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Pengaruh Manajemen Rantai Pasokan Terhadap Kinerja UMKM dengan Keunggulan Kompetitif Sebagai Variabel Mediasi Novita Nazilaturrohmah; Wijayanti Wijayanti; Ishak Ishak
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 4 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i4.11676

The rapid economic development in Indonesia has intensified competition within the MSME sector. Traditional retail MSMEs in Kutoarjo District face various challenges, including the limited implementation of supply chain management and difficulties in competing with modern retail businesses that operate with integrated business systems. One strategy that can be implemented to improve MSME performance is through effective supply chain management and the development of sustainable competitive advantage. This study aims to examine the mediating role of competitive advantage in the relationship between supply chain management and the performance of traditional retail MSMEs in Kutoarjo District. The population of this study consisted of all retail MSME owners in Kutoarjo District. The sampling technique used was purposive sampling, with a total sample of 100 respondents. This research employed a survey design, and data were collected through questionnaires using a Likert scale. Data analysis was conducted using Structural Equation Modeling based on Partial Least Squares (SEM-PLS) with SmartPLS software. The results of this study indicate that: (1) supply chain management has a positive effect on MSME performance; (2) supply chain management has a positive effect on competitive advantage; (3) competitive advantage has a positive effect on MSME performance; and (4) competitive advantage mediates the effect of supply chain management on MSME performance in traditional retail MSMEs in Kutoarjo District.

Pengaruh Job Stress dan Job Insecurity terhadap Turnover Intention Dimediasi Organizational Commitment: Studi pada Karyawan PT PLN (Persero) ULP Purworejo Annida Khasanah; Esti Margiyanti Utami; Ishak Ishak
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 8 No. 3 (2026): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v8i3.11417

One of the main challenges in human resource management is retaining employees amidst increasing job stress and job insecurity. These conditions not only cause psychological stress but also potentially increase turnover intention. However, not all employees experiencing job stress and job insecurity have a desire to leave the organisation. One factor believed to play a role in explaining this condition is organizational commitment. Therefore, this study aims to examine the influence of job stress and job insecurity on turnover intention, with organizational commitment as a mediating variable, among employees of PT PLN (Persero) ULP Purworejo.This research uses a quantitative approach with a sample size of 129 employees. Data was collected through questionnaires using a Likert scale and analysed using the SmartPLS-based Structural Equation Modelling (SEM) method. The research results indicate that job stress and job insecurity have a positive effect on turnover intention. Additionally, job stress and job insecurity negatively impact organisational commitment. Organisational commitment has been proven to have a negative influence on turnover intention and is able to mediate the influence of job stress and job insecurity on turnover intention.This finding is expected to serve as a consideration for the management of PT PLN (Persero) ULP Purworejo in formulating human resource policies that focus on managing work stress, increasing job security, and strengthening organizational commitment to reduce turnover intention.

Stock Return Drivers in the Indonesian Sharia Capital Market: Evidence from Jakarta Islamic Index Bela Adi Tariya; Agus Saur Utomo; Ishak Ishak
Journal of Economics and Management Scienties Volume 8 No. 4, September 2026 (Accepted)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i4.488

This study investigates the key drivers of stock returns-specifically profitability, leverage, B/M ratio and firm size within the Indonesian sharia capital market context. This research adopts a quantitative methodology and applies panel data regression analysis using Eviews 12. The study relies on secondary data collected from the official publications of the Indonesia Stock Exchange and Yahoo Finance. The sample includes 11 firms listed on the Jakarta Islamic Index during the 2021-2024 period, selected through a purposive sampling technique. Quarterly observations were used, yielding a total of 176 observation. The results reveal that profitability exerts a positive and statistically significant influence on sharia stock returns. Debt ratios and firm size were found to have no significant influence on sharia stocks returns. Meanwhile, the price-to-book ratio has a significant negative effect on the returns of sharia stocks. The study offers a new theoretical contribution demonstrating that profitability information is a highly relevant tool that also serves as a signal (good news/bad news) for sharia investors in making investment decisions. Conversely, that variables of leverage and firm size were found not to be primary determinants in predicting stock returns. Sharia investors tend to focus more on a company’s growth prospects than on its fundamental value. Furthermore, the low level of leverage indicates that the restrictions on interest-based debt in the Jakarta Islamic Index (JII) effectively reduce agency problems, so that changes in debt ratios are no longer a primary consideration in investment decisions.

Exploration Of Service Strategy and Operational Innovation In Service SME’s In Purworejo Regency Hubi Rahmat Andika; Ishak Ishak; Murry Harmawan Saputra; Tika Awalia
At-Tadbir : jurnal ilmiah manajemen Vol 10, No 2 (2026): At-Tadbir : jurnal ilmiah manajemen
Publisher : Islamic University of Kalimantan MAB Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31602/atd.v10i2.22427

