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The Financial Resilience of IDX-MES BUMN17 Companies in Response to COVID-19 Crisis and Economic Recovery Susanto, Arva Athallah; Suprayitno, Aryadimas
Journal of Business and Economics Research (JBE) Vol 6 No 1 (2025): February 2025
Publisher : Forum Kerjasama Pendidikan Tinggi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jbe.v6i1.5912

Abstract

The COVID-19 pandemic has significantly affected global financial markets, reinforcing the need for investments that are not only financially beneficial, but also prioritize ethical and sustainable principles. In Indonesia, the focus on economic sustainability is increasing through the Islamic capital market and state-owned companies, which play a strategic role in the country's economy. However, research on the financial performance and market capitalization of BUMN companies amid the COVID-19 pandemic is limited. This study aims to analyze the effect of these factors on the share prices of state-owned companies in Indonesia, specifically on IDX-MES BUMN17, during and after the COVID-19 pandemic. Using regression and trend analysis through Statistical Package for the Social Sciences (SPSS) software, we will explore the relationship between financial performance variables and market capitalization on the share prices of BUMN companies. This analysis will cover periods of economic crisis and recovery, focusing on how capital market dynamics affect investor behavior and the future value of BUMNs' shares, particularly in the context of Islamic economics. It is hoped that this research can provide a deeper understanding of capital markets and sustainable investment in Indonesia, as well as make important contributions to investment decision-making and risk management in the future.
TWO DECADES OF ISLAMIC LEADERSHIP AND ISLAMIC WORK ETHICS IMPLEMENTATION: BIBLIOMETRIC ANALYSIS Suprayitno, Aryadimas; Susanto, Arva Athallah; Wahab, Abd
Jurnal EL-RIYASAH Vol 16, No 1 (2025): Juni 2025
Publisher : Sultan Syarif Kasim State Islamic University, Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24014/jel.v16i1.36104

Abstract

The present study explores the relationship between Islamic Leadership and Islamic Work Ethics, demonstrating how the two concepts are inextricably linked and both grounded in fundamental Islamic principles that advocate justice, integrity, and accountability. Islamic leadership, with its emphasis on the concept of adab (good character), serves as a framework for leaders to manage and apply ethical standards that the organisation seeks to uphold. This study aims to contribute to the existing body of research on Islamic Work Ethics by exploring it within the framework of Islamic Leadership. The analysis technique of this research is through bibliometric review related to Islamic Leadership and Islamic Work Ethics.The results of bibliometric visualisation show that Islamic Work Ethics (IWE) is a central concept that has a multidimensional influence on various aspects of management and organisations.Research over the past two decades indicates significant developments in the application of IWE, from normative approaches to practical dimensions, such as job satisfaction, knowledge sharing, and organisational performance. It is recommended that future research explore the application of IWE in a broader context, such as technology-based industries, in order to test the relevance of Islamic values in an increasingly globalised and dynamic work environment.
Unlocking Amil performance: Leadership, knowledge management capability, and organizational culture Asya’bani, Nispia; Rusgianto, Sulistya; Ratnasari, Ririn Tri; Ryandono, Muhammad Nafik Hadi; Susanto, Arva Athallah
Asian Journal of Islamic Management (AJIM) VOLUME 7 ISSUE 1, 2025
Publisher : Faculty of Business & Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/AJIM.vol7.iss1.art8

Abstract

Purpose – This study examines the impact of Islamic leadership style and Knowledge Management Capability (KMC) on improving amil performance in Indonesia, with organizational culture serving as a mediating variable. In addition, this study identified potential future research directions in this field.Methodology – This research employs a quantitative approach utilizing Structural Equation Model (SEM) analysis with Smart-PLS 4 software. The sample was selected through purposive sampling, targeting 130 amils in Indonesia. Findings – The findings reveal that both Islamic leadership and Knowledge Management Capability (KMC) have a significant positive influence on amil performance, both directly and through the mediating role of organizational culture. Furthermore, Islamic leadership directly enhances knowledge-management capabilities. Implications – This study provides valuable insights into the application of knowledge management practices and the role of Islamic leadership in enhancing the performance of amil zakat (zakat institutions). This study's implications highlight the need for greater focus on improving amil performance to maximize the efficiency of zakat collection and management.Originality – To the best of our knowledge, this analysis represents actionable recommendations for improving the efficiency of zakat collection and distribution through enhanced amil performance with the combination of KMC and organizational culture, which has rarely been studied in zakat institutions.
Critical Assessment of Blockchain Applications in Zakat Literature: Lessons for Government and Future Directions Susanto, Arva Athallah
International Journal of Zakat Vol 10 No 1 (2025): International Journal of Zakat
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v10i1.658

