macro-environmental factors of the United Arab Emirates (UAE) using the PESTLE framework to evaluate the expansion feasibility of PT Ukhuwah Berkah Semesta’s brand, Ayam Geprek Sa'i. Employing a qualitative descriptive research design with a strategic case study approach, the study retrieves high-fidelity secondary data from credible international instruments, including the World Bank’s World Governance Indicators and the Corruption Perceptions Index. The findings reveal that the UAE offers a highly stable political environment with exceptional government effectiveness and low corruption. Economically, the UAE is a mostly free market with high purchasing power and a robust network of over 20 Comprehensive Economic Partnership Agreements (CEPAs), including with Indonesia. While the technological infrastructure is world-class, social and legal factors require meticulous alignment due to collectivist cultural values and mandatory Halal standardization policies. The results suggest that Indonesian SMEs should adopt a transnational strategy, balancing global operational standards with high local responsiveness to religious norms. Future studies should move beyond macro-environmental scanning to conduct empirical consumer perception research to further refine menu localization for the UAE's diverse expatriate population.
Copyright (c) 2026 Gertha Maria Gultom, Bintang Corvi Diphda, Theofani Trudy, Talitha Salsabila Putri G, Putri Alyaa Safira, Yoga Ramadhani, Husniyatul Hafidzah https://creativecommons.org/licenses/by-sa/4.0
Analysis of Community Economic Empowerment through Village-Owned Enterprises in Bumi Merapi Village, Baradatu District, Way Kanan Regency
This study is motivated by the gap between the theoretical concepts of community economic empowerment and their implementation in the field through Village-Owned Enterprises (BUMDes). Although BUMDes Duta Merapi in Kampung Bumi Merapi, Baradatu District, Way Kanan Regency, has implemented various empowerment programs, unequal community participation, limited human resource capacity, and restricted access to information and capital have resulted in suboptimal empowerment outcomes. This study aims to analyze the process of community economic empowerment through BUMDes and to identify its supporting and inhibiting factors, including from the perspective of Islamic economics. This research employs a qualitative approach with a descriptive-evaluative design. Data were collected through observation, semi-structured interviews, and documentation involving informants consisting of the Village Head, BUMDes management, and community members who utilize BUMDes services. Data analysis was conducted inductively through the stages of data reduction, data display, and conclusion drawing, while data validity was ensured through source, technique, and time triangulation. The findings indicate that community empowerment is implemented through three main stages: awareness-building, capacity building, and resource utilization, followed by continuous evaluation. The results show that BUMDes Duta Merapi has improved community access to economic services, encouraged the emergence of new small businesses, and strengthened public trust in village institutions. The novelty of this study lies in the finding that empowerment effectiveness is not solely determined by economic and institutional aspects, but also by the quality of multi-channel communication, village leadership interaction, and the integration of Islamic ethical-spiritual values. Supporting factors include village government support, a clear organizational structure, and the use of digital media, while inhibiting factors include low digital literacy, limited human resource capacity, and uneven community participation. This study recommends strengthening strategic collaboration between BUMDes, local governments, Islamic financial institutions, as well as improving human resource capacity and optimizing marketing networks to enhance the sustainability of rural economic empowermen
Copyright (c) 2026 Nufi M Yusuf, Finny Ligery, M Agus Mushodiq https://creativecommons.org/licenses/by-sa/4.0
The The Effect Of Earnings Management On Financial Distress With Leverage As A Moderating Variable
The purpose of this study is to examine how leverage functions as a moderating variable in energy sector corporations between 2021 and 2024, as well as how earnings management affects financial distress. The urgency of this research stems from the significant volatility of the energy sector, which exposes enterprises to fluctuating cash flows, increasing financial strain and elevating the risk of financial distress, particularly in the post-pandemic period. This study employs a quantitative methodology with a causal-associative design, utilizing secondary data from the annual reports of companies listed on the Indonesia Stock Exchange. Purposive sampling was used to obtain 148 firm-year observations. The data were analyzed using multiple regression, simple linear regression, and moderated regression analysis (MRA). The results show that earnings management has a significant negative effect on financial distress, indicating that effective earnings management practices reduce the likelihood of financial distress. However, leverage is found to have no significant effect on financial distress, suggesting that the stable cash flows and strong asset structures of energy companies enable them to manage their debt levels effectively. Additionally, leverage does not moderate the relationship between earnings management and financial distress. These findings indicate that, in the energy sector, earnings management plays a more important role than leverage in reducing financial distress.
