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The Influence of Macroeconomic Shocks, Operational Efficiency, and Financing Risk: An Empirical Study of NPF in Indonesian Islamic Banks Mubarok, Faizul; Wibowo, Martino; Pradana, Hasta Dwi; Yaacob, Zulnaidi
Falah: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): FEBRUARY
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jes.v11i1.43291

Abstract

This study examines the influence of key macroeconomic variables on the level of Non-Performing Financing (NPF) in Indonesia’s Islamic banking sector using a Vector Error Correction Model (VECM) framework. Research on the stability of Islamic banking was growing, even limited studies linked macroeconomic indicators with NPF with long-term data and dynamic frameworks. This study was quantitative by using macroeconomics indicators such as inflation, the exchange rate, economic growth, the stock price index, financing levels, and global oil prices, complemented by the bank-specific variable BOPO. The secondary time-series data covering the period 2007–2025 were employed in this study. Johansen’s cointegration test indicates the presence of three cointegrating vectors, confirming the existence of long-run relationships among the variables. The result found that the VECM estimation reveals that the exchange rate and inflation exert significant short-run effects on NPF, whereas operational efficiency (BOPO) and economic growth are significant determinants in the long run. These findings underscore the critical role of macroeconomic stability and bank-level operational efficiency in sustaining financing quality in Islamic banking. The implication of this study recommends strengthening risk-management practices, enhancing monitoring effectiveness, and adopting more responsive strategies to mitigate macroeconomic volatility. In addition, policymakers are encouraged to review and adapt macroprudential policies to respond to changing economic conditions. These actions collectively can  enhance stakeholder resilience and support effective leadership during periods of economic uncertainty.
CONTRIBUTION OF JOB STRESS IN MEDIATING ASPECTS AFFECTING WORK FATIGUE OF MINISTRY OF RELIGIOUS AFFAIRS EMPLOYEES IN THE SOUTH PAPUA PROVINCE REGION Risanti, Dwi; Ratang, Westim; Wibowo, Martino
Jurnal Ekonomi Kreatif dan Manajemen Bisnis Digital Vol 3 No 1 (2024): AGUSTUS
Publisher : Transpublika Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55047/jekombital.v3i1.803

Abstract

Employees working for the Ministry of Religion in the South Papua Province have a range of tasks related to community service in religious affairs. The demanding workload in this role calls for extra effort from the employees. This research aims to explore how work stress acts as a mediator in the relationship between leadership style, workload, and income adequacy with work fatigue among Ministry of Religion employees in the South Papua Province. Data was collected through a survey involving 153 participants. The findings from the structural equation modeling analysis reveal that leadership style has a significant negative impact on work stress, while workload has a significant positive impact on work stress. However, income adequacy does not seem to affect work stress. Moreover, leadership style negatively impacts work fatigue, whereas workload has a positive impact on work fatigue. Income adequacy, on the other hand, does not have a significant impact on work fatigue. The study ultimately concludes that work stress plays a role in mediating the relationship between leadership style and workload with work fatigue. However, work stress does not mediate the effect of income adequacy on job burnout.
MANAJEMEN KEUANGAN BERBASIS AJARAN HINDU DALAM MENCAPAI SUSTAINABILITAS BISNIS I Nyoman Bontot; Ahmad Subagyo; Martino Wibowo; Anas Iswanto Anwar
Vidyottama Sanatana: International Journal of Hindu Science and Religious Studies Vol 9 No 2 (2025)
Publisher : UHN I Gusti Bagus Sugriwa Denpasar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25078/vidyottama.v9i2.5167

Abstract

This study explores the integration of Hindu ethical principles into the financial governance of Village Credit Institutions (LPDs) in Bali and its contribution to institutional sustainability. Employing a mixed-method approach, the research combines hermeneutic interpretation of sacred Hindu scriptures-Rgveda, Yajurveda, Atharvaveda, Bhagawad Gita, Sarasamuccaya, Manusmrti, and Arthasastra-with quantitative analysis of financial performance across 1.308 LPDs in nine regencies. Four core principles-Karma (ethical productivity), Dharma (social responsibility), Kama (motivational fulfillment), and Artha (material prosperity)-are operationalized within a holistic model of Hindu-based financial management. Empirical testing confirms are positive relationship between these principles and financial indicators such as profit margin, return on assets, and capital growth. The findings demonstrate that Hindu-based financial governance enhances accountability, strengthens community trust, improves leadership integrity, and promotes long-term business sustainability. This study provides a culturally grounded and ethically robust framework for developing resilient and inclusive community-based microfinance institutions in plural financial systems.
Ethical Values, Trusted Information, and Quality Heuristics in Shaping Halal Food Purchase Commitment: Evidence from the Indonesian Muslim Diaspora in Europe Mubarok, Faizul; Patiro , Shine Pintor Siolemba; Wibowo, Martino; Nugraha, Deni Pandu
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.15900

Abstract

This study examines how ethical moral values and trusted halal information shape halal food purchase commitment among the Indonesian Muslim diaspora in Europe. Integrating value–cognition–behavior and information trust perspectives, this study proposes a dual-pathway model comprising Ethical–Moral Halal Value Attribution (EMHVA), the Halal Information Trust Ecosystem (HITE), and the Halal Quality and Safety Heuristic (HQSH). Data were collected from 173 respondents across nine European countries and analyzed using PLS-SEM. EMHVA does not directly influence purchase commitment but significantly affects HQSH, indicating a strong indirect effect. In contrast, HITE has a significant direct effect on purchase commitment and a weaker effect on HQSH. The mediating role of HQSH in the HITE pathway is marginal. These results suggest that ethical values operate through cognitive evaluation mechanisms, whereas trusted information directly reduces uncertainty and strengthens commitment. This study contributes to the literature by introducing a dual-pathway model that distinguishes between value- and information-driven mechanisms of halal consumption. Practically, it highlights the importance of strengthening credible halal information systems and enhancing quality signaling to support diaspora consumers in complex market environments.
The Effects of ESG on Firm Value with Profitability as a Moderation Variable in Sensitive and Non-Sensitive Industries Moh Saiful Hakiki; Tatang Ary Gumanti; Tasrim Tasrim; Martino Wibowo
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 3 (2026): JIMKES Edisi Mei 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i3.5210

Abstract

The increasing importance of ESG in corporate strategy and investment decisions, combined with mixed empirical evidence and limited context-specific studies in developing countries like Indonesia, is a concern. The study aims to explore whether ESG disclosure has different short-term and long-term effects and whether profitability moderates the ESG and firm value causality relationship. The study employs panel data regression across four models to examine short- and long-term effects in sensitive and non-sensitive industries. The findings indicate that ESG components do not have consistent direct effects on firm value across industries and time horizons, with only limited evidence of a negative impact of governance in the long-term non-sensitive industry. However, profitability plays a significant moderating role, particularly in non-sensitive industries, where environmental and social interactions become significant in the long term, and social in the short term. In sensitive industries, only governance shows a significant moderating effect in the short term, while no individual moderating effects persist in the long term despite joint model significance. These findings imply that ESG strategies should be implemented in alignment with firm profitability and industry context, as their value relevance emerges primarily through interaction effects rather than as standalone factors.