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Green Investment in the Islamic Capital Market: Opportunities and Challenges toward a Green Economy Asri Jaya; A. Ifayani Haanurat; Vikram Singh; Nurlina, Nurlina
Jurnal Ar-Ribh Vol. 9 No. 1 (2026): April 2026
Publisher : Universitas Muhammadiyah Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26618/129z0n28

Abstract

The escalating challenges of climate change, environmental degradation, and sustainability risks have intensified the demand for financial systems that facilitate the transition toward a green economy. Green investment has emerged as a core pillar of sustainable finance, with capital markets playing a crucial role in mobilizing long-term funding for environmentally responsible activities. Within this context, the Islamic capital market is considered to have strong normative alignment with sustainability principles due to its emphasis on ethics, justice, and accountability. However, existing research integrating green investment, Environmental, Social, and Governance (ESG) frameworks, and Islamic finance remains limited and fragmented. This study aims to systematically examine the opportunities and challenges of green investment within the Islamic capital market in supporting the green economy. Employing a Systematic Literature Review (SLR) approach, this study analyzes peer-reviewed journal articles published between 2015 and 2025. The findings reveal that the Islamic capital market holds significant potential to promote green investment through instruments such as green sukuk, ESG-oriented portfolios, and the integration of ESG with maqasid al-shariah principles. Nevertheless, several challenges persist, including the absence of standardized Sharia–ESG frameworks, divergence in ESG ratings, data quality limitations, and the risk of greenwashing. This study contributes to the literature by offering a comprehensive synthesis and providing policy and research implications to strengthen the role of Islamic capital markets in advancing a sustainable and inclusive green economy.
Does TQM affect Indonesian food sector production efficiently? Hendarto, Totok; Haanurat, A. Ifayani; Dhakal, Amrit
Revenue Journal: Management and Entrepreneurship Vol 1 No 1 (2023): Revenue Journal: Management and Entrepreneurship (June)
Publisher : CV. Bimbingan Belajar Assyfa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61650/rjme.v1i1.300

Abstract

Globalisation Parahadi helps each nation adjust its economic policy. Every Haruus destroyer may see the future orientation, and Haru Flexic data in any applicable Kamilan data is a mandate. An integrated quality management system like Total Quality Management (TQM) must be justified to generate high-quality products and services. This study uses qualitative methods literature studies on operational method management to investigate how Total Quality Management (TQM) affects food sector production efficiency in Indonesia. Qualitative and library research approaches to creating scientific articles delays. Google Scholar's literary section or related literary review section over the last ten years 2013-2023 discusses a collection of libraries. It will then bandage prior results or discoveries from Sebi Sebiman's Law on Results or Discoveries. Harzing publishes or finishes all quoted scientific articles from data search data. The delay affects production efficiency and product quality prices. TQM improves manufacturing cost efficiency, especially in food production. This article will explain how operational management uses TQM to cut gift production costs.
Instagram's impact on sharia economic law literacy in the digital age and Indonesia's sharia economy strengthening Haanurat, A. Ifayani; Vedianty, Adinda Syalsabilla Aidha; Tollentino, Sahay Amrita
Revenue Journal: Management and Entrepreneurship Vol 1 No 2 (2023): Revenue Journal: Management and Entrepreneurship (December)
Publisher : CV. Bimbingan Belajar Assyfa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61650/rjme.v1i2.317

