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 Influence of Financial Decisions and Business Strategy on Company Value with Financial Performance as a Mediation Variable Please create a background
This study aims to analyze the effect of financial decisions and business strategy on firm value with financial performance as a mediating variable. The proposed hypotheses suggest that financial decisions and business strategy have both direct and indirect effects on firm value through financial performance. This research employs a quantitative approach with an explanatory design. The sample consists of companies listed on the Indonesia Stock Exchange during the 2020–2024 period, selected using purposive sampling. The data used are secondary data obtained from annual financial reports. The variables include financial decisions, business strategy, financial performance, and firm value. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results indicate that financial decisions and business strategy have a positive and significant effect on firm value. In addition, both variables positively influence financial performance. Financial performance also has a positive effect on firm value and partially mediates the relationship between financial decisions and business strategy on firm value. The implications suggest that integrating financial policies with business strategy is crucial for enhancing firm value. These findings provide practical insights for managerial decision-making and offer directions for future research to expand the model with additional variables or different contexts
Copyright (c) 2026 Hani Krisnawati, Y. Sutomor, Sukirman, Muhammad Nurul Anwar https://creativecommons.org/licenses/by-sa/4.0
Analysis of Islamic Bank Performance Through Evaluation Maqasid Syariah Index (Comparative Study of Bank Muamalat and Bank Syariah Indonesia for the 2021-2025 Period)
This study aim for analyze and compare performance of Bank Muamalat Indonesia and Bank Syariah Indonesia using Maqasid Syariah Index (MSI) approach during 2021–2025 period. Research This based on measurement performance Islamic banking in Indonesia which is still dominated by indicators finance conventional so that not yet fully reflect Sharia objectives and values. The study used a quantitative approach with descriptive-comparative and inferential methods. The data used were secondary data obtained from the annual financial statements and annual reports of Bank Muamalat Indonesia and Bank Syariah Indonesia for the 2021–2025 period. The Maqasid Syariah Index was calculated using the Simple Additive Weighting (SAW) method based on three dimensions of Abu Zahrah's maqasid syariah, namely tahdzib al-fard (educating individuals), iqamah al-'adl (upholding justice), and jalb al-maslahah (realizing benefits). Data analysis techniques included trend analysis, descriptive statistics, normality tests using the Shapiro-Wilk test, and difference tests using the Independent Sample t-test. The results showed that the performance of Bank Syariah Indonesia tended to be more stable despite fluctuations during the study period, while Bank Muamalat Indonesia showed higher fluctuations in the MSI value. The results of the difference test indicate that there is no significant difference between the performance of the Maqasid Syariah Index of Bank Muamalat Indonesia and Bank Syariah Indonesia with a significance value of. 771 (p >.05). This finding indicates that differences in asset scale, service network, and institutional characteristics do not directly determine the success of achieving the maqasid syariah. This study provides implications that the Maqasid Syariah Index can be used as an alternative measurement of Islamic bank performance that is more comprehensive than conventional financial indicators because it is able to assess aspects of justice, welfare, and social function of Islamic banking.
Copyright (c) 2026 Suraya, Abdullah Ahadish Shamad Muis https://creativecommons.org/licenses/by-sa/4.0
Earning Persistence Moderates the Influence of Corporate Social Responsibility, Conservative Accounting, and Growth Opportunity on Earnings Response Coefficient
This study aims to analyze Purpose: the influence of Corporate Social Responsibility (CSR), accounting conservatism, and growth opportunity on the Earnings Response Coefficient (ERC), with earnings persistence as a moderating variable, in IDX80-listed companies over the 2021–2024 period. Methods: This research employs a quantitative approach using secondary data drawn from annual reports published on the official website of the Indonesia Stock Exchange (IDX). A purposive sampling technique yielded 42 companies and 168 firm-year observations. Data were analyzed using panel data regression, with model selection determined through the Chow Test, Hausman Test, and Lagrange Multiplier Test, followed by descriptive statistics, classical assumption tests, multiple linear regression, the F-test, the t-test, and Moderated Regression Analysis (MRA). Results: The results show that CSR and accounting conservatism do not significantly affect ERC, while growth opportunity has a significant effect on ERC; furthermore, earnings persistence moderates the relationship between CSR and ERC as well as between growth opportunity and ERC, but does not moderate the relationship between accounting conservatism and ERC. Implications: These findings imply that investors and analysts evaluating IDX80 firms should weigh growth opportunity and the persistence of reported earnings when interpreting earnings information, rather than relying on CSR disclosure or conservatism alone as signals of earnings quality, while for management and regulators they highlight that the market value of CSR initiatives may depend on the firm’s underlying earnings stability. Future research could extend the observation period, broaden the sample beyond IDX80, incorporate alternative measures of CSR, or test other potential moderating and mediating variables to deepen understanding of the determinants of the earnings response in the Indonesian capital market.
Copyright (c) 2026 Muhammad Ridho, Nofryanti, Holiawati https://creativecommons.org/licenses/by-sa/4.0
Implementation of Consumer Warranty Rights by Mobile Phone Service Business Actors Maslahah Mursalah Perspective and Law No. 8 of 1999 concerning Consumer Protection (Case Study in Gunung Tua, North Padang Lawas Regency)
This study aims to analyze the implementation of consumer warranty rights in mobile phone service services and assess its conformity with applicable legal provisions and review the practice from the perspective of maslahah mursalah. The problems studied focus on the gap between legal norms and practices in the field related to the provision of guarantees by business actors. The method used is empirical legal research with a qualitative approach through interviews and literature studies. The results of the study show that the implementation of the warranty has not been running optimally. Some business actors have provided guarantees both in writing and verbally. However, there are still business actors who have not provided any warranty This condition causes consumer rights to not be fulfilled and causes legal uncertainty. Based on Law Number 8 of 1999 concerning Consumer Protection, this practice has not fulfilled the obligations of business actors. From the perspective of maslahah mursalah, this condition does not reflect the principle of benefit because it has not been able to provide protection and prevent losses for consumers. This study concludes that the implementation of the warranty has not reflected legal certainty, justice, and optimal utility. Therefore, a mandatory policy is needed for business actors to provide guarantees to consumers as a form of responsibility for the services provided and to realize more effective consumer protection.
Copyright (c) 2026 Bintang Sri Bulan, Fatimah Zahara https://creativecommons.org/licenses/by-sa/4.0
A Sharia-Compliant Digital Accounting Information System Model: Design, Implementation, and Implications for Islamic Financial Practices
This study aims to develop a Sharia-Compliant Digital Accounting Information System (SCDAIS) model that integrates digital accounting technologies with Islamic accounting principles, Sharia governance, and ethical objectives. Using a qualitative approach grounded in the interpretive paradigm, the research adopts a multi-sited ethnographic orientation to explore how digital accounting systems are conceptualized and practiced across Islamic financial institutions, including Islamic banks, fintech platforms, zakat and waqf institutions, and regulatory environments. Data were collected through participant observation, in-depth interviews with 12–15 key informants, and document analysis, and analyzed using thematic analysis guided by thick description. The findings reveal that digital accounting systems in Islamic contexts operate as socio-technical and socio-religious constructs shaped by institutional values, technological capabilities, and interpretations of Sharia principles. Five core dimensions of SCDAIS were identified: digital infrastructure, accounting system core, Sharia compliance mechanisms, governance structures, and maqasid al-shariah-oriented outcomes. The study highlights that digital technologies are inherently value-neutral and require intentional embedding of Sharia principles within system architecture to ensure compliance. Furthermore, human interpretation remains essential in addressing complex financial practices that cannot be fully automated. The proposed SCDAIS model contributes to the literature by offering an integrative framework that bridges technology, accounting, and Islamic ethics. Practically, the findings provide guidance for developing ethical, transparent, and accountable digital accounting systems that support sustainable Islamic financial practices in the digital economy.
Copyright (c) 2026 Andi Riska Andreani Syafaruddin, Alimuddin, Syarifuddin https://creativecommons.org/licenses/by-sa/4.0
Accountability Dilemma, Burnout, and Coping Mechanisms Among Working Accounting Postgraduate Students: A Phenomenological Study
This study aims to explore and construct the lived experiences of accounting postgraduate students who simultaneously engage in full-time employment, focusing on accountability dilemmas, burnout, and coping mechanisms. Using an interpretive paradigm and a phenomenological approach, this research captures the subjective experiences of seven informants through in-depth interviews. Data were analyzed using thematic phenomenological analysis to uncover the essential meanings (eidos) underlying participants’ experiences. The findings reveal that working postgraduate students experience dual-role conflicts characterized by time fragmentation, competing priorities, and overlapping accountability demands between academic and professional environments. Accountability is not merely perceived as a formal obligation but evolves into a moral responsibility, intensifying internal pressure to maintain performance in both domains. This condition leads to multidimensional burnout, including emotional exhaustion, mental fatigue, and physical strain, often manifesting as invisible suffering. Furthermore, the study identifies a tendency toward toxic productivity, where individuals persistently sustain performance despite declining well-being. To cope with these pressures, participants develop diverse coping strategies, including structured time management, social adjustment, emotional regulation, and meaning-focused coping grounded in spiritual values. These strategies function not only as stress management tools but also as mechanisms for sustaining resilience and negotiating personal meaning. The study concludes that the experience of working while studying represents an ongoing existential negotiation between responsibility, identity, and self-preservation within competing institutional demands.
Copyright (c) 2026 Yayah Maudy Limbangtasi, Syafika Marzuka, Ulfa Melati, Syarifuddin https://creativecommons.org/licenses/by-sa/4.0
The Issue of Honorarium for Temporary Teachers from the Perspective of the Ijarah Contract and Islamic Economic Justice: A Literature Review
This study aims to analyze the phenomenon of low wages for contract teachers from the perspective of the ijarah contract and Islamic economic distributive justice, as well as to identify forms of structural injustice within the education system. The study employs a qualitative approach using a literature review. The data sources consist of 40 scientific articles obtained from the Google Scholar, Sinta, and DOAJ databases, focusing on the welfare of honorary teachers, remuneration, the ijarah contract, and distributive justice. Data collection was conducted through systematic literature review, while data analysis employed content analysis with a descriptive-analytical approach, following the stages of data reduction, data presentation, and drawing conclusions. The results indicate that the low ujrah for contract teachers not only impacts their economic well-being but also has the potential to affect the overall quality of education. In many cases, the practice of paying honoraria to contract teachers has not fully aligned with the principles of the ijarah contract, particularly regarding aspects of justice, wage adequacy, and the principle of taradhi. Furthermore, the distribution of welfare within the education system reveals disparities between civil servant (ASN) and non-ASN teachers, reflecting the suboptimal implementation of distributive justice. The implications of this study underscore the importance of reformulating wage policies and labor protections for honorary teachers that are fairer, more proportional, and in line with Islamic economic principles to support teachers’ welfare and improve the quality of education.
Copyright (c) 2026 Siti Alfia -, Tri Hidayati https://creativecommons.org/licenses/by-sa/4.0
The The Influence of Domestic and Global Factors on Inflation in Indonesia: Augmented Vitaliano Model with ECM Approach
This study aims to analyze the influence of domestic and global factors on inflation in Indonesia using the Augmented Vitaliano Model. The variables analyzed include domestic factors represented by the money supply (M2), real Gross Domestic Product (GDP), government spending, and global variables represented by world oil prices, and exchange rates. This study uses a quantitative approach with time series data and the Error Correction Model (ECM) method. The results of the study show that all variables become stationary at the first differentiation and have a long-term equilibrium relationship. The regression results show that world oil prices have a positive and significant effect on inflation, while the money supply, real GDP, government spending, and exchange rates have no significant effect partially. However, simultaneously all variables affect inflation. A negative and significant Error Correction Term (ECT) value indicates the existence of an adjustment mechanism from short-term imbalance to long-term equilibrium, with an adjustment rate of 137.69% per quarter, which means that the adjustment process takes place very quickly, which is less than 1 quarter or in 65 days to return to long-term equilibrium. These findings show that inflation dynamics in Indonesia are influenced by domestic economic conditions as well as fluctuations in global energy prices. Therefore, the formulation of inflation control policies needs to consider global economic developments. Further research is suggested to add other macroeconomic variables as well as use longer data periods. Keywords: inflation, domestic factors, global factors, ECM, Indonesia
Copyright (c) 2026 wahyu fitrah, Ida Ayu Putri Suprapti https://creativecommons.org/licenses/by-sa/4.0
Productive Zakat And Its Implications For Improving Mustahik Welfare
This study aims to analyze the concept, implementation forms, implications, and factors influencing the effectiveness of productive zakat in improving the welfare of those entitled to receive it. Productive zakat is viewed as a Sharia-based economic empowerment instrument that focuses not only on consumer assistance but also on creating sustainable income sources through business capital, training, and mentoring. This study used a literature review approach, examining various scientific journals discussing the implementation of productive zakat in zakat management institutions such as BAZNAS and LAZ in Indonesia. The analysis was conducted using content analysis and thematic synthesis techniques to identify implementation patterns, impacts, and supporting factors for the program's success. The study results indicate that productive zakat has significant implications for increasing mustahik's income, the sustainability of micro-enterprises, family economic stability, and improving quality of life. Furthermore, productive zakat also has broader socio-economic impacts, such as local business growth and employment. Program effectiveness is influenced by the professionalism of zakat institution management, the accuracy of mustahik selection, the quality of business mentoring and training, ongoing monitoring, and the motivation and readiness of mustahik to develop their businesses. With integrated management, productive zakat has great potential as a poverty alleviation strategy based on sustainable and socially just sharia economics.
Copyright (c) 2026 MHD. Nanang Hidayat, M.Ilham, Muhammad Fakhri Khairi, Khoiruddin https://creativecommons.org/licenses/by-sa/4.0
The Role Of Trust And Transparency In Forming Shariah Bank Customer Loyalty
The purpose of this study is to analyze the role of trust and transparency in shaping Sharia bank customer loyalty. The method used is a literature review, examining various scientific sources, including journals, books, and publications relevant to the research topic. The data used is secondary data, analyzed descriptively and qualitatively through a process of reduction, presentation, and conclusion drawing. The results indicate that trust is a fundamental factor influencing customer loyalty because it reflects customer confidence in the integrity, security, and compliance of bank operations with Sharia principles. Meanwhile, transparency plays a crucial role in building and strengthening trust through information disclosure, clear contracts, and honest and accountable communication. Good transparency can increase customer understanding and comfort, thus encouraging the formation of long-term relationships. Trust and transparency are interconnected and simultaneously influence customer loyalty. Transparency is the foundation for building trust, while trust strengthens loyalty by increasing customer commitment and retention. However, challenges remain in its implementation, such as a lack of information transparency and suboptimal levels of customer trust. Therefore, integrating trust and transparency is key to increasing customer loyalty in Islamic banks. Therefore, a sustainable strategy is needed to improve both aspects to support the development of the Islamic banking industry.
Copyright (c) 2026 Nurhayati https://creativecommons.org/licenses/by-sa/4.0
The Production and Carbon Emission Efficiency Analysis of the Manufacturing Sector across Six Provinces in Java: An SBM Approach (2018–2022)
Objective: This study aims to estimate green efficiency levels in the manufacturing sector across six provinces on Java Island and to identify benchmarks for environmentally friendly industrial governance policies, both spatially and temporally. Methods: A quantitative-descriptive approach was employed, utilizing input-oriented Slack-Based Measure Data Envelopment Analysis (SBM-DEA) modeling under the assumption of Variable Returns to Scale (VRS). The geographical scope covers six provinces on Java Island (Banten, DKI Jakarta, West Java, Central Java, DI Yogyakarta, and East Java) over the 2018–2022 observation period. Input variables include capital, labor, and fossil energy consumption, while output variables consist of industrial GDP (desirable output) and carbon dioxide (CO2) emissions as a negative environmental residual effect (undesirable output). Data were gathered from secondary reports by Statistics Indonesia (BPS) and the Ministry of Energy and Mineral Resources (ESDM). Results: The findings reveal a stark dichotomy in efficiency performance. Banten, DKI Jakarta, West Java, and DI Yogyakarta consistently maintained perfect efficiency status (a score of 1.0000) throughout the observation period. Conversely, Central Java (average 0.8556) and East Java (average 0.7034) experienced persistent green inefficiency due to excessive emissions (slacks) and energy input wastage. Benchmark analysis (Lambda) revealed dynamic shifts: Central Java was self-efficient during the pandemic but saw a decline post-pandemic in 2022, whereas East Java’s reference point for improvement shifted entirely from DI Yogyakarta (2018) toward the low-carbon technology characteristics of DKI Jakarta and West Java (2020–2022), with contribution weights exceeding 60%. Implications: The findings highlight the need for regional authorities in Central and East Java to move away from "business-as-usual" policies. Concrete policy interventions are recommended, including the implementation of mandatory energy audits for the heavy industry sector, the provision of green fiscal incentives, and the standardization of integrated industrial zones (eco-industrial parks) modeled after the West Java clusters. Future studies should expand the scope of analysis by utilizing firm-level data and incorporating other environmental pollutants, such as liquid waste and SOx/NOx emissions.
