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All Journal KEUNIS Indonesian Journal of Islamic Economics and Finance
Choudury, Masudul Alam
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Economics, Econometrics & Finance Social Sciences

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Tawhidi Scientific Research Program (Tsrp): Islamic Socio-Scientific Inquiry Choudury, Masudul Alam
Indonesian Journal of Islamic Economics and Finance Vol 4 No 1 (2024)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v4i1.5366

Abstract

A process model is derived from the Tasbih-Shura nature of the Shuratic process (discursive process). The Tasbih-Shura dynamics is consultative and participatory, hence discursive in the light of the Qur'an. The imminent Shuratic process is thus a methodology associated with the meaning of the embryonic Shura as a discursive medium that spans across all domains of socio-scientific inquiry. The existence of such inherent and pervasive discursive dynamics is to be found in all realms of the natural and human order; in the abstraction of the seen and unseen worlds, about which the Qur’an speaks. The latter kind of world-system may be temporally revealed or may remain permanently hidden. Yet in all conditions, the monotheistic law makes all such domains profoundly interactive and integrative in the sense of knowledge-inducing human discursive experience and the participative complementary nature of the world-system. This kind of exercising effort (Ijtihad) is used to discover the conscious learning nature of all things (Tasbih). We will highlight the nature of the learning process emerging from interaction leading to integration, which is marked by different kinds of consensus, equilibrium, balance, and convergence towards the moral purpose. Finally, from such emergent interactive and integrative processes arise the evolutionary processes of extensive learning in continuum. Such an evolutionary epistemology carries the attained ontological and ontic (evidential) scale of the knowledge-centered Qur’anic universe into higher stages of moral consciousness. We note that although the Shuratic process, that is the participative complementary process of organic unity, is intrinsic in everything, yet the conception needs human comprehension for reflection and use. Thus analytical formalism is invoked.
Tawhidi Scientific Research Program (Tsrp): Islamic Socio-Scientific Inquiry Choudury, Masudul Alam
Indonesian Journal of Islamic Economics and Finance Vol. 4 No. 1 (2024)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v4i1.5366

Abstract

A process model is derived from the Tasbih-Shura nature of the Shuratic process (discursive process). The Tasbih-Shura dynamics is consultative and participatory, hence discursive in the light of the Qur'an. The imminent Shuratic process is thus a methodology associated with the meaning of the embryonic Shura as a discursive medium that spans across all domains of socio-scientific inquiry. The existence of such inherent and pervasive discursive dynamics is to be found in all realms of the natural and human order; in the abstraction of the seen and unseen worlds, about which the Qur’an speaks. The latter kind of world-system may be temporally revealed or may remain permanently hidden. Yet in all conditions, the monotheistic law makes all such domains profoundly interactive and integrative in the sense of knowledge-inducing human discursive experience and the participative complementary nature of the world-system. This kind of exercising effort (Ijtihad) is used to discover the conscious learning nature of all things (Tasbih). We will highlight the nature of the learning process emerging from interaction leading to integration, which is marked by different kinds of consensus, equilibrium, balance, and convergence towards the moral purpose. Finally, from such emergent interactive and integrative processes arise the evolutionary processes of extensive learning in continuum. Such an evolutionary epistemology carries the attained ontological and ontic (evidential) scale of the knowledge-centered Qur’anic universe into higher stages of moral consciousness. We note that although the Shuratic process, that is the participative complementary process of organic unity, is intrinsic in everything, yet the conception needs human comprehension for reflection and use. Thus analytical formalism is invoked.
How Does Profitability Moderate the Impact of Financial Performance on Firm Value? Widyakto, Adhi; Fresiliasari, Oktavie; Octavia, Ayu Nurafni; Choudury, Masudul Alam; Yusof, Rosylin Mohd
KEUNIS Vol. 14 No. 1 (2026): JANUARY 2026
Publisher : Finance and Banking Program, Accounting Department, Politeknik Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32497/keunis.v14i1.6742

Abstract

This study investigates the impacts of financial performance—assessed through blockholding, board size, and capital structure (debt-to-equity ratio/DER) variables—on firm value, with profitability (ROA) acting as a moderating variable. Data obtained from a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023 were analyzed using panel data regression analysis in EViews 13. The findings reveal that blockholding exerts a negative and significant influence on firm value, indicating that ownership concentration may lead to agency conflicts and weaken investor confidence. Conversely, DER shows a positive and significant relationship with firm value, suggesting that a sound capital structure can enhance firm performance and signal financial stability to the market. Meanwhile, board size does not have a significant effect on firm value, implying that governance quality is more vital than the number of directors. Furthermore, profitability (ROA) does not moderate the relationship between blockholding, board size, or DER and firm value. These results emphasize that ownership and capital structures remain the key determinants of firm value, and profitability alone cannot strengthen these relationships. This study has practical implications for management and investors seeking to increase firm value through effective governance and optimal capital structure management.
Co-Authors Ayu Nurafni Octavia Fresiliasari, Oktavie Widyakto, Adhi Yusof, Rosylin Mohd