Abstract

The emergence of the Fourth Industrial Revolution has revolutionized information accessibility, especially through social media platforms such as Instagram. This study investigates the role of Instagram in increasing Sharia economic law literacy and its subsequent impact on strengthening the Sharia economy in Indonesia. Using an ethnographic approach, this research explores four Instagram accounts dedicated to Contemporary Fiqh Muamalah and Maliyah, testing their effectiveness in educating users about Sharia economic principles before carrying out trading activities. Data was collected through systematic observation and documentation studies, followed by descriptive and qualitative analysis. The findings show that Instagram functions as an important tool in spreading Sharia economic law, thus making a significant contribution to the growth and stability of the Sharia economy in Indonesia. Furthermore, this research highlights the importance of digital literacy in Sharia financing to encourage peace and economic development in Indonesia.
Beyond Rational Piety: Herding Behavior and the Cognitive Architecture of Islamic Investment Decisions Jaya, Asri; Haanurat, A. Ifayani; Nurlina, Nurlina
Jurnal Minds: Manajemen Ide dan Inspirasi Vol 13 No 1 (2026): June
Publisher : Management Department, Universitas Islam Negeri Alauddin Makassar, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24252/minds.v13i1.63554

Abstract

This study examines how representativeness bias and emotion shape Islamic investment decisions through herding behavior among Indonesian Islamic stock investors. The study contributes to behavioral Islamic finance literature by positioning herding behavior as a cognitive-emotional mechanism in which representativeness bias acts as the dominant trigger while emotion amplifies collective investment tendencies. Using a quantitative approach and PLS-SEM, data were collected from 324 investors who actively transact in Islamic stocks in Indonesia. The findings reveal that representativeness bias significantly influences herding behavior and Islamic investment decisions, while emotion strengthens the relationship between representativeness bias and herding behavior. Herding behavior also mediates the influence of cognitive and emotional factors on investment decisions. These findings imply the importance of strengthening behavioral financial literacy and critical investment judgment to reduce irrational collective behavior in Islamic capital markets.
Analysis of the Effect of Financial Performance on Investment Policy in Telecommunication Companies Listed on the Indonesia Stock Exchange Muh. Saharulla; Andi Rustam; A. Ifayani Haanurat
Return : Study of Management, Economic and Bussines Vol. 3 No. 10 (2024): Return : Study of Management, Economic And Bussines
Publisher : PT. Publikasiku Academic Solution

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57096/return.v3i10.278

Abstract

This study aims to analyze the influence of financial performance on investment policies in telecommunication companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. In this study, four main financial ratios, namely Current Ratio (CR), Debt-to-Equity Ratio (DER), Return on Assets (ROA), and Working Capital Turnover (WCT) are used as independent variables to measure their impact on the company's investment policy. The data used is sourced from the company's annual financial statements available on the IDX. The analysis method used is multiple linear regression to see the relationship between financial variables and investment policy. The results show that the Current Ratio has no significant influence on investment policy and Return on Assets has a positive and significant influence on investment policy, while the Debt-to-Equity Ratio shows a significant positive influence. Working Capital Turnover does not have a significant influence on investment policy. This finding provides practical implications for company management in designing optimal investment policies based on the company's financial performance.
Studi Komparatif: Volatilitas dan Likuiditas Saham Setelah Implementasi Papan Pemantauan Khusus Tahap I dan II Tiwi Tiwi; A. Ifayani Haanurat; Nurlina Nurlina
Jurnal Maksipreneur Vol 15 No 2 (2026)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v15i2.2592

Abstract

The Special Monitoring Board (Papan Pemantauan Khusus/PPK) is a policy implemented by the Indonesia Stock Exchange to control price volatility and enhance trading quality for high-risk stocks through the call auction mechanism. This study compares stock volatility and liquidity before and after the implementation of PPK Phase I (Hybrid Call Auction) and PPK Phase II (Full Call Auction). This study employs a quantitative, comparative approach using stocks listed on the PPK during the 2023–2025 period. Secondary data, including stock prices, trading volume, and transaction value, are analyzed using the Wilcoxon Signed-Rank Test. The results indicate significant differences in stock volatility and liquidity following the implementation of the Special Monitoring Board. A greater reduction in volatility is observed during PPK Phase II, indicating the effectiveness of the full-auction mechanism in suppressing stock price fluctuations. However, in terms of liquidity, PPK Phase I tends to be followed by an improvement in market liquidity, whereas PPK Phase II shows a short-term decline in liquidity. The findings indicate a trade-off between price stability and efficiency in the implementation of the Full Call Auction mechanism in the Indonesian capital market.
Dinamika Likuiditas dan Risiko Green Bond vs Conventional Bond: Bukti Empiris dari Sektor Perbankan Bursa Efek Indonesia Safitri Nurfianti; A. Ifayani Haanurat; Zalkha Soraya
Jurnal Maksipreneur Vol 15 No 2 (2026)
Publisher : Universitas Proklamasi 45

