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Sustainability Reporting and Reputation: Drivers of Sharia Company Value in Indonesia and Malaysia Sholihah, Ria Anisatus; Devy, Happy Sista; Zainon, Saunah
Share: Jurnal Ekonomi dan Keuangan Islam Vol 13, No 2 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i2.21874

The economic recovery post COVID-19 and the global energy crisis have underscored the importance of sustainability in corporate operations. In Indonesia and Malaysia, sustainability reporting is mandatory, yet its impact on corporate value, particularly in sharia-based corporates, remains underexplored. This study aims to analyze the effect of sustainability reports and corporate reputation on the corporate value of sharia-based corporates in Indonesia and Malaysia. A verificative method was employed, utilizing E-Views for data analysis, including normality tests, model tests, and double-regression tests to assess the relationship between the variables. The findings indicated a positive linear relationship between the quality of sustainability reports, corporate reputation, and corporate value in both Indonesian and Malaysian sharia corporates. Indonesian sharia-based corporates emphasize environmental and social impacts to attract investors, while their Malaysian counterparts focus on environmental, social, and human rights aspects. Additionally, positive corporate news and reports were found to enhance corporate value. The study highlights the importance of high-quality sustainability reports and a strong corporate reputation in enhancing corporate value. It recommends that sharia corporates in both countries continue to improve transparency and focus on comprehensive sustainability practices to attract investment. Further studies could explore the long-term impacts of these factors on corporate performance.======================================================================================================== ABSTRAK – Pelaporan Keberlanjutan dan Reputasi: Penggerak Nilai Perusahaan Syariah di Indonesia dan Malaysia. Pemulihan ekonomi pasca pandemi COVID-19 dan krisis energi global menyoroti pentingnya keberlanjutan operasional perusahaan. Perusahaan yang beroperasi di Indonesia dan Malaysia kini diwajibkan untuk menyusun laporan keberlanjutan secara rutin. Meski demikian, dampak kewajiban ini terhadap nilai perusahaan, terutama pada entitas berbasis syariah, masih belum banyak diteliti. Penelitian ini bertujuan mengkaji pengaruh kualitas laporan keberlanjutan dan reputasi perusahaan terhadap nilai organisasi pada perusahaan berbasis syariah di Indonesia dan Malaysia. Metode verifikatif digunakan dalam penelitian ini, dengan E-Views sebagai alat analisis data, meliputi uji normalitas, uji model, dan uji regresi berganda. Hasil penelitian mengungkapkan adanya hubungan linear positif antara kualitas laporan keberlanjutan, reputasi perusahaan, dan nilai organisasi pada perusahaan berbasis syariah di kedua negara. Perusahaan syariah di Indonesia cenderung menekankan dampak lingkungan dan sosial untuk menarik investor, sedangkan di Malaysia lebih berfokus pada aspek lingkungan, sosial, dan hak asasi manusia. Di samping itu, pemberitaan dan laporan positif mengenai perusahaan terbukti dapat meningkatkan nilai perusahaan. Studi ini menegaskan pentingnya laporan keberlanjutan yang berkualitas tinggi dan reputasi perusahaan yang baik dalam meningkatkan nilai perusahaan. Penelitian ini merekomendasikan agar perusahaan berbasis syariah di kedua negara terus meningkatkan transparansi dan memfokuskan diri pada praktik keberlanjutan yang menyeluruh guna menarik investasi. Penelitian selanjutnya dapat mendalami dampak jangka panjang dari faktor-faktor tersebut terhadap kinerja perusahaan.

Legal Practices of Employment Agreements, Power Relations, and Identity Politics of Indonesian Women Domestic Workers Rismawati, Shinta Dewi; Rahmawati, Rita; Devy, Happy Sista; Septiadi, Muhammad Andi; Thoha, Silvia Milady Azkiya
Samarah: Jurnal Hukum Keluarga dan Hukum Islam Vol 7, No 2 (2023): Samarah: Jurnal Hukum Keluarga dan Hukum Islam
Publisher : Islamic Family Law Department, Sharia and Law Faculty, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/sjhk.v7i2.15349

