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All Journal Jurnal Manajemen dan Organisasi Jurnal Akuntansi dan Pajak Jurnal Kajian Akuntansi IJBE (Integrated Journal of Business and Economics) Syntax Literate: Jurnal Ilmiah Indonesia IJEBD (International Journal Of Entrepreneurship And Business Development) Bisma: Jurnal Bisnis dan Manajemen EKUITAS (Jurnal Ekonomi dan Keuangan) Journal of Contemporary Accounting JIAI (Jurnal Ilmiah Akuntansi Indonesia) Jurnal Abdi Insani Jurnal Ekonomi Jurnal Abdi Masyarakat Indonesia Muhasabatuna: Jurnal Akuntansi Syariah Wiga : Jurnal Penelitian Ilmu Ekonomi AJAD : Jurnal Pengabdian kepada Masyarakat JRABA Journal Middle East and Islamic Studies Media Riset Bisnis Ekonomi Sains dan Terapan eJEBA
Muhammad Miqdad
Fakultas Ekonomi Jurusan Akuntansi, Universitas Jember
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Physics Public Health Social Sciences Other

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MENGUNGKAP PENGARUH RISIKO IDIOSINKRATIK: BAGAIMANA UKURAN PERUSAHAAN DAN KINERJA KEUANGAN MEMPENGARUHI HARGA SAHAM Nining Ika Wahyuni; Mukhamad Alan Nurul Qomar; Muhammad Miqdad; Istifadah Istifadah; Markus Apriono
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 8 No 4 (2024): December
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2024.v8.i4.7081

Abstract

This study explores the mediating role of idiosyncratic risk in the relationship between company size, financial performance, and stock prices in the technology sector listed on the Indonesia Stock Exchange (IDX). Secondary data were gained from the annual financial statements of technology companies conducted IPOs before 2019, excluding firms with negative equity or those under suspension, formed the basis for analysis. Path analysis using SPSS version 27 was employed to examine these relationships. The study found that company size positively and significantly have impacts on stock prices. Financial performance also shows a positive and significant influence on stock prices. Idiosyncratic risk partially mediates the relationship between company size and stock prices. Similarly, idiosyncratic risk mediates the link between financial performance and stock prices, highlighting the unique risks specific to each firm as critical factors influencing stock valuation. The study underscores the dual importance of company size and financial performance in driving stock prices while emphasizing the significant role of idiosyncratic risk in moderating these effects. These findings provide valuable insights for companies, investors, and policymakers to understand stock price fluctuations, particularly in the dynamic and high-risk technology sector. Practical implications include optimizing financial performance and managing firm-specific risks to enhance stock market performance.
Developing a Coffee-Based Export Village: Strengthening Quality, Branding, and Market Access for Community Empowerment Novi Wulandari Widiyanti; Agung Budi Sulistiyo; Bayu Aprillianto; Imamatin Listya Putri; Muhammad Miqdad
AJAD : Jurnal Pengabdian kepada Masyarakat Vol. 6 No. 1 (2026): APRIL 2026
Publisher : Divisi Riset, Lembaga Mitra Solusi Teknologi Informasi (L-MSTI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59431/ajad.v5i3.643

Abstract

Coffee is one of Indonesia's primary export commodities that contributes substantially to regional economic growth. Karangpring Village in Jember Regency holds considerable potential for producing high-quality coffee, yet faces persistent challenges in quality assurance, business legality, and international market access. This community service program aimed to strengthen the capacity of local farmers and micro, small, and medium enterprises (MSMEs) through halal certification training, product diversification, branding development, and export literacy. Activities were conducted through structured workshops, technical mentoring, and digital marketing facilitation in collaboration with local institutions. Program outcomes included greater awareness of business legality requirements, the creation of coffee-based product innovations such as coffee bakpia, and the institutional development of BUMDes as a production and marketing coordinator. Halal certification raised consumer confidence and broadened export market opportunities. This initiative offers a replicable model of sustainable, export-oriented community development in rural Indonesia.
From Strategy and ESG to Shareholder Value: The Mediating Role of Sustainable Financial Performance and The Moderating Effect of Shariah Value Added in Indonesia Agung Budi Sulistiyo; Novi Wulandari Widiyanti; Imamatin Listya Putri; Muhammad Miqdad
Jurnal Kajian Akuntansi Vol 9 No 2 (2025): DECEMBER 2025: Article in Progress
Publisher : Universitas Swadaya Gunung Jati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33603/jka.v9i2.11005

