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Evaluating Airline Performance through Financial Ratios and the Balanced Scorecard: A Comparative Study of Singapore Airlines and Garuda Indonesia La Himmah il Princess Choris
SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Vol 8 No 2 (2026): SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
Publisher : STEI Kanjeng Sepuh Gresik Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59636/saujana.v8i2.350

Abstract

The post-pandemic recovery of the airline industry requires performance evaluation that captures not only financial outcomes but also strategic resilience, customer trust, operational efficiency, and organizational capability. This study aims to compare the performance of Singapore Airlines and Garuda Indonesia during 2019–2023 using an integrated financial ratio and Balanced Scorecard approach. The study applies a quantitative-descriptive comparative design based on secondary data from the annual reports of both airlines. Financial performance is assessed through profitability indicators, including return on assets, return on equity, net profit margin, and operating profit margin, while the Balanced Scorecard evaluates four perspectives: financial, customer, internal business process, and learning and growth. The results show that both airlines experienced severe disruption during 2020–2021, followed by recovery in 2022–2023. Singapore Airlines demonstrated a more stable and consistent recovery across all performance dimensions, supported by stronger profitability, service reputation, operational discipline, and workforce productivity. Garuda Indonesia also showed significant improvement, particularly in revenue and operating profit, but its recovery followed a deeper decline and appeared more dependent on restructuring, external intervention, and short-term efficiency measures. These findings indicate that airline recovery cannot be adequately explained by financial ratios alone. A multidimensional framework is needed to distinguish temporary financial rebound from sustainable strategic resilience. This study contributes to airline performance measurement literature by offering an integrated model for assessing post-crisis recovery and provides practical insights for airline managers, regulators, and investors seeking sustainable aviation strategies.
Entrepreneurial Capability and Digital Literacy as Drivers of Micro-Enterprise Sustainability in Surabaya, Indonesia La Himmah il Princess Choris
SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Vol 8 No 3 (2026): SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
Publisher : LPPM STEI Kanjeng Sepuh Gresik Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59636/saujana.v8i3.353

Abstract

Micro-enterprises increasingly depend on internal managerial capabilities and effective engagement with digital technologies to maintain sustainable performance under changing market conditions. This study examines the relationships between entrepreneurial capability, digital literacy, and micro-enterprise sustainability in Surabaya, Indonesia, while comparing the relative contribution of the two predictors. A cross-sectional quantitative survey was conducted involving 55 micro-entrepreneurs selected through purposive sampling. Entrepreneurial capability, digital literacy, and sustainability were measured using a five-point Likert scale, and the data were analysed through partial least squares structural equation modelling. The findings show that entrepreneurial capability is positively and significantly associated with micro-enterprise sustainability, with a path coefficient of 0.588, a test statistic of 5.398, and a probability value below 0.001. Digital literacy also demonstrates a positive and significant relationship with sustainability, with a path coefficient of 0.279, a test statistic of 2.599, and a probability value of 0.009. Entrepreneurial capability therefore exhibits a stronger relationship with sustainability than digital literacy. Active learning, analytical ability, passion, and self-achievement emerged as prominent elements of entrepreneurial capability, while information management and digital safety were central components of digital literacy. These results indicate that digital competence is valuable but may generate greater sustainability benefits when supported by leadership, managerial judgement, and the ability to translate technological resources into business decisions. The study contributes contextual evidence from an Indonesian urban setting by integrating entrepreneurial capability and digital literacy within one model of economic, social, and environmental sustainability. Capacity-development initiatives should therefore combine entrepreneurial training with practical digital-literacy and cybersecurity education.
Islamic Financial Regulations, Islamic Financial Literacy and Financial Inclusion: Insights from ASEAN La Himmah il Princess Choris; Arva Athallah Susanto; Sulistya Rusgianto; Tika Widiastuti
SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah Vol 8 No 3 (2026): SAUJANA : Jurnal Perbankan Syariah dan Ekonomi Syariah
Publisher : LPPM STEI Kanjeng Sepuh Gresik Jawa Timur

