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This Author published in this journals
All Journal Journal of Islamic Monetary Economics and Finance Jurnal Ilmiah Manajemen Kesatuan Journal of Management and Entrepreneurship Research
Harjum Muharam
Universitas Diponegoro, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Digital Transformation, Green Finance and Fintech in a Sustainable Digital Economy Edi Suranta Tarigan; Harjum Muharam; Wisnu Mawardi
Jurnal Ilmiah Manajemen Kesatuan Vol. 13 No. 3 (2025): JIMKES Edisi Mei 2025
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v13i3.3291

Abstract

This study aims to analyze the promotion of a green digital economy and evaluate the role of digital transformation, green finance, and financial technology (Fintech) in supporting a sustainable economy. Using a quantitative method with a purposive sampling technique, 100 respondents were obtained through a survey. The analysis was carried out descriptively and using the Partial Least Squares (PLS) approach as a variance-based structural modeling technique. The results of the study indicate that digital transformation, green finance, and Fintech each have a positive and significant effect on the development of a sustainable economy. These findings emphasize the importance of integrating digital innovation and green financial strategies in supporting long-term sustainability. This study recommends that further studies use different groups of respondents and apply alternative analytical methods to broaden the perspective. Thus, further research can provide a more comprehensive understanding of the contribution of digital and financial innovation to achieving a green digital economy.
Integrating Sharia and SRI Portfolio to Achieve Kaffah and Sustainability Farah Amalia; Ratno Agriyanto; Harjum Muharam; Andi Sri Wahyuni
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 2 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i2.2146

Abstract

This study explores integrating Sharia principles with Socially Responsible Investing (SRI) to achieve comprehensive Sharia values (kaffah) and sustainability for the case of Indonesia. Proposing screening criteria and forming a sustainable Sharia-SRI portfolio, the study compares its performance with Islamic-screened and conventional portfolios. Using shares from the Indonesian Sharia Stock Index (ISSI) and SRI-Kehati, and analyzing their daily closing prices for ten year period spanning from 2014 to 2023, the Wilcoxon Signed Rank Test reveals that the Sharia-SRI integrated portfolio yields higher returns than ISSI and SRI-Kehati over the long term. These findings suggest that integrating Sharia and SRI can address environmental and human rights issues, attract more investors, achieve kaffah and promote ethical investment practices.
The Effect of Trading Halt Events on Market Reactions: The Moderating Effect of MSCI Index Inclusion Ahmad Jafar Faisal Zuhri; Andi Satriya Kurniawan Pemuda; Harjum Muharam
Jurnal Ilmiah Manajemen Kesatuan Vol. 14 No. 4 (2026): JIMKES Edisi Juli 2026
Publisher : LPPM Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jimkes.v14i4.5462

Abstract

Trading halts are widely used by stock exchanges as a market intervention mechanism to facilitate information dissemination and maintain orderly trading during periods of uncertainty. This study examines market reactions to trading halt events by analyzing temporal dynamics and cross-sectional heterogeneity, particularly the moderating effect of Morgan Stanley Capital International (MSCI) index inclusion. Using an event study framework combined with panel regression analysis on a sample of 48 stocks, the findings show that trading halts are associated with statistically significant negative abnormal returns over broader event windows and emerge gradually rather than immediately, indicating delayed price discovery. The results further reveal that the negative impact is less pronounced for MSCI stocks, suggesting that global integration mitigates market responses to trading disruptions. In addition, trading volume exhibits a context-dependent role, reflecting short-term market pressure during the event window but a more conventional positive association in the full sample. The study demonstrates that the effects of trading halts are both time-dependent and heterogeneous across firms, highlighting the importance of firm-level characteristics in shaping market responses. These findings have important implications for regulators and investors seeking to understand price adjustment mechanisms during periods of market interruption.
The Use of Digital Financial Services by MSMEs: The Role of Financial Literacy through Trust Mediation Christina Heti Tri Rahmawati; Harjum Muharam
Journal of Management and Entrepreneurship Research Vol. 7 No. 1 (2026)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2026.3.07.1-94

Abstract

Objective: Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Indonesia's economic development, but many challenges are faced, so the psychological factor, namely trust, is needed to increase the confidence of MSME actors, which can ultimately increase the use of digital financial services and realize sustainable management strategies. This study seeks to investigate the impact of financial literacy on MSMEs' use of digital financial services in Bantul Regency, Special Region of Yogyakarta, with trust as a mediating factor. Research Design & Methods: The study included 100 MSME participants chosen through accidental sampling. Partial Least Squares Structural Equation Modeling was used to examine the data. Findings: According to the findings, financial literacy has a substantial influence on the usage of digital financial services. Furthermore, trust mediates the link between financial literacy and the use of digital financial services among MSMEs in Bantul Regency.. Implications & Recommendations: The results of this study emphasize the importance of utilizing digital financial services as a business management tool, not just a means of transaction. This strong trust will encourage MSMEs to use digital financial services more consistently for financial planning and strategic decision-making, ultimately supporting business sustainability. Future research should include a wider sample size and locations to achieve better results. Contribution & Value Added: The research contributes to MSME development projects by emphasizing that increased financial literacy and confidence in digital financial services can help people gain easier access to finance and improve competitiveness, allowing them to achieve sustainable management goals.
Co-Authors Ahmad Jafar Faisal Zuhri Andi Satriya Kurniawan Pemuda Andi Sri Wahyuni Christina Heti Tri Rahmawati Edi Suranta Tarigan Farah Amalia Ratno Agriyanto Wisnu Mawardi