This research aims to analyze the legal practice of the employment agreement of women domestic workers when they enter into a work contract with their employers in Surakarta City, then to identify patterns of power relations between women domestic workers and their employers when they make their work agreements, and finally to explain the identity politics that attached to women domestic workers when they work in their employer's family. To analyze this phenomenon, a socio-legal study with a qualitative research approach is used. The results of the study show that the practice of working agreements between women domestic workers and their employers even though the work agreements are made in unwriiten, but in fact the values are in accordance with the essence of contract law as regulated in the provisions of the Civil Code (KUHPerdata). The work agreement shows a contractual and contextual dimension. The working relationship between them is based on a sense of interdependence and high trust between one another. This pattern of giving and receiving can ultimately able to reflect the existence of an equal power relationship between the two when making a work agreement. Even though women domestic workers have been labeled as helpless, they have a confident character and are autonomous in completing their work agreements. This equal relationship can make the relationship between the two very close and intense. This condition has implications for the political transformation of the identity of women domestic workers from outsiders who become part of the insider of the temporary employer's family

Optimizing CSR Funds For the Economic Empowerment Community Through Islamic Financial Technology Yusuf Agung Saputra; Nafisah Nursafanah; Khoirul Anam; Happy Sista Devy; Hendri Hermawan Adinugraha
Proceedings of Femfest International Conference on Economics, Management, and Business Vol. 2 (2024): Proceedings of Femfest International Conference on Economics, Management, and Busines
Publisher : Universitas Darussalam Gontor

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

The problem of poverty in Indonesia is still unfinished and this is not only the task of the government but also the concern of all stakeholders. not only a task for the government but should also be a concern for the entire community in creating economic empowerment opportunities. society in creating opportunities for economic empowerment. This research seeks to examine the optimization of CSR funds so that they can be accessed by the wider community using Islamic Financial Technology. by the wider community using Islamic Financial Technology. This research uses a literature review method with a qualitative approach. The research results in Islamic Financial Technology can be used as solution options and ideas to these problems this Fintech will be accessible to the wider community, especially rural communities that are still accessible to the wider community, especially rural communities who still do not have access to banks or are constrained by who still do not access to banks or are constrained in terms of funding. Keywords: Poverty, CSR, Islamic Financial Technology

Impact of Shari’ah Supervisory Board Diversity on the Performance of Islamic Banks: Evidence from Yemen Emerging Economy Mohammed Sultan Saif, Gehad; Ika Sulistyawati, Ardiani; Karim, Abdul; Sista Devy, Happy
Journal International Economic Sharia Vol. 1 No. 2 (2024): September
Publisher : Inovasi Analisis Data

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69725/jies.v1i2.140

Objective: This study aims to examine the correlation between the diversity of the Shari'ah Supervisory Board (SSB) and the financial performance of Islamic banks in Yemen. In particular, it studies how age, gender, nationality, education, tenure, size, and cross-membership influence bank performance.Methods: A quantitative research approachwas used based on panel data from a sample of Islamic banks in Yemen. Return on Assets (ROA), Return on Equity (ROE) and Operational Efficiency (OE) were used to measure financial performance. To assess the relationship between SSB diversity and performance, I performed a multiple regression analysis using bank size and market conditions as control variables.Results: The results show that age diversity, gender diversity, nationality diversity, and education background diversity positively contribute to Islamic banks' financial performance. Tenure diversity and cross-membership had no significant effects, though. These results underscore the need for diversity of skills and backgrounds in the Shari'ah Supervisory Board.Novelty: This study adds to the existing body of knowledge by offering empirical insights into the relationship between SSB diversity and financial performance in the context of Islamic banking, specifically focused on Yemen. All of these aspects of diversity offer various perspectives on how governance structures influence performance.Policy and Research Implications: Overall, the findings indicate that Islamic banks need to look into diversifying their Shari'ah Supervisory Boards to achieve better governance and financial performance. Further research could investigate the longevity and prevalence of diversity among SSBs and can also be extending this to other regions or also to other financial sectors.

Sustainability Reporting and Reputation: Drivers of Sharia Company Value in Indonesia and Malaysia Sholihah, Ria Anisatus; Devy, Happy Sista; Zainon, Saunah
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 13 No. 2 (2024)
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.v13i2.21874

