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The Effect of ESG Practices on Profitability Through Liquidity and Financial Constraints as Moderating Variables Entis Sutisna; Kautsar Riza Salman
The Indonesian Accounting Review Vol. 15 No. 1 (2025): January-June 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v15i1.4677

This study aims to examine the impact of corporate involvement in activities related to the environmental, social, and governance on profitability performance. In addition, this study also examines the moderating effect of liquidity and financial constraints on the relationship between ESG practices and profitability performance. The objects of the study were 43 companies listed on the Jakarta Islamic Index 70 (JII70) and the SRI KEHATI index in the 2021-2023 period. The number of data observations was 129 data and was analyzed using Eviews software version 13. The results of the study show that corporate involvement in ESG activities has an impact on decreasing profitability performance during the study period and these results confirm the role of agency theory. The results of the study also show that financial constraints can strengthen the relationship between ESG practices and profitability performance. Conversely, liquidity cannot moderate the relationship between ESG practices and profitability performance. The theoretical implication from the perspective of agency theory is to strengthen the role of agency theory in explaining the impact of ESG on profitability in the short term. Practical implications for companies are related to the importance of the existence of activities related to ESG, although in the short term it reduces profitability, the long-term impact fosters a positive image of the company in the community.

Peningkatan Literasi Fikih Muamalah melalui Sosialisasi Kontrak Akad Salam bagi Pedagang Online dan Jamaah Masjid Kautsar Riza Salman; Entis Sutisna
Jurnal KeDayMas: Kemitraan dan Pemberdayaan Masyarakat Vol. 6 No. 02 (2026): Kedaymas Volume 6 No.2
Publisher : Research Center and Community Services (PPPM) Universitas Hayam Wuruk "Perbanas" Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/kedaymas.v6i2.5570

Masjid di lingkungan perkotaan memiliki peran strategis sebagai pusat edukasi untuk meningkatkan literasi muamalah jamaah, khususnya para pelaku usaha digital. Mitra pengabdian masyarakat di Masjid Al-Islamiyyah, Surabaya, menghadapi permasalahan berupa minimnya pemahaman pengusaha mengenai regulasi jual beli pesanan, sehingga muncul kekhawatiran bahwa transaksi barang yang belum tersedia secara fisik adalah tidak sah. Kondisi ini membatasi ruang gerak usaha jamaah dalam mengoptimalkan omzet penjualan. Tujuan kegiatan pengabdian ini adalah memberikan sosialisasi, penyuluhan, dan kepastian hukum syariah mengenai kontrak akad salam sebagai solusi transaksi bisnis yang sah. Metode pelaksanaan kegiatan melibatkan 35 peserta dari unsur takmir dan jamaah dengan berbagai latar belakang usaha. Tahapan kegiatan meliputi perencanaan bersama mitra, pemanfaatan media digital berupa flyer edukatif, serta pelaksanaan pelatihan melalui ceramah interaktif dan bedah kasus riil. Hasil pengabdian menunjukkan terjadinya peningkatan pemahaman jamaah yang signifikan mengenai rukun, syarat, serta mitigasi risiko hak khiyar dalam akad salam. Melalui penguatan pendapat Mazhab Syafi'iyah terkait legalitas salam tunai, kekhawatiran jamaah dalam transaksi perdagangan elektronik (e-commerce) berhasil teratasi. Pasca-kegiatan, takmir dan para pengusaha memiliki variasi model jual beli yang lebih beragam serta aplikatif untuk menaikkan omzet penjualan secara syariah di tengah persaingan bisnis online yang kompetitif.