Copyright (c) 2026 Aisah, Fauziyah, Ahmad Yani https://creativecommons.org/licenses/by-sa/4.0
Audit Knowledge, Self-Efficacy, and Career Motivation on Career Interest as a Public Accountant with Job Market Perception as a Moderating Variable
Although public accountants play a strategic role in maintaining financial transparency in Indonesia, their number is limited to around 2000 active people in the middle of KAP increasing from 472 in 2023 to 500 in 2026. This study analyzes the influence of audit knowledge, self-efficacy, and career motivation on accounting students' interest in pursuing a career as a public accountant with job market perception as a moderator, using an associative quantitative approach and Partial Least Squares (PLS-SEM) survey method. The population of accounting students at private universities in Lamongan Regency taking auditing courses was purposively sampled as many as 108 students (minimum fifth semester) through a five-point Likert scale questionnaire analyzed with SmartPLS 4.0 including descriptive statistics, validity/reliability tests, and bootstrapping. The results show that career motivation has a significant effect on career interest (β=0.494, p=0.004, t=2.920), while audit knowledge (β=0.150, p=0.222), self-efficacy (β=0.159, p=0.329), job market perception (β=0.056, p=0.692), and the moderating effect is not significant, the model explains 76.4% of the variance (R²=0.764). Universities need to increase career motivation through special programs to encourage public accounting interest.
Copyright (c) 2026 Nur Khoirotun Nasihah, Isnaini Anniswati Rosyida, Masyhadi https://creativecommons.org/licenses/by-sa/4.0
Application of Government Accounting Standards and Internal Control System to the Quality of Local Government Financial Statements with Human Resources Quality as a Moderation Variable (case study on Bangkinang Hospital)
This study aims to determine the effect of the implementation of Government Accounting Standards, internal control systems, and the quality of human resources on the quality of financial statements at the Bangkinang Regional General Hospital (RSUD). Sampling was carried out using a saturated sampling method with a total of 38 respondents who were employees of the finance department of Bangkinang Hospital. The data used is primary data obtained through the distribution of questionnaires to respondents. Data was collected through a questionnaire and analyzed using the Partial Least Square (PLS) method. The results of the study show that the quality of human resources has a positive and significant effect on the quality of local government financial statements. Meanwhile, the implementation of Government Accounting Standards and Internal Control Systems does not have a significant direct effect on the quality of financial statements. The results of the moderation variable test showed that the quality of human resources was able to moderate the effect of the implementation of Government Accounting Standards on the quality of financial statements, but was unable to moderate the influence of the Internal Control System on the quality of financial statements. These findings indicate that the quality of local government financial statements is not only determined by the existence of standards and systems, but also depends on the competence of the apparatus as the main implementer of financial management. This research is expected to make a theoretical contribution to the development of public sector accounting studies and become a practical consideration for local governments in an effort to improve the quality of financial statements through strengthening the quality of human resources.
Copyright (c) 2026 Pirman Syah, Desti Monika Uli. S2, Dessy Kumala Dewi, Rani Munika, Helmiati https://creativecommons.org/licenses/by-sa/4.0
Stock Valuation of IDX ESG Leaders Constituents and Its Implications for Sustainable Economic Development in Indonesia (2020–2024)
This study assesses the fairness of stock prices for issuers that consistently remained constituents of the IDX ESG Leaders (ESGL) during 2020-2024 and examines indications of an ESG premium. The method applies relative valuation based on five-year averages of Price-to-Earnings (P/E) and Price-to-Book Value (P/B). Fair value is estimated as the five-year average P/E multiplied by the latest EPS and the five-year average P/B multiplied by the latest BVPS, then consolidated as the base scenario. The sample comprises 17 issuers with normalized official data. The results show that all issuers are classified as undervalued under the base scenario, indicating multiple compressions and no systematic ESG premium. The findings confirm the usefulness of a concise, transparent, and replicable five-year P/E-P/B framework, while highlighting the need to standardize ESG-financial linkages and strengthen historical multiple data infrastructure. ESG issuers contribute to structural transformation through energy efficiency, low-carbon innovation, and stronger governance that enhances competitiveness and attracts sustainable financing. This study is descriptive and point-in-time; further research is recommended to add non-ESG benchmarks, extend the horizon, and explore alternative multiples.