This study aims to analyze the integration of digital service strategies and operational innovation in service MSMEs in Purworejo Regency. The study used a descriptive qualitative approach with a multiple case study design on ten service MSMEs. Data were collected through interviews and observations, then analyzed using the Miles & Huberman interactive analysis model, which includes data condensation, data presentation, and conclusion drawing. Data processing in this study used Nvivo software version 12. The results show that customer orientation is at the core of the implementation of digital strategies and operational innovation. Digital strategies such as the use of social media, optimization of Google Maps, and paid promotions act as external triggers to expand market reach and increase customer interaction. Meanwhile, operational innovations such as pre-order systems, payment flexibility, application use, and increased work efficiency serve as internal adjustments to maintain service quality and responsiveness. This study concludes that digital strategies and operational innovation must be carried out in tandem to increase the competitiveness of service MSMEs. These findings emphasize that digital strategy transformation depends not only on the use of technology but also on the readiness of simultaneous internal process innovation

Exploration Of Service Strategy and Operational Innovation In Service SME’s In Purworejo Regency Hubi Rahmat Andika; Ishak Ishak; Murry Harmawan Saputra; Tika Awalia
At-Tadbir : jurnal ilmiah manajemen Vol 10 No 2 (2026): At-Tadbir : jurnal ilmiah manajemen
Publisher : Islamic University of Kalimantan MAB Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31602/atd.v10i2.22427

This study aims to analyze the integration of digital service strategies and operational innovation in service MSMEs in Purworejo Regency. The study used a descriptive qualitative approach with a multiple case study design on ten service MSMEs. Data were collected through interviews and observations, then analyzed using the Miles & Huberman interactive analysis model, which includes data condensation, data presentation, and conclusion drawing. Data processing in this study used Nvivo software version 12. The results show that customer orientation is at the core of the implementation of digital strategies and operational innovation. Digital strategies such as the use of social media, optimization of Google Maps, and paid promotions act as external triggers to expand market reach and increase customer interaction. Meanwhile, operational innovations such as pre-order systems, payment flexibility, application use, and increased work efficiency serve as internal adjustments to maintain service quality and responsiveness. This study concludes that digital strategies and operational innovation must be carried out in tandem to increase the competitiveness of service MSMEs. These findings emphasize that digital strategy transformation depends not only on the use of technology but also on the readiness of simultaneous internal process innovation

Determinants of Corporate Sukuk Credit Spreads in Indonesia’s Primary Market Erika Viola; Agus Saur Utomo; Ishak Ishak
Journal of Economics and Management Scienties Volume 8 No. 4, September 2026 (Accepted)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i4.540

This study aims to examine the effects of leverage (Debt-to-Equity Ratio/DER), profitability (Return on Assets/ROA), rating, and the book-to-market ratio on the credit spread of corporate sukuk in the Indonesian primary market. The sample consists of 39 corporate sukuk and 10 sovereign sukuk issued through initial public offerings (IPOs) in the primary market and listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period, selected using purposive sampling. Data were obtained from the Indonesia Bond Market Directory and companies' financial statements published by the Indonesia Stock Exchange. Data were analyzed using multiple linear regression with EViews 12 software. The results indicate that, individually, leverage and profitability do not have a significant effect on corporate sukuk credit spreads. In contrast, sukuk ratings have a significant negative effect, while the book-to-market ratio has a significant positive effect on credit spreads. These findings suggest that sukuk ratings and the book-to-market ratio are important determinants of corporate sukuk credit spreads, whereas leverage and profitability have not been shown to exert a significant influence.

Financial Literacy, Investment Motivation, Information Technology, And Minimum Capital Affecting Generation Z Investment Interest in Purworejo Regency Reyna Putri Gustyarni; Intan Puspitasari; Ishak Ishak
International Journal of Management Science and Information Technology Vol. 6 No. 2 (2026): July - December 2026
Publisher : Lembaga Komunitas Informasi Teknologi Aceh (KITA), Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35870/ijmsit.v6i2.8279

The purpose of this study is to ascertain how financial literacy, investment motivation, information technology, and minimum capital affect Generation Z's inclination to invest in Purworejo Regency. Understanding the elements that influence Generation Z's intention to invest has become more important as their involvement in investment activities has grown. Information technology, minimum capital, financial literacy, and investing motivation are all thought to be significant factors that could affect investors' investment choices. This study used a structured questionnaire delivered using Google Forms as part of a quantitative research methodology. Purposive sampling was used to get data from 102 valid responses. Multiple linear regression was used to examine the collected data with the aid of SPSS software. The findings show that Generation Z's intention to invest is positively and significantly impacted by financial literacy, investment motivation, and minimal capital. In the meantime, investment intention is not significantly impacted by information technology. These results suggest that promoting investment intention among Generation Z requires enhancing financial awareness, boosting investment motivation, and expanding access to reasonably priced first investment money. Additionally, policymakers, financial institutions, and educational institutions can use the study's practical implications to develop initiatives that encourage youth investment engagement.

ESG, foreign ownership, and profitability on stock price volatility in mining and plantation companies Aan Suseno; Intan Puspitasari; Ishak
E-Jurnal Akuntansi Vol. 36 No. 3 (2026)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2026.v36.i03.p07

The effects of Environmental, Social, and Governance (ESG) performance, foreign institutional ownership, and profitability on stock price volatility in mining and plantation companies listed on the Indonesia Stock Exchange during the 2022–2024 period are analyzed in this study. Using panel data regression on 41 firms, stock price volatility is measured based on the standard deviation of daily returns, while ESG performance is proxied by the Katadata Corporate Sustainability Index (KCSI). The results show that variations in profitability and firm size are statistically significant affect stock price volatility, whereas ESG performance and foreign institutional ownership have no significant effect.

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