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HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol 5 No 2 (2019)
Publisher : Bank Indonesia

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan

The Effect Of Environmental, Social, And Governance (ESG) Score On Firm’s Bankruptcy Risk Wiwaha, Gustian; Dalimunthe, Zuliani
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 13 No 3 (2025): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v13i3.7644

Avoiding bankruptcy is vital for corporate risk management and governance, impacting both companies and stakeholders. This study analyzes the effect of Environmental, Social, and Governance (ESG) practices on bankruptcy risk in G20 countries (2016–2023). Using panel data regression analysis, results indicate that strong ESG performance significantly reduces bankruptcy risk, as evidenced by higher Altman Z-Scores. Among the three pillars, the social dimension has the most substantial impact, with initiatives focused on employee welfare and community engagement enhancing operational stability. The study also finds ESG practices more effective in top carbon-emitting countries (China, the U.S., India, Russia, Japan) due to stronger stakeholder demands and access to sustainability investments, whereas other nations face challenges like limited ESG funding and weaker stakeholder pressures.

Effect of Related Party Transaction and Tax Haven Utilization on Tax Avoidance Moderated by Country-by-country Reporting Romulo*, Cesar Samuel; Dalimunthe, Zuliani
Riwayat: Educational Journal of History and Humanities Vol 7, No 1 (2024): Januari, History of Education, and Social Science
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jr.v7i1.36333

This research investigates the influence of Related Party Transactions and Tax Haven Utilization on Tax Avoidance with and without Country-by-Country Reporting regulations, which were introduced in Indonesia at the end of 2016, as moderating variables. This research uses a purposive sampling method as sample selection. The data in this study was collected from the financial reports of 96 multinational companies registered between 2012 and 2021. To test the hypothesis, this study used regression with Random Effect Model. The results of this research are that Tax Haven Utilization has a significant effect on Tax Avoidance and Related Party Transactions have no effect on Tax Avoidance. Other results show that Country-by-Country Reporting regulations are unable to moderate the influence of Related Party Transactions and Tax Haven Utilization on Tax Avoidance. The findings of this research provide recommendations for the government to launch CbCR regulations in order to prevent tax avoidance through mechanisms for utilizing tax havens and related party transactions as well as increasing understanding of the principles of implementing CBCR.

Analysis of PT Hakaaston's Business Transformation Wisnu P, Ranggaditya; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51383

This study analyzes the role of leadership and organizational culture in supporting the business transformation of PT Hakaaston, which shifted from a construction-related manufacturing company to a toll road operations and maintenance service provider. Using a qualitative case study approach, data were collected through in-depth interviews with 13 management-level respondents and financial report analysis covering the 2018–2024 period. The findings reveal that agile and transformational leadership played a crucial role in shaping strategic vision, fostering two-way communication, and empowering employees through coaching and training initiatives. Organizational culture also supported the transformation through the internalization of AKHLAK core values and the development of an adaptive and agile culture that enabled the company to respond flexibly to environmental changes. Although revenue declined due to the change in business focus, the transformation led to improved operational efficiency and financial structure. These results affirm that the integration of visionary leadership and a supportive organizational culture is fundamental to successful strategic transformation, offering practical insights for state-owned enterprises and other organizations navigating long-term structural change.

Analysis of Investor Behavior Types in Choosing Capital Market Investment Preferences in Indonesia Yudhistira, Muhamad Alfin; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51403

The increasing number of retail investors and advances in the digitalization of investment services have driven significant growth in the Indonesian capital market. The proliferation of digital investment platforms and rising retail investor participation have notably transformed the landscape of the Indonesian capital market. Understanding investor behavior types and their investment preferences is crucial for market development and regulatory policy formulation. This research aims to identify investor behavior types based on the Behavioral Investor Types framework and analyze their influence on investment style preferences using Social Network Analysis (SNA) and statistical testing methods. The researcher identified investor behavior types based on four Behavioral Investor Types, namely Preserver, Follower, Independent, and Accumulator, and analyzed their influence on investment style preferences, specifically Capital Gain or Dividend, using a Social Network Analysis (SNA) approach and statistical tests. SNA visualization revealed that Independent investors (58.3%) constitute the majority, followed by Preserver (18.1%), Follower (14.6%), and Accumulator (13.1%) types. Most investors prefer Capital Gain over Dividend investment strategies. Statistical analysis showed that only the Accumulator type significantly affects investment style preferences (p = 0.048), while other investor types showed no significant relationship. This research contributes to the development of behavioral finance literature and can serve as a strategic reference for investors, securities companies, and capital market regulators.

Analysis of Greenwashing Measurement on Internal Company Factors in Indonesia Sinaga, Dianto Kurnia Parulian; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 9 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i9.51404

This research addresses the critical need to understand the relationship between internal company factors and greenwashing practices in Indonesia's emerging ESG landscape. With increasing investor focus on environmental claims and regulatory scrutiny of corporate sustainability reporting, understanding the drivers of greenwashing has become essential for market transparency and investor protection. This research investigates the relationship between internal company factors and greenwashing risk using data from 30 Indonesian-listed firms on the ESG Leader index from 2021-2023. Employing a linear regression panel data model, the research examines the influence of tax ratio, state-owned enterprise status, profit margin, and capital structure on greenwashing, while controlling for firm size, cash flow, and board size. The findings indicate a significant negative relationship between profit margin and greenwashing risk, suggesting that financially healthier companies are less prone to greenwashing. A higher effective tax rate is associated with lower greenwashing activities. Conversely, cash flow from operations and firm size positively correlate with greenwashing risk. No significant influence was found for state-owned enterprise status or capital structure. The research highlights the crucial role of corporate profitability and tax management in mitigating greenwashing, while noting that larger, cash-rich firms may be more susceptible to such practices.