Abstract

Blockchain technology is revolutionizing the financial sector, including zakat management within Islamic Social Finance (ISF). This study critically assesses blockchain’s potential to address zakat-related challenges, such as transparency, accountability, and efficiency. While blockchain's decentralized and secure nature offers promising solutions, its adoption remains limited due to obstacles like institutional readiness, public awareness, and regulatory issues. Using the PRISMA-based Systematic Literature Review (SLR) method, this study reviewed 22 documents from an initial 97 to evaluate the application of blockchain and other digital technologies such as AI and IoT in zakat management. These technologies provide new opportunities to improve zakat collection and distribution, but also face challenges in infrastructure and regulation, particularly in Muslim-majority countries. Governments play a key role in fostering the adoption of these technologies by aligning them with sharia compliance and creating supportive policies for digital transformation. This research contributes to the Islamic finance literature by offering insights into how blockchain and digitalization can enhance zakat's social impact. It also provides practical recommendations for policymakers to promote broader adoption of modern technologies in zakat management, helping optimize their effectiveness in poverty alleviation.
Toward the future of the halal industry: exploring perceptions and halal awareness among poultry slaughterhouse business practitioners Hikmah, Lailatul; Pertiwi, Tanza Dona; Cholil, Muhammad; Susanto, Arva Athallah; Soleh, Mochammad; Widiastuti, Tika
Journal of Halal Product and Research (JHPR) Vol. 8 No. 1 (2025): Advancing the Halal Industry: Innovation, Sustainability, and Global Impact
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jhpr.vol.8-issue.1.75-89

Abstract

The halal industry has become an integral part of the global economic structure, especially in countries with a majority Muslim population. In Indonesia, significant potential is evident, particularly in the halal food business, both domestically and internationally. However, to foster it, a sustainable halal supply chain requires confirmation or assurance of product halalness. However, this also poses challenges related to awareness and perceptions of halal among business operators, making finding solutions crucial. This research employs a qualitative approach through observation, interviews, and data collection documentation. Research findings indicate that business operators' perceptions and awareness are still limited; thus, there is no impetus to obtain halal certification. Moreover, the results show that business operators face barriers related to halal certification, particularly concerning costs and insufficient socialisation received, leading to a lack of awareness of the necessity of halal certification. However, for already certified halal business operators, such accreditation is considered a good product brand image, supports business sustainability, and opens up new opportunities. Practitioners and academics also concur, identifying costs and socialisation as field constraints. This research focuses on overcoming cost and administrative difficulties, reviewing legislation, and implementing socialization efforts that should reach all business operators. The government and halal centers expect this research to serve as a reference to achieve the future goals of the halal industry in Indonesia. Keywords: Halal Industry, Perceptions, Halal Awareness, Cutting Household Entrepreneurs, Halal Certified
Long term nexus between digitalization and macroeconomy on zakat collection in Indonesia Suprayitno, Aryadimas; Hawariyuni, Weni; Pratomo, Wahyu Ario; Hasibuan, Widya Sartika; Andrasari, Monika; Widiastuti, Tika; Susanto, Arva Athallah
Review of Islamic Social Finance and Entrepreneurship Volume 4 Issue 2, 2025
Publisher : Center for Islamic Economics and Development Studies [P3EI]