The economic recovery post COVID-19 and the global energy crisis have underscored the importance of sustainability in corporate operations. In Indonesia and Malaysia, sustainability reporting is mandatory, yet its impact on corporate value, particularly in sharia-based corporates, remains underexplored. This study aims to analyze the effect of sustainability reports and corporate reputation on the corporate value of sharia-based corporates in Indonesia and Malaysia. A verificative method was employed, utilizing E-Views for data analysis, including normality tests, model tests, and double-regression tests to assess the relationship between the variables. The findings indicated a positive linear relationship between the quality of sustainability reports, corporate reputation, and corporate value in both Indonesian and Malaysian sharia corporates. Indonesian sharia-based corporates emphasize environmental and social impacts to attract investors, while their Malaysian counterparts focus on environmental, social, and human rights aspects. Additionally, positive corporate news and reports were found to enhance corporate value. The study highlights the importance of high-quality sustainability reports and a strong corporate reputation in enhancing corporate value. It recommends that sharia corporates in both countries continue to improve transparency and focus on comprehensive sustainability practices to attract investment. Further studies could explore the long-term impacts of these factors on corporate performance.======================================================================================================== ABSTRAK – Pelaporan Keberlanjutan dan Reputasi: Penggerak Nilai Perusahaan Syariah di Indonesia dan Malaysia. Pemulihan ekonomi pasca pandemi COVID-19 dan krisis energi global menyoroti pentingnya keberlanjutan operasional perusahaan. Perusahaan yang beroperasi di Indonesia dan Malaysia kini diwajibkan untuk menyusun laporan keberlanjutan secara rutin. Meski demikian, dampak kewajiban ini terhadap nilai perusahaan, terutama pada entitas berbasis syariah, masih belum banyak diteliti. Penelitian ini bertujuan mengkaji pengaruh kualitas laporan keberlanjutan dan reputasi perusahaan terhadap nilai organisasi pada perusahaan berbasis syariah di Indonesia dan Malaysia. Metode verifikatif digunakan dalam penelitian ini, dengan E-Views sebagai alat analisis data, meliputi uji normalitas, uji model, dan uji regresi berganda. Hasil penelitian mengungkapkan adanya hubungan linear positif antara kualitas laporan keberlanjutan, reputasi perusahaan, dan nilai organisasi pada perusahaan berbasis syariah di kedua negara. Perusahaan syariah di Indonesia cenderung menekankan dampak lingkungan dan sosial untuk menarik investor, sedangkan di Malaysia lebih berfokus pada aspek lingkungan, sosial, dan hak asasi manusia. Di samping itu, pemberitaan dan laporan positif mengenai perusahaan terbukti dapat meningkatkan nilai perusahaan. Studi ini menegaskan pentingnya laporan keberlanjutan yang berkualitas tinggi dan reputasi perusahaan yang baik dalam meningkatkan nilai perusahaan. Penelitian ini merekomendasikan agar perusahaan berbasis syariah di kedua negara terus meningkatkan transparansi dan memfokuskan diri pada praktik keberlanjutan yang menyeluruh guna menarik investasi. Penelitian selanjutnya dapat mendalami dampak jangka panjang dari faktor-faktor tersebut terhadap kinerja perusahaan.

The Impact of Artificial Intelligence on Auditing and Accounting Professions: Opportunities for SMEs in Palestine Abueid, Raed; Arwani, Agus; Devy, Happy Sista
International Journal of Islamic Business and Economics (IJIBEC) Vol 8 No 2 (2024): Volume 8 Nomor 2 Tahun 2024
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v8i2.8711

This study investigates AI's impact on these professions within the Palestinian SME sector, emphasizing its role in optimizing operational efficiency and decision-making processes. The rapid advancement of artificial intelligence (AI) has profoundly reshaped professional domains, particularly accounting and auditing. Given the increasing integration of AI into financial operations, a nuanced understanding of its implications for auditing accuracy, regulatory compliance, and overall financial governance is imperative. Anchored in the theoretical frameworks of digital transformation and AI-driven decision support systems, this research assesses AI’s capacity to enhance audit quality and financial reporting precision while examining SMEs’ adaptive strategies in a technologically evolving landscape. Using a quantitative methodology, data were collected from 50 auditors, with 30 valid responses analyzed through logistic regression and Pearson correlation. The findings reveal a strong positive correlation between AI adoption and improvements in auditing and accounting performance, particularly in terms of accuracy, efficiency, and risk management. However, inadequate infrastructure and limited AI expertise remain significant challenges. These findings underscore the critical need for targeted investments in AI literacy, regulatory adaptation, and infrastructural development to fully harness AI’s potential. This study contributes to the growing discourse on AI in financial professions and highlights the need for strategic policies to optimize AI implementation in SMEs.