Copyright (c) 2026 Judandi Rizky Pratomo, Moh. Huzaini, Muhamad Bai’ul Hak https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Productive Zakat Fund Distribution On Improving Community Welfare Through Laz Dompet Dhuafa In Serang City
This study aims to analyze the influence of the distribution of productive zakat funds on improving community welfare through the Dompet Dhuafa Zakat Institution (LAZ) in Serang City. Zakat is not only understood as an individual religious obligation, but also as a socio-economic instrument that plays a role in equalizing welfare and alleviating poverty. The study uses a descriptive method with a qualitative approach through observation, interviews, and documentation techniques, and is analyzed using the stages of data reduction, data presentation, and conclusion verification. The results show that the distribution of productive zakat in the form of business capital, mentoring, and training can increase the economic capacity of mustahik, strengthen production assets, and foster the independence of micro-enterprises. In addition to its economic impact, productive zakat also fosters business ethics, financial discipline, and social solidarity among beneficiaries. Although limited funds cause assistance to be partial, the integration of non-zakat funding sources such as infaq and sadaqah is an effective strategy in expanding the program's reach. With planned and data-driven institutional management, productive zakat has been proven to contribute to the socio-economic transformation of mustahik from recipients to potential zakat givers, thus functioning as a holistic and sustainable development instrument.
Copyright (c) 2026 Sholahuddin, M. Sulaeman Jajuli https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Leadership And Work Conflict On The Performance Of Employees Of State-Owned Enterprises (Soes)
This study aims to analyze the influence of leadership and work conflict on the performance of employees of State-Owned Enterprises (SOEs). Using a quantitative approach with a survey method, this study involves employees of State-Owned Enterprises as a population. Data were collected through questionnaires and analyzed using multiple linear regression. The results of the study show that leadership has a positive and significant effect on employee performance, while work conflicts also have a significant influence on performance. Simultaneously, leadership and work conflicts affect employee performance. This research provides important implications for the management of State-Owned Enterprises in developing an effective leadership style and managing work conflicts constructively to improve organizational performance.
Copyright (c) 2026 Ventje Jeffry Kuhuparuw, Sherly Ferdinandus https://creativecommons.org/licenses/by-sa/4.0
The Effect of Obedience and Self-Efficacy Pressure on Audit Judgment with Religiosity as a Moderation Variable (Study at BPK Maluku Province)
This study aims to analyze the influence of obedience pressure and self-efficacy on audit judgment with religiosity as a moderation variable in auditors at the Maluku Provincial Financial Audit Agency (BPK). The phenomenon of weak audit judgment often arises due to high obedience pressure, low auditor self-efficacy, and lack of religiosity value in the professional decision-making process. This study uses a quantitative approach with a survey method. Data was collected through a questionnaire distributed to BPK auditors in Maluku Province, then analyzed using moderation regression. The results of the study are expected to strengthen the theory of audit judgment by showing that the pressure of obedience decreases the quality of audit judgment, while self-efficacy and religiosity strengthen the ethical decision of auditors. This research has implications for improving the development of ethics, religiosity, and professionalism of auditors within state financial audit institutions.