Copyright (c) 2026 Nadillah Lilhidayah, Deni Kusumawardani https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Work Ethos, Work Ethics, And Employee Loyalty On Employee Productivity The Sofa Industry In Tarub District, Tegal Regency
Employees play a crucial role in the production process and the sustainability of a business; employee productivity generates output in the form of goods and services. High-quality human resources lead to increased employee productivity, and vice versa. The purpose of this study is to analyze the decline in employee productivity in the sofa industry in Tarub Subdistrict, Tegal Regency, Central Java, and the factors influencing it. Methods: This is a quantitative study using numerical data. The sampling technique employed was random sampling. The population and sample consisted of 77 employees in the sofa industry in Tarub Subdistrict, Tegal Regency. Primary data were obtained through interviews with respondents and a questionnaire technique, which involved providing respondents with a set of written statements to be answered using a Likert scale. The collected primary data were tested for validity and reliability of the research instrument using SPSS 25. This was followed by data processing and analysis, including assumption testing (covering normality, heteroscedasticity, and multicollinearity tests) and multiple linear regression analysis. Finally, hypothesis testing was conducted to obtain t-test results, F-test results, and the coefficient of determination. Results: The t-test for the Work Ethic variable shows a positive effect on Employee Productivity (3.395 > 1.666 and p-value 0.000 ≤ 0.05), meaning Hypothesis 1 is “accepted.”; The Work Ethic variable has a positive effect on Employee Productivity (12.300 > 1.666 and p-value 0.000 ≤ 0.05), meaning Hypothesis 2 is “accepted.” The Employee Loyalty variable has a positive effect on Employee Productivity (4.373 > 1.666 and p-value 0.000 ≤ 0.05), meaning Hypothesis 3 is “accepted”. All three variables have a simultaneous effect on Employee Productivity (62.113 > 2.730 and sig. 0.000 ≤ 0.05), meaning Hypothesis 4 is “accepted,” supported by the coefficient of determination indicating that the three variables contribute 70.7% to employee productivity.
Copyright (c) 2026 agil maulana, Maulana Agil Sumawang https://creativecommons.org/licenses/by-sa/4.0
Analysis of Compliance in Submitting Accountability Reports of Work Unit Treasurers in Central Sulawesi Province
Compliance with the submission of Accountability Reports (LPJ) by work unit treasurers is an important indicator in supporting the accountability of state financial management. However, in practice, repeated delays in submitting LPJs are still found. This study aims to analyze the level of compliance in submitting LPJs and identify patterns and causes of delays based on administrative documents. This study uses a descriptive quantitative approach with content analysis techniques on the Office Notes extending the deadline for submitting LPJs by work unit treasurers in Central Sulawesi Province for the period January–June 2025. The unit of analysis for this study is the statement of reasons for delays listed in the Office Notes. Data were analyzed through coding, frequency calculation, and percentage presentation. The results show that delays in submitting LPJs occurred in every month of observation, indicating a suboptimal level of compliance with reporting time. Quantitatively, administrative factors were the most dominant cause of delays at 57.1%, followed by technical factors at 28.6% and operational factors at 14.3%. In addition, a shift in the causes of delays between periods was found, where at the beginning of the budget year delays were dominated by administrative factors, while in subsequent periods they began to be influenced by technical and operational factors. This study confirms that delays in submitting the LPJ are influenced by the interaction between internal administrative capacity and the stability of the reporting support system.
Copyright (c) 2026 Khairunnisa, Muhammad Din, Sugianto, Masruddin https://creativecommons.org/licenses/by-sa/4.0
A Livestock-Based Circular Economy Model Within the Framework of Islamic Economic Development
This article aims to formulate and thoroughly elaborate on a conceptual model of a circular economy in the livestock sector, holistically integrated with the fundamental principles of Islamic economics. Using a qualitative literature review methodology and an analytical-synthesis approach, this research examines the synergy between the core principles of the circular economy—such as reduce, reuse, recycle—and the noble values of Islamic economics, including the trusteeship of khalifah fil ardh (stewardship on Earth), the strict prohibition against wastefulness (israf), and the pursuit of Maqasid al-Shariah (the essential objectives of Islamic law). The result of this analysis is a zero-waste integrated farming model, where every output stream, including those previously considered waste, is transformed into a valuable productive input. The proposed model not only offers a technical solution for environmental sustainability and resource efficiency but also inherently integrates Islamic financial and social instruments like Musharakah, Productive Waqf, and Zakat to realize distributive justice and achieve falah (holistic well-being). Thus, this model provides a comprehensive framework for the development of the livestock sector that is not only ecologically and economically sustainable but also deeply rooted in the ethical and spiritual foundations of Islam.
Copyright (c) 2026 Aminata Sukriya, Anita Sari, St Chadijah, Fasiha https://creativecommons.org/licenses/by-sa/4.0
The Influence of @tmghoteljakarta's Instagram Digital Marketing Content on Building Brand Awareness and Online Booking Decisions (Case Study: TMG Hotel Tebet, Marclan Collection, Jakarta)
The purpose of this research is to analyze the influence of Instagram digital marketing content on brand awareness and its implications for online booking decisions at TMG Hotel Tebet. The research employs a quantitative approach using a survey method involving 158 hotel guests who have previously made an online booking and viewed the Instagram content of @tmghoteljakarta. Data were collected through a questionnaire using a five-point Likert scale as the research instrument. The data were analyzed using Partial Least Squares–based Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS software. The results indicate that Instagram digital marketing content has a positive and significant effect on brand awareness, with a path coefficient of 0.522 (T-statistics = 9.152; p < 0.05). Furthermore, digital marketing content also has a positive and significant effect on online booking decisions. The coefficient of determination (R²) value of 0.272 shows that digital marketing and brand awareness explain 27.2% of the variance in online booking decisions. These findings confirm that optimizing informative, engaging, and consistent Instagram content can be an effective strategy to build brand awareness and simultaneously encourage online room booking conversions in the hospitality industry.
Copyright (c) 2026 Erika Munandari, Vidya Kusumawardani, Danang Trijayanto https://creativecommons.org/licenses/by-sa/4.0
The Effect of Operating Cash Flow on Earnings Quality: The Moderating Role of Leverage in Indonesian Industrial Sector Firms
This study examines the direct effect of operating cash flow on earnings quality and evaluates the moderating role of leverage in industrial sector companies listed on the Indonesia Stock Exchange during the post-pandemic recovery period of 2022-2025. Employing a quantitative explanatory design, secondary data were gathered from audited annual financial statements of 41 firms selected through purposive sampling, yielding 164 firm-year observations. Earnings quality was measured as an inverse proxy via the absolute value of discretionary accruals (ABSDA) using the Modified Jones Model. Due to significant heteroskedasticity violations in the diagnostic phase, the model was estimated using Robust Standard Errors with the HC3 estimator. The empirical results demonstrate that operating cash flow does not significantly affect earnings quality. This indicates that operational cash metrics during this transitional timeline were driven by defensive liquidity survival rather than financial report modification. Furthermore, leverage fails to moderate the relationship, as stringent debt covenants independently restrict interactive accrual manipulation. Conversely, firm size exhibits a significant negative effect on ABSDA, confirming that a larger corporate scale is associated with superior earnings quality due to heightened public scrutiny and robust internal controls. These findings suggest that capital market participants should prioritize corporate scale over isolated cash metrics when assessing financial reporting integrity.
Copyright (c) 2026 Sulton Afzani, Eni Srihastuti, Agus Athori https://creativecommons.org/licenses/by-sa/4.0
The Role of Culture in Moderating the Influence of Financial Literacy and the Performance of SMEs in North Toraja Regency
This research aims to analyze and determine the role of culture in moderating the influence of financial literacy on SME performance. This research uses a quantitative approach. The objects studied were SME owners in Toraja Regency. Data was obtained through a survey with an instrument, namely a questionnaire and the sampling method used was the simple random sampling method. The results of the research conclude that financial literacy has a significant effect on the performance of North Toraja Regency MSMEs and culture can moderate the influence of financial literacy on the performance of North Toraja Regency SMEs.
Copyright (c) 2026 Stefani Marina Palimbong, Mince Batara https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Role of Input Markets and Output Markets in Increasing Productivity, Competitiveness, and Economic Welfare: Perspectives of Conventional Economics and Islamic Economics.
The input market and the output market are two fundamental elements in the economic system that play an important role in determining the level of productivity, competitiveness, and economic welfare. The input market provides various factors of production, such as labor, capital, land, and entrepreneurship needed in the production process, while the output market is a means of distributing goods and services to consumers. In the conventional economy, market efficiency is the main factor in optimizing the allocation of resources to achieve economic growth and community welfare. Meanwhile, Islamic economics not only emphasizes efficiency, but also prioritizes the principles of justice, balance, benefit, and the achievement of falah as the ultimate goal of economic activity. This research aims to analyze the role of input markets and output markets in increasing productivity, competitiveness, and economic welfare through the perspective of conventional economics and Islamic economics. The method used is library research with a descriptive-comparative approach through the analysis of various literatures, scientific journals, books, and relevant research results. The results of the study show that the input market and the output market have a significant contribution in encouraging productivity through optimizing the use of production factors and increasing the efficiency of production distribution. In the perspective of conventional economics, productivity and competitiveness are influenced by price mechanisms, market competition, and resource allocation efficiency. As for the perspective of Islamic economics, productivity and competitiveness are not only measured in terms of economic profits, but also by the extent to which market activities are able to create distribution justice, avoid exploitative practices, and provide benefits to society at large. Therefore, the integration of conventional economic efficiency values with sharia principles can be an alternative in realizing a productive, competitive, and welfare-oriented market system.
Copyright (c) 2026 Pephitasya Juliana, Siradjuddin https://creativecommons.org/licenses/by-sa/4.0
Analysis of the Global Environmental Crisis in the Perspective of Maqasid Sharia: Efforts to Realize Sustainable Development
The global environmental crisis is a serious threat to the sustainability of human life, economic stability, and the balance of the world's ecosystems. Rising global temperatures, air pollution, water pollution, and biodiversity loss show that environmental issues require a multidisciplinary approach that is not only technical, but also ethical and normative. In an Islamic perspective, maqasid sharia provides a value framework that aims to realize benefits and prevent damage. This research aims to analyze environmental issues through the perspective of maqasid sharia by emphasizing the five main goals of sharia: protecting religion, soul, intellect, descent, and property. The method used is a literature study with a descriptive-analytical approach from classical sources and cutting-edge references. The results of the study show that environmental protection is an integral part of the sharia goals and is relevant to be applied in today's sustainable development policies..
Copyright (c) 2026 Pephitasya Juliana, Andi Ahmad Dhiyauddin, Radina Fauzi, Murtiadi Awaluddin, Sudirman https://creativecommons.org/licenses/by-sa/4.0
Customer Loyalty Formation In E-Commerce: The Role Of Trust, Peer-To-Peer Communication, Purchase Decision, And Customer Satisfaction
This study aims to analyze the influence of trust and peer-to-peer communication on customer loyalty through purchase decision and customer satisfaction among Shopee users in DKI Jakarta. This study employed a quantitative approach using an explanatory research method. The sampling technique used purposive sampling with a total of 155 Shopee users in DKI Jakarta as respondents. Data analysis was conducted using Structural Equation Modeling–Partial Least Square (SEM-PLS) with the assistance of SmartPLS software. The results showed that trust had a positive and significant effect on purchase decision and customer satisfaction. Peer-to-peer communication was also proven to have a positive and significant effect on purchase decision and customer satisfaction. Furthermore, purchase decision had a positive and significant effect on customer satisfaction. Customer satisfaction was proven to have a positive and significant effect on customer loyalty among Shopee users in DKI Jakarta. The findings indicate that increasing consumer trust and positive communication among users can improve purchase decisions, customer satisfaction, and customer loyalty on e-commerce platforms. This study provides a theoretical contribution to the development of digital marketing management studies, particularly related to consumer behavior in the e-commerce industry. In addition, this study also provides practical implications for e-commerce companies in improving customer loyalty through strengthening trust and optimizing peer-to-peer communication Keywords: Trust, Peer to Peer Communication, Purchase Decision, Customer Satisfaction, Customer Loyalty, E-Commerce.
Copyright (c) 2026 Harimurti Wulandjani, Supriadi Thalib, Widarto Rachbini, Aryo Seno, Ahmad Fikri https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Service Quality And Religiosity On Customer Loyalty At Bank Syariah Indonesia
This study aims to analyze the influence of Service Quality and Religiosity on Customer Loyalty among customers of Bank Syariah Indonesia. The study employs a quantitative approach using an explanatory research method. The purposive sampling technique amounted to a total of 413 respondents who are Bank Syariah Indonesia’s customers. Data were collected through questionnaires using a five-point Likert scale. Data analysis was conducted using SPSS 27 to test three working hypothesis. The results showed that Service Quality and Religiosity have a positive and significant effect on Customer Loyalty when tested individualy. Consistently, the same result obtained when both independent variable were tested simultaneously. Service Quality and Religiosity significantly influenced Customer Loyalty. The findings indicate that customer loyalty of Bank Syariah Indonesia is influenced not only by service provision, but also by consumers’ perceived Islamic value. This is marked by the superior statistic result of religiosity toward customer loyalty when compared to that of service quality. Therefore, Bank Syariah Indonesia should strategize their marketing program to assimilate values and service quality, as well as design an effective communication strategy to increase customer retention. Keywords: Service Quality, Religiosity, Customer Loyalty, Islamic Banking, Bank Syariah Indonesia.
Copyright (c) 2026 Ahmad Rafif Hubeis, Novita Ikasari https://creativecommons.org/licenses/by-sa/4.0
The Dynamics of Skincare Purchasing Decisions: The Mediating Role of Brand Image in the Influence of Product Quality, Price Fairness, and Social Proof
The expansion of the Korean skincare market has led to increasingly intense competition among brands in attracting Generation Z consumers. This research investigates how product quality, perceived price fairness, and social proof affect purchasing decisions for SKIN1004 skincare products in Surabaya, with brand image positioned as a mediating variable. A quantitative explanatory design was employed using purposive sampling, involving 190 Generation Z respondents aged 17–28 years who had purchased and used SKIN1004 products. Data were processed through the Partial Least Squares–Structural Equation Modeling (PLS-SEM) technique. The results indicate that product quality, price fairness, and social proof positively and significantly influence both brand image and purchase decisions. Price fairness emerges as the most influential factor in shaping brand image and driving purchase decisions, while brand image partially mediates these relationships. These findings indicate that Generation Z's purchasing decisions are shaped not only by perceptions of product quality but also by perceptions of price fairness, social influence, and the brand image formed through digital interactions. The study provides managerial implications for skincare brands in designing pricing strategies, strengthening digital engagement, and building a competitive brand image in e-commerce markets.
Copyright (c) 2026 Afrinia Dewi Kusmiarni, Purwanto, Ririn Andriana https://creativecommons.org/licenses/by-sa/4.0
The The Influence of Millenial Leadership and Job Transfer Patterns on Organizational Culture and Employee Performance at KPP Pratama Jakarta Tanah Abang Two and KPP Pratama Jakarta Tanah Abang Three
Abstract Millennial leadership and job transfer patterns are considered important factors in strengthening organizational culture and improving employee performance. This study employed a quantitative approach using a survey method. The research population consisted of all employees of KPP Pratama Jakarta Tanah Abang Two and KPP Pratama Jakarta Tanah Abang Three, with a sample of 114 respondents. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that Millennial Leadership has a positive and significant effect on Organizational Culture, with a path coefficient of 0.448, a t-statistic value of 6.025, and a p-value of 0.000. Similarly, Job Transfer Patterns also have a positive and significant effect on Organizational Culture, with a path coefficient of 0.413, a t-statistic value of 5.156, and a p-value of 0.000. Millennial Leadership does not have a significant effect on Employee Performance, as indicated by a path coefficient of 0.141, a t-statistic value of 1.471, and a p-value of 0.142. In contrast, Job Transfer Patterns have a positive and significant effect on Employee Performance, with a path coefficient of 0.151, a t-statistic value of 1.997, and a p-value of 0.046. Furthermore, Organizational Culture has a positive and significant effect on Employee Performance, with a path coefficient of 0.648, a t-statistic value of 5.712, and a p-value of 0.000. Organizational Culture is also proven to mediate the relationship between Millennial Leadership and Employee Performance (β = 0.290; t = 3.824; p = 0.000) as well as the relationship between Job Transfer Patterns and Employee Performance (β = 0.268; t = 3.685; p = 0.000). These findings indicate that improving employee performance within KPP Pratama is influenced not only by leadership quality and the implementation of job transfer policies but also, and more importantly, by the strength of organizational culture in internalizing the values of integrity, professionalism, synergy, service excellence, and continuous improvement.
Copyright (c) 2026 Issabella Manalu, Nur Hastuty Kesumo Wardhani, Murtanto https://creativecommons.org/licenses/by-sa/4.0
Forecasting Analysis of PT Bank Nationalnobu Tbk Stock Prices Using the ARIMA(0,1,2) Model on Daily Data for the 2023–2026 Period
Stock price forecasting is important because investors need empirical information to reduce uncertainty in short-term investment decisions. This study aims to analyze the daily stock price movement of PT Bank Nationalnobu Tbk and to determine the feasibility of the ARIMA model for forecasting the stock price. The study used a quantitative time series approach based on daily closing prices from May 2, 2023, to April 30, 2026, with 712 observations. The analysis was conducted using RStudio through descriptive statistics, stationarity testing, first differencing, ACF and PACF identification, ARIMA model comparison, diagnostic testing, and forecast accuracy evaluation. The results show that the data were non-stationary at the original level because the Augmented Dickey-Fuller p-value was 0.1847. After first differencing, the p-value decreased to 0.0100, indicating stationarity. The ARIMA(0,1,2) model was selected because it had the lowest AIC value. The Ljung-Box test produced a p-value of 0.1675, indicating no residual autocorrelation. The model yielded an MAE of 29.2604, an RMSE of 38.9040, and a MAPE of 5.2949%. These results indicate that the ARIMA(0,1,2) model is sufficiently accurate for short-term forecasting of NOBU stock prices, although residual normality remains a limitation of the model.
