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All Journal ETIKONOMI EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis AFEBI Management and Business Review Journal of Islamic Monetary Economics and Finance BASKARA: Journal of Business and Entrepreneurship Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Jurnal Manajemen dan Usahawan Indonesia Jurnal Akuntansi dan Keuangan Indonesian Capital Market Review Eduvest - Journal of Universal Studies Innovative: Journal Of Social Science Research Riwayat: Educational Journal of History and Humanities Jurnal Manajemen dan Usahawan Indonesia
Dalimunthe, Zuliani
Faculty Of Economics And Business, Universitas Indonesia
Aerospace Engineering Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Health Professions Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Neuroscience Public Health Social Sciences Other

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How Feasible Is a Convertible Ijarah Contract for SME Financing?: A Simulation Approach Zuliani Dalimunthe; Akhmad Syakhroza; Mustafa E. Nasution; Zaafri A. Husodo
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

Abstract

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.    
Analysis of PT Hakaaston's Business Transformation Ranggaditya Wisnu P; Zuliani Dalimunthe
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

Abstract

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 Muhamad Alfin Yudhistira; Zuliani Dalimunthe
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

Abstract

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 Dianto Kurnia Parulian Sinaga; Zuliani Dalimunthe
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

Abstract

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.
Co-Authors Agustina, Melia Akhmad Syakhroza Akhmad Syakhroza Ali Djamhuri Ananda Chairunnisa Andi Hakim Bitia, Ruthana Chairunnisa, Ananda Chika Fajarini Daniel, Echo Dianto Kurnia Parulian Sinaga Eric S Wicaksono Fajarini, Chika Fauzan, Danang Gustian Wiwaha Haikal, Shalahuddin Helman Arif Husodo, Zaafri A. Melia Agustina Muhamad Alfin Yudhistira Mustafa E. Nasution Nasution, Mustafa E. Rachmadi Agus Triono Ranggaditya Wisnu P Rifqi Satria Dinandra Romulo*, Cesar Samuel Septiana, Eva Shalahuddin Haikal Sidabutar, Iman Satria sisca Triono, Rachmadi Triono, Rachmadi Agus Vega Alberta Wasilah Wasilah Wasilah Wasilah Zaafri A. Husodo