HOW FEASIBLE IS A CONVERTIBLE IJARAH CONTRACT FOR SME FINANCING?: A SIMULATION APPROACH Dalimunthe, Zuliani; Syakhroza, Akhmad; Nasution, Mustafa E.; Husodo, Zaafri A.
Journal of Islamic Monetary Economics and Finance Vol. 5 No. 2 (2019)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v5i2.1070

Islamic financial institutions have relied for decades on margin-based contracts to provide financing for the business sector, despite the basic idea that Islamic finance is expected to provide an equity-based or a profit and loss sharing (PLS) contract. This fact raises the need to encourage the use of a margin-based instrument with an innovative scheme that allows for conversion of the contract into a PLS-based contract. Moreover, we propose a convertible ijarah contract to fill this need. A convertible ijarah contract is an ijarah (rent) contract that is convertible to a PLS contract according to the Islamic financier’s decision. In this study, we simulate three scenarios of project financing with (a) murabaha as a margin-based contract, (b) musharaka as a PLS contract and (c) a convertible ijarah contract. The aim is to evaluate whether the convertible ijarah contract will provide a higher return for the financier compared to the other contracts. The main input of the simulation is nine sectors of Indonesian SMEs’ financial performance. We found that when the financial performance of Indonesian SMEs was measured by short-term financial performance, the convertible ijarah contract outperformed the murabaha contract for all sectors but did not outperform the musharaka contract, except for low-margin sectors. However, when the financial performance of Indonesians SMEs was measured by long-term economic performance, we found that the convertible ijarah contract outperformed the murabaha contract and musharaka contract for almost all sectors. Kami menemukan bahwa kontrak ijarah konversi mengungguli kontrak murabahah dan

Analysis of Risk Factors and Gaps in Government Risk Allocation with Private Investor Risk Perceptions in the Toll Road Sector Using the PPP Scheme in Indonesia Rachmawati, Ayu Kartika; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 4 No. 1 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i1.1000

Infrastructure development has an important role in a country's economic growth. Based on the 2020-2024 APBN plan, the total budget requirement for providing infrastructure is IDR. 2,058tn, where the government budget is 30% of the portion of budgeted funding needs. Due to the need for infrastructure development, the government initiated Government Cooperation with Business Entities (KPBU) in various infrastructure sector to accelerate infrastructure development in Indonesia, including toll road. This research was conducted to investigate identified risks along with risk mapping analysis to find out whether there is a gap in risk allocation between the government and private investors in implementing toll road PPPs in Indonesia. The method of this research is a qualitative study with data collection methods through interviews and questionnaires. From the research conducted, it is known that there are 7 (Seven) risk categories with 17 (Seventeen) risk events that are considered important by private investors. From the research conducted, it is known that there are 11 risk allocations that are appropriate and 6 allocations that are not in accordance with the risk perception of private investors in the toll road sector with the PPP scheme in Indonesia, namely the risk of differences in interest on land bailout loans, increases in construction costs, the risk of inflation rates and interest rates, the risk of rate adjustments being lower than projected, the risk of general regulatory (and tax) changes and the risk of political force majeure.

Financial Literacy and Digital Literacy To Awareness of Investment Scams Among Indonesian College Students Umar, Sabi Ode; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 4 No. 8 (2024): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v4i8.1297

This study explores the influence between financial literacy and digital literacy, on investment sacam awareness among university students in Indonesia. Using a quantitative approach and the Structural Equation Model Partial Least Square (SEM-PLS), data was collected from 288 university students from 38 provinces in Indonesia through an online questionnaire survey. The results of the analysis show that both financial literacy and digital literacy have significant indirect effects on investment scam awareness through the mediation of cybercrime awareness. The findings support the importance of a good understanding of financial literacy and digital literacy in countering the risk of investment scams, especially in today's digital era. However, this study also found differences in the effect of financial literacy on investment scam awareness based on economic and non-economic educational backgrounds, highlighting the importance of considering demographic factors in efforts to increase investment scam awareness among university students. These findings make an important contribution to the understanding of investment fraud prevention efforts and highlight the need for a more inclusive educational approach focusing on financial literacy and digital literacy at the higher education level in Indonesia.

Developer Perception and Interest in Solar Power Plant Investment: Case Study To Encourage Clean Energy Investment Irwansyah, Muh Zuhdi; Dalimunthe, Zuliani
Eduvest - Journal of Universal Studies Vol. 5 No. 8 (2025): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i8.51319

Despite Indonesia’s vast solar energy potential and supportive regulatory frameworks, private sector investment in solar power plants remains limited. This study aims to explore developer perceptions and investment interest in the solar power plant sector and identify key factors influencing their decision-making. Employing a qualitative case study approach, data were collected through in-depth interviews with developers experienced in both fossil-based and renewable energy projects. Thematic analysis reveals that consistent regulation, revenue certainty through Power Purchase Agreements (PPAs), and land availability are critical drivers of investment interest. Additionally, perceived regulatory risks, cost of capital, and local policy requirements such as domestic content obligations shape developers’ strategies toward solar project participation. This study contributes to the literature by offering developer-centered insights on investment behavior in emerging renewable markets.

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