Copyright (c) 2026 Mawar Endah Banondari Iryawan, Safa Aulia Putri Rahmadhani, Athara Inzira Maulia Siregar, Citra Ardianti https://creativecommons.org/licenses/by-sa/4.0
A Comparative Analysis of ARIMA Models Based on Data Period and Frequency at PT Midi Utama Indonesia Tbk
Uncertainty in short-term investment decision-making. This study aims to analyze the daily stock price movement of PT Midi Utama Indonesia Tbk and to determine the feasibility of the ARIMA model for forecasting stock prices. The study employed a quantitative time series approach using daily closing price data over a 3-year period with daily frequency observations. The analysis was conducted using RStudio through descriptive statistics, stationarity testing, first-order differencing, ACF and PACF identification, ARIMA model selection, diagnostic testing, and forecast accuracy evaluation. The results indicate that the data were non-stationary at the level because the Augmented Dickey-Fuller test produced a p-value of 0.4372. After first differencing, the p-value decreased to 0.0100, indicating that the data had become stationary. The best model identified was ARIMA (1,1,1) because it had the lowest AIC value among the compared models. The Ljung-Box test yielded a p-value of 0.7116, indicating that there was no residual autocorrelation. The model produced an MAE of 6.10853, an RMSE of 8.97241, and a MAPE of 2.43817%, indicating that the model is highly accurate with an error rate below 8%. These findings demonstrate that the ARIMA (1,1,1) model is suitable for short-term forecasting of PT Midi Utama Indonesia Tbk stock prices.
Copyright (c) 2026 Aprilia Prastianti, Dwi Putri Nanda, Marcella Lolo Langi' https://creativecommons.org/licenses/by-sa/4.0
Analysis of Marketing Relationships on Customer Loyalty in the Service Sector
This study aims to analyze the effect of relationship marketing on customer loyalty in the service sector. Relationship marketing is an important strategy in the service business world because it can build long-term relationships between companies and customers through communication, trust, commitment, and complaint handling. Customer loyalty is a crucial factor for the sustainability of service companies because loyal customers tend to make repeat purchases, provide positive recommendations, and are less likely to switch to competitors. This study uses a quantitative approach with an associative research type. Data were obtained by distributing questionnaires to customers in the service sector using a purposive sampling technique. Data analysis was carried out through validity tests, reliability tests, classical assumption tests, and linear regression analysis to determine the effect of relationship marketing on customer loyalty. The research results show that relationship marketing has a positive and significant impact on customer loyalty. The variables of communication, trust, commitment, and complaint handling have been shown to contribute to increasing customer loyalty in the service sector. Customer trust is the most dominant factor in shaping loyalty because customers tend to maintain relationships with companies that are able to provide consistent and reliable service. Furthermore, effective communication and good complaint handling can also increase customer satisfaction, thereby strengthening long-term relationships between companies and customers. Therefore, service companies need to optimally implement relationship marketing to increase customer loyalty and create a competitive advantage amidst increasingly fierce business competition.
Copyright (c) 2026 Evi Sirait, Ina Sawitri, Adyk Marga Raharja, Andriya Risdwiyanto, Djoko Widagdo https://creativecommons.org/licenses/by-sa/4.0
The Meaning of Risk in Stock Investment: A Phenomenological Study of Beginner Investors
The development of the capital market in Indonesia has increased the number of novice investors investing in stocks through various digital platforms. However, this increased participation has not been fully accompanied by a deep understanding of investment risk. Most previous studies have focused on quantitative risk measurement, while the meaning of risk based on investors' lived experiences is still relatively rare. This study aims to understand the meaning of risk in stock investment from the perspective of novice investors using a phenomenological approach. This study employed a qualitative method with a phenomenological approach. Informants were selected through purposive sampling technique, namely novice investors who have actively invested in stocks, have experienced both profits and losses, and are willing to share their investment experiences. Data were collected through in-depth interviews, observation, and documentation, then analyzed using phenomenological analysis stages through bracketing, horizontalization, grouping themes, and compiling textural and structural descriptions to uncover the essence of informants' experiences. The results show that risk is interpreted as an integral part of stock investment, not simply the potential for financial loss. Experience with losses, market fluctuations, and emotional stress shapes investors' perspectives to become more rational, cautious, and able to control their emotions when making investment decisions. Furthermore, the social environment and digital media influence risk perception, although personal experience is a key factor in developing a more mature understanding. This research contributes to the development of behavioral finance studies by demonstrating that the meaning of risk is a construct of investors' lived experiences. The research findings also offer practical implications for regulators, securities firms, and educational institutions in designing investment education programs that emphasize risk understanding and managing investor behavior.
Copyright (c) 2026 Retnowati Jasa, Bambang Sugeng Dwiyanto, Dian Widyantini, Wiwit Agustina, Dany Luqyana Idris https://creativecommons.org/licenses/by-sa/4.0
Analyzing Analyzing Cost of Poor Quality and the Effectiveness of the Welder Performance Qualification Test in Mitigating Cost Inefficiency Risks in Steel Fabrication EPC Projects
This study examines the effect of Welder Performance Qualification Test (WPQT) implementation on project cost performance through welder competency and repair rate within the Cost of Poor Quality (CoPQ) framework in the steel fabrication EPC industry. A quantitative explanatory approach was employed using data from WPQT records, Ultrasonic Testing (UT) reports, and welder competency questionnaires. The sample consisted of 52 welders involved in the the case project, selected through a census sampling technique. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that WPQT positively influences welder competency, while welder competency significantly reduces repair rates. In turn, higher repair rates negatively affect project cost performance by increasing failure costs. Furthermore, welder competency and repair rate mediate the relationship between WPQT and project cost performance. These findings demonstrate that WPQT serves not only as a qualification requirement but also as a strategic quality control mechanism for improving cost performance in EPC projects
Copyright (c) 2026 Mohammad Fuad Zamroni, Nurhidayah, Abdullah Syakur Novianto https://creativecommons.org/licenses/by-sa/4.0
Procurement Management Strategy for Zinc Ingots Based on LME Price Volatility: Achieving Cost Reduction Targets and Optimizing Operational Performance in the Hot-Dip Galvanizing Industry
This study aims to analyze the effect of London Metal Exchange (LME) Zinc price volatility and Zinc Ingot procurement management strategies on the company's operational performance through procurement cost efficiency at the participating EPC company. High volatility in global Zinc prices can influence raw material procurement costs and consequently affect the effectiveness of operational performance. Therefore, appropriate procurement strategies are required to control costs and maintain operational efficiency. This study employed a quantitative approach using a survey method, with data collected through questionnaires distributed to 32 respondents involved in the company's procurement, production, and operational activities. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The results indicate that LME Zinc price volatility significantly affects procurement cost efficiency and the company's operational performance. Zinc Ingot procurement management strategies also have a significant effect on procurement cost efficiency and operational performance. Furthermore, procurement cost efficiency significantly influences operational performance. The mediation analysis reveals that procurement cost efficiency successfully mediates the effects of both LME Zinc price volatility and Zinc Ingot procurement management strategies on operational performance. These findings suggest that effective commodity price risk management and procurement strategies are essential for improving cost efficiency and supporting the achievement of sustainable operational performance
Copyright (c) 2026 Suherman, Nurhidayah, Abdullah Syakur Novianto https://creativecommons.org/licenses/by-sa/4.0
The Influence of Halal Awareness and the Image of Halal Destinations on Visit Intentions in Halal Culinary Tourism in Banten Province
Halal culinary tourism has become an increasingly important segment of the global tourism industry as Muslim tourists seek destinations that align with religious values while offering authentic culinary experiences. This study examines the relationship between halal awareness, halal destination image, and visit intention for halal culinary tourism in Banten Province. This study uses a quantitative approach, data was collected from 147 respondents through targeted sampling and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results of the study show that halal awareness has a significant positive influence on the image of halal destinations and the intention of visiting in Banten Province. The image of halal destinations also has a strong and positive influence on visit intentions, which confirms its central role in shaping tourist behavior decisions in Banten Province. The findings suggest that halal awareness serves as a fundamental cognitive mechanism that reinforces the perception of the destination and reduces perceived uncertainty, while the image of the halal destination consolidates this perception into a strong foundation for travel intentions. This study contributes to the halal tourism literature by empirically validating the integrated role of destination awareness and imagery in halal culinary tourism and offers practical insights for destination managers seeking to increase competitiveness through halal-oriented strategies.
Copyright (c) 2026 Fajar Hidayatullah, Sulaeman Jazuli, Wazin, Suryani https://creativecommons.org/licenses/by-sa/4.0
The Influence of System Quality Factors and Information Quality on The Quality of Financial Reports Using SIPD RI at BPKAD of Sulawesi Tengah Province
The primary objective of this study is to evaluate and examine the influence of System Quality and Information Quality on Financial Report Quality related to the implementation of the Regional Government Information System (SIPD RI) within the Regional Finance and Asset Management Agency (BPKAD) of Central Sulawesi Province. SIPD RI serves as a centralized digital platform that supports local government activities in financial planning, budgeting, implementation, and reporting. This study employed a quantitative strategy utilizing the Structural Equation Modeling–Partial Least Squares (SEM-PLS) framework. Data collection was conducted by distributing a Likert-scale questionnaire (scored from 1 to 5) to BPKAD employees who routinely operate SIPD RI. The findings indicate that system quality and information quality have a constructive and meaningful impact on Financial Report Quality. These findings suggest that improving the performance of the system and information generated by SIPD RI can improve local government financial reporting standards. Thus, these results provide practical recommendations for local governments in optimizing the potential of SIPD RI in increasing public financial transparency and accountability.
Copyright (c) 2026 Nur Kholifah, Masruddin, Sugianto, Fikry Karim https://creativecommons.org/licenses/by-sa/4.0
Transforming Multi-Platform Digital Zakat Fundraising Among Millennials And General Z
This study aims to analyze the transformation of multi-platform digital fundraising of zakat funds among Millennials and Generation Z in the context of changing Islamic philanthropic behavior in the digital era. This phenomenon is significant because advances in financial technology and social media have transformed how young Muslim generations interact with religious practices, particularly in fulfilling zakat obligations. This research employs a qualitative approach using a case study method, enabling the researcher to explore users’ meanings and experiences in utilizing various digital zakat platforms. Data were collected through semi-structured interviews, participatory observation, and digital documentation involving informants from zakat management institutions, platform developers, as well as young donors from the Millennial and Generation Z groups who actively use digital zakat applications.The findings reveal three main themes: (1) increased digital trust in zakat institutions due to transparency and transaction security; (2) the emergence of technology-based religious motivation that positions digital zakat as an expression of modern spirituality; and (3) the role of social media in shaping philanthropic awareness through narratives of empathy and online solidarity. These findings indicate that zakat digitalization not only transforms fundraising mechanisms but also reconstructs how young generations interpret worship and social participation.This study contributes theoretically to the development of the concepts of digital religiosity and the Technology Acceptance Model (TAM) within the context of Islamic philanthropy. Practically, the findings provide guidance for zakat institutions in optimizing transparent and participatory digital communication strategies. Future research is recommended to examine the influence of social media algorithms on digital religious behavior to broaden understanding of zakat dynamics in the era of technological transformation
Copyright (c) 2026 Mariyatul Qibthiyyah Mery, Muhammad farid, indra hidayatullah, Nurhafid Ishari https://creativecommons.org/licenses/by-sa/4.0
Halal Tourism Development Through Creative Economy Of Local Communities In Sumbersuko District
This study aims to analyze the role of micro, small, and medium enterprises (MSMEs) and the creative economy in supporting the development of halal tourism in Sumbersuko District, Lumajang Regency. The research focuses on identifying the potential of MSMEs, the contribution of the creative economy to empowering local communities, as well as the supporting and inhibiting factors in the development of halal tourism. This study employs a descriptive qualitative approach, with data collection techniques including observation, in-depth interviews, documentation, and literature review. The research informants consist of MSME actors, tourism managers, and surrounding communities at two tourist destinations, namely Selokambang Natural Bath and Tumpak Selo Mini Tubing. The findings indicate that MSMEs play a strategic role in providing Muslim-friendly products and services, such as halal-certified culinary offerings and business services tailored to the needs of Muslim tourists. Community-based creative economic activities, including souvenir production and local product innovation, also enhance the attractiveness of halal tourism. However, several challenges remain, including increases in entrance ticket prices that affect visitor numbers, the lack of supporting halal tourism facilities, and fluctuations in tourist visits during certain periods. This study concludes that the development of halal tourism in Sumbersuko District requires synergy among MSMEs, creative economy actors, tourism managers, and local government. Such collaboration is essential to enhance halal product innovation, improve tourism facilities, and strengthen digital promotion in order to create a competitive, sustainable halal tourism destination that can improve the welfare of local communities.
Copyright (c) 2026 Nur Farahim Kayfa, Siti Nur Latifa, Moch Mahsun, Nurhafid Ishari https://creativecommons.org/licenses/by-sa/4.0
Leverage and Earnings Management: Firm Size Moderation in Indonesian Industrial Firms
Abstract Purpose: This study investigates the firm-level determinants of accrual-based earnings management among Indonesian industrial firms, focusing on leverage, firm size, and their interaction. It hypothesises that leverage positively affects the magnitude of discretionary accruals (H1), firm size negatively affects it (H2), and firm size moderates the relationship between leverage and earnings management (H3). Methods: Using purposive sampling, the sample comprises 41 industrial-sector firms listed on the Indonesia Stock Exchange over the 2023–2025 period, yielding 123 firm-year observations. Earnings management is proxied by the absolute value of discretionary accruals from the cross-sectional Modified Jones Model. Two nested ordinary least squares models, namely a baseline and a moderation specification, are estimated with year fixed effects and firm-clustered standard errors, with all continuous variables winsorised at the 1st and 99th percentiles. Results: firm size is negatively and marginally associated with discretionary accruals (p = .073), offering modest support for the political cost hypothesis, whereas leverage's main effect is positive but statistically weak. Sales growth emerges as the most robust positive determinant of accrual magnitude, and the interaction between leverage firm size is positive and marginally significant, indicating amplification rather than attenuation of the relationship for larger firms. Implications: Auditors should treat sales growth as a salient operational risk signal when designing substantive procedures, and regulators may use the evidence to support differentiated audit-risk frameworks. Future research should extend the analysis to multi-sector panels and incorporate real activities manipulation proxies.
Copyright (c) 2026 Eni Srihastuti, Sulthon Afzani https://creativecommons.org/licenses/by-sa/4.0
The Influence of Macroeconomic Factors and Global Commodity Prices on the Jakarta Islamic Index (JII) in Indonesia with the VECM Approach
This study analyzes the influence of macroeconomic factors and global commodity prices on the prices of sharia stocks that are members of the Jakarta Islamic Index (JII) in Indonesia, using monthly data for the period January 2011-December 2024 as many as 168 observations. The variables used include inflation, BI Rate, rupiah exchange rate, money supply (M2), world gold price, and world oil price. Data was obtained from BPS, Bank Indonesia, Indonesia Stock Exchange, World Gold Council, and U.S. Energy Information Administration (EIA). The Vector Error Correction Model (VECM) method is used to identify short-term and long-term influences. The results show that in the long term, gold prices and world oil prices have a significant positive effect on JII, while the rupiah exchange rate and the money supply have a significant negative effect. Inflation and the BI Rate do not have a significant influence. In the short term, the ECT value of −0.038970 indicates an adjustment towards a long-term equilibrium of 3.9% per period. The novelty of this research lies in the use of a longer data range until 2024 and the simultaneous integration of domestic macro and global commodity variables in the VECM model, thus providing a more comprehensive picture of the behavior of the sharia stock market after the pandemic. Practically, these findings are important for investors and policymakers to understand JII's sensitivity to global factors, especially world gold and oil price movements, in order to optimize investment strategies and stability of the Islamic capital market. Keywords: Jakarta Islamic Index, Macroeconomics, Gold Price, World Oil Price, VECM.
Copyright (c) 2026 Nofrianto Nofrianto, Wilda Hanifah https://creativecommons.org/licenses/by-sa/4.0
The Influence of Digital Literacy and Learning Motivation on Digital Marketing Content Creation Competency in Grade X and Xi Students of Digital Business at Smks Budi Agung Medan
This study aims to determine the influence of digital literacy and learning motivation on the competence of digital marketing content creation in students in grades X and XI of the Digital Business Skills Program at SMKS Budi Agung Medan. This study uses a quantitative approach with a survey method. Data collection techniques are carried out through questionnaires, observations, and documentation. The questionnaire instrument was compiled using the Likert scale to measure digital literacy levels, learning motivation, and digital marketing content creation competencies. The population in this study is 55 students in grades X and XI of the Digital Business Skills Program. Because the population is relatively small, all members of the population are sampled using the saturated sampling technique. The results of the study show that digital literacy and learning motivation have a positive and significant influence on students' digital marketing content creation competence. These findings indicate that the better the students' ability to utilize digital technology and the higher their motivation to learn, the better their competence in producing digital marketing content. Conversely, low digital literacy and learning motivation can have an impact on declining students' ability to develop content that suits digital marketing needs. Thus, strengthening digital literacy and increasing learning motivation are important factors that need to be considered in an effort to improve the competence of digital marketing content creation in students of the Digital Business Expertise Program.