Abstract

This study examines the effects of corporate strategy, ESG performance, investment efficiency, and risk management on shareholder value in Indonesian publicly listed companies. It also investigates the mediating role of sustainable financial performance and the moderating role of Shariah Value Added. Using panel regression on data from 72 firms between 2019 and 2022, the findings show that only corporate strategy significantly enhances sustainable financial performance. ESG performance, investment efficiency, and risk management do not show meaningful effects, indicating that many firms focus on meeting ESG compliance requirements rather than integrating ESG strategically. Sustainable financial performance also does not directly increase shareholder value. However, when moderated by Shariah Value Added, its effect becomes significant. This demonstrates that Islamic ethical principles can strengthen corporate legitimacy, enhance investor trust, and bridge financial outcomes with ethical values. These findings enrich legitimacy theory by incorporating cultural and religious dimensions into sustainability research. Practically, companies should integrate ESG more substantively, while regulators are encouraged to consider including Shariah-based indicators in sustainable finance frameworks. The study’s limitations include a relatively small sample size and a short observation period. Future research should extend the timeframe and explore additional variables that may influence these relationships.
Beyond ESG: Embedding Maqasid al-Shariah into Sustainable Finance through Shariah Enterprise Theory Agung Budi Sulistiyo; Novi Wulandari Widiyanti; Imamatin Listya Putri; Muhammad Miqdad
Integrated Journal of Business and Economics (IJBE) Vol 10, No 3 (2026): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v10i3.1354

Abstract

Sustainable finance has increasingly integrated environmental, social, and governance (ESG) principles into capital allocation and corporate accountability. Yet mainstream ESG remains largely anthropocentric and instrumental, with emphasis on market legitimacy, stakeholder expectations, and governance incentives. These foundations do not fully capture the transcendental and ethical commitments that shape Islamic finance.This conceptual paper employs an integrative conceptual review and framework-synthesis approach to connect Shariah Enterprise Theory (SET), maqasid al-shariah, and sustainable finance. The synthesis compares the assumptions of mainstream sustainability theories with SET, maps SET's spiritual, social, and environmental accountabilities onto contemporary Islamic finance instruments, and deductively develops propositions for future empirical testing. SET frames accountability as responsibility to Allah, human beings, and nature, while maqasid al-shariah provides the purpose logic through the preservation of religion, life, intellect, lineage, and wealth.The resulting Islamic Sustainable Finance (ISF) framework shows how green sukuk, Islamic social finance, waqf-based investment, and sustainability reporting can move beyond formal Shariah compliance and ESG labeling toward verified social and environmental additionality. The paper contributes theoretically by specifying the accountability mechanisms through which SET extends ESG; managerially by translating SET into observable governance, allocation, and impact practices; and policy-wise by proposing actionable integration of maqasid-oriented indicators into sustainable-finance assessment. The paper concludes that SET can position Islamic finance as a distinctive, purpose-driven contributor to sustainable development while avoiding the reduction of spiritual accountability to symbolic compliance.
Co-Authors Abd. Mujib Agung Budi Sulistiyo Agung Budi Sulistiyo Ahmad Iskandar Rahmansyah Ahmad Roziq Aji Prasetyo Suyono Al-Faruq, Muhammad Dzaki Alwan Sri Kustono Anang Ariful Habib Aprillianto , Bayu Ariful Habib, Anang Arisandy, Frisma Novela Asdar, Syawal Tawakkal Azzir, Muhammad Fatir Aufa Bayu Aprillianto Bunga Maharani Cahyaningati, Retno Choirunnisak, Ananda Febrina Ditio Adi Surya Wijaya Hadi Djunaid, Jamaluddin Efendi, Husnul Irfan Elsya Herwiyanti Gusti Ayu Wulandari Holilullah Holilullah Ika Wahyuni, Nining Ikarini Dani Widiyanti Imamatin Listya Putri Imamatin Listya Putri Imansari, Lisa Cahyani Istifadah Istifadah Izzalqurny, Tomy Rizky Markus Apriono Mas’ud, Imam Mohammad Imam Farisi Mukhamad Alan Nurul Qomar Neni Kurnia Nining Ika Wahyuni Novi Wulandari Novi Wulandari Widiyanti Novi Wulandari Widiyanti Novi Wulandari Widiyanti Noviyanto, Eko Paksi Nurwahidin Nurwahidin Prastiwi Puspa Ningrum Puspitasari, Leny Putra, Eko Sasongko Putri Frisca Kuncorowati Rochman Effendi Siti Maria Wardayati SUKMA ULI NUHA SUGIYONO Sulistyo, Agung Budi Tria Oktaviasari Wahyu Agus Winarno Yosefa Sayekti