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All Journal Jurnal Ilmiah Ekonomi Islam Journal of Economics and Management Scienties
Datien Eriska Utami
Universitas Islam Negeri Raden Mas Said Surakarta
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Library & Information Science Social Sciences

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Supervisory Sharia Board, Leverage, and Firm Value: ISR's Mediating Role in IDX Financial Issuers Nisa Anafiyah; Datien Eriska Utami
Journal of Economics and Management Scienties Volume 8 No. 2, March 2026
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i2.354

Abstract

Investor interest in enterprises operating under sharia law has grown in tandem with the rapid expansion of the sharia capital market. Companies are competing to have a corporate image based on sharia principles. The purpose of this study is to understand the contribution of the Sharia Supervisory Board (SSB), leverage, and Islamic Social Reporting (ISR) disclosure in increasing firm value in the sharia, and to examine the role of ISR as a key mediating factor in these relationships. This study employs an explanatory method to test the theory objectively, utilizing a quantitative approach with a path analysis test. It uses secondary data obtained from the IDX stock list as well as annual reports and sustainability reports. The sampling technique used in this study is purposive sampling. The SSB and leverage variables have a positive and significant effect on Islamic Social Reporting (ISR). This finding supports signaling theory, where companies with larger SSB and high leverage tend to increase Islamic social transparency to reduce information asymmetry with stakeholders. The intervening variable ISR does not have a significant effect on the dependent variable, namely, firm value. The test results show that the intervening variable, ISR, also cannot mediate the relationship between the DPS and leverage variables with firm value. However, ISR and SSB as intervening variables to mediate the effect on firm value highlights the limitations of linear mediation models in the context of Islamic finance, so that the development of a theory that integrates sharia governance metrics into the national sustainable development framework is needed.
Inflasi, Perdagangan Internasional, dan Kapitalisasi Saham Syariah sebagai Determinan Pertumbuhan Ekonomi Indonesia Periode 2011–2025 Yuni Asri; Datien Eriska Utami
Jurnal Ilmiah Ekonomi Islam Vol. 12 No. 4 (2026): Jurnal Ilmiah Ekonomi Islam
Publisher : ITB AAS INDONESIA Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/jiei.v12i4.20112

Abstract

Economic growth is a key indicator of a country’s development success and reflects the economy’s ability to improve the welfare of its people in a sustainable manner. Various macroeconomic and financial factors play a role in determining the dynamics of economic growth, including inflation, international trade, and the development of the Islamic capital market. This study analyzes the effects of inflation, international trade, and Islamic stock market capitalization on Indonesia’s economic growth from 2011 to 2025, incorporating exchange rates and interest rates as control variables. The study employs a quantitative approach using monthly time-series data from January 2011 to December 2025 obtained from the Central Statistics Agency, Bank Indonesia, and the Financial Services Authority. The analysis was conducted using the Autoregressive Distributed Lag (ARDL) model, as it is capable of identifying both short-run and long-run relationships among the variables. The results indicate that all variables exhibit long-run cointegration. In the long-run estimation, inflation has a negative and significant effect on economic growth, while sharia stock market capitalization has a positive and significant effect on economic growth. International trade shows no significant effect in the long run. In short-run estimates, international trade has a significant negative effect at several lag periods, while the exchange rate, as a control variable, shows a significant effect on economic growth. Interest rates have a significant negative effect in the long run but no significant effect in the short run. The research findings underscore the importance of price stability and the strengthening of the Islamic capital market in driving sustainable economic growth in Indonesia. Furthermore, the use of the exchange rate and interest rates as control variables enhances the model’s reliability in explaining the dynamics of Indonesia’s economic growth.
Co-Authors Nisa Anafiyah Yuni Asri