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All Journal Jurnal Ekonomi Pembangunan Maksimum : Media Akuntansi Universitas Muhammadiyah Semarang Jurnal Manajemen Bisnis Journal of Accounting and Investment Riset Akuntansi dan Keuangan Indonesia Jurnal Ilmiah Ekonomi Islam Journal of Economic, Bussines and Accounting (COSTING) SENTRALISASI Owner : Riset dan Jurnal Akuntansi Jurnal Administrasi dan Manajemen JURNAL MANAJEMEN DAN BISNIS INDONESIA Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah International Journal of Economics, Business and Accounting Research (IJEBAR) Jurnal Akademi Akuntansi (JAA) BASKARA: Journal of Business and Entrepreneurship Community Empowerment Journal of Islamic Economic and Business Research Indonesian Journal of Business Analytics (IJBA) Journal of Management and Digital Business Pattimura Proceeding : Conference of Science and Technology Media Ekonomi Master: Jurnal Manajemen dan Bisnis Terapan Prosiding University Research Colloquium International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) PERMANA : Jurnal Perpajakan, Manajemen, dan Akuntansi Paradoks : Jurnal Ilmu Ekonomi IIJSE El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Jurnal Pengabdian Kepada Masyarakat Kalam Journal of Ekonomics, Finance, and Management Studies Jurnal Ilmu Manajemen JESH: Journal of Economics, Social, and Humanities
Naelati Tubastuvi
Universitas Muhammadiyah Purwokerto
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Astronomy Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Materials Science & Nanotechnology Mathematics Medicine & Pharmacology Physics Public Health Social Sciences Other

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PROFITABILITY DRIVERS OF ISLAMIC COMMERCIAL BANKS IN INDONESIA : A FINANCIAL INDICATOR APPROACH Zulfa Suhailah; Naelati Tubastuvi; Herni Justiana Astuti; Maulida Nurul Innayah
JURNAL PROFIT Vol 10, No 1 (2026): Economic And Investment
Publisher : Nurul Jadid University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33650/profit.v10i1.14039

Abstract

This study examines the influence of internal factors such as Capital Adequacy Ratio (CAR), Financing to Deposit Ratio (FDR), Operating Expenses to Operating Income (BOPO), Non-Performing Financing (NPF), and Bank Size on Profitability, represented by Return on Assets (ROA), in Islamic Commercial Banks authorized by the Financial Services Authority (Otoritas Jasa Keuangan or OJK) in Indonesia Using quarterly data spanning 2021–2024 from 14 Islamic commercial banks—yielding 206 observations through purposive sampling—and employing a Fixed Effect Model panel data regression approach, this research aims to capture financial performance dynamics in a more granular and timely manner compared to the annual data predominantly used in prior studies. The novelty of this study lies in the adoption of quarterly data, which provides greater sensitivity to short-term economic fluctuations and seasonal effects in the post-pandemic and post-merger era, as well as the explicit inclusion of Bank Size as an independent variable—rather than merely as a control variable as in most previous research—allowing for a direct examination of its role in driving profitability. The analysis results indicate that only BOPO has a significant negative effect on ROA, while CAR, FDR, NPF, and Bank Size are insignificant. Practical implications include recommendations for bank management to optimize operational cost control and for OJK regulators to strengthen adaptive policies addressing short-term economic fluctuations.
Implementation of Green Banking and Determinant Factors: Testing the Mediation Effect of Green Financing Lelly Kartika Sari; Sri Wahyuni; Naelati Tubastuvi; Amir Amir
International Journal of Management, Entrepreneurship, Social Science and Humanities Vol. 9 No. 2 (2026): January - June Volume
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijmesh.v10i1.4001

Abstract

This study examines the effects of bank size, profitability, institutional ownership, and operational efficiency on green banking implementation, with green financing as a mediating variable, using data from nine Islamic commercial banks in Indonesia during 2020–2024. Employing a quantitative approach with path analysis and Sobel tests, the results show that bank size and profitability have a significant positive effect on green financing, while institutional ownership and operational efficiency do not. In the green banking model, bank size and green financing significantly enhance green banking disclosure, whereas profitability, institutional ownership, and operational efficiency exhibit no direct effect. Mediation analysis confirms that green financing significantly mediates the relationships between bank size, profitability, and institutional ownership and green banking, but fails to mediate the effect of operational efficiency. These findings indicate that green financing functions as a critical transmission mechanism linking internal bank characteristics to sustainability disclosure. The study contributes theoretically by extending stakeholder theory through the integration of green financing as a mediating mechanism in Islamic banking, and practically by highlighting that regulatory and managerial efforts should prioritize strengthening green financing capacity, particularly in large and profitable banks, to improve the effectiveness of green banking implementation in Indonesia.
Capital Structure and Firm Value in Consumer Cyclicals: The Weakening Moderating Role of Profitability During Market Volatility 2021-2024 Fatimah; Naelati Tubastuvi; Erna Handayani; Meydy Fauziridwan
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 1 (2026): Article Research January 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i1.2937

