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All Journal JURNAL ECONOMIA JURNAL EMBA : JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI The Indonesian Accounting Review Assets : Jurnal Ekonomi, Manajemen dan Akuntansi Jurnal Akuntansi Multiparadigma Infestasi Journal of Auditing, Finance, and Forensic Accounting Neo-Bis JURNAL AKUNTANSI UNIVERSITAS JEMBER Jurnal Akuntansi Aktual JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Scientific Journal of Reflection : Economic, Accounting, Management and Business JMM UNRAM (Jurnal Magister Manajemen Universitas Mataram) JISIP: Jurnal Ilmu Sosial dan Pendidikan EKUITAS (Jurnal Ekonomi dan Keuangan) (JRAMB) Jurnal Riset Akuntansi Mercu Buana Jurnal Aplikasi Akuntansi Jurnal Gema Ngabdi Valid Jurnal Ilmiah Jurnal Abdi Insani Prosiding Konferensi Nasional PKM-CSR IIJSE Jurnal Abdimas Independen E-Jurnal Akuntansi
Endar Pituringsih
Fakultas Ekonomi Dan Bisnis Universitas Mataram, Indonesia
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Journal : IIJSE

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Financial Volatility Paradox in Philanthropic Organizations: Evidence from Indonesian Religious and Secular Nonprofits Hermawan, Dedy; Fikri, Mohammad Ali; Pituringsih, Endar
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.v9i1.9569

Abstract

This study examines the relationship between revenue concentration and financial volatility in philanthropic organizations, challenging the conventional assumption that diversification leads to greater stability. Using longitudinal data from 10 Indonesian philanthropic organizations registered with Perhimpunan Filantropi Indonesia over a 10-year period (2015-2024), this research compares income volatility patterns between religious-based and secular nonprofits. The findings reveal a counterintuitive paradox: religious organizations with concentrated revenue sources (zakat, infaq, and sadaqah) demonstrate significantly lower volatility (16.4%) compared to secular organizations with more diversified funding (53.4%). Mann-Whitney U test confirms this difference is statistically significant (U = 2.000, Z = -2.193, p = 0.028). This study introduces the concept of 'normative income stability' where religious obligations create a baseline donation pattern that is more stable than voluntary giving, thereby extending Financial Vulnerability Theory by proposing that the nature of income source moderates the diversification-stability relationship. The implications suggest that nonprofit financial management strategies should consider institutional characteristics rather than pursuing universal diversification.
Co-Authors - Sadad Abdul Muis Abdul Syukur Abjadi, Khalid Ahmad Rifai Ajhar . Akma, Hidayatul Akram Akram . Akram, Akram Alamsyah Alamsyah Animah Animah Ayudia Sokarina Aziz Irwandi B. Busaini, B. Baiq Muslihan Hidni Biana Adha Inapty Biana Adha Inapty, Biana Adha Budi Santoso Budy Wiryawan Deddy Suhendra Martua Siburian Dedy Hermawan Dedy Hermawan Denny Cendra Bhakti Dwi Putra Buana Sakti Erfan Agusfiandifutra ERNA WIDIASTUTY Fauzi, Agus Khazin Fikri, Mohammad Ali Freddy Susanto Ginta Ginting Hailuddin Hermanto Hermanto Hery Susanto Humaidi Humaidi I Made Adi Gunawan I Nyoman Nugraha Ardana Putra Ida Najati Ida Najati Kadek Budi Suryanata Kadek Dwiyanti Yussilasari Khalid Abjadi Khalid Abjadi Lalu Agus Sudrajat Lalu Hamdani Husnan Lalu Hamdani Husnan Lalu M. Furkan Layali Ihyani Lilik Handajani Lilik Handajani Lilik Handajani Luh Putu Resti Mega Artantri M Firmansyah M Irwan M Irwan M. Irwan M. Irwan, M. Irwan Miftahul Su’adah MOHAMMAD ALI FIKRI Muh Irwan Muhajir Irfani Muhammad Azlan Muhammad Idham Ni Ketut Surasni Ni Made Putri Utami Novita Susila Wardani Nur Fitriyah Nurlaili Fithriani Oktavia Komala Sari Pebruwardi Hidayat Prayitno Basuki, Prayitno Rahmatia Azzindani Roisatul Aminy Rr Titiek Herwanti Rr. Sri Pancawati Martiningsih Rukmana, Utami N. A. Samuel Christian Ara Sari, Khopipah Wandan Selatan, Liga Ayun Sholihin, Muhammad Khairus Siswadi Siswadi Siti Aisyah Hidayati Sri Indriani Subhan Purwadinata, Subhan Thatok Asmony Thatok Asmony Thatok Asmony Thatok Asmony, Thatok Titiek Herwanti Titiek Herwanti Ulfa, Pipit Rismayani Zaenal Abidin Zulfirman Switriansyah