The effect of environmental, social, and governance practices on profitability performance with financial slack as a moderator Kautsar Riza Salman; Herwin Ardianto; Entis Sutisna; Jana Siti Nor Khasanah
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 15 No. 1 (2024): June 2024
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v15i1.1-14

This study aims to obtain empirical evidence on the effects of environmental, social, and governance (ESG) on the profitability performance of Islamic companies, incorporating the moderating effect of financial slack in this relationship. The sample includes Islamic companies listed on the Jakarta Islamic Index 70 (JII 70) and the SRI KEHATI index over the 2021-2023 period, resulting in 129 firm-year observations. Panel data analysis using Eviews 13 software identified the Random Effect Model as the best approach. Findings indicate that ESG practices significantly affect profitability, supporting agency theory by suggesting that management may engage in ESG activities that incur costs without clear financial benefits for shareholders. Financial slack does not moderate the ESG-profitability relationship. Instead, financial slack, proxied by the cash ratio, directly impacts profitability. These findings suggest that while ESG practices may have profitability trade-offs, financial flexibility could enhance profit potential in Islamic companies. For policymakers, these results underscore the need to tailor ESG frameworks to the unique financial dynamics of Islamic companies, potentially aiding these firms in achieving both sustainable and profitable growth.

Fintech adoption and zakat efficiency: The moderating role of Islamic bank performance Nur Suci Ismiyati Mei Murni; Kautsar Riza Salman; Entis Sutisna
Muqtasid: Jurnal Ekonomi dan Perbankan Syariah Vol. 16 No. 2 (2025): December 2025
Publisher : Faculty of Islamic Economics and Business, UIN Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18326/muqtasid.v16i2.93-110

Fintech provides innovative solutions to improve the efficiency of zakat collection and distribution through digital payment systems, online applications, and blockchain technology. However, the effectiveness of fintech adoption may depend on the internal financial conditions of Islamic banks. This study examines the effect of fintech adoption on zakat efficiency and investigates the moderating role of bank financial performance in Indonesian Islamic banks. Using a quantitative approach with panel data from 12 Islamic Commercial Banks during the 2015–2024 period, fintech adoption is measured through a fintech adoption index derived from annual reports, while zakat efficiency is measured using the zakat distribution ratio. Financial performance is represented by Return on Assets (ROA) and Return on Equity (ROE). The findings reveal that fintech adoption does not directly affect zakat efficiency. However, ROA strengthens the relationship between fintech adoption and zakat efficiency, whereas ROE weakens it. These results indicate that the effectiveness of fintech in supporting Islamic banks’ social functions depends more on efficient asset management than equity performance. This study highlights the importance of integrating digital transformation with sound financial management to optimize zakat management

Company Characteristics as a Determinant of Tax Aggressiveness in Real Estate and Property Companies in Indonesia Kautsar Riza Salman
Jurnal Profita: Komunikasi Ilmiah Akuntansi dan Perpajakan Vol 16 No 3 (2023)
Publisher : Fakultas Ekonomi Dan Bisnis, Universitas Mercu Buana, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to obtain empirical evidence regarding the effect of company characteristics on the level of tax aggressiveness. The characteristics of the company in this study are represented by leverage, capital intensity, inventory intensity, and liquidity. The population in this study are all companies engaged in real estate and property and listed on the Indonesia Stock Exchange (IDX) for the 2015-2019 period. The empirical finding of this study is that leverage has a positive effect on ETR. High leverage results in a lower level of tax aggressiveness because it is proven that companies pay higher income taxes. This study did not find the effect of capital intensity, inventory intensity, and liquidity on the level of tax aggressiveness. The policy implication for tax institutions is that high leverage on real estate and property companies does not necessarily increase the tendency of corporate tax aggressiveness, even the research results show the opposite result.

Reconceptualizing Salam Contracts: A Flexible Sharia-Compliant Framework for Modern Islamic Banking Kautsar Riza Salman; Entis Sutisna
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 9 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i9.12716

This study proposes a conceptual framework for an enhanced Salam contract model aimed at improving flexibility, operational efficiency, and practical relevance within contemporary Islamic banking. Although Salam is a Shariah-compliant forward sale contract with strong jurisprudential foundations, its institutional application remains limited due to contractual rigidity, sectoral restrictions, and operational challenges. Drawing on a systematic review of literature published between 2016 and 2026, this paper identifies key constraints in existing Salam practices, including narrow usage confined primarily to agricultural commodities, limited practitioner familiarity, and risk management concerns. In response, the study develops a conceptual model that extends Salam applicability to a broader range of goods and services meeting clearly defined specifications and introduces a structured price-adjustment mechanism that allows buyers to request discounts when delivered goods fail to meet agreed standards. This innovation is expected to reduce dispute risk, enhance legal certainty, and strengthen fairness principles in Shariah-compliant transactions. From a practical perspective, the proposed model has the potential to improve liquidity management, support product innovation—including digital and parallel Salam structures—and enhance institutional competitiveness.