Abstract

This study examines the influence of capital structure, investment decisions, and firm size on firm value, with profitability as a moderating variable. The novelty of this research lies in demonstrating that profitability weakens the relationship between capital structure and firm value, a finding that contrasts with most prior studies, and in employing a Fixed Effect Model (FEM) with Driscoll–Kraay standard errors to address heteroskedasticity. The sample consists of 38 firms selected from 163 consumer cyclical companies listed on the Indonesia Stock Exchange during 2021–2024, resulting in 152 firm year observations. The FEM Driscoll–Kraay results show that capital structure has a positive and significant effect on firm value, indicating that higher leverage can increase market confidence and enhance firm valuation. However, the moderation test reveals that profitability significantly weakens the effect of capital structure on firm value, meaning that when profitability increases, the contribution of leverage to firm value becomes less influential. Meanwhile, investment decisions and firm size do not significantly affect firm value, nor are their relationships moderated by profitability. These findings imply that managers must adjust leverage policies carefully during periods of high profitability, as its value-enhancing impact diminishes, while investors should prioritize analyzing capital structure and profitability as key indicators of firm strength.
Do Financial Decisions Enhance Firm Value? The Mediating Role of Performance in Indonesia Consumer Non-Cyclical Firms Ana Dwi Setyaning; Maulida Nurul Innayah; Naelati Tubastuvi; Hengky Widhiandono
Owner : Riset dan Jurnal Akuntansi Vol. 10 No. 2 (2026): Artikel Research April 2026
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v10i2.3071

Abstract

This study investigates the effects of investment decisions, capital structure, dividend policy, and institutional ownership on firm value, with firm performance as a mediating variable, in the consumer non-cyclical sector listed on the Indonesia Stock Exchange. The sample comprises 38 firms with 150 panel data observations for the 2020-2024 period, selected using purposive sampling. Data analysis employed panel regression models fixed effect and random effect, chosen based on preliminary tests and the Sobel test to assess mediation effects. The findings reveal that investment decisions and capital structure enhance firm performance, whereas dividend policy reduces performance, and institutional ownership exerts no significant influence. In the firm value model, only capital structure demonstrates a positive and significant effect, while other variables show no direct impact. Mediation analysis confirms that investment decisions and capital structure indirectly strengthen firm value through firm performance, as effective investment allocation and leverage improve productivity and profit, which the market interprets as higher valuation. Conversely, dividend policy and institutional ownership do not exhibit mediating roles.The novelty of this research lies in incorporating institutional ownership into the financial decision firm value framework, thereby extending governance perspectives in corporate finance. Theoretically, the study reinforces firm performance as a key transmission mechanism in corporate finance models, while practically it highlights the importance of performance-oriented strategies and governance-based ownership in sustaining firm value under market uncertainty.
Determinants of Islamic Banking Adoption in Indonesia: Attitude, Religiosity, and Financial Literacy Samar T.M. Al Haj; Naelati Tubastuvi; Suryo Budi Santoso; Herni Justiana Astuti
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 2 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.2.2026.136-152

Abstract

The Islamic banking sector in Indonesia has experienced substantial growth in recent years; however, public adoption remains relatively limited. This study aims to examine the behavioral factors that shape individuals’ intention to use Islamic banking services, with particular attention to four main variables: attitude, subjective norms, religiosity, and financial literacy. Identifying these factors is important to reduce the gap between the increasing availability of Islamic financial services and their actual utilization by society. A quantitative research design was applied, involving 250 respondents from diverse demographic backgrounds across several regions in Indonesia. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to evaluate the relationships between the proposed variables. The findings indicate that attitude and financial literacy have a significant positive influence on the intention to adopt Islamic banking. Individuals who hold positive perceptions and possess sufficient financial knowledge are more likely to consider Islamic banking as an alternative financial option. On the other hand, subjective norms and religiosity do not show a significant effect on adoption intention. This suggests that personal evaluation and understanding play a more dominant role than social influence or religious considerations in shaping financial decisions. These results imply that efforts to promote Islamic banking in Indonesia should not rely solely on religious arguments. Instead, greater emphasis should be placed on effective communication strategies, financial education, and building public trust. The study provides practical insights for policymakers and Islamic financial institutions to develop more targeted programs that enhance financial literacy and promote broader financial inclusion through ethical, value-based banking systems.
Authentic Leadership, Organizational Citizenship Behavior, dan Keadilan Organisasi sebagai Pendorong Kepuasan Kerja: Bukti pada Perusahaan Manufaktur di Indonesia Bisma Anjala Sutra; Alfato Yusnar Kharismasyah; Naelati Tubastuvi; Suyoto
Journal of Management and Digital Business Vol. 6 No. 1 (2026): Journal of Management and Digital Business
Publisher : Nur Science Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53088/jmdb.v6i1.2561