Does Gender Diversity Moderate The Relationship Between Social Responsibility to Corporate Performance and Reputation Sharia Companies? Devy, Happy Sista; Pratama, Versiandika Yudha; Fakir, Fatima Zahra; Ariqotul'ula, Nada Nuzulul
Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Vol 10, No 2 (2024)
Publisher : Faculty of Economics and Islamic Business, UIN Fatmawati Sukarno Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29300/aij.v10i2.4281

Purpose: The purpose of this study is to analyze the effect of corporate social responsibility (CSR) on firm value and corporate reputation with gender diversity as a moderating variable in Indonesia and Malaysia.Design/methodology: The method used is a verification method using E-views tools using normality test, model test, regression test and MRA test for moderation testing. The population in this study were included in IDX-MES BUMN 17 and companies included in FTFBHMS. Determination of the sample using purposive sampling, 12 companies in Indonesia and 10 companies in Malaysia were obtained.Findings: The results showed that in sharia companies in Indonesia CSR has a positive and significant effect on firm value and corporate reputation. However, gender diversity is not able to moderate the effect of CSR on firm value and corporate reputation. Different results in the research sample of Islamic companies in Malaysia show a significant positive effect on CSR on firm value and corporate reputation but gender diversity is able to moderate the effect of CSR on firm value and corporate reputation. The greater the gender diversity within the company in important positions can increase the effect of CSR on firm value and corporate reputation. The better companies disclose their CSR, the better the company's reputation will be and can increase the company's value.Practical implications: This study provides evidence that CSR disclosure can improve firm performance and reputation. The findings also provide insight to companies and investors that gender diversity is important because it can increase the influence between CSR and company performance and reputation. The weak role of female directors may make the effect insignificant.Originality/Value: This research extends the study of corporate performance and reputation, and expands its influence with the moderating variable gender diversity. This study explains the link with stakeholder theory and legitimacy theory on performance, corporate reputation, CSR and gender diversity

Islamic Banking Efficiency and Sharia Compliance: Comparative Insights from Indonesia and Malaysia Pratama, Versiandika Yudha; Suryo, Ibnu; Rismawati, Shinta Dewi; Devy, Happy Sista; Tamamudin, Tamamudin
Share: Jurnal Ekonomi dan Keuangan Islam Vol. 14 No. 2 (2025): IN PROGRESS
Publisher : Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22373/share.29499

The rapid expansion of Islamic banking in Southeast Asia has positioned Indonesia and Malaysia as central actors in the global Islamic finance landscape. However, despite their shared religious and economic foundations, structural differences in regulatory frameworks, financial innovation, and market development have produced varying levels of institutional performance and sharia compliance. This study aims to compare the financial and sharia performance of Islamic commercial banks in both countries by employing the Sharia Conformity and Profitability Index (SCnPI), which integrates sharia compliance indicators—Zakat Performance Ratio (ZPR), Profit Sharing Ratio (PSR), and Islamic Income Ratio (IIR)—with profitability indicators—Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). Using a quantitative comparative design, the study analyzes secondary data from 25 Islamic commercial banks (12 from Indonesia and 13 from Malaysia) for the 2022–2023 period, selected through purposive sampling. Data were analyzed using the Shapiro–Wilk test for normality and either the independent sample t-test or Wilcoxon signed-rank test for mean comparison. The results indicate significant differences in PSR and NPM, with Indonesia showing higher PSR values due to dominant musyarakah-based financing, and Malaysia exhibiting higher NPM, reflecting stronger cost efficiency and profit management. Other indicators show no statistical difference. These findings emphasize the influence of governance systems and managerial focus on financial outcomes and suggest that improving transparency, risk-sharing mechanisms, and operational efficiency could enhance Islamic banking resilience across the region. Abstrak Efisiensi dan Kepatuhan Syariah dalam Perbankan Syariah: Analisis Komparatif dari Indonesia dan Malaysia. Perkembangan pesat perbankan syariah di Asia Tenggara menempatkan Indonesia dan Malaysia sebagai dua negara utama dalam industri keuangan Islam global. Namun, meskipun memiliki dasar ekonomi dan religius yang serupa, perbedaan dalam kerangka regulasi, inovasi keuangan, dan tingkat kematangan pasar menyebabkan variasi dalam kinerja institusional dan kepatuhan terhadap prinsip syariah. Penelitian ini bertujuan membandingkan kinerja keuangan dan kepatuhan syariah bank umum syariah di kedua negara dengan menggunakan Sharia Conformity and Profitability Index (SCnPI), yang mengintegrasikan indikator kepatuhan syariah—Rasio Kinerja Zakat (ZPR), Rasio Bagi Hasil (PSR), dan Rasio Pendapatan Syariah (IIR)—dengan indikator profitabilitas—Return on Assets (ROA), Return on Equity (ROE), dan Net Profit Margin (NPM). Penelitian kuantitatif ini menggunakan data sekunder dari 25 bank umum syariah (12 dari Indonesia dan 13 dari Malaysia) periode 2022–2023 yang dipilih melalui metode purposive sampling. Analisis data dilakukan menggunakan uji normalitas Shapiro–Wilk dan uji komparatif t-test sampel independen atau uji peringkat bertanda Wilcoxon. Hasil penelitian menunjukkan perbedaan signifikan pada PSR dan NPM, di mana bank syariah Indonesia memiliki PSR lebih tinggi karena dominasi pembiayaan musyarakah, sedangkan Malaysia memiliki NPM lebih tinggi yang mencerminkan efisiensi biaya dan manajemen laba yang lebih baik. Indikator lainnya tidak menunjukkan perbedaan signifikan. Temuan ini menegaskan pengaruh sistem tata kelola dan orientasi manajerial terhadap kinerja keuangan serta pentingnya peningkatan transparansi, mekanisme bagi hasil, dan efisiensi operasional dalam memperkuat ketahanan perbankan syariah di kawasan.