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59636/saujana.v8i3.351

Abstract

This research aims to explore the relationship between Islamic financial regulation, Islamic financial literacy, and financial inclusion in the ASEAN region. Utilizing articles from three ASEAN countries—Indonesia, Malaysia, and Brunei Darussalam—this study employs a Systematic Literature Review methodology. With the growing interest in Islamic finance in ASEAN, a deeper understanding of these three components has become crucial. The research collects and analyzes relevant articles, journals, and reports from 2016 to 2024, employing strict inclusion and exclusion criteria. The review results indicate that effective Islamic financial regulation contributes to an increase in Islamic financial literacy, which in turn positively impacts the level of financial inclusion in ASEAN countries. Additionally, the study identifies the challenges faced in the implementation of regulations and strategies to enhance financial literacy among the population. These findings provide valuable insights for policymakers and financial practitioners to formulate policies that support the growth of sharia-compliant inclusive finance in ASEAN. The research emphasizes the need for collaboration among stakeholders to maximize the potential of Islamic finance in enhancing the economic welfare of the community.
Waktu Yang Mengendap: Formalisasi Historisitas, Path Dependence, dan Asimetri Temporal dalam Teori Realitas Terintegrasi (IRT) M. Shoim; La Himmah il Princess Choris
Akuntansi Vol. 5 No. 3 (2026): September : Jurnal Riset Ilmu Akuntansi
Publisher : Lembaga Pengembangan Kinerja Dosen

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/akuntansi.v5i3.3316

Abstract

Integrated Reality Theory (IRT) offers an integrative framework unifying energy, information, entropy, consciousness, and evolution into a single dynamic model. However, the aspect of historicity—how the past accumulates, shapes the present, and enables transformative leaps—has not been explored in depth. This article formalizes historicity within IRT through four main mechanisms: (1) temporal accumulation with weighted integrals acknowledging the heterogeneity of historical moments; (2) path dependence with error correction mechanisms; (3) the forgetting paradox and conversion of negative memory into transformative capital, including an institutional processing capacity factor (T); and (4) temporal asymmetry where entropy rises more easily than it falls. Empirical applications of IRT to global economic paradoxes and the middle-income trap in Indonesia (Shoim & Choris, 2026; Shoim & Hwihanus, 2026) have shown that accumulated historical entropy is the primary obstacle to transformation, thus necessitating a formal model of historicity. The core IRT function Φ = (E × I / S) × C is interpreted as a Cobb-Douglas special case with unitary elasticity of substitution. The evolution exponent ν is clarified regarding normalization. This article positions IRT as a heuristic meta-framework for reading historical dynamics, not as a universal predictive model. All thresholds are proposed as exploratory hypotheses requiring empirical validation. The main contribution is a formalized architecture of historicity, tightened falsification conditions, and a bridge between process theory and econometric testing.
Positioning Spiritual Capital within The Theory of Integrated Reality as an Analytical Framework for Systemic Development: A Conceptual Synthesis La Himmah il Princess Choris; M. Shoim
Journal Research of Social Science, Economics, and Management Vol. 6 No. 2 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v6i2.1728

Abstract

Contemporary development theories often explain material, institutional, and technological factors separately, leaving transcendent values and collective meaning insufficiently integrated into systemic analysis. This study aimed to position Spiritual Capital (SC) within Integrated Reality Theory (IRT) and clarify its contribution to systemic development. A critical conceptual synthesis was conducted by deconstructing the assumptions underlying both theoretical traditions, comparing their ontological foundations and causal claims, integrating SC into the Consciousness variable (C), and formalizing the relevant mechanisms and propositions. The synthesis identified SC as a core component of C, expressed as C = Civic-Strategic Awareness (CSA) × SC, and explained its systemic influence through ethical, motivational, and meaning-based pathways. It also distinguished SC from social capital, moral culture, and civic virtue through four defining elements: transpersonal orientation, resilience under weak external supervision, an intergenerational horizon, and existential meaning. Four testable propositions, operational indicators, three theoretical anomalies, and boundary conditions related to spiritual authoritarianism, exclusivism, and the instrumentalization of spirituality were formulated. The findings established IRT as a formal heuristic framework for operationalizing SC while providing the Consciousness variable (C) with a stronger theoretical foundation. In conclusion, this integration supported Techno-Spiritual-Based Developmentalism as a policy-analytical framework and provided a roadmap for empirical testing through comparative, structural equation modeling, panel data, and qualitative research designs.