Copyright (c) 2026 Yessi Novitasari Laia, Lenti Susanna Saragih https://creativecommons.org/licenses/by-sa/4.0
The Influence of Organizational Culture on Employee Performance with Organizational Commitment as a Mediation Variable in the BIF Mantrijeronan Yogyakarta Cooperative
The abstract contains a brief description of the purpose: describes the objectives and hypotheses of the research. Methods: describes the essential features of the research design, data, and analysis. It may include the sample size, geographic location, demographics, variables, controls, conditions, tests, descriptions of research design, details of sampling techniques, and data gathering procedures. Results: describes the key findings of the study, including experimental, correlational, or theoretical results. It may also provide a brief explanation of the results. Implications: show how the results connect to policy and practice and provide suggestions for follow-up, future studies, or further analysis.
Copyright (c) 2026 Teti Safari, Heri Usodo, R.A Marlien, M. Zaki Mubarok https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Profitability, Leverage, And Company Size On Company Value In Manufacturing Companies Listed On The Indonesia Stock EXCHANGE (Consumer Goods Industry Sub-Sector, 2020-2024 Period)
Firm value is an indicator that reflects investors' perceptions of a company's performance and future prospects. This study aims to analyze the effect of profitability, leverage, and firm size on firm value in manufacturing companies in the Consumer Goods Industry sub-sector listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. The research sample was selected using a purposive sampling technique based on predetermined criteria. Profitability is proxied using Return on Assets (ROA), leverage using the Debt to Equity Ratio (DER), firm size using the natural logarithm of total assets, while firm value is proxied by Price to Book Value (PBV). Data analysis was performed using panel data regression with the help of EViews 12 software. The results show that simultaneously, profitability, leverage, and firm size have a significant effect on firm value. Partially, profitability does not have a significant effect on firm value, leverage has a positive and significant effect on firm value, while firm size does not have a significant effect on firm value. These findings indicate that investor decisions in assessing a company are more influenced by funding structure than profitability or firm size.
Copyright (c) 2026 Aiko Aurelia Nur Amri, Dudi Pratomo https://creativecommons.org/licenses/by-sa/4.0
The Effect of Environmental Costs and Green Investment on Sustainability Finance
This study examines how environmental costs and green investment affect sustainability finance in coal mining subsector companies listed on the Indonesia Stock Exchange (IDX), especially during 2020 to 2024. This study uses a quantitative method with secondary data obtained from the company's annual report and sustainability report. The sampling technique used is purposive sampling so that 68 observation data that meet the research criteria are obtained. Hypothesis testing was carried out using t-test and F-test to analyze the partial and simultaneous influence of the study variables. The results of the partial test showed that environmental costs had a negative and significant effect on sustainability finance, while green investment had a positive and significant effect on sustainability finance. Meanwhile, the results of simultaneous testing show that environmental costs and green investment together have a significant effect on sustainability finance. The results of this study show the importance of effective environmental cost management and increasing green investment in supporting the company's financial sustainability. Further research is suggested to add moderation or mediation variables to clarify the factors that affect sustainability finance.
Copyright (c) 2026 Devina Nur Fitriani, Siti Kustinah https://creativecommons.org/licenses/by-sa/4.0
The Role of Hedonic and Utilitarian Value Moderation in the Relationship Between Advertising Value and Purchase Intention: A Study of iPhone and Samsung Smartphone Consumers
The development of digital technology and the increasing use of premium smartphones such as the iPhone and Samsung indicate that this phenomenon is occurring among various groups in Indonesia. However, the high prices of these products are relatively significant compared to the average income of the population. This phenomenon suggests that consumers' purchasing decisions are not solely influenced by rational considerations but also by psychological factors and value perceptions formed through the products themselves. This study aims to analyze the influence of advertising value on purchase intention among iPhone and Samsung smartphone consumers, as well as to examine the role of hedonic and utilitarian values as moderating variables in this relationship. The research employs a quantitative approach with an explanatory research design. The population consists of consumers and prospective consumers of iPhone and Samsung smartphones in two cities in East Java, namely Surabaya, Malang, Kediri, Madiun, and Blitar. The sampling technique uses purposive sampling with a total of 250 respondents. Advertising value is measured using indicators of valuable, useful, and important, while purchase intention is measured through indicators of probability, consideration, willingness to buy, and performance purchase. Hedonic and utilitarian values serve as moderating variables to determine the extent to which consumers' psychological orientations can strengthen or weaken the influence of advertising value on purchase intention. This research is expected to contribute theoretically to the development of consumer behavior literature and advertising effectiveness, as well as provide practical implications for companies in designing marketing strategies that are more aligned with consumer characteristics.
Copyright (c) 2026 Rendy Setiawan, Radityo Putro Handrito https://creativecommons.org/licenses/by-sa/4.0
The Effect of Accounting Earnings, Total Cash Flow, and Net Profit Margin on Stock Returns: Evidence from Infrastructure Companies Listed on the Indonesia Stock Exchange (2021–2024)
Stock return is one of the important indicators used by investors to assess the success of their investments in the capital market. Changes in stock returns are influenced by various factors, both from the company's financial performance and external conditions. This study aims to analyze the effect of accounting profit, total cash flow, and net profit margin on stock returns of infrastructure sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employed a quantitative approach using secondary data obtained from companies’ annual financial reports and stock price data. The sampling technique used was purposive sampling, resulting in 25 companies with a total of 100 research observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, partial tests (t-test), simultaneous tests (F-test), and the coefficient of determination with the assistance of IBM SPSS Statistics software. The results indicate that accounting profit has a negative and significant effect on stock returns, total cash flow has no significant effect on stock returns, while net profit margin has a positive and significant effect on stock returns. Simultaneously, accounting profit, total cash flow, and net profit margin significantly affect stock returns. The coefficient of determination value of 11.1% indicates that the ability of the three independent variables to explain variations in stock returns is relatively limited, while the remaining 88.9% is influenced by other factors outside the research model. The findings imply that corporate profitability information, particularly net profit margin, can be considered by investors in making investment decisions within the infrastructure sector and may serve as a reference for future studies regarding factors affecting stock returns.
Copyright (c) 2026 Tasya Putri Abidtya, Fitria Magdalena Suprapto; Rike Selviasari https://creativecommons.org/licenses/by-sa/4.0
The Influence of Digital Tax Literacy, Trust in E-Tax System, Religiosity, and Nationalism on Tax Compliance of Individual Taxpayers at KPP Pratama Kediri
This research is motivated by the transformation of digital-based tax administration that requires digital tax literacy and trust in the e-tax system, and is influenced by the values of religiosity and nationalism in shaping tax compliance. This study aims to analyze the influence of Digital Tax Literacy, Trust in E-tax System, Religiosity, and Nationalism on the Tax Compliance of Individual Taxpayers at KPP Pratama Kediri. The research method used was quantitative with an associative design through a survey of 51 Individual Taxpayers using a four-level Likert scale questionnaire. Data were analyzed using simple linear regression and multiple linear regression at a significance level of 5%. The results of the study show that partially Digital Tax Literacy has an effect of 16,6%, Trust in E-tax System by 18,6%, Religiosity by 15,2%, and Nationalism by 38,6% on Tax Compliance. Simultaneously, the four variables were able to explain 45,9% of the variation in Tax Compliance and had a statistically significant effect. The novelty of this research lies in the integration of technological factors, institutional trust, and moral and civic values in an empirical model of tax compliance for Individual Taxpayers in the digital era.
Copyright (c) 2026 Diana Fitria Hermanita, Imroatus Suaida, Eni Srihastuti https://creativecommons.org/licenses/by-sa/4.0
Financial Management Implementation and Good University Governance in Muhammadiyah Higher Education Institutions in South Sulawesi
Financial management is a crucial foundation for implementing Good University Governance in private faith-based higher education institutions, particularly in Muhammadiyah Higher Education Institutions in South Sulawesi. This study aims to examine how financial management is implemented, how transparency, accountability, and participation are practiced, and how institutional efforts support governance improvement within Muhammadiyah higher education. This study employed a descriptive qualitative approach involving selected Muhammadiyah Higher Education Institutions in South Sulawesi. Data were collected through interviews, document analysis, and observation, focusing on financial planning, budgeting, implementation, reporting, accountability, and compliance with Muhammadiyah financial management guidelines. The findings show that the studied institutions have generally implemented financial management according to formal Muhammadiyah guidelines. Financial planning and budgeting are conducted through institutional mechanisms, while transparency and participation have been applied through internal communication, budget discussions, and involvement of relevant institutional units. However, accountability remains the most challenging dimension. Delays in financial reporting, limited human resource competence, uneven financial literacy, and inadequate information technology systems reduce the effectiveness of financial accountability. The discussion indicates that Good University Governance in Muhammadiyah higher education requires not only formal rules but also professional financial personnel, integrated digital systems, internal supervision, and institutional commitment to transparency and accountability. This study contributes to the literature by highlighting the hybrid nature of financial governance in faith-based private higher education, where formal governance principles, religious values, organizational guidelines, and institutional capacity interact. Strengthening financial governance is essential for improving public trust, institutional credibility, and long-term sustainability.
Copyright (c) 2026 Liya Saputri, Asrijal Bintang, Kahar, Irwan Abdullah https://creativecommons.org/licenses/by-sa/4.0
Islamic Business Ethics in the Digital Era: A Study of the Use of Image Generators to Increase Consumer Trust
Penggunaan generator gambar AI dalam pemasaran digital semakin banyak dimanfaatkan oleh bisnis karena dapat menghasilkan gambar produk yang menarik dan cepat. Namun, visual yang dihasilkan AI seringkali tidak sesuai dengan kondisi produk sebenarnya, sehingga menyesatkan konsumen dan bertentangan dengan etika bisnis Islam yang menekankan kejujuran, kepercayaan, dan larangan gharar. Studi ini bertujuan untuk menilai bagaimana penggunaan AI memengaruhi kepercayaan konsumen Muslim dan apakah praktik tersebut sesuai dengan prinsip-prinsip syariah. Studi ini menggunakan penelitian kualitatif melalui wawancara dan observasi terhadap UMKM dan konsumen Muslim. Hasil studi ini menawarkan wawasan baru tentang pentingnya penggunaan AI secara etis dan memberikan rekomendasi agar teknologi tersebut dapat digunakan sesuai dengan nilai-nilai Islam dalam membangun kepercayaan konsumen menggunakan situs web Pippit AI.
Copyright (c) 2026 Siti NurJannah, Saifuddin https://creativecommons.org/licenses/by-sa/4.0
Legal Liability of the Board of Directors for Errors in Withholding and Reporting of Employee Income Tax
This study analyzes the legal liability of the Board of Directors regarding the mismanagement of PPh 21 (Employee Income Tax) by subordinates, amidst the ongoing tension between the doctrine of limited liability under the Law on Limited Liability Companies and the concept of personal liability for corporate officers under Tax Law. Employing a normative legal research method with statutory, conceptual, and case-law approaches, this research examines the juridical qualification of delegated authority through the lens of fiduciary duty and the Business Judgment Rule (BJR). The findings indicate that the delegation of payroll management is a legally valid operational action. Following the Constitutional Court Decision Number 41/PUU-XVIII/2020, the paradigm of the Board of Directors' legal liability has shifted from strict liability to fault-based liability. The Directors are shielded from personal liability provided they can demonstrate the implementation of adequate internal control systems (due care) and the absence of criminal intent (mens rea). Liability for administrative tax sanctions rests upon corporate assets, while criminal liability for tax embezzlement committed by individual employees is personal and cannot be automatically imputed to the Directors.
Copyright (c) 2026 Feriawan Ardiawanto https://creativecommons.org/licenses/by-sa/4.0
The Influence of e-WOM and Online Media Regarding the Dangers of Matcha Consumption on Matcha Drink Purchase Decisions in Mataram City Mediated by Health Awareness
This study aims to analyze the influence of electronic word of mouth (e-WOM) and online media regarding the dangers of matcha consumption on matcha beverage purchasing decisions in Mataram City, with health awareness as a mediating variable. The background of the study is based on the increasing consumption of matcha beverages amidst the proliferation of digital information regarding its health impacts spread through online media and consumer reviews. This study used a quantitative approach with a survey design. The sample consisted of 80 respondents selected using a purposive sampling technique. The criteria were domiciled in Mataram City, had consumed matcha beverages, and had been exposed to matcha information through online media. Primary data were collected through an online questionnaire using a 1-5 Likert scale and analyzed using Structural Equation Modeling based on Partial Least Squares (SEM-PLS). The results showed that e-WOM and online media had a positive and significant influence on purchasing decisions. Health awareness also had a positive and mediating effect on the influence of e-WOM and online media on purchasing decisions. This study concluded that digital information and health awareness play a significant role in shaping matcha beverage purchasing decisions.
Copyright (c) 2026 Ni Nyoman Jingga Sukmarani, Lalu Edy Herman Mulyono https://creativecommons.org/licenses/by-sa/4.0
The Influence of Work Motivation and Work Discipline on Employee Performance with Work Engagement as a Mediating Variable
This study investigates the influence of work motivation and work discipline on employee performance, with work engagement as a mediating variable in a government law enforcement institution. Grounded in motivational theory—including Self-Determination Theory, Goal-Setting Theory, and Equity Theory—and supported by established frameworks on work discipline and employee engagement, this research develops seven hypotheses relating these constructs. A quantitative explanatory design was employed, collecting data from 125 respondents selected through proportional random sampling using the Slovin formula from a population of 182 employees. Structural Equation Modeling based on Partial Least Squares (SEM-PLS) was used for data analysis. Results indicate that: (1) work motivation positively and significantly influences work engagement; (2) work motivation does not significantly influence employee performance directly; (3) work discipline positively and significantly influences work engagement; (4) work discipline positively and significantly influences employee performance; (5) work engagement does not significantly influence employee performance; (6) work engagement does not mediate the relationship between work motivation and performance; and (7) work engagement does not mediate the relationship between work discipline and performance. These findings suggest that in bureaucratic, rule-based organizations, formal discipline exerts a more dominant direct effect on performance than psychological engagement. The study contributes to human resource management theory by contextualizing motivational constructs within institutional settings.
Copyright (c) 2026 Edhy Richard, Restu Alam Paripurnawaty https://creativecommons.org/licenses/by-sa/4.0
The Effect of Current Ratio and Debt to Equity Ratio on Return On Assets in Real Estate Companies Listed on the IDX in 2020-2024
The Indonesian real estate sector experienced considerable fluctuations in financial performance during the period of economic disruption caused by the COVID-19 pandemic and the subsequent recovery phase. These conditions increased the importance of evaluating factors that influence corporate profitability, particularly Return on Assets (ROA), which reflects a company's effectiveness in utilizing its assets to generate earnings. Previous studies examining the relationship between liquidity, leverage, and profitability have produced inconsistent results, indicating the need for further investigation. Therefore, this study aims to analyze the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Assets (ROA) in real estate companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. This research employed a quantitative approach with a causal-descriptive design. Secondary data were obtained from audited annual reports published by the IDX. The sample was selected using purposive sampling, resulting in 135 firm-year observations. Data were analyzed using multiple linear regression supported by IBM SPSS version 23 after fulfilling the classical assumption tests. The results indicate that Current Ratio does not significantly affect Return on Assets, suggesting that liquidity is not a primary determinant of profitability in the real estate industry. In contrast, Debt to Equity Ratio has a significant negative effect on Return on Assets, indicating that higher leverage increases financial burdens and reduces profitability. Simultaneously, Current Ratio and Debt to Equity Ratio significantly explain variations in ROA. In conclusion, effective debt management plays a more important role than liquidity management in improving the profitability of real estate companies. Managers should therefore maintain an optimal capital structure to support sustainable financial performance.
Copyright (c) 2026 Vinka Nashwa Sukmala, Dian Festiana Hadi Saputro, Imang Dapit Pamungkas, Lilis Setyowati https://creativecommons.org/licenses/by-sa/4.0
Financial Ratios and Earnings Per Share Evidence from Indonesian Food and Beverage Firms
The purpose of this research is to look at food and drink firms listed on the Indonesia Stock Exchange from 2020 to 2024 and see how EPS is affected by current ratios, debt-to-equity ratios, and return on assets. Unpredictability in enterprises' capacity to produce profits for shareholders during the post-pandemic recovery phase prompted the study's impetus. The researchers used panel data regression analysis to take a quantitative approach. There were 121 firm-year observations in the sample, which was comprised of 25 enterprises chosen by selective sampling. Companies' websites and the Indonesia Stock Exchange's published annual financial statements were sources of secondary data. After using the Chow, Hausman, and Lagrange Multiplier tests to pick a model, the Random Effect Model (REM) was determined to have the best fit. Stronger liquidity enables better shareholder profitability, as seen by the positive and substantial influence of Current Ratio on profitability Per Share. A positive and statistically significant relationship between ROA and EPS indicates that efficient use of assets increases profits and value for shareholders. On the other hand, EPS is unaffected by the Debt to Equity Ratio. Return on Assets, Debt to Equity Ratio, and Current Ratio all have a substantial impact on Earnings Per Share at the same time. The significance of profitability and liquidity in enhancing shareholder returns in the food and beverage industry is shown by these studies.
Copyright (c) 2026 Muhammad Alvin, Fanji Farman https://creativecommons.org/licenses/by-sa/4.0
The Effects of Chasing Productivity Demand on Mental Health and Workplace Cheating Behavior: The Moderating Role of HR Support
The garment manufacturing industry is characterized by intensive production targets and high work demands, which may adversely affect employee health and workplace behavior. Excessive job demands often increase performance pressure, leading to psychological strain, stress, and declining employee wellbeing. At the same time, organizations are challenged to maintain productivity without compromising employee health. This study aims to examine the effect of job demands on employee health, investigate the mediating role of performance pressure, and analyze the moderating role of human resource support in mitigating the negative consequences of demanding work environments. The study adopts a mixed-methods approach, combining quantitative and qualitative methods. Quantitative data will be collected through questionnaires distributed to employees in the garment manufacturing sector, while qualitative insights will be obtained through in-depth interviews. Data analysis will be conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) and supported by qualitative thematic analysis. The findings are expected to provide empirical evidence regarding the mechanisms through which job demands influence employee health and to demonstrate the buffering role of human resource support in reducing adverse outcomes. This study contributes to the literature on employee wellbeing, job demands, and sustainable human resource management, while offering practical recommendations for organizations seeking to balance productivity goals with employee health and sustainable workplace practices. Unlike previous studies that primarily focused on productivity demand and employee performance, this study simultaneously investigates employees' mental health and workplace cheating behavior while incorporating HR Support as an organizational buffering mechanism.