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/RISFE.vol4.iss2.art4

Abstract

Purpose – This study aims to investigate the long-term and short-term impacts of digitalization and macroeconomic factors on zakat collections in Indonesia. It explores and validates the successful use of the Internet and a country's economic conditions to maximize zakat collection.Methodology – This study employs annual time series data from 1991 to 2024 to examine zakat collections in Indonesia, with digitalization and macroeconomic performance as the key exogenous variables. The selected period captures major economic disruptions, including the Asian Financial Crisis, 2008 global financial crisis, and post-pandemic recovery. The Autoregressive Distributed Lag (ARDL) model was applied to assess the long-short dynamic relationship effect among the variables.Findings – This study addresses hypothesis by empirically confirms that the integration of digitalization and macroeconomic improvements plays a pivotal role in enhancing zakat collections in Indonesia. The findings reveal a favorable long-term and short-term impact of digitalization on zakat collection, and long-term positive effects and short-term negative effects of macroeconomic conditions.Implications – This study provides critical insights for BAZNAS and other zakat institutions in designing and implementing sustainable digital strategy policies that enhance zakat mobilization and management efficiency. By integrating digital transformation initiatives with a forward-looking approach to future economic dynamics, zakat organizations can strengthen transparency and improve donor engagement.Originality – This research presents a unique contribution by addressing the scarcity of studies on zakat collections that incorporate both long-term and short-term analyses. Furthermore, research incorporating macroeconomics and digitalization as external factors in the study of zakat remains limited.
How Islamic Leadership and Islamic Worldview Play a Role in Restoring a Country's Economic Glory: Blibliometrical Analysis: Bagaimana Kepemimpinan Islam dan Pandangan Dunia Islam Berperan dalam Mengembalikan Kejayaan Ekonomi Suatu Negara: Analisis Blibliometrik Susanto, Arva Athallah; Suprayitno, Aryadimas; Siti Zulaikha; Akhmad Kusuma Wardhana
Transformatif Vol 9 No 1 (2025): ISSUED IN APRIL 2025
Publisher : POSTGRADUATE OF PALANGKA RAYA STATE ISLAMIC INSTITUTION

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23971/tf.v9i1.9777

Abstract

This bibliometric review aims to analyze the role of Islamic leadership and the Islamic worldview in restoring the economic prosperity of nations, particularly in countries with a predominantly Muslim population. The methodology involved a bibliometric approach, utilizing data from various sources, which were analyzed using the R Biblioshiny software. The analysis covered citation patterns, co-citation networks, and keyword analysis to identify trends, research gaps, and future directions in studies related to Islamic leadership and economic performance. The findings revealed 124 relevant documents, most of which were journal articles, indicating significant academic interest in this area. Key themes identified included Islamic leadership, worldview, and economic development. These publications originated from leading journals and prominent Islamic leadership and economics scholars. This review provided insights into academic contributions and studies' evolution by examining publication trends, citation patterns, and researcher collaboration networks. This review will serve as a foundation for future research exploring the relationship between Islamic leadership and economic prosperity.
Sustainability of Islamic Bank Financing across Macroeconomic and Internal Factors Suprayitno, Aryadimas; Susanto, Arva Athallah; Hawariyuni, Weni
Journal of Sustainable Economics Vol. 2 No. 2 (2024): Journal of Sustainable Economics
Publisher : TALENTA PUBLISHER UNIVERSITAS SUMATERA UTARA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32734/jse.v2i2.18433

Abstract

The sustainability of Islamic banking financing can be evaluated by examining the dynamics of financing risk, as an escalation in financing risk may lead to significant losses for banks. This study aims to investigate the long-term and short-term effects of internal factors and macroeconomic conditions on the financing risk encountered by Islamic banks in Indonesia. This study utilizes quarterly time series data from 2015 to 2023, with Financing Risk as the endogenous variable and Macroeconomics, Capital, Efficiency, and Bank Performance as the exogenous factors. This study utilizes Autoregressive Distributed Lag (ARDL) analysis technique. The results indicate that, over the long term, internal factors such as capital, efficiency, and performance substantially affect financing risk. Capital exerts a detrimental influence, although both efficiency and the performance of Islamic banks positively affect financing risk. In contrast, macroeconomic factors are found to exert no substantial influence on financing risk. In the short term, capital and efficiency exert considerable effects, with capital adversely influencing financing risk and efficiency favorably improving it. The performance of Islamic banks does not substantially influence financing risk throughout this period. Macroeconomic conditions are observed to positively affect financing risk. This study's conclusions offer significant insights for analysts of Islamic banking risk, facilitating educated short-term and long-term decision-making to more effectively predict variations in financing risks.