Decisions on Purchasing Halal-Certified Products among "Pantura Muslims" Happy Sista Devy; Ismanto, Kuat
Journal of Islamic Economics Perspectives Vol. 5 No. 1 (2023): February (2023) Journal of Islamic Economics Perspectives
Publisher : Faculty of Islamic Economics and Business, State Islamic University of Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/jiep.v5i1.107

The halal industry is becoming a business trend in various countries worldwide, both in Muslim and non-Muslim countries. Indonesia is a country that actively participates in its development, even though developments in society have yet to be maximized. This article aims to explore the perceptions of the people of Pekalongan who have a religious character towards the decision to purchase halal-certified products. The research was conducted within a quantitative framework, and the data was collected through a questionnaire with a purposive sampling strategy obtained from 92 respondents. The collected data were analysed with the E-Views analysis tool. The decision to buy halal products is influenced by religiosity, halal knowledge, halal behaviours, and halal awareness by 48.5% simultaneously. Halal awareness and religiosity positively and significantly affect the decision to purchase halal products. The opposite condition is shown by the halal behaviours and knowledge variables, which have a positive but insignificant effect. This research implies that people with Islamic religious characteristics, awareness, and religiosity, which are internal, greatly influence purchasing decisions. The weakness of this research is that the respondents need to be expanded and added so they can produce more comprehensive conclusions.

Pendampingan Pendampingan Pembelajaran Metode Iqra’ Dalam Pembelajaran Al-Qur’an di TPQ Al-Hikmah Desa Sukorejo Silva, Nazhifah Meydyna; Kartikasari, Yanda; Rosanty, Putri Camelia; Adinugraha, Hendri Hermawan; Devy, Happy Sista
Medani : Jurnal Pengabdian Masyarakat Vol. 4 No. 2 (2025): Agustus 2025
Publisher : Lembaga Riset Ilmiah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/jpm.v4i2.282

Kegiatan pendampingan ini bertujuan untuk meningkatkan kemahiran membaca Al-Qur’an para santri TPQ Al-Hikmah Dusun Banjarsari melalui metode pembelajaran Iqra’. Kegiatan yang diikuti oleh sekitar 20 santri. Proses pelaksanaan diawali dengan observasi kemampuan membaca Al-Qur’an untuk mengidentifikasi tingkat pemahaman masing-masing santri. Hasil kegiatan menunjukkan bahwa sebagian santri jilid 1 masih kesulitan mengenali huruf hijaiyah, sementara santri jilid 2 dan 3 telah memiliki kemampuan dasar membaca Al-Qur’an namun belum memahami hukum Mad Tabi’i secara benar. Setelah dilakukan pendampingan, sebagian besar santri menunjukkan peningkatan kemampuan dalam membaca dan memahami bacaan Al-Qur’an sesuai tahapan Iqra’. Meski demikian, masih diperlukan pembinaan lanjutan agar seluruh santri dapat membaca Al-Qur’an dengan lebih fasih dan sesuai kaidah tajwid. This mentoring activity aimed to improve the Qur’an reading proficiency of students at TPQ Al-Hikmah, Dusun Banjarsari, through the Iqra’ learning method. The program was attended by approximately 20 students. The implementation began with an observation of the students’ Qur’an reading abilities to identify their individual levels of understanding. The results showed that some students in Jilid 1 still had difficulty recognizing Arabic letters (huruf hijaiyah), while those in Jilid 2 and 3 had acquired basic reading skills but had not yet fully understood the rule of Mad Tabi’i (the elongation of certain vowel sounds). After the mentoring sessions, most students demonstrated improvement in reading and understanding the Qur’an according to the Iqra’ stages. However, continued guidance is still needed to help all students read the Qur’an more fluently and in accordance with proper tajwid rules.

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