Copyright (c) 2026 Asa Sheila Amelia, Fauzi Ichwani, Rizki Maulana Ahzar, Ekka Nurcahyaningrum, Aruni Maratussolihah https://creativecommons.org/licenses/by-sa/4.0
Green Marketing Strategies for Local Community Empowerment Based on Halal Tourism
This study aims to analyze the implementation of green marketing strategies in local community empowerment based on halal tourism at Pantai Biru, Makassar. With the increasing demand for halal tourism, it is essential to integrate sustainability concepts in the development of tourism destinations. This research focuses on how green marketing strategies can strengthen local community empowerment while enhancing the attractiveness of halal tourism. The methodology used in this research is a quantitative approach with SWOT analysis, involving primary data collection through surveys and in-depth interviews with visitors and tourism managers. The study also employs validity and reliability techniques to ensure the quality of the collected data. The results indicate that the implementation of green marketing strategies can increase local community awareness of the importance of sustainability in managing tourism destinations. Furthermore, collaboration between the public sector, private enterprises, and local communities is key to the success of developing environmentally friendly halal tourism. The findings also indicate that green marketing strategies can enhance service and facility quality, thereby strengthening Pantai Biru's position as a sustainable halal tourism destination.
Copyright (c) 2026 Ratna Dewi, Aryati Arfah https://creativecommons.org/licenses/by-sa/4.0
Between Global Economic Shocks and Institutional Capacity: Explaining Fiscal Resilience in Timor-Leste
Timor-Leste faces significant fiscal challenges arising from its heavy dependence on petroleum revenues, exposure to global economic shocks, and the need to strengthen institutional capacity in the post-conflict development period. This study examines the effects of global economic dynamics and institutional capacity on fiscal resilience in Timor-Leste. A quantitative cross-sectional research design was employed using a structured Likert-scale questionnaire administered to 200 academics selected through stratified random sampling from accredited universities in Timor-Leste. The data were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM) with SmartPLS 4.0. The measurement model demonstrated satisfactory reliability and validity, while the structural model exhibited strong explanatory power (R² = 0.705). The findings reveal that global economic dynamics have a significant negative effect on fiscal resilience (β = −0.715, p < 0.001), whereas institutional capacity has a significant positive effect on fiscal resilience (β = 0.459, p < 0.001). Together, both variables explain approximately 70.5% of the variance in fiscal resilience, indicating that external economic conditions and institutional quality are key determinants of fiscal sustainability in Timor-Leste. These findings highlight the importance of reducing dependence on petroleum revenues while strengthening public financial management, governance quality, and institutional effectiveness to enhance fiscal resilience. The study contributes to the literature on fiscal resilience in resource-dependent small states and provides evidence to support policy reforms aimed at improving long-term fiscal sustainability.
Copyright (c) 2026 Egídio Maria de Jesus Gomes, Frasto Biyanto, Miswanto, Baldric Siregar, Ananias Barreto, Helio Augusto da C. Xavier Mauquei, Apolinario Magno https://creativecommons.org/licenses/by-sa/4.0
Institutional Trust, Ethical Governance, and Public Sector Performance in Timor-Leste
Purpose: This study aims to analyze the influence of ethical governance and HRM practices on public sector performance, with institutional trust as a mediating variable, among public sector employees in Timor-Leste. Methods: This study employed a quantitative explanatory approach using purposive sampling, involving 150 respondents who work as civil servants across ministries and government agencies in Timor-Leste. Data were collected through a five-point Likert-scale questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3. Results: The results show that ethical governance and HRM practices have a positive and significant effect on institutional trust, while their direct effects on public sector performance are not significant. Institutional trust, in turn, has a positive and significant effect on public sector performance and fully mediates the relationship between both ethical governance and HRM practices toward performance. Implications: These findings suggest that public sector institutions in Timor-Leste should prioritize building institutional trust as a strategic mechanism to translate ethical governance and human resource practices into improved organizational performance, rather than relying on these practices alone.
Copyright (c) 2026 Novia Rosa de Sousa, Miswanto, Frasto Biyanto, Baldric Siregar https://creativecommons.org/licenses/by-sa/4.0
Generation Z's Intention to Join State-Owned Enterprises (BUMN): The Role of Employer Branding, Work-Life Balance, and Work Environment
This study examines the influence of employer branding, work–life balance, and work environment on Generation Z's intention to join Indonesian State-Owned Enterprises (BUMN). A quantitative approach was employed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS. The sample consisted of 200 Generation Z respondents aged 20–28 years who had participated in at least one BUMN recruitment process. Data were collected through an online questionnaire using purposive sampling. The results indicate that employer branding (β = 0.432; p < 0.001), work–life balance (β = 0.395; p < 0.001), and work environment (β = 0.457; p < 0.001) positively and significantly influence intention to join BUMN. Among the predictors, work environment has the strongest effect. Furthermore, the three variables simultaneously explain 55.1% of the variance in intention to join (R² = 0.551). These findings suggest that Generation Z evaluates prospective employers not only based on job security and compensation but also on organizational reputation, workplace flexibility, and supportive work environments. The study contributes to the literature on Generation Z career preferences in the public sector and provides practical implications for BUMN organizations in designing recruitment and talent management strategies
Copyright (c) 2026 Dwi Nuriya Aini, Frasto Biyanto, Dr., M.Si, Ak., CA, Miswanto, Prof., Dr, M.Si https://creativecommons.org/licenses/by-sa/4.0
Trademark Counterfeiting of Watches of Famous Brands MUI Fatwa Perspective No. 1/5/2005 and Law No. 20 2016 on Trademarks and Geographical Indications
Trade competition has intensified the competitiveness among various trademarks, particularly well-known trademarks, including those used in the watch industry. However, this condition has also increased the circulation of counterfeit watches, causing significant losses to trademark owners and consumers. This study aims to identify the indicators of trademark counterfeiting in the trade of well-known branded watches, analyze trademark counterfeiting from the perspective of Law No. 20 of 2016 on Trademarks and Geographical Indications, and examine such practices from the perspective of Fatwa of the Indonesian Council of Ulama (MUI) No. 1/MUNAS VII/MUI/5/2005 on the Protection of Intellectual Property Rights. This research employs a normative juridical method using the statutory approach and the conceptual approach. Data were collected through document analysis and examined qualitatively. The findings indicate that trademark counterfeiting constitutes a violation that may cause substantial losses to legitimate companies as the original owners and producers of the trademarks. Trademark counterfeiting is an unlawful act prohibited under both Indonesian positive law and Islamic law. According to MUI Fatwa No. 1/MUNAS VII/MUI/5/2005 on the Protection of Intellectual Property Rights, the trade of counterfeit branded watches is considered haram because it constitutes an act of injustice (ẓulm). Furthermore, under Law No. 20 of 2016, any party who permits or facilitates trademark infringement acts contrary to the objective of legal protection for trademarks. Therefore, both the MUI Fatwa and the Trademark Law prohibit trademark counterfeiting, including for parties who knowingly obtain financial benefits from transactions involving counterfeit branded goods.
Copyright (c) 2026 Erniawati, Annisa Sativa https://creativecommons.org/licenses/by-sa/4.0
The Effect of the Intensity of Food Purchases 0leh Free Nutritious Meal Program on the Income of Local Food MSMEs as a Source of Economic Learning in Teko Village
This study discusses the influence of the intensity of food purchases by the Free Nutritious Meal Program (MBG) on the income of local food MSMEs in Teko Village and its use as a source of contextual economic learning. The results of the study show that the MBG Program has a positive impact on increasing MSME income through regular and sustainable food purchases. The increase in income not only provides economic benefits for MSME actors, especially vegetable traders who are the main suppliers of food for the program, but can also be used as a source of economic learning that connects theoretical concepts with real conditions in society. Thus, the MBG Program has an important role not only in supporting the fulfillment of community nutrition, but also in improving the economic welfare of local communities and providing educational value for economic learning.
Copyright (c) 2026 Nila juliana, Mispandi, Rohaeniyah zain https://creativecommons.org/licenses/by-sa/4.0
Confession as a Ground for Case Termination in KPPU from the Perspective of Ibn Qayyim al-Jauziyah (A Study of Decision Number 04/KPPU-I/2024)
This study analyzes the position of confession as a ground for case termination in KPPU Decision Number 04/KPPU-I/2024 and examines it from the perspective of Ibn Qayyim al-Jauziyah. The background of this research is based on the behavioral change mechanism introduced under KPPU Regulation Number 2 of 2023, which allows the reported party to acknowledge the alleged violation and submit commitments for behavioral improvement, as well as concerns that confession may become a shortcut that weakens the deterrence function and the protection of public interests. This study employs normative juridical research using the statutory approach and the conceptual approach. Legal materials were collected through library research and analyzed qualitatively using deductive reasoning. The findings indicate that confession is not the sole basis for case termination but rather an initial requirement to enter the behavioral change mechanism. The termination of the case in KPPU Decision Number 04/KPPU-I/2024 was carried out after the commitments to behavioral change had been declared fulfilled through a process of supervision and verification in accordance with KPPU Regulation Number 2 of 2023. From the perspective of Ibn Qayyim al-Jauziyah, confession (iqrār) is a highly authoritative form of evidence but cannot stand alone without supporting proof capable of revealing the objective truth. Therefore, the case termination mechanism is fundamentally consistent with the legal thought of Ibn Qayyim al-Jauziyah. However, the effectiveness and legitimacy of case termination ultimately depend on the objectivity and accountability of the verification process regarding the implementation of the behavioral change commitments.
Copyright (c) 2026 Madinah Asri Putri Andarin, Mustapa Khamal Rokan https://creativecommons.org/licenses/by-sa/4.0
Consumer Protection for Intercity Bus Passengers in Pematangsiantar Against Overloading Practices (An Analytical Study of the Sadd Adz-Dzari'ah Principle)
The phenomenon of overloading on intercity buses remains common and poses a potential threat to passenger safety. This condition indicates that consumer protection in the transportation sector has not been implemented optimally. Therefore, it is necessary to examine this issue from both the perspectives of positive law and Islamic law, particularly through the principle of Sadd Adz-Dzari'ah as a preventive measure against potential harm. This study aims to examine how overloading practices occur on intercity buses in Pematangsiantar, how legal protection is provided for passengers affected by such practices, and how these practices are analyzed from the perspective of Islamic law through the principle of Sadd Adz-Dzari'ah as a means of preventing harm to consumers. This study employed a non-doctrinal (empirical juridical) research method using the statute approach and conceptual approach, with qualitative data analysis. The findings indicate that the practice of overloading passengers on intercity buses continues to occur frequently, particularly during peak travel periods. This condition not only causes discomfort to passengers but also increases the risk to their safety. Furthermore, legal protection for passengers subjected to such practices has not been implemented effectively, as reflected in weak regulatory supervision, low awareness among business operators, and the limited efforts of passengers to assert their rights. From the perspective of Islamic law, the practice of overloading clearly contradicts the principle of Sadd Adz-Dzari'ah because it creates opportunities for greater harm. Therefore, such practices should be prevented from the outset as a means of protecting the safety and welfare of passengers.
Copyright (c) 2026 Isro Ayu Marbun, Zulkifli Nas https://creativecommons.org/licenses/by-sa/4.0
The Use of Zakat Funds In The Economic Resilience of Natural Disaster Victims
The management of zakat funds by BAZNAS plays an important role in supporting the economic resilience of natural disaster victims. However, challenges such as inaccurate beneficiary identification, complex distribution procedures, and the mismatch between assistance and victims' urgent needs may reduce the effectiveness of zakat utilization. This study aims to analyze the process of beneficiary identification, the mechanism of aid distribution, and the utilization of zakat funds in strengthening the economic resilience of natural disaster victims in Hulu Sungai Utara Regency. A qualitative approach was employed using direct observation, semi-structured interviews, and documentation. Data were analyzed through data reduction, data display, and conclusion drawing, while triangulation was applied to ensure data credibility. The findings reveal that beneficiary identification is conducted through reports from village officials and relevant agencies, followed by administrative verification and field surveys to ensure the eligibility of recipients. The distribution mechanism consists of report verification, field assessment, internal administrative procedures, and coordinated distribution involving BAZNAS, village authorities, and other stakeholders. The study also found that zakat assistance primarily focuses on fulfilling the victims' immediate basic needs, including food supplies and emergency necessities, thereby supporting their economic resilience during the early post-disaster recovery period. These findings indicate that the structured and collaborative management of zakat funds contributes to more accurate and effective disaster assistance, although future efforts should strengthen productive empowerment programs to enhance long-term economic recovery for disaster-affected communities.
Copyright (c) 2026 Rahmawati Aulia Nor, Syahrani https://creativecommons.org/licenses/by-sa/4.0
The Effect Of Tax Planning And Good Corporate Governance On The Market Value Of Banking Companies Listed On The Indonesian Stock Exchange 2022-2024
This study aims to examine the effects of Tax Planning and Good Corporate Governance (GCG) on firm value among banking companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This research employed a quantitative approach with an explanatory research design. The study population consisted of 47 banking companies, and a total of 141 observations were obtained from the companies' annual reports and financial statements. Data were analyzed using IBM SPSS Statistics through descriptive statistics, classical assumption tests, multiple linear regression analysis, the coefficient of determination, t-tests, and F-tests. The results indicate that Tax Planning has a positive and statistically significant effect on firm value, with a significance value of 0.009, while Good Corporate Governance also has a positive and statistically significant effect on firm value, with a significance value of 0.038. Furthermore, the simultaneous test demonstrates that Tax Planning and Good Corporate Governance jointly have a significant effect on firm value, as indicated by an F-test significance value of 0.006. The Adjusted R-squared value of 0.065 indicates that the two independent variables explain 6.5% of the variation in firm value. These findings suggest that the implementation of effective tax planning strategies and sound corporate governance practices can enhance firm value and strengthen investor confidence in the banking sector
Copyright (c) 2026 Shilfa Yustika Konsesa Shilfa, Srikalimah, Agus Athori https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Product Quality, Price, And Brand Image On Fore Coffee Consumer Loyalty In The City Of Surabaya
The competition for the modern coffee industry in Indonesia is getting tighter, so companies need to increase consumer loyalty. Fore Coffee is one of the fastest-growing local coffee brands, but based on the Top Brand Index 2023-2025, its position is still below several main competitors. This condition shows that Fore Coffee's consumer loyalty still needs to be improved and is allegedly influenced by product quality, price, and brand image. This study aims to analyze the influence of product quality, price, and brand image on Fore Coffee consumer loyalty in the city of Surabaya. The research uses a quantitative approach with a type of causal associative research. The research sample amounted to 150 respondents who were selected using accidental sampling techniques. Data were collected through questionnaires and analyzed using multiple linear regression with the help of SPSS. The results showed that product quality, price, and brand image simultaneously had a positive and significant effect on consumer loyalty (F = 253,941; sig. = 0.000). Partially, product quality (t = 15,307), price (t = 12,449), and brand image (t = 10,813) also had a positive and significant effect with a significance value of 0.000. The value of the determination coefficient (R²) of 0.839 indicates that the three variables are able to explain 83.9% of the variation in consumer loyalty. The results of the study confirm that improving product quality, setting appropriate prices, and strengthening brand image play an important role in increasing Fore Coffee consumer loyalty in the city of Surabaya.
Copyright (c) 2026 Rizqia Khairunnisa Wibowo, Siti Ning Farida https://creativecommons.org/licenses/by-sa/4.0
The Effect of Capital Intensity and Inventory Intensity on Tax Aggressiveness in Multinational Companies in the Manufacturing Sector Listed on the IDX
This study investigates the influence of capital intensity and inventory intensity on tax aggressiveness among multinational corporations in the manufacturing sector listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024, using the effective tax rate (ETR) as a proxy for tax aggressiveness. The approach employed is associative quantitative research based on panel data from 14 companies with a total of 70 observations selected through purposive sampling, processed employing multiple linear regression analysis via IBM SPSS 29. The test results indicate that capital intensity has a positive and significant effect on ETR (coefficient +0.038), this indicates that a higher proportion of fixed assets relative to total assets is associated with an increase in the company’s reported ETR, suggesting a lower level of tax aggressiveness This finding is inconsistent with the depreciation shield hypothesis and suggests that in the context of multinational manufacturing companies, investment in fixed assets tends to be accompanied by tax compliance burdens that actually increase ETR. Conversely, inventory intensity has a negative and significant effect on ETR (coefficient −0.151), meaning that the higher the proportion of inventories to total assets, the lower the ETR reported, which reflects an increase in tax aggressiveness. This finding indicates that in multinational manufacturing companies, intensive inventory management has the potential to suppress taxable income through storage costs, inventory valuation, and cross jurisdictional supply chain mechanisms. The findings suggest that both variables jointly have a significant effect on tax aggressiveness, with the regression model explaining 32.1% of the changes in tax aggressiveness. These findings validate that the characteristics of multinationality including international compliance pressures and consolidated accounting standards shape tax behavior that differs from domestic manufacturing companies, while also implying the need for a tax oversight approach based on asset structure profiling for multinational entities.
