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The Role of Innovation and The Entrepreneurship Ecosystem in Creating Sustainable Development of Islamic Endowment (Waqf) : A Systematic Review Maulina, Rindawati; Dhewanto, Wawan; Faturohman, Taufik
Indonesian Journal of Business and Entrepreneurship Vol. 11 No. 1 (2025): IJBE, Vol. 11 No. 1, January 2025
Publisher : School of Business, IPB University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/ijbe.11.1.106

Abstract

Background: A more focused examination of the specific themes of waqf, innovation, and entrepreneurship is needed to deepen our understanding of their role in promoting the sustainability of waqf institutions and benefiting the community. Purpose: This study attempts to present literature works over 50 years related to sustainable waqf development from the perspective of innovation and entrepreneurship ecosystem (EE).Design/methodology/approach: This study employed a two-step qualitative methodology. First, a bibliographic analysis was conducted. Second, a content analysis of all reviewed articles was performed.Findings/Result: This study discovered that process and product innovation was the most frequently carried out by previous research. Meanwhile, position and paradigm innovation are still uncommon. The study proposes that the mediating role of EE between innovation and sustainable waqf development, as well as highlighting how factors of sharia compliance, governance, transparency and accountability, community engagement, and stakeholders’ collaboration can moderate this relationship.Conclusion: This study contributes to the literature on waqf and entrepreneurship by providing valuable insights for academics seeking to develop sustainable waqf models and innovations. Practically, this study can inform various stakeholders in formulating strategies to promote sustainable waqf development and contribute to national economic growth.Originality/value (State of the art): To the author's knowledge, previous research has yet to specifically discuss the waqf theme concerning innovation and entrepreneurship ecosystem (EE) in supporting the growth and sustainability of waqf development. Keywords: sustainable development, innovation, entrepreneurship ecosystem, waqf, systematic review
DO ISLAMIC BANKS IN INDONESIA TAKE EXCESSIVE RISK IN THEIR FINANCING ACTIVITIES? Purbayanto, Muhamad Anindya Hiroshi; Faturohman, Taufik; Yulianti, Yulianti; Aliludin, Arson
Journal of Islamic Monetary Economics and Finance Vol. 8 No. 1 (2022)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v8i1.1431

Abstract

This study analyzes the risk-taking behavior of Indonesian Islamic Banks by examining whether the relation between financing Growth rate and non-performing financing (NPF). We employ threshold regression models and bank-level data of 24 Islamic banks (full-fledged Islamic banks and Islamic banking windows) covering the period from 2009 to 2019. We find evidence for the excessive risk-taking of Islamic Banks. More specifically, while the relation between NPF and FGR is negative when the one-lagged NPF is below the threshold (estimated to be 5.42%), it turns positive once it is above the threshold. This means that banks with NPF above the 5.42 percent threshold tend to take risky loans.
Impact of customer default on cash conversion cycle and net working capital in construction company Maesaroh, Maya; Faturohman, Taufik
International Journal of Financial, Accounting, and Management Vol. 6 No. 3 (2024): December
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ijfam.v6i3.2120

Abstract

Purpose: This study aimed to determine the effect of customer default on the Cash Conversion Cycle and Net Working Capital in construction companies. Method: This study uses secondary data from companies’ financial reports to calculate the Cash Conversion Cycle, Net Working Capital, and Spearman's rho Correlation Test to determine the relationship between the two variables. Results: The results show that SOE customer default affects the condition of the Cash Conversion Cycle, especially in 2023, where the Cash Conversion Cycle value in Q123 (85 days) and Q223 (64 days), but the worst Cash Conversion Cycle results during the observation period are in Q122 (134 days). In Net Working Capital, there are only three periods with negative results: Q219 (-3.1B), Q319 (-461M), and Q421 (-4B), but not in 2023, because in 2023, the result is positive (or liquid). Spearman's rho Correlation Test shows that the relationship between the two variables is negatively correlated by -0.319, and the significance is 0.184, or the two variables are not significant. Limitations: This study was limited to construction companies in Bandung. The data taken from 2019 to Q3-2023 only focus on the influence of SOE customer defaults on the company's Cash Conversion Cycle and Net Working Capital.   Contribution: This study provides the best solution to the problem of customer default in the Cash Conversion Cycle and Net Working Capital in a construction company. If the solution is applied to the company, an implementation plan is created to fix the problem.
Strategic and Financial Evaluation of Spin-Off Structures in a State-Owned Aerospace Enterprise: A Case-Based Simulation Study Kevin Rizky Hidayat; Taufik Faturohman
Journal Integration of Social Studies and Business Development Vol. 3 No. 2 (2025)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v3i2.428