The Effect of ESG Practices on Profitability Through Liquidity and Financial Constraints as Moderating Variables Entis Sutisna; Kautsar Riza Salman
The Indonesian Accounting Review Vol. 15 No. 1 (2025): January-June 2025
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/tiar.v15i1.4677

This study aims to examine the impact of corporate involvement in activities related to the environmental, social, and governance on profitability performance. In addition, this study also examines the moderating effect of liquidity and financial constraints on the relationship between ESG practices and profitability performance. The objects of the study were 43 companies listed on the Jakarta Islamic Index 70 (JII70) and the SRI KEHATI index in the 2021-2023 period. The number of data observations was 129 data and was analyzed using Eviews software version 13. The results of the study show that corporate involvement in ESG activities has an impact on decreasing profitability performance during the study period and these results confirm the role of agency theory. The results of the study also show that financial constraints can strengthen the relationship between ESG practices and profitability performance. Conversely, liquidity cannot moderate the relationship between ESG practices and profitability performance. The theoretical implication from the perspective of agency theory is to strengthen the role of agency theory in explaining the impact of ESG on profitability in the short term. Practical implications for companies are related to the importance of the existence of activities related to ESG, although in the short term it reduces profitability, the long-term impact fosters a positive image of the company in the community.

Peningkatan Literasi Fikih Muamalah melalui Sosialisasi Kontrak Akad Salam bagi Pedagang Online dan Jamaah Masjid Kautsar Riza Salman; Entis Sutisna
Jurnal KeDayMas: Kemitraan dan Pemberdayaan Masyarakat Vol. 6 No. 02 (2026): Kedaymas Volume 6 No.2
Publisher : Research Center and Community Services (PPPM) Universitas Hayam Wuruk "Perbanas" Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/kedaymas.v6i2.5570

Masjid di lingkungan perkotaan memiliki peran strategis sebagai pusat edukasi untuk meningkatkan literasi muamalah jamaah, khususnya para pelaku usaha digital. Mitra pengabdian masyarakat di Masjid Al-Islamiyyah, Surabaya, menghadapi permasalahan berupa minimnya pemahaman pengusaha mengenai regulasi jual beli pesanan, sehingga muncul kekhawatiran bahwa transaksi barang yang belum tersedia secara fisik adalah tidak sah. Kondisi ini membatasi ruang gerak usaha jamaah dalam mengoptimalkan omzet penjualan. Tujuan kegiatan pengabdian ini adalah memberikan sosialisasi, penyuluhan, dan kepastian hukum syariah mengenai kontrak akad salam sebagai solusi transaksi bisnis yang sah. Metode pelaksanaan kegiatan melibatkan 35 peserta dari unsur takmir dan jamaah dengan berbagai latar belakang usaha. Tahapan kegiatan meliputi perencanaan bersama mitra, pemanfaatan media digital berupa flyer edukatif, serta pelaksanaan pelatihan melalui ceramah interaktif dan bedah kasus riil. Hasil pengabdian menunjukkan terjadinya peningkatan pemahaman jamaah yang signifikan mengenai rukun, syarat, serta mitigasi risiko hak khiyar dalam akad salam. Melalui penguatan pendapat Mazhab Syafi'iyah terkait legalitas salam tunai, kekhawatiran jamaah dalam transaksi perdagangan elektronik (e-commerce) berhasil teratasi. Pasca-kegiatan, takmir dan para pengusaha memiliki variasi model jual beli yang lebih beragam serta aplikatif untuk menaikkan omzet penjualan secara syariah di tengah persaingan bisnis online yang kompetitif.

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