Copyright (c) 2026 Shelma Adiel Anindya, Eni Srihastuti, Imarotus Suaidah https://creativecommons.org/licenses/by-sa/4.0
Comparative Analysis of Income Tax Burden on In-Kind and Enjoyment and Effective Tax Rate Before and After PMK Number 66 of 2023 in Construction Companies Listed on the Indonesia Stock Exchange (2022 and 2024 Period)
Penelitian ini bertujuan untuk menganalisis perbedaan beban pajak penghasilan atas manfaat dalam bentuk barang dan kenikmatan serta Tingkat Pajak Efektif (PNP) pada perusahaan konstruksi yang terdaftar di Bursa Efek Indonesia (IDX) sebelum (2022) dan setelah (2024) implementasi Peraturan Menteri Keuangan (PMK) Nomor 66 Tahun 2023. Penelitian ini menggunakan pendekatan kuantitatif komparatif dengan data sekunder berupa laporan keuangan tahunan yang diaudit dan catatan atas laporan keuangan (CALK) perusahaan konstruksi yang terdaftar di IDX. Sebanyak 19 perusahaan dipilih sebagai sampel melalui teknik purposive sampling. Data dianalisis menggunakan Uji T Sampel Berpasangan dengan uji normalitas Shapiro-Wilk sebagai prasyarat. Hasil penelitian menunjukkan bahwa tidak ada perbedaan signifikan dalam beban pajak atas manfaat dalam bentuk barang dan kenikmatan antara tahun 2022 dan 2024 (t = -0,254; sig = 0,802>0,05), yang menunjukkan bahwa peraturan baru tersebut tidak memberikan dampak signifikan terhadap beban pajak nominal. Sebaliknya, terdapat perbedaan signifikan dalam ETR antara kedua periode (=6,721; p<0,001), dengan rata-rata ETR meningkat dari 3,13% pada tahun 2022 menjadi 4,48% pada tahun 2024. Namun, nilai ETR pada kedua periode tersebut masih jauh di bawah tingkat beban pajak perusahaan sebesar 22%, yang menunjukkan kemungkinan adanya praktik perencanaan pajak yang berkelanjutan di perusahaan sampel. Temuan ini menyiratkan bahwa PMK Nomor 66 Tahun 2023 memiliki dampak yang lebih besar terhadap efisiensi pajak secara proporsional daripada terhadap beban pajak nominal, dan menekankan perlunya peningkatan pengawasan kepatuhan pajak di sektor konstruksi.
Copyright (c) 2026 Rahma Nuria Putri, Khasanah Sahara, Dewi Wungkus Antasari https://creativecommons.org/licenses/by-sa/4.0
PAI Teachers and the Phenomenon of Spiritual Quiet Quitting: A Study on the Decline of Students' Worship Motivation Amid Academic Curriculum Density
The transformation of academic curricula demanding intensive cross-disciplinary competencies has produced a density of learning agendas with implications for students' psychological and spiritual dimensions. This phenomenon gives rise to a condition conceptualized as "spiritual quiet quitting", a term borrowed from workplace literature describing students who continue to perform worship formally while losing inner engagement, devotion, and meaning. This study aims to conceptually examine the relationship between academic curriculum density and the decline of students' worship motivation, to identify the characteristics of spiritual quiet quitting, and to analyze the role and strategies of Islamic Religious Education (PAI) teachers in responding to it. The study employs a qualitative descriptive-analytical library research approach, drawing data from nationally and internationally indexed journal articles published between 2019 and 2026, analyzed through data reduction, display, and conclusion drawing following the Miles and Huberman model. The findings indicate that, viewed through the job demands-resources framework, curriculum density can function as a demand that depletes students' psychological resources when not balanced by supporting resources such as social support and adequate spiritual meaning-making. PAI teachers hold a crucial role through authentic exemplary conduct, affective-personal approaches grounded in fulfilling the basic psychological needs of autonomy, competence, and relatedness, and reorienting the worship narrative from administrative obligation toward meaningful practice, as a preventive step against the spread of spiritual quiet quitting in school settings. Keywords: PAI teacher; spiritual quiet quitting; worship motivation; curriculum density; academic burnout; self-determination theory
Muhammad Yasin Abdul Aziz Rantisi Nasution
Copyright (c) 2026 Sesilia Marsya Nabila Zahara, Rice Putri Dia Utami, Muhammad Yasin Abdul Aziz Rantisi Nasution, Lety Febriana https://creativecommons.org/licenses/by-sa/4.0
Digital Transformation of Human Resources: Strategies for Survival and Competitiveness in the Society 5.0 Era at PT Maxride Makassar
This study aims to analyze human resource digital transformation as a strategy for organizational survival and competitive advantage in the Society 5.0 era at PT MaxRide Makassar. The research focuses on understanding and implementing human resource (HR) digital transformation, examining its impact on employee performance and organizational competitiveness, exploring the role of HR training and development, and identifying HR adaptation strategies in response to rapid technological change. The study is motivated by the increasing competition in the transportation and digital platform service industry, which requires companies to continuously adapt by leveraging digital technologies while strengthening the quality and capabilities of their human resources. This research employed a qualitative descriptive approach. Data were collected through in-depth interviews, direct observations, and document analysis. Informants were selected using the snowball sampling technique, involving management personnel, employees, and driver partners of PT MaxRide Makassar. The collected data were analyzed using the stages of data reduction, data display, and conclusion drawing. The findings reveal that digital transformation at PT MaxRide Makassar has positively contributed to improving work efficiency, service responsiveness, system transparency, and employee productivity. Digitalization has enabled work processes to become more efficient, structured, and data-driven, thereby enhancing the company's operational effectiveness. However, the implementation of HR digital transformation has not yet reached its full potential due to several challenges, including disparities in digital competencies, employee resistance to organizational change, insufficient training and development programs, and limitations in technological infrastructure and network connectivity. The study concludes that HR digital transformation at PT MaxRide Makassar has significantly contributed to improving organizational efficiency and competitive advantage. Nevertheless, its long-term success requires greater investment in human resource development, the cultivation of a supportive organizational culture, and the adoption of a human-centric digital transformation strategy to ensure sustainable implementation and strengthen business resilience in the digital era.
Copyright (c) 2026 Andi Munawwarah Rusli, Akhmad, Muchriady Muchran, Muhammad Rusydi, Andi Jam’an https://creativecommons.org/licenses/by-sa/4.0
Optimizing Food and Beverage Business with an Omnichannel System in Emerging Markets (ASEAN)
This study aims to analyze strategies for optimizing food and beverage businesses through omnichannel systems in increasingly competitive ASEAN emerging markets. Specifically, the study explores effective omnichannel implementation patterns, identifies success and failure factors in channel integration, examines the strategic implications of omnichannel adoption, and investigates the development of omnichannel systems in emerging market countries. This research employed a qualitative approach using a descriptive research design. Data were collected through passive participant observation, in-depth interviews, and documentation. A purposive sampling technique was applied to select ten key informants representing large-scale brands and MSMEs from Indonesia and Malaysia, including Gacoan, Fore Coffee, Kopi Kenangan, Tsuka Ramen & Bento, Es Teler Pattiro, Yappay, Kopi Komar, Lazuna Chicken, Moka Kopi, and Sugarbun. The data were analyzed using descriptive qualitative analysis involving data collection, reduction, display, and conclusion drawing, while credibility was ensured through source and technique triangulation. The findings reveal that the most effective omnichannel model for food and beverage businesses is the consistent integration of physical stores with digital channels, including social media, WhatsApp, marketplaces, delivery applications, and digital point-of-sale systems. The success of omnichannel implementation is influenced by information consistency, service responsiveness, stock accuracy, and standardized operating procedures, whereas the primary barriers include weak system integration, network limitations, unsynchronized inventory, and inadequate employee readiness. Furthermore, omnichannel implementation improves operational efficiency, expands market reach, enhances customer satisfaction, and strengthens customer loyalty. The study also indicates that emerging markets are increasingly moving toward integrated and data-driven digital ecosystems, although technological maturity varies across countries. The findings imply that food and beverage MSMEs should gradually strengthen digital integration by adopting simple technologies such as WhatsApp Business, QRIS, social media platforms, and digital POS systems before implementing more advanced features. Policymakers and supporting institutions are encouraged to provide digital training and infrastructure support to accelerate omnichannel transformation among MSMEs in emerging markets. Future studies may employ quantitative approaches to examine the effects of omnichannel implementation on business performance, customer satisfaction, and loyalty.
Copyright (c) 2026 Ipahriani Rahman, Buyung Romadhoni, Andi Mappatompo Badawi, Andi Ifayani Haanurat, Muchriady Muchran https://creativecommons.org/licenses/by-sa/4.0
Financial Literacy, Digital Nomadism, and Fintech Payment on Consumptive Behavior: Self-Control as a Mediating Variable in Generation Z
This study aims to analyze the influence of financial literacy, digital nomadism, and fintech payment on the consumptive behavior of Generation Z, with self-control as a mediating variable. The research was conducted nationally across Indonesia involving 252 Generation Z respondents born between 1999 and 2012 who are active fintech payment users from over 50 cities. Data were collected through an online questionnaire using purposive and snowball sampling techniques, and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) via SmartPLS 4.0, grounded in the Theory of Planned Behavior and Self-Control Theory. The results indicate that financial literacy, digital nomadism, and fintech payment each positively and significantly influence both consumptive behavior and self-control among Generation Z. The most notable finding is that higher financial literacy is associated with greater consumptive behavior (β = 0.348). This occurs because a better understanding of digital financial products encourages individuals to transact more actively and confidently, ultimately increasing spending frequency rather than reducing it. Self-control was confirmed as a partial mediator across all three pathways, with the model explaining 43.9% of the variance in Generation Z consumptive behavior This study affirms that self-control plays a critical role as the mechanism bridging external factors and actual consumption behavior. Therefore, financial education programs should integrate self-control training beyond mere cognitive knowledge transfer to effectively translate financial literacy into responsible financial behavior.
Copyright (c) 2026 Husnaeda, A. Ifayani Haanurat, Muhammad Nur Abdi https://creativecommons.org/licenses/by-sa/4.0
Talent Is Not Enough: Analysis of Marketing Factors on the Popularity and Persistence of Indonesian Idol Alumni
The growth of the digital music industry has required artists not only to achieve popularity but also to sustain it over time. This study examines the effects of perceived authenticity and personal branding on popularity persistence through parasocial relationship and fan loyalty among Indonesian Idol alumni from seasons 9 to 13. A quantitative approach was employed using a survey method, and the data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that perceived authenticity and personal branding have positive and significant effects on fan loyalty, parasocial relationship, and popularity persistence. Furthermore, fan loyalty positively influences popularity persistence and mediates the effects of perceived authenticity and personal branding. In contrast, parasocial relationship does not significantly affect popularity persistence nor serve as a significant mediating variable. These findings highlight the importance of fan loyalty in sustaining artists’ long-term popularity in the digital era.
Copyright (c) 2026 Ayatullah Hamzah Al Hasani, Toni Tri Susanto https://creativecommons.org/licenses/by-sa/4.0
The Influence of Omnichannel Marketing Strategy on Visit Intention with Fear of Missing Out (FoMO) as a Mediating Variable: A Study on Visitors of Jolotundo Glamping and Edupark Nganjuk
This study examines the effect of omnichannel marketing strategy on visit intention to Jolotundo Glamping & Edupark, with Fear of missing out (FoMO) as a mediating variable. Despite the increasing integration of digital channels by tourism destinations, the effectiveness of omnichannel strategies in driving actual visit intention remains complex, indicating a gap between multi-platform presence and psychological consumer triggers. This study addresses this gap by incorporating FoMO as a mediating mechanism within the tourism marketing context. A quantitative explanatory approach was employed using a survey of 250 respondents who are within the productive age range (17-45 years) and have interacted with Jolotundo's digital channels. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that omnichannel marketing strategy significantly influences both FoMO and visit intention. Fear of missing out (FoMO) also has a significant effect on visit intention and partially mediates the relationship between omnichannel marketing and visit intention. This study contributes to the tourism marketing literature by highlighting the mediating role of psychological urgency in strengthening the effectiveness of integrated digital strategies for modern travel destinations.
Copyright (c) 2026 Nadiva Adista Yulia Putri, Raya Sulistyowati https://creativecommons.org/licenses/by-sa/4.0
Warning Clothing (WRNG) Business Development Strategy
Warning Clothing (WRNG), a pioneer streetwear brand from Bandung established in 2000 under PT. Adnan Jusson Indonesia, is experiencing a crisis due to its dependence on the conventional offline wholesale (B2B) model. Digital disruption has triggered a drastic decline in foot traffic at partner physical stores outside Java, causing annual revenue to plummet 40% from Rp14.4 billion (2020) to Rp8.6 billion (2025). This study aims to formulate WRNG's business development strategy through Design Thinking, Business Model Canvas (BMC), and SWOT/IFAS/EFAS analysis, and to test investment feasibility using NPV, IRR, Payback Period, Profitability Index, and the Timmons Model. A descriptive qualitative method with an applied case study approach was employed. IFAS analysis yields a score of 2.27 (weak internal position) and EFAS 2.65 (good external response), placing WRNG in the Turnaround quadrant. The BMC was reconstructed from an As-Is wholesale model to a To-Be hybrid omnichannel model encompassing official marketplace stores, a company website, and a partner dropship system. Financial feasibility analysis at a 12% discount rate produces NPV of Rp4,258,304,214, IRR >100%, Payback Period of ±8 months, and PI of 6.72, collectively declaring WRNG's business plan HIGHLY FEASIBLE for implementation.
Copyright (c) 2026 Adrilsyah Adnan, Keni Kaniawati https://creativecommons.org/licenses/by-sa/4.0
The Effect of the Implementation of PSAK 73 (Leases) and Good Corporate Governance on the Quality of Financial Statements, with Company Size as a Control Variable
This study aims to examine the impact of Good Corporate Governance (GCG) and the implementation of PSAK 73 on the quality of financial statements in transportation sector companies listed on the Indonesia Stock Exchange from 2022 to 2024. The control variable for this analysis is firm size. A quantitative methodology based on the causality approach was used in this study. Eleven companies were randomly selected using purposive sampling; a total of 33 observations were made. Multiple linear regression was used to analyze the data. According to the study’s findings, financial statement quality is positively and significantly influenced by the implementation of PSAK 73. Financial reporting quality is also significantly influenced by institutional ownership and managerial ownership, which serve as proxies for GCG. Financial reporting quality is significantly influenced by the simultaneous implementation of PSAK 73 and GCG, with firm size as a control variable. The findings of this study indicate that better financial reporting can be achieved through the implementation of corporate governance procedures and accounting standards.
Copyright (c) 2026 Wahyu Hidayatulloh, Eni Srihastuti, Marhaendra Kusuma https://creativecommons.org/licenses/by-sa/4.0
Istismar Zakat Funds in the Perspective of MUI Fatwa No. 4 of 2003: Implications For the Welfare of Mustahik
This study aims to analyze in depth the Fatwa of the Indonesian Ulema Council (MUI) No. 4 of 2003 regarding the legality of the use of zakat funds for istismar activities (investment) and how it is implemented within the framework of the productive zakat utilization program at the Central National Amil Zakat Agency (BAZNAS). The main focus of this research includes deconstructing the understanding of the substance of fatwas, mapping implementation practices at the level of national zakat authorities, and projecting its impact on the escalation of mustahik welfare. Methodologically, this study applies a qualitative approach with a case study design through a structured interview method with policy makers at the Central BAZNAS and comprehensive documentation techniques. A normative juridical approach is applied to dissect secondary data and literature materials, which includes synchronization between national zakat laws and regulations and fatwas related to investment in religious social funds. An analysis was carried out on primary and secondary literature to present a holistic insight into zakat governance from the perspective of positive law and Islamic law. The results of the study revealed two fundamental findings: first, the Central BAZNAS institutionally has strategic potential in transforming zakat funds into productive investment instruments in accordance with the mandate of the fatwa to create economic added value. Second, even though the instruments and implementation plans have been carefully prepared, the Central BAZNAS has not officially executed the investment program until this research is completed. This phenomenon is in contrast to several BAZNAS at the regional level, such as West Java, which have accelerated through similar productive zakat programs. This emphasizes that the implementation of the istismar fatwa is highly dependent on the courage of institutional innovation, appropriate risk mitigation, and certainty of operational regulations.
Copyright (c) 2026 Muhlisah Hanifati, Nurkhalis Muchtar, M. Dawud Arif Khan https://creativecommons.org/licenses/by-sa/4.0
Circular Economy Makan Bergizi Gratis Program: A Conceptual Product Based On Islamic Economy
Makan Bergizi Gratis Program (MBG) is a government policy to improve the quality of human resources by providing healthy food for school children. This program not only focuses on nutritional aspects, but also stimulates the local economy through the application of circular economy principles. This study aims to analyze the application of circular economy in the MBG program and review its relevance from an Islamic economic perspective. The method used is qualitative descriptive-conceptual with a literature study approach sourced from scientific literature, news articles, the Qur'an, hadith, and the thoughts of Islamic figures such as Al-Ghazali and Ibn Khaldun. The analysis was conducted using content analysis techniques to map concepts related to resource circulation, local food supply chains, and Islamic ethical principles. The results show that the MBG program has implemented circular economy principles through budget efficiency, the use of local food ingredients, waste management, and community empowerment. From an Islamic perspective, this program indicates the harmony between the circular economy mechanism of the MBG and the values ​​of social justice, wealth distribution, and public welfare as stated in QS. Al-Hasyr verse 7 and QS. At-Taubah verse 60. Islamic philanthropy such as zakat, infaq, sedekah, and waqf has the potential to support the sustainability of this program and strengthen the people's economy. Thus, the MBG represents a concrete implementation of collaboration between the circular economy and Islamic values ​​to achieve sustainable prosperity.