Abstract

This study assesses the financial feasibility and strategic implications of corporate spin-offs within state-owned enterprises (SOEs) in emerging markets, focusing on a capital-intensive aerostructure division within a national aerospace firm. Despite the extensive literature on corporate restructuring in developed economies, ex-ante quantitative analysis of SOE spin-offs remains limited, particularly in the aerospace sector. This research addresses that gap by evaluating two ownership structures—a wholly-owned subsidiary (Scenario 1) and a 60/40 joint venture (Scenario 2)—through a five-year Discounted Cash Flow (DCF) valuation complemented by Monte Carlo simulation. The results indicate that while both models are financially viable, the joint venture structure yields a superior intrinsic equity value of 1.30 times the initial capital, offering a 14.4% premium over the subsidiary model. This advantage is attributed to operational synergies that raise the division’s Return on Invested Capital (ROIC) to an average of 16.05%, surpassing the Weighted Average Cost of Capital (WACC) benchmark. Monte Carlo simulations confirm the robustness of this scenario, with a mean expected equity value 29% higher than the base case. Theoretically, the study contributes to corporate finance and restructuring literature by integrating Agency Theory, the Resource-Based View, and Trade-Off Theory to explain how joint ventures can mitigate agency costs, enhance resource access, and optimize capital structure in SOEs. These findings offer empirical insights into the design of spin-off strategies under ownership constraints typical of emerging market institutions.
Financial system transformation and growth strategy: A case study of inartgrity's sustainable expansion preparation Alexandra, Anchilia; Faturohman, Taufik
Priviet Social Sciences Journal Vol. 6 No. 2 (2026): February 2026
Publisher : Privietlab

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55942/pssj.v6i2.1103

Abstract

INARTGRITY, an education center based in Kelapa Gading, Jakarta, Indonesia, is nearing full capacity and plans to expand by opening a second branch in the near future. This study evaluates company readiness, project feasibility, and strategic recommendations for long-term sustainability, supported by risk management, and an implementation plan. Readiness is assessed using the RBV, VRIO, and financial ratio analyses. The expansion is modelled under two alternatives: buying or renting a commercial house. The buy option requires an initial investment of IDR 5,185,000,000 with a 12,52% discount rate over a 10 years horizon, while the rent option requires IDR 985,000,000 with an 11,57% discount rate over 5 years. Discounted cash flow analysis is used to compute NPV, PBP, IRR, PI, and ANPV, complemented by sensitivity analysis and Monte Carlo simulation to identify key drivers and the probability distribution of the NPV. The buy option yields NPV IDR 3,571,624,197, IRR 21,34%, PI 1,36, PBP 7 years 10 months, and ANPV IDR 645,679,440. The rent option yields NPV IDR 1,743,809,195, IRR 44,75%, PI 2,77, PBP 3 years 2 months, and ANPV IDR 478,293,264. Although buying provides a higher ANPV, renting is recommended because it offers a much higher IRR and PI, faster payback, lower initial capital, and remains robust under sensitivity and simulation, with approximately 99% probability of a positive NPV.
Strategic Planning and Economic Valuation for Slope Optimization in PIT X PT ABC Khairunissa, Dzakkiyyah Nur; Faturohman, Taufik
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i1.9748

Abstract

This research evaluates two strategic options to extend the life of PT ABC's mature Pit X coal mine beyond its 2027 closure date. The study compares a river relocation plan (Scenario 1) against an integrated approach adding slope depressurization (Scenario 2). The objective is to determine which strategy offers superior economic value under market and regulatory uncertainty. A mixed-methods framework combines PESTEL and VRIO analyses to assess external conditions and internal capabilities, followed by a detailed discounted cash flow (DCF) model using a 13.31% discount rate. Financial results indicate Scenario 2 delivers stronger performance, with an NPV of IDR 2,321.20 billion, an IRR of 60.46%, and a 1.96-year payback period, outperforming Scenario 1 (NPV: IDR 2,283.41 billion, IRR: 40.68%, payback: 7.29 years). The added value stems from improved slope stability, which reduces overburden stripping by 16.4%, increases coal recovery, and lowers land requirements. Sensitivity and Monte Carlo simulations confirm Scenario 2’s resilience, identifying production costs and export coal prices as key risk factors. The study provides an integrated strategic financial framework for evaluating mining optimization projects and offers PT ABC a clear recommendation to adopt the slope depressurization strategy. This approach maximizes economic returns while enhancing operational safety and long-term competitiveness.