Copyright (c) 2026 Alexander Rivan Gaspersz, Dwi Haryanti, Paul Usmany https://creativecommons.org/licenses/by-sa/4.0
The Relationship between Sustainability Reporting, Corporate Governance, and Firm Value: The Mediating Role of Financial Performance in Food and Beverage Companies Listed on the Indonesia Stock Exchange
Purpose: This study examines the effect of sustainability reporting and corporate governance on firm value with financial performance as the mediator. Methods: The research sample consists of 45 data from 15 Food and Beverage companies listed on the Indonesian Stock Exchange (IDX) between 2022 and 2024. This study adopted a quantitative approach using secondary data from financial reports. Purposive sampling technique was used with Smart-PLS4 as the research statistical testing tool. Results: The test results show that sustainability reports (SR) have a positive and significant effect on firm value (Tobins’q), but do not significantly affect financial performance (ROA). Board meetings (BM), as a proxy for corporate governance, also have a positive and significant effect on firm value(Tobins’Q), but a negative and significant effect on financial performance (ROA). Financial performance (ROA) has a positive and significant effect on firm value (Tobins;Q) and is proven to significantly mediate the relationship between board meetings (BM) and firm value (Tobins’Q0, but does not significantly mediate the relationship between sustainability reports (SR) and firm value (Tobins’q). Implications: For companies, sustainability reports should be viewed as a transparent, long-term investment focused on tangible performance, supported by optimized board meetings and corporate governance. For investors, information on sustainability, governance, and financial performance is crucial for decision-making, while for regulators such as the Financial Services Authority (OJK), these findings serve as a basis for strengthening regulation, transparency, and market confidence.
Copyright (c) 2026 Nisa Fitriyani, Agus Sihono https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Principal Leadership In Improving Teacher Performance Through Motivation At Smpn Pasangkayu District
This study aims to analyze the influence of principal leadership on teacher performance through work motivation at public junior high schools in Pasangkayu Regency. The approach used was quantitative, with data collected through questionnaires distributed to 100 teachers from four schools: Public Junior High School 1 Pasangkayu, Public Junior High School 1 Bambalamotu, Public Junior High School 1 Bambaira, and Public Junior High School 4 Pasangkayu. Data analysis was conducted using the Structural Equation Modeling (SEM) method to test the direct and indirect effects between variables. The results of the study indicate that principal leadership has a positive and significant effect on teacher work motivation. Work motivation also has a positive and significant effect on teacher performance. Furthermore, principal leadership does not have a direct positive and significant effect on teacher performance, but it does have a positive and significant effect through work motivation as a mediating variable. These findings emphasize the importance of implementing a leadership style that supports, trains, and provides trust to teachers to improve their motivation and performance
Copyright (c) 2026 choiriah, Muhammad Rusydi, Ahmad AC https://creativecommons.org/licenses/by-sa/4.0
The Influence of Sharia Values on Sustainability Interest in Partnering in Sharia MLM
This study aims to formulate a comprehensive Sharia-based construction of multi-level marketing (MLM) systems grounded in halal products within the framework of Islamic economic law. Triggered by the rapid growth of the global halal economy and the massive expansion of MLM in Indonesia, the research responds to the tension between strong normative guidelines especially DSN-MUI Fatwa No. 75/DSN-MUI/VII/2009 on Sharia tiered direct selling and the frequent emergence of money game–like practices under Sharia labels. Using a qualitative normative-juridical approach and library research, this study analyzes primary sources (Qur’an, hadith, fiqh muamalah, DSN-MUI fatwa, and Indonesian MLM regulations) and secondary empirical studies on Sharia MLM cases such as PayTren, K-LINK Syariah, and Tiens Syariah. The analysis proceeds through normative-descriptive mapping of Sharia principles, structural comparison between the PLBS framework and actual MLM designs, critical assessment using usul al-fiqh and maqasid al-shariah, and constructive model building. The findings show, first, that DSN-MUI Fatwa No. 75/2009 already provides a robust normative framework that centers on real halal products, sales-based commissions, prohibition of pyramid schemes, price fairness, and ethical marketing. Second, there is a consistent gap between this framework and field practice: compensation systems still allow significant passive income for uplines without proportional sales effort, recruitment narratives overshadow genuine product distribution, and pricing and promotion patterns often verge on gharar, maysir, riba, and zulm. Third, empirical evidence indicates that substantive implementation of Sharia principles positively affects MLM performance, suggesting that rigorous compliance is commercially viable. The study concludes by proposing that a Sharia-compliant MLM system based on halal products must integrate three inseparable dimensions: a clear fiqh- and fatwa-based normative foundation, detailed operational design of network and compensation structures that structurally minimize exploitation, and effective governance and supervision to ensure ethical consistency at distributor level. This integrated construction is expected to serve as a normative and practical reference for regulators, Sharia boards, and halal-based MLM entrepreneurs
Copyright (c) 2026 Abdul Ghoni, Muhammad Sofwan Jauhari https://creativecommons.org/licenses/by-sa/4.0