Abstract

This research aims to examine the influence of Authentic Leadership, Organizational Citizenship Behavior, and Organizational Justice on Job Satisfaction. The population in this study was employees of PT. Sumber Graha Sejahtera Purbalingga. This study used a non-probability sampling technique with a purposive sampling approach. The determination of the number of samples was carried out using the Slovin formula, with a population of 864 employees and a tolerance level of error of 10%, resulting in an initial sample of 90 respondents. The classification of information in this investigation was firsthand information in the form of a questionnaire using a 1–5-point Likert scale. Meanwhile, the data testing procedure applied was SmartPLS 3.2.9. The results of the analysis showed that Authentic Leadership and Organizational Justice had a positive and significant influence on Job Satisfaction. This study also revealed that OCB was not significant for job satisfaction. The implications of this article indicate that the results of the study indicate that the results of the study can be a reference for organizations in improving employee satisfaction and performance through the implementation of appropriate leadership, increasing organizational justice, and strengthening positive behaviors such as OCB.
Understanding Gen Z’s Investment Intentions in the Sharia Capital Market: The Role of Religiosity, Religious Events, Attitude, Behavioral Control and Profit Maximization Afifah; Naelati Tubastuvi
Jurnal Ilmu Manajemen Vol. 15 No. 1 (2025): Jurnal Ilmu Manajemen
Publisher : Universitas Muhammadiyah Palembang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32502/jim.v15i1.906

Abstract

This study aims to examine the influence of religiosity, religious events, attitude, perceived behavioral control, and profit maximization orientation on Generation Z’s investment intention toward Sharia products in the capital market. The research involved 230 respondents residing in Central Java (Indonesia) and employed a quantitative approach with data analysis using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that religious events, attitude, and profit maximization have a significant positive influence on investment intention, while religiosity and perceived behavioral control do not show significant effects. In making investment decisions within the Sharia capital market, Generation Z tends to consider religious events as important moments, along with the potential financial returns they may gain. Additionally, their attitudes, shaped by Islamic values, also contribute to strengthening their interest in investing in instruments that align with Sharia principles.
The Mediating Role of Financial Self-Efficacy in Financial Management Behavior Anggita Nur Reza; Naelati Tubastuvi; Herni Justiana Astuti; Maulida Nurul Innayah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 3 (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.v7i3.11274

Abstract

College students are the agent of change who are expected to boost the country’s economy, but the consumerist and wasteful lifestyle among college students remains a real problem. This study aims to analyze the influence of financial attitude, financial literacy, and locus of control on financial management behavior with financial self-efficacy as a mediating variable among students in Purwokerto. The population in this study consisted of 9,037 active students majoring in economics and business from three universities, namely Muhammadiyah University Purwokerto, Jenderal Soedirman University, and Prof. KH. Saifuddin Zuhri State Islamic University Purwokerto. The sampling technique used the Slovin formula, which produced 170 respondents. The research approach used was quantitative with data processing techniques using SmartPLS version 3.0 through three stages, namely outer model, inner model, and bootstrapping. The results showed that financial attitude, financial literacy, and locus of control had a positive and significant effect on financial self-efficacy and financial management behavior. In addition, financial self-efficacy was also proven to positively and significantly mediate the relationship between financial attitude, financial literacy, and locus of control with financial management behavior. These findings confirm that self-confidence in financial abilities plays an important role in strengthening the relationship between attitude, literacy, and self-control in students' financial management behavior. This study implies that improving financial self-efficacy and financial literacy education should be a primary focus in shaping wise and responsible financial behavior among the younger generation
Impact of Board Diversity and Institutional Ownership on Performance and Risk of LQ45 Firms Syarila Asri Febiani; Naelati Tubastuvi; Wida Purwidianti; Restu Frida Utami
MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang Vol 16, No 1 (2026): Maksimum: Media Akuntansi Universitas Muhammadiyah Semarang
Publisher : Universitas Muhammadiyah Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26714/mki.16.1.2026.034-048