Copyright (c) 2026 Arivatu Ni'mati Rahmatika Rahmatika, Bekti Widyaningsih Widyaningsih, Trisna Putri Anggraeni Anggraeni https://creativecommons.org/licenses/by-sa/4.0
Implementation of Antam Gold Buying and Selling at ABC Gold Shop Pekanbaru From the Perspective of Maqashid Syariah, Especially in Protecting Property (Hifz Al-Mal)
This study aims to analyze the implementation of Antam gold buying and selling transactions at the ABC Pekanbaru gold shop from the perspective of Maqasid Sharia. Gold as a ribawi commodity has special provisions in its buying and selling practices, so a transaction mechanism is needed that is not only valid according to Islamic jurisprudence, but also able to realize benefits and avoid harm. The Maqasid Sharia approach, especially in safeguarding assets (hifz al-mal), is used to assess the suitability of gold transaction practices with the main objectives of Sharia. This study uses a qualitative method with a descriptive approach. Data were obtained through interviews with employees and customers of the ABC Pekanbaru gold shop, and supported by documentation. The analysis was carried out by linking field findings with the five objectives of Maqasid Sharia, namely protection of religion, life, mind, descendants, and property. The results show that protection of assets is a very prominent objective of Maqasid Sharia in gold buying and selling practices at the ABC Pekanbaru gold shop, this protection is realized through clear contracts, price transparency that follows market mechanisms, and the availability of buyback facilities that provide certainty of value and liquidity for customers. This mechanism protects customers from the risk of fraud and unreasonable losses, but based on the different views of Islamic scholars who require gold transactions to be carried out in cash and direct handover, the provision of cash transaction services is an important step to ensure that the assets owned by customers are truly protected from elements of usury and are valid according to Sharia.
Copyright (c) 2026 Febrian Permana, Muhammad Albahi, Rustam https://creativecommons.org/licenses/by-sa/4.0
The Role of Baitul Maal Wa Tamwil (BMT) Indragiri in Improving Sharia Financial Literacy For MSME: a Maqashid Syariah Perspective
Sharia financial literacy is an important factor in improving the understanding of MSME regarding financial management in accordance with sharia principles. The low level of understanding of the community and MSME regarding the products and services of sharia financial institutions can affect the utilization of financial institutions in supporting economic activities and business development. This study aims to analyze Baitul Maal Wa Tamwil (BMT) Indragiri in improving sharia financial literacy for MSME, analyze the supporting and inhibiting factors of efforts to improve sharia financial literacy for MSMEs in Rengat District, and analyze the role of BMT in improving sharia financial literacy reviewed from the perspective of maqashid sharia. The method used in this study is qualitative, and this research was conducted on Jalan Sultan Kompleks Indragiri Islamik Center, Kp Dagang Village, Rengat District, Indragiri Regency, Riau Province. The data sources in this study are primary data and secondary data, data collection techniques are interviews. Based on the research results, it was found that in improving Islamic financial literacy, BMT Indragiri has implemented a management plan consisting of planning, organizing, directing (actuating), and monitoring (controlling). The most supporting factor for BMT Indragiri's success in improving Islamic financial literacy is the increasing level of public awareness of the use of Islamic contracts. The factors that hinder BMT Indragiri in improving Islamic financial literacy are internal and external obstacles. BMT Indragiri consistently integrates the values ​​of maqashid sharia in every financial literacy activity, especially the values ​​of justice (al-'adl) and welfare (al-maslahah). Meanwhile, the value of welfare (al-maslahah) is reflected in the literacy orientation that emphasizes not only increasing knowledge, but also on empowering the people's economy. Overall, the level of implementation of maqashid sharia by MSME fostered by BMT Indragiri is in the fairly good category, especially in the aspects of financial transactions and business management.
Copyright (c) 2026 Yudi, Tasriani, Devi Megawati https://creativecommons.org/licenses/by-sa/4.0
The Influence of Sharia Financial Literacy, Gold Price Fluctuations, Risk Perception and Culture on Customer Decisions to Choose Gold Installments at Bank Syariah Indonesia KC Padangsidimpuan
This study aims to analyze the influence of Islamic financial literacy, gold price fluctuations, risk perception, and culture on customers’ decisions to choose gold installment products at Bank Syariah Indonesia KC Padangsidimpuan. The study was motivated by the increasing use of gold installment products despite fluctuations in gold prices, as well as the strong cultural values that influence gold ownership within the community. This research employed a quantitative approach with a sample of 213 customers selected through purposive sampling from a population of 475 gold installment customers in 2025. Data were collected using questionnaires and analyzed through multiple linear regression with the assistance of SPSS Statistics 25. The results indicate that Islamic financial literacy, risk perception, and culture have a positive and significant effect on customers’ decisions, while gold price fluctuations have a positive but insignificant effect. Simultaneously, all independent variables significantly influence customers’ decisions to choose gold installment products. These findings suggest that customers’ decisions are influenced not only by economic and financial considerations but also by risk perceptions and cultural values embedded in society.
Copyright (c) 2026 Miftahul Janna Ritonga, Leny Nofianti, Hariza Hasyim https://creativecommons.org/licenses/by-sa/4.0
The Effect of Green Brand Awareness and Green Brand Image on Sustainable Purchase Intention With Green Brand Trust as a Mediation Variable in Cake Products in Yogyakarta
This study aims to analyze the influence of green brand awareness, green brand image, and green brand trust on sustainable purchase intention among Cocoabutter Yogyakarta consumers. The research approach used is a quantitative approach. The population in this study are consumers who have never purchased but have received information. The sampling technique used a non-probability sampling method with a convenience sampling technique. The number of samples in this study was 281 respondents. The research data was obtained through online questionnaires using Google Forms with measurements using a 5-point Likert scale. The research data were analyzed using SmartPLS software version 4.1.1.8 with the Structural Equation Model (SEM) method. The results of the analysis show that green brand awareness has a positive and significant effect on green brand image, green brand awareness has a positive and significant effect on sustainable purchase intention, green brand awareness has a positive and significant effect on green brand trust, green brand image has a positive and significant effect on sustainable purchase intention, green brand image has a positive and significant effect on green brand trust, and green brand trust has a positive and significant effect on sustainable purchase intention among Cocoabutter Yogyakarta consumers.
Copyright (c) 2026 Riyan Indra Wijaya, Albari https://creativecommons.org/licenses/by-sa/4.0
The Impact of Profit Growth, Company Size, and Investment Opportunity Set on Profit Quality (Study on Manufacturing Companies in the Food and Beverage Sub-Sector for the 2021-2024 period)
This study has the aim to examine the effects of earnings growth, firm size, as well as investment opportunity set (IOS) on earnings quality in food and beverage manufacturing companies that are on the list of Indonesia Stock Exchange (IDX) throughout the 2021–2024 period. The hypotheses proposed are: (1) earnings growth has a significant effect on earnings quality; (2) firm size has a significant effect on earnings quality; (3) IOS has a significant effect on earnings quality; and (4) earnings growth, firm size, and IOS simultaneously affect earnings quality. This study uses a quantitative approach with secondary data from audited annual financial statements. Purposive sampling yielded a final sample of 21 companies (84 observations). Earnings quality is proxied by discretionary accruals using the Modified Jones model, earnings growth by the percentage change in net income, firm size by the natural logarithm of total assets, and IOS by the market-to-book value of equity (MBVE). Data were analyzed using multiple linear regression with classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). The results show that there is a significant negative effect of earnings growth on earnings quality (sig. = 0.000), while firm size (sig. = 0.279) and IOS (sig. = 0.108) do not have a significant partial effect. However, all three variables simultaneously affect earnings quality (sig. F = 0.000) with an Adjusted R² of 18.7%. These findings imply that earnings management in the post-pandemic recovery period is more strongly driven by changes in earnings performance than by company scale or growth opportunities. Companies are advised to strengthen internal control systems and transparent financial reporting to improve earnings quality, while investors should consider earnings growth trends as an indicator of earnings reliability. Keywords: Earnings Quality, Earnings Growth, Firm Size, Investment opportunity set, Discretionary Accruals
Copyright (c) 2026 Adam Amirul Insan Subroto, Fitria Magdalena, Rike Selviasari https://creativecommons.org/licenses/by-sa/4.0
The Influence Of Auditor Ethics, Competence And Experience On Audit Quality (In Public Accounting Firm (Kap) In West Java)
Audit quality is an important issue due to the increasing number of audit failures and violations of professional standards, which have reduced public trust in the public accounting profession. Therefore, auditors are required to possess professional ethics, adequate competence, and sufficient work experience to produce high-quality audits. This study aims to examine the effect of auditor ethics, auditor competence, and auditor work experience on audit quality at Public Accounting Firms (KAP) in West Java. This research employed a quantitative method with a survey approach. Primary data were collected through questionnaires distributed to auditors working at Public Accounting Firms in West Java. The sample consisted of 45 auditors selected using a purposive sampling technique. The data were analyzed using descriptive statistical analysis, multiple linear regression analysis, coefficient of determination (R²), partial test (t-test), and simultaneous test (F-test) with the assistance of IBM SPSS Statistics version 29. The results indicate that auditor ethics and auditor work experience have a positive and significant effect on audit quality, whereas auditor competence does not have a significant effect on audit quality. Simultaneously, auditor ethics, auditor competence, and auditor work experience significantly affect audit quality. These findings imply that improving audit quality requires not only technical competence but also strong professional ethics and sufficient audit experience.
Copyright (c) 2026 Aidah Intan Nabila, Teodora Winda Mulia https://creativecommons.org/licenses/by-sa/4.0
Financial Distress in Textile and Garment Firms: The Role of Executive Compensation, Sales Growth, and Operating Capacity
This study examines the relationship between financial difficulty and operating capacity, sales growth, and executive compensation in textile and apparel companies listed on the Indonesia Stock Exchange (IDX) between 2020 - 2024. Grounded in Signaling Theory, the study investigates whether these factors influence the likelihood of financial distress. Quantitative secondary data was utilized from yearly reports and financial statements. Purposive sampling was used to pick 17 companies for the sample, yielding 85 panel observations. The Altman Z-Score was used to gauge financial distress, and panel regression using the REM, which was chosen using the Chow, Hausman, and Lagrange Multiplier tests, was used to analyze the data. Higher compensation may improve managerial effectiveness and lessen financial challenges, based on the research, financial turmoil is significantly impacted negatively by executive salary. Sales Growth shows an insignificant effect, suggesting that increased sales do not necessarily improve a firm’s financial condition. On the other hand, operating capacity has a positive effect on financial distress, indicating that operational stress rather than better financial performance may be the cause of increasing asset turnover. Collectively, the independent variables significantly affect Financial Distress. These findings support Signaling Theory by demonstrating that managerial, growth, and operational factors provide signals regarding a firm’s financial condition. The results suggest that companies should implement effective executive compensation policies and improve operational management to mitigate financial distress risk. Future research is urged to include more variables and cover a wider range of industries in order to provide a more thorough knowledge of the factors that contribute to financial distress. Keywords: Executive Compensation, Financial Distress, Operating Capacity, Sales Growth, Signaling Theory
Copyright (c) 2026 Haifa Khairatun Hisan, Dudi Pratomo, Novy Fajriati https://creativecommons.org/licenses/by-sa/4.0
The Influence of Interactivity, Trust, and Online Customer Reviews on Impulse Buying of Avoskin Products on Shopee: a Study of Generation Z in Surabaya
This study aims to examine how interactions, trust, and online customer reviews influence impulsive purchasing of Avoskin products among Generation Z in Surabaya. This study employs the Stimulus-Organism-Response (S-O-R) theory, which explains that environmental influences can affect a person’s internal state, subsequently leading to specific actions or behaviors. The methodology used was a quantitative study involving 156 participants selected through purposive sampling. Research data were collected and analyzed using multiple linear regression with SPSS version 31. The results indicate that interaction, trust, and customer reviews collectively influence impulsive purchases of Avoskin products among Generation Z consumers in Surabaya. Partial tests also revealed that all three independent variables have a positive and significant impact on impulsive purchasing. Among these three variables, the trust variable had the greatest influence, with a regression coefficient of 0.426. Furthermore, the coefficient of determination of 71.4% indicates that changes in impulsive purchasing behavior can be explained by the three independent variables in this study, while the remaining portion is influenced by other factors outside the model under investigation.
Copyright (c) 2026 Siti Chalyandrha Putry, Acep Samsudin https://creativecommons.org/licenses/by-sa/4.0
The Effect of ESG Performance, Tax Avoidance, and Good Corporate Governance on Earnings Management Practices in Mining Companies in Indonesia for the 2020-2024 Period
This study investigates the influence of Environmental, Social, and Governance (ESG) performance, Tax Avoidance, and Good Corporate Governance (GCG) on earnings management among mining sector companies listed on the IDX during 2020–2024. Grounded in Agency Theory (Jensen et al., 1976), the study hypothesizes that ESG performance and GCG negatively influence earnings management, while Tax Avoidance exerts a positive influence. We used secondary data from sustainability reports and yearly reports to create a quantitative descriptive-causal approach. We obtained 75 firm-year observations and 15 enterprises through purposeful sampling. We used the IDX ESG Reporting Index (Form E020) to score ESG performance, the Effective Tax Rate (ETR) to proxy tax avoidance, and the proportion of independent commissioners, managerial ownership, and institutional ownership to measure GCG. Discretionary accruals via the Modified Jones Model were used to measure earnings management. We used EViews 12 to run panel data regression using simultaneous F-tests and partial t-tests. The results reveal that earnings management is strongly and adversely affected by ESG performance and GCG, but has no discernible effect from Tax Avoidance. Theoretically, these results add to the earnings management literature, and practically, they provide regulators and investors with information they can use to evaluate the profitability of mining companies that are adopting sustainability practices.
Copyright (c) 2026 Nindia Putri Septiani, Wiwin Aminah https://creativecommons.org/licenses/by-sa/4.0
Employee Competence Development Strategy in The Future Organizational Transformation: an Analytical Approach Hierarchy Process
Organizational changes marked by bureaucratic simplification have necessitated improving team member competency to achieve organizational goals. This study aims to determine strategic priorities in competency development decision-making. The study used the Analytical Hierarchy Process (AHP) method, which used Microsoft Excel to analyze the structure and main strategic alternatives—the analysis was based on primary data from interviews with 11 expert sources. The study results indicate that improving team member competency is the most crucial strategy in improving the organizational performance of the Ministry of Maritime Affairs and Fisheries (KKP), with strengthening the ASN education and training program as an integral part of the strategy. The most recommended strategic alternative is to build a competency-based education and training system for KKP ASN and the Functional Official Competency Certification. The results also indicate that leadership is the most important factor in ensuring the strategy for improving organizational competency. Therefore, the leadership quality of the Head of BBPPSDM KP is considered the most critical and influential actor in improving KKP organizational competency. Developing competency development policies and programs tailored to the needs that influence the career development of KKP functional officials is a primary goal that KKP must achieve. The managerial implications of this research are that public organizations must implement competency-based education and training and competency certification for functional officials. Leadership also plays a crucial role in strategic organizational management, empowering and directing organizational resources to achieve organizational goals effectively and efficiently.
Copyright (c) 2026 Ike Trisnawati, Anggraini Sukmawati, Yunus Triyonggo https://creativecommons.org/licenses/by-sa/4.0
The Influence of Country of Origin, Brand Association, and Brand Loyalty on Purchase Intention and Strategies to Increase Buying Interest in Skincare Products
The cosmetics industry is one of the leading businesses in the world and is mainstream in the global cosmetics industry. In line with the development of the world cosmetics market which is still showing positive growth, the Indonesian cosmetics industry has also shown an acceleration of growth in recent years. One of the impacts of current trends is that consumers' purchasing decisions are not only influenced by factors such as quality, price, and design, but also influenced by the brand name and country of origin. The purpose of this study is to analyze the influence of country of origin, brand association, and brand loyalty on the purchase intention of local and non-local (imported) skincare products and also formulate recommendations for strategies that can be done to increase consumer buying interest in local skincare products. In this study, the researcher used four methods, namely descriptive analysis, SEM-PLS, AHP, and SWOT.
Copyright (c) 2026 Netasari Khadijah, Alim Setiawan Slamet , Ma'mun Sarma https://creativecommons.org/licenses/by-sa/4.0
CSR, Corporate Governance, Firm Size and Earnings Management: Empirical Evidence from Indonesian Infrastructure Firms on the IDX
Corporate social responsibility (CSR), institutional ownership (IOW), audit committees, and company size (F size) are the variables that this study intends to examine in relation to earnings management. Companies listed on the IDX in the infrastructure industry from 2021–2025 are the main emphasis. We selected 20 out of 70 listed infrastructure businesses using a purposive sample technique and a quantitative research strategy based on secondary panel data for this study. Panel data regression analysis was used for hypothesis testing, and discretionary accruals were created from the Modified Jones Model to quantify earnings management. Chow, Hausman, and Lagrange Multiplier tests determined that the REM was the best fit. An Adjusted R-squared score of 19.20% shows that earnings management is significantly affected by all four independent factors. Earnings management and CSR disclosure show a negative correlation, although audit committee, firm size, and institutional ownership by themselves do not. Although firm size, audit committee meeting frequency, and concentration of institutional ownership are not sufficient factors to prevent managerial opportunism in the infrastructure industry, these results suggest that CSR disclosure is a useful tool for keeping earnings management practices in check. Investors, regulators, and corporate governance frameworks in Indonesia's infrastructure industry can benefit from this research, which also advances agency theory.
