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All Journal Journal of Islamic Monetary Economics and Finance Journal of Indonesian Economy and Business
Lestari, Irna Puji
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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A LITERATURE REVIEW OF UPDATED ISLAMIC CORPORATE GOVERNANCE ELEMENTS: IMPLICATIONS FOR INDONESIA Lestari, Irna Puji; Hanafi, Mamduh Mahmadah; Wardhana, Leo Indra
Journal of Islamic Monetary Economics and Finance Vol 11 No 1 (2025)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v11i1.2305

Abstract

This study identifies elements of Islamic Corporate Governance (ICG) that contribute to the performance of shariah-compliant firms. A systematic literature review is carried out on 173 relevant articles from the Scopus database, spanning from 2004 to 2024. It identifies five key elements of ICG: (1) Shariah board governance, (2) management and board governance, (3) audit and risk governance, (4) sustainable governance, and (5) Muslim management and board governance. These key elements encompass various sub-elements that have diverse impacts on firm performance across financial, social, and environmental dimensions. The findings offer specific implications for Indonesia, emphasizing the integration of sustainability practices into corporate governance mechanisms and considering distinct approaches to ICG mechanisms for dual-sector performance between Islamic Financial Institutions (IFIs) and non-IFIs. ACKNOWLEDGEMENT The paper is supported by sponsorship from the Indonesia Endowment Fund for Education (LPDP), whose sponsorship has played a crucial role in facilitating the research process. The authors deeply appreciate this support and are grateful for the opportunities it has provided. The authors also gratefully acknowledge the valuable comments provided by the journal's editors and reviewers.
Green Pension Investment: A Dynamic Relationship and Efficiency for the Green Economy in Indonesia Lestari, Irna Puji; Pambekti, Galuh Tri
Journal of Indonesian Economy and Business Vol 40 No 3 (2025): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.v40i3.9324

Abstract

Introduction/Main Objectives: This study aims to propose alternative investments from pension funds that are integrated with renewable energy productivity to boost green economic growth in Indonesia.To see the ideal efficient proportion of this investment and renewable energy on a regional scale, the efficiency of green economic performance is also identified. Background Problems: Investments in the green sector are less attractive to pension fund institutions while they have great potential financial sources. These investments should be promoted to support Indonesia's commitment to strengthening multilateral financing to support climate action in developing countries. Novelty: This study will be the first to simulate a green-based investment scheme involving pension funds for green economic growth, as well as capture its level of efficiency in a regional context. Research Methods: Two methods were conducted: the generalized method of moment (GMM) and the data envelopment analysis (DEA). Panel data from 34 provinces in Indonesia were used covering the period of 2016-2022. Finding/Results: The first finding revealed the short and long-term relationship between the green economy, green pension investment, and renewable energy. The second finding revealed that green economy efficiency in Indonesia has a moderate score with the highest score obtained by DKI Jakarta province. Conclusion: Green pension investment could promote the green economy and its efficiency in Indonesia, especially through active integration with the productivity of renewable energy
Co-Authors Galuh Tri Pambekti Leo Indra Wardhana Mamduh M. Hanafi