Abstract

This study examines the influence of board diversity (gender, nationality, and age) and institutional ownership on company performance and risk among companies listed on the LQ45 index from 2020 to 2023. This study employs a quantitative approach, utilising secondary data collected from company annual reports. The sample comprises 25 companies and 100 observations spanning 4 years. The analysis was conducted using multiple linear regression in StataMP 17 to determine the influence of independent variables on company performance, measured by Return on Assets (ROA), and on company risk, calculated using the Debt-to-Equity Ratio (DER). The results indicate that board diversity has a significant positive effect on ROA, while gender and age diversity do not show a substantial impact on company performance. On the other hand, institutional ownership has a significant adverse effect on ROA, indicating that higher institutional ownership tends to reduce a company's performance. All independent variables also had no significant impact on company risk (DER). These findings suggest that, although board diversity and institutional ownership can theoretically enhance oversight and decision-making, their practical implications remain limited due to the low proportion of female, foreign, and young directors, as well as the lack of active institutional involvement. This study contributes to the corporate governance literature in the Indonesian capital market and suggests that future research should include mediation or moderation variables to gain a more comprehensive understanding.
Drivers of AI Adoption: The Role of Innovation Attributes, Organizational Capability, and the External Environment Maria Hashmi; Naelati Tubastuvi
Pattimura Proceeding 2026: Proceeding of the 3rd International Conference of International Conference on Business and Eco
Publisher : Pattimura University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30598/pcst.2026.iconbe.p129-145

Abstract

Artificial Intelligence continues to reshape the ICT sector in Pakistan, yet organizations differ widely in how and why they adopt this technology. This study explores the key drivers of AI adoption by focusing on national ICT professionals who work directly with digital systems and emerging technologies. A total of 110 valid responses were collected through an organized online survey using purposive sampling. The investigation was guided by Technology Organization Environment framework combined with innovation characteristics from Diffusion of Innovation theory. The variables examined include the perceived suitability of AI to current systems, the benefits and complexity of adopting AI, organizational technical capability, and external environmental pressures. Data analysis involved Smart PLS-SEM, which facilitated reliability and validity assessment along with hypothesis evaluation. The outcomes highlight that seamless compatibility with existing infrastructure plays a key role in encouraging AI adoption, offers clear operational value, and is not overly difficult to implement. Technical capability also demonstrates a strong influence, indicating that firms with mature digital systems are better prepared to integrate AI solutions. In contrast, external environmental pressures did not show a significant role in the adoption process. These findings highlight that internal technological perceptions and readiness are stronger predictors of AI adoption than external forces in operating ICT firms in Pakistan. The study provides insights that can help organizations strengthen their technical readiness and make more confident decisions when transitioning toward AI enabled transformation. This study contributes to AI adoption literature by isolating organizational technical capability and providing national level evidence from an emerging ICT economy.
Co-Authors Afifah Akhmad Darmawan Akhmad Darmawan Alfato Yusnar Kharismasyah Aman Suyadi Amir Amir Ana Dwi Setyaning Anggita Nur Reza Aprilita Tri Amelika Arafah Esa Yuswandani Arienda Gitty Ramadani Arini Hidayah, Arini Astika Nurul Hidayah Baligh Al Haj Bima Cinintya Pratama Bisma Anjala Sutra Dafira Nadaa Septiani Dheya Alhag Alsharabi Dian Larasati Dian Papulasih Diana Mahmudah Dwi Winarni Dyandra Viorica Ivonilenia Eko Haryanto Erina Kusuma Widyaningrum Erna Handayani Erny Rachmawati Fatimah Fatmah Bagis Febriana Hidayanti Fitriati, Azmi Galih Prakoso Hengky Widhiandono, M.Si. S.E. Herdina Indah Utami Hermin Endratno Herni Justiana Astuti Herni Justiana Astuti Ika Yustina Rahmawati Ika Yustina Rahmawati Lelly Kartika Sari Maria Hashmi Mastur Mujib Ikhsani Maulida Nurul Innayah Meydy Fauziridwan Mudjiyanti, Rina Muhamad Riki Muhammad Arfani Zaidan Muhammad Ghiffary Ar Ridho Firdauz Naela Aziizahtur Rif'aa Nawalin Nazah Nina Setyasari Novi Crisnandani Purnadi Purnadi Restu Frida Utami Rhis Ogie Dewandaru Rizka Septiana Putri Samar T.M. Al Haj Siti Kholifah Sri Wahyuni Sri Wahyuni Sri Wahyuni Sulistiyani Budiningsih Suryo Budi Santoso Suryo Budi Santoso Suyoto Suyoto Syaefa Intan Salsabilla Syarila Asri Febiani Tiara Pandansari Timbang Apit Afifah Totok Haryanto Venus C. Ibarra Wida Purwidianti Widodo, Selamat Wilson Candra Yudhistira Pradhipta Aryoko Zulfa Suhailah