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30588/jmp.v15i2.2608

Abstract

This study examines differences in liquidity and risk between green and conventional bonds traded on the Indonesia Stock Exchange (IDX) from 2022 to 2024. Liquidity is measured by trading volume, transaction frequency, and turnover ratio, while risk is measured by modified duration, convexity, and sensitivity. This study uses a comparative quantitative approach with purposive sampling of banking sector bonds. Data are analyzed using descriptive statistics and the Mann–Whitney test due to non-normality. Results show significant differences in trading volume, modified duration, and convexity between green and conventional bonds. However, there are no significant differences in transaction frequency, turnover ratio, and sensitivity. These findings indicate that green bonds have lower market risk and more stable prices, but still exhibit lower liquidity than conventional bonds.
Optimization of Stock Investment Strategy with The Fibonacci Retracement Method to Determine Take Profit and Stop Loss Ananda Saputri; Ifayani Haanurat; Asri Jaya
Eduvest - Journal of Universal Studies Vol. 5 No. 1 (2025): Journal Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v5i1.50292

Abstract

This research aims to assess the effectiveness of Fibonacci retracement in establishing take profit and stop loss levels for stocks within the LQ45 Index. The study utilizes a quantitative approach with a descriptive method, analyzing daily stock price data from January 2021 to December 30, 2021, through the Fibonacci retracement indicator. The research sample comprises 10 companies listed in the LQ45 Index, selected based on specific criteria. The results demonstrate that Fibonacci retracement is effective in pinpointing significant levels for determining take profit and stop loss, achieving an effectiveness rate of 74%. Fibonacci levels such as 38.2% and 61.8% have proven to be crucial references in establishing take profit and stop loss positions. These findings endorse the use of Fibonacci retracement as a technical analysis tool capable of maximizing profit potential while minimizing losses, particularly in markets experiencing an uptrend or downtrend.
EFEKTIVITAS E-PROCUREMENT DALAM PENGADAAN BARANG DAN JASA PADA MITRA PT STAR MITRA SULAWESI Siti Asiah Azis; A Ifayani Haanurat; Andi Mappatompo; Buyung Romadhoni; Muchriady Muchran
Jurnal Akuntansi Vol 12, No 2 (2026)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah (LPPI) Universitas Muhammadiyah Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35906/jurakun.v12i2.2571