Copyright (c) 2026 Sultan Achmad Daffa, Roy Budiharjo https://creativecommons.org/licenses/by-sa/4.0
Forecasting Land Acquisition Financing Requirements for Optimizing Budget Execution in National Strategic Projects: A Time Series Approach Using ARIMA and Artificial Neural Network
This study addresses the persistent shortfall between planned and realized budgets for land acquisition financing of Indonesia's National Strategic Projects (Proyek Strategis Nasional/PSN), a shortfall that directly undermines the annual budget absorption rate used as a key performance indicator for the management of state investment funds allocated for land procurement. Method: this study compares two forecasting approaches, the Autoregressive Integrated Moving Average (ARIMA, extended to Seasonal ARIMA where required) and the Artificial Neural Network (ANN), to project the monthly land acquisition financing requirements of PSN across two categories, the Toll Road sector and the Non-Toll Road sector, using monthly realization data managed by the Indonesia Asset Management Agency (Lembaga Manajemen Aset Negara/LMAN) from 2017 through the first quarter of 2026. Forecast accuracy was evaluated using the Mean Absolute Percentage Error (MAPE) and, where the data contained values close to zero, the Symmetric Mean Absolute Percentage Error (sMAPE). Results: the ANN model consistently outperformed its statistical counterpart in both sectors. For the Toll Road sector, ANN achieved a MAPE of 49.01% against 80.93% for ARIMA, while for the Non-Toll Road sector, ANN achieved an sMAPE of 64.08% against 81.53% for SARIMA. Based on the ANN projections for the remaining nine months of 2026, the total financing requirement for land acquisition across all PSN sectors is estimated at Rp10.69 trillion, corresponding to a fund absorption rate of only 40.16% of the currently available budget. Implications: these findings suggest that machine learning approaches offer a more reliable basis for expenditure planning in this context, and that the persistently low absorption rate points to a continuing need for more accurate, data-driven budget execution planning at the ministry and agency level.
Copyright (c) 2026 Suryo Utomo, Muhammad Sjahid Akbar https://creativecommons.org/licenses/by-sa/4.0
The Effect of Non-Debt Tax Shield and Corporate Tax Rate on Capital Structure in Healthcarecare Sector Companies Listed on the IDX
This research investigates how the non-debt tax shield and corporate tax rate shape a firm's capital structure. As a fundamental financial policy, capital structure determines the composition of financing sources employed to sustain corporate operations and long-term growth. Variations in both the non-debt tax shield and the corporate tax rate are regarded as influential determinants capable of altering financing decisions. A quantitative descriptive design was implemented, whereas multiple linear regression analysis in SPSS served to examine the associations among the investigated variables. Empirical findings indicate that the non-debt tax shield exerts a statistically significant influence on capital structure. In contrast, no meaningful effect was identified between the corporate tax rate and the firm's capital structure. The findings of this research are expected to be considered for management in formulating more optimal funding policies and for future researchers in developing research related to factors that affect capital structure.
Copyright (c) 2026 Patma Ayu, Beby Hilda Agustin, Ahmad Yani https://creativecommons.org/licenses/by-sa/4.0
The Effect of Leverage, Firm Size, and Audit Opinion on Audit Delay in Consumer Non-Cyclical Companies Listed on the Indonesia Stock Exchange (2020–2024)
The timely submission of audited financial statements is a critical aspect of ensuring the relevance of financial information to stakeholders. However, some companies still experience audit delays, making it necessary to investigate the factors that influence them. This study aims to analyze the effects of leverage, firm size, and audit opinion on audit delays among companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employs a quantitative approach using secondary data obtained from annual financial statements and independent auditors’ reports. The research sample consists of 44 companies with a total of 220 observations selected using purposive sampling. Data analysis was performed using multiple linear regression with IBM SPSS Statistics version 27, including descriptive statistical analysis, classical assumption tests, the coefficient of determination test, the simultaneous test (F-test), and the partial test (t-test). The results of the study indicate that, when considered individually, leverage, firm size, and audit opinion do not have a significant effect on audit delay. However, when considered simultaneously, these three variables have a significant effect on audit delay. These findings provide empirical evidence that audit delay is influenced by a combination of firm characteristics; therefore, future research should consider other variables to improve the model’s ability to explain audit delay.
Copyright (c) 2026 Devina Ardelia Ramdhani, Ajeng Luthfiyatul Farida https://creativecommons.org/licenses/by-sa/4.0
The Effect of Functional Value to Revisit Intention Dufan Ancol: the Mediating Role of Customer Satisfaction and Destination Love
This study aims to analyze the influence of the perceived value dimension on revisit intention through customer satisfaction and destination love of Dufan Ancol tourists. This study uses a quantitative approach with a survey method involving 140 tourists who have visited Dufan Ancol. Cross-sectional methods are used in data collection. The research instrument has been declared to have passed the validity and reliability test. The data analysis technique used is structural equation modeling based on Smart PLS 3.0. The results of the study show that functional value has a positive effect on revisit intention through customer satisfaction. The findings of this study are expected to help Dufan Ancol managers in prioritizing increasing functional value to increase customer satisfaction so as to encourage revisit intention. Researchers are then advised to test other variables relevant to the characteristics of the research object to gain a more comprehensive understanding of the factors that can influence revisit intention.
Copyright (c) 2026 Nisa Ajshari, Yadi Ernawadi https://creativecommons.org/licenses/by-sa/4.0
The Impact of Green Supply Chain Management Practices on Company Performance in the Cafe Industry in Cimahi City
Increasing environmental challenges and rising waste production have prompted businesses to adopt environmentally friendly and sustainable practices. The café industry, which is experiencing rapid growth in Indonesia particularly in the city of Cimahi contributes to environmental problems through the use of plastic packaging, single-use products, and operational waste. Consequently, the Using Green Supply Chain Management (GSCM) techniques has become increasingly important to support business sustainability and improve company performance. The purpose of this study is to investigate how corporate performance is affected by green supply chain management methods, which are exemplified by eco-design, green manufacturing, and green purchasing in cafes in Cimahi City. This study employs a quantitative approach using descriptive and associative analyses. Primary data were collected from 66 respondents comprising café owners and employees—via a questionnaire. Simple random sampling was used, and SPSS version 25 was used to do multiple regression analysis on the data. The outcomes show that respondents’ perceptions of eco-design, green manufacturing, green purchasing, and overall company performance were generally categorized as moderate. At the same time, eco-design, the performance of businesses is significantly impacted by green manufacturing and green purchasing. However, when analyzed individually, eco-design does not significantly impact company performance, whereas in Cimahi City's cafés, green manufacturing and green purchasing have favorable and substantial benefits.
Copyright (c) 2026 Alya Rahmawati, Asep Kurniawan https://creativecommons.org/licenses/by-sa/4.0
The Effect of Discipline Development and Physical Work Environment on the Job Satisfaction of State Civil Apparatus (ASN) Functional Positions of the Cimahi City Education Office
Fostering good discipline and a good physical work environment will increase employee job satisfaction. Several phenomena at the Cimahi City Education Office show a decline in job satisfaction, including high employee absenteeism rates without explanation, disciplinary violations, and inadequate physical working conditions. This condition suggests that the development of discipline and physical work environment can affect employee job satisfaction. This study aims to find out how respondents respond to disciplinary coaching and physical work environment, and how employee job satisfaction. In addition, it aims to determine the influence of discipline developmentand physical work environment on the job satisfaction of ASN of the Functional Position of the Cimahi City Education Office both partially and simultaneously. This study uses a quantitative approach with a descriptive and associative research design. In this study, there were 82 respondents from ASN Functional Positions of the Cimahi City Education Office. The data collection technique was carried out by distributing questionnaires. The data analysis in this study used multiple linear regression analysis and determination coefficients. This study shows that the respondents' response to discipline developmentis included in the good criteria. Similarly, respondents' responses to the conditions of the physical work environment are included in the good criteria. Job satisfaction is included in the satisfaction criteria. In addition, this study shows that discipline developmenthas a positive effect on job satisfaction. This means that the better the Discipline development, the job satisfaction will increase. Similarly, the physical work environment has a positive effect on job satisfaction. This means that the better the physical work environment, the job satisfaction will increase. Discipline development and physical work environment affect the job satisfaction of ASN Functional Positions of the Cimahi City Education Office. This means that if the discipline and physical work environment are good, it can increase employee job satisfaction.
Copyright (c) 2026 Neni Andriani, RM Juddy Prabowo https://creativecommons.org/licenses/by-sa/4.0
Determinants of Financial Distress: The Role of Liquidity, Profitability, Leverage, Sales Growth, and Firm Size in Energy Sector Companies Listed on the Indonesia Stock Exchange for the 2020–2024 Period
Financial distress has become an important concern because it threatens corporate sustainability, financial performance, and investor confidence. Previous studies have reported inconsistent findings regarding the effects of liquidity, profitability, leverage, sales growth, and firm size on financial distress, particularly in Indonesia's energy sector. Therefore, this study aims to examine the influence of these factors on financial distress among energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. This study employs a quantitative approach using secondary data obtained from annual financial statements. The population consists of 89 energy sector companies listed on the IDX, from which 60 companies were selected using purposive sampling, resulting in 300 firm-year observations. Financial distress is measured using the Altman Z-Score model, while panel data regression analysis is employed using EViews 13, with the Common Effect Model (CEM) identified as the most appropriate estimation model. The findings indicate that liquidity, measured by the Current Ratio, has a positive and statistically significant effect on the Altman Z-Score, indicating that stronger liquidity reduces the likelihood of financial distress. In contrast, profitability, leverage, sales growth, and firm size do not exhibit statistically significant effects. These findings suggest that liquidity is the primary financial indicator in maintaining financial stability among Indonesian energy sector companies. This study contributes to the financial distress literature by providing updated empirical evidence from the Indonesian energy sector and offers practical insights for managers, investors, and other stakeholders in assessing corporate financial health and mitigating financial distress risk
Copyright (c) 2026 Najwa Salsabila Az Zahra, Farida Titik Kristanti https://creativecommons.org/licenses/by-sa/4.0
The Effect of Work-Life Balance and Workload on the Performance of Inpatient Installation Nurses at Pagelaran Cianjur Hospital
Nurse performance is one of the main indicators in determining the quality of hospital services. The high demands of health services require nurses to be able to provide professional, fast, and quality services. However, the high workload and difficulties in maintaining a work-life balance have the potential to affect nurses' performance. This condition was also found at Pagelaran Cianjur Hospital which was characterized by the presence of nurses who had sufficient performance categories, high levels of delays, and fluctuations in the number of patient visits which had an impact on increasing workload. This study aims to analyze the influence of work-life balance and workload on the performance of nurses at Pagelaran Cianjur Hospital, both partially and simultaneously. The research uses a quantitative approach with a survey method. The research population is all inpatient installation nurses of Pagelaran Cianjur Hospital totaling 34 people, which is also used as a research sample through saturated sampling techniques. Data were obtained through observation, interviews, documentation, and questionnaire deployment, then analyzed using multiple linear regression analysis with the help of IBM SPSS Statistics. Hypothesis testing was carried out using a partial test (t-test) and a simultaneous test (F-test). The results of the study showed that work-life balance did not have a significant effect on the performance of nurses. Workload has a significant effect on nurse performance according to the direction of the relationship shown by the results of regression analysis. In addition, work-life balance and workload simultaneously have a significant effect on the performance of nurses at Pagelaran Cianjur Hospital. The findings of the study show that improving work-life balance and proportional workload management are important factors in improving nurse performance so that it can support the improvement of hospital service quality.
Copyright (c) 2026 Amelia Putri, Mochamad. Vrans Romi https://creativecommons.org/licenses/by-sa/4.0
MSMEs' Strategy for Upgrading Through Product Quality and Marketing Improvements
Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in driving national economic growth through job creation, increasing community income, and strengthening regional economies. However, most MSMEs in Indonesia still face various obstacles in increasing their competitiveness, preventing them from developing into more productive businesses or upgrading their businesses. This study aims to analyze MSMEs' strategies for upgrading their businesses through product quality and marketing improvements. The study employed a qualitative approach with descriptive methods. Data were obtained through in-depth interviews, observations, and documentation studies. Data analysis was conducted using the interactive model of Miles, Huberman, and Saldaña, which included data reduction, data presentation, and conclusion drawing. Data validity was ensured through source triangulation, method triangulation, and member checking. The results showed that improving product quality through the use of quality raw materials, product innovation, quality standardization, packaging design improvements, and compliance with product certification and legality increased added value and consumer trust. Furthermore, the implementation of digital marketing strategies through social media, marketplaces, websites, and branding enhancements has been shown to expand market reach, enhance customer interaction, and drive sales growth. This study also found that the success of MSMEs in upgrading is influenced by human resource competency, digital technology utilization, access to financing, government support, and partnerships with various stakeholders. However, challenges such as limited capital, low digital literacy, limited innovation, and increasingly fierce market competition remain major obstacles to MSME development. Therefore, an integrated strategy is needed through product quality improvement, digital transformation, continuous innovation, and marketing strengthening so that MSMEs can increase their competitiveness, expand market access, and make a greater contribution to national economic development.
Copyright (c) 2026 Rizal Perlambang CNAWP https://creativecommons.org/licenses/by-sa/4.0
Green Waqf-ILO C188 as an Islamic Social Finance Model for Decent Work in Fisheries
Indonesia's fisheries sector plays a strategic role in food security, employment, coastal livelihoods, exports, and sustainable blue economy development. However, fisheries workers and fishing vessel crews remain exposed to informal employment relations, occupational safety risks, limited social protection, weak monitoring, and vulnerability to labor exploitation. The ratification of ILO Convention No. 188 through Presidential Regulation No. 25 of 2026 strengthens the normative basis for fisheries labor protection, yet its implementation requires sustainable compliance financing. This study aims to develop a Green Waqf-ILO C188 framework that integrates Islamic Social Finance with decent work and fisheries labor governance. This research uses a qualitative conceptual approach based on systematic literature review, policy analysis, and thematic synthesis of academic literature, institutional reports, regulations, and policy documents published mainly between 2020 and 2026. The findings show that zakat, waqf, green waqf, sadaqah, and blended Islamic social finance can support occupational safety, ethical recruitment, social protection, emergency assistance, and digital governance. The novelty lies in integrating Islamic Social Finance, ILO C188, decent work, SDG 8, SDG 14, ESG, and sustainable blue economy within one conceptual policy framework.
Copyright (c) 2026 Imron Natsir, Eny Triastuti https://creativecommons.org/licenses/by-sa/4.0
Analysis of MSME Marketing Strategies Based on Local Wisdom to Increase Sales
This study aims to analyze the marketing strategies of Micro, Small, and Medium Enterprises (MSMEs) based on local wisdom in increasing sales. Local wisdom is a competitive advantage that can provide added value to products through the use of culture, traditions, and regional potential as a business identity. The study used a qualitative approach with descriptive methods. Data were obtained through in-depth interviews, observations, and documentation of MSMEs who apply elements of local wisdom in their business activities. Data were analyzed using data reduction, data presentation, and conclusion drawing techniques, while data validity was tested through source triangulation, technical triangulation, and member checking. The results show that the implementation of local wisdom-based marketing strategies can increase product appeal, strengthen brand image, and create differentiation that distinguishes MSME products from competitors. The use of digital media combined with storytelling about the product's cultural values has been proven to expand market reach and increase consumer purchasing interest. In addition, branding that emphasizes local identity provides added value to products, thereby increasing customer trust and loyalty. The study also identified several obstacles, including limited digital marketing capabilities, limited business capital, low innovation in product packaging, and the suboptimal use of cultural values as a promotional strategy. Overall, local wisdom-based marketing strategies have had a positive impact on increasing sales, customer numbers, and the competitiveness of MSMEs, while also contributing to the preservation of local culture and empowering the community's economy. Therefore, support from the government, academics, and various stakeholders is needed through training, mentoring, branding strengthening, and digital marketing development so that local wisdom-based MSMEs can develop sustainably.
Copyright (c) 2026 Radityo Suksmaneng Daru, Vera Selviana Adoe, Wiwit Agustina, Dany Luqyana Idris https://creativecommons.org/licenses/by-sa/4.0
The Impact of ESG Practices on Firm Value: a Human Resource Management and Financial Decision Perspective
The development of the business world that increasingly emphasizes sustainability aspects encourages companies to implement Environmental, Social, and Governance (ESG) principles as a strategy in creating long-term corporate value. This study aims to analyze the impact of ESG practices on corporate value from the perspective of human resource management and financial decision-making. This study uses a qualitative approach with descriptive methods through literature studies and analysis of company documents, such as annual reports, sustainability reports, and various relevant scientific references. Data analysis techniques are carried out through content analysis with the stages of data collection, data reduction, data presentation, and drawing conclusions. The results show that the implementation of ESG practices has a positive impact on increasing corporate value by strengthening reputation, increasing investor confidence, reducing business risks, and creating competitive advantages. From a human resource management perspective, ESG plays a role in improving employee welfare, competency development, workforce engagement, and establishing a sustainable organizational culture. Meanwhile, from a financial decision-making perspective, ESG helps companies in determining more effective investment, funding, and risk management strategies. This study concludes that the integration of ESG into corporate strategy is a crucial factor in building business sustainability and increasing corporate value in the long term.
Copyright (c) 2026 Sentot E Baskoro, Dessy Evianti, Suharti, Wiwit Agustina, Dany Luqyana Idris https://creativecommons.org/licenses/by-sa/4.0