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