Abstract

ABSTRAK Penelitian ini bertujuan untuk menganalisis efektivitas implementasi e-procurement dalam pengadaan barang dan jasa pada Mitra PT Star Mitra Sulawesi dengan meninjau aspek regulasi, teknis, kesiapan teknologi, dan keterlibatan penyedia jasa. Menggunakan desain studi kasus dengan pendekatan deskriptif kualitatif, data dikumpulkan melalui wawancara terstruktur terhadap [masukkan jumlah di sini] orang informan yang terdiri dari pihak mitra dan pemangku kepentingan terkait. Teori pengumpulan data dianalisis menggunakan teknik analisis tema kualitatif untuk mereduksi dan mengorganisasikan masalah lapangan. Hasil penelitian menunjukkan bahwa efektivitas e-procurement melalui e-katalog versi 5.0 sangat ditentukan oleh kesiapan regulasi, efisiensi proses, keandalan teknologi, dan kompetensi sumber daya manusia (SDM). Sinergi tata kelola dan peningkatan literasi digital ditemukan sebagai strategi kunci keberhasilan sistem, didukung oleh pelaksanaan bimbingan teknis (BIMTEK) serta sertifikasi penyedia jasa guna mengikis hambatan teknis dan resistensi perubahan di lapangan. Implikasi penelitian ini menegaskan pentingnya kolaborasi tripartit antara instansi, vendor, dan konsultan dalam mengoptimalkan infrastruktur digital serta menyelaraskan regulasi demi menjamin kualitas layanan pengadaan yang berkelanjutan.Kata Kunci: E-procurement, Pengadaan Barang dan Jasa, Efektivitas, Teknologi digital. ABSTRACTThis study aims to analyze the effectiveness of e-procurement implementation in goods and services procurement at Mitra PT Star Mitra Sulawesi by examining regulatory, technical, technological readiness, and service provider involvement aspects. Utilizing a case study design with a descriptive qualitative approach, data were gathered through structured interviews with [insert number here] informants consisting of partners and relevant stakeholders. The collected data were analyzed using qualitative thematic analysis to reduce and organize field issues. The results indicate that the effectiveness of e-procurement through e-catalogue version 5.0 is highly determined by regulatory readiness, process efficiency, technological reliability, and human resource competence. Governance synergy and digital literacy improvement were found to be key strategic drivers for system success, supported by technical guidance (BIMTEK) and service provider certification to mitigate technical barriers and resistance to change in the field. The implications of this study emphasize the importance of tripartite collaboration among institutions, vendors, and consultants in optimizing digital infrastructure and aligning regulations to ensure sustainable procurement service quality.Keyword: E-Procurement, Procurement of Goods and Services, Effectiveness, Digital Technology
EFEKTIVITAS PENGELOLAAN DATA, KEAMANAN DATA TERHADAP LITERASI DIGITAL DAN KEPUASAN PENGGUNA LAYANAN E-GOVERNMENT Kartini Kartini; A Ifayani Haanurat; Buyung Romadhoni; Andi Mappatompo; Muchriady Muchran
Jurnal Akuntansi Vol 12, No 2 (2026)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah (LPPI) Universitas Muhammadiyah Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35906/jurakun.v12i2.2583

Abstract

ABSTRAK Penelitian ini bertujuan untuk menganalisis pengaruh efektivitas pengelolaan data, keamanan data terhadap literasi digital dan kepuasan pengguna layanan e-government pada instansi pemerintah Kota Palopo. Jenis penelitian ini adalah kuantitatif dengan pendekatan survei. Populasi penelitian terdiri atas 4.040 Aparatur Sipil Negara (ASN) di Kota Palopo, dengan jumlah sampel 365 responden yang ditentukan menggunakan rumus Slovin dan teknik simple random sampling. Teknik pengumpulan data dilakukan melalui kuesioner, dan analisis data menggunakan software AMOS 24. Hasil penelitian menunjukkan bahwa efektivitas pengelolaan data berpengaruh positif dan signifikan terhadap literasi digital serta kepuasan pengguna. Keamanan data berpengaruh positif dan signifikan terhadap kepuasan pengguna. Keamanan data berpengaruh positif namun tidak signifikan terhadap Literasi digital. Literasi digital terbukti berpengaruh positif dan signifikan terhadap kepuasan pengguna layanan e-government. Penelitian ini memberikan kontribusi teoretis dalam pengembangan model evaluasi e-government berbasis literasi digital, sekaligus memberikan implikasi praktis bagi Pemerintah Kota Palopo dalam meningkatkan kualitas layanan digital melalui penguatan pengelolaan data, peningkatan kapasitas literasi digital, dan pengembangan sistem keamanan yang lebih optimal.Kata Kunci: Efektivitas Pengelolaan Data, Keamanan Data, Literasi Digital, Kepuasan Pengguna, E-Government.ABSTRACTThis study aims to analyze the effects of data management effectiveness and data security on digital literacy and user satisfaction with e-government services in the Palopo City Government. This research employs a quantitative approach with a survey design. The research population consists of 4,040 Civil Servants (ASN) in Palopo City, with a sample size of 365 respondents determined using the Slovin formula and simple random sampling technique. Data collection was conducted through questionnaires, and data analysis was performed using AMOS 24 software. The results of the study indicate that data management effectiveness has a positive and significant effect on both digital literacy and user satisfaction. Data security has a positive and significant effect on user satisfaction. Data security has a positive but non-significant effect on digital literacy. Digital literacy is proven to have a positive and significant effect on user satisfaction with e-government services. This study provides a theoretical contribution to the development of digital literacy-based e-government evaluation models, while also offering practical implications for the Palopo City Government to improve the quality of digital services through strengthening data management, enhancing digital literacy capacity, and developing a more optimal security system.Keywords: Data Management Effectiveness, Data Security, Digital Literacy, User Satisfaction, E-Government
Co-Authors Abdul Khaliq Achmadi Achmadi Achmadi Achmadi Adinda Syalsyabilla Aidha Vedianty Alam Tauhid Syukur, Alam Tauhid Alda, Alda Ananda Saputri Andi Mappatompo Andi Nila Sari Andi Rustam Arman Arman Arni Arni Arsal, Muryani Arsyad Arsyad Asri Jaya Asrijal Bintang Awaliah, Eni Versary Azizah Saban Badollahi, Ismail Budi Mawan Aris Buyung Romadhoni Choiriah Muslimah Nurdin Choirudin, Choirudin Danil Maulana Dhakal, Amrit Fakhira Irwan Fuadah Johari Hainnuraqma Binti Rahim Hairul Mar’i Harfina Handayani Husnaeda Husnaeda Husnaeda Ipahriani Rahman Ipahriani Rahman Irpan Irpan Ismi Aulia Rahma Ramly J, Jusriadi Jam’an, Andi Kadriati Hasyim Karsinah Sidi Kartini Kartini M. Yusuf K M. Yusuf K M. Yusuf. K Mardin Mardin Mardin, Mardin Marsyad Alganawi Salam Meily Meliyani Muchran, Muchriady Muchriady Muchran Muchriana Muchran Muchriana Muchran Muchriana Muchran Muchriana Muchran Muchriana Muchran Muh. Saharulla Muhammad Nur Abdi Muhammad Syaiful Muhammad Syaiful Muhammad Umar Muryani Arsal Musdalifa Musdalifa Musdalifa Musdalifa Nasrullah Nasrullah Nasrullah Nasrullah Nur Yanti, Nur Nurbiah Nurbiah Nurlina Nurlina Nurlina Nurlina Nurmi Nurmi Nur’aeni Nur’aeni Pratiwi, Nurul Rezky Putri, Aisyah Aulia Rahman, Anisur Rahmawati Muin Ramly Ramly Rani Darmayanti Razak, Linda Arisanty Rd. Heri Solehudin Risaldi, Muh Romadhoni, Buyung Rony Kusmaladi Rusni Hasni Rustam, Andi S. Sukmawati Safitri Nurfianti Safri Haliding Sahabuddin Nanda Sahabuddin Nanda Sahabuddin Nanda Sahay Amrita Tollentino Saiful Bakhri Sakia Putri Samsul Salam, Marsyad Alganawi Salsabila Arianto Samsul Bahari Siti Asiah Azis Sriwahyuni Rustan Suarni, Agusdiwana Sukmawati - Sukmawati S Sukmawati Sukmawati Syafaruddin Syafaruddin Syafaruddin Syafaruddin Tiwi Tiwi Tollentino, Sahay Amrita Totok Hendarto Vikram Singh Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wa Ode Rayyani Wahyudi Malik Wahyudin Rahman Warda Warda Yusra Putri Zalkha Soraya Zalkha Soraya Zalkha Soraya Zalkha Soraya