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Riduan Mas'ud
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shirkahiainsurakarta@gmail.com
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Institut Agama Islam Negeri Surakarta, Indonesia Jln. Pandawa No. 1, Pucangan, Kartasura, Central Java, Indonesia, 57168
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Shirkah: Journal of Economics and Business
Published by Institut Agama Islam Negeri Surakarta
ISSN : 2504235     EISSN : 25034243     DOI : 10.22515/shirkah.v7i1.403
Core Subject : Economy,
Economics, Econometrics & Finance
Syirkah: Jurnal Ekonomi dan Bisnis adalah jurnal peer-review yang diterbitkan tiga kali setahun (April, Agustus, dan Desember) oleh Fakultas Ekonomi Islam dan Bisnis Institut Agama Islam Negeri (IAIN) Surakarta Jawa Tengah Indonesia bekerja sama dengan Perhimpunan Indonesia Ekonom Islam (lihat naskah MoU ). Jurnal ini dimaksudkan untuk menjadi platform diseminasi artikel yang melaporkan hasil penyelidikan ilmiah tentang Ekonomi dan Bisnis Islam. Jurnal ini memfokuskan pembahasannya pada bidang keuangan Islam, filantropi Islam, pemikiran ekonomi Islam, dan pemasaran Islam (lihat Fokus & Ruang Lingkup ).
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 7 Documents
 1 
Search results for , issue "Vol 7, No 3 (2022)" : 7 Documents clear
Capital Structure Adjustment Speed in Indonesia: Does Sharia Compliance Matter? Arum Pujiastuti; Saefudin Saefudin; Rizki Dini Shandra Yunita; Yuni Astuti
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.483

Abstract

Leverage Speed of Adjustment (henceforth SOA) has previously been studied by researchers; however, the examination of its connection with sharia law has been overlooked. The majority of the literature currently in circulation comes from the Middle East and North Africa (MENA) region and Malaysian markets, so its implications for businesses in Indonesia may not be applicable given local regulations and cultural norms. This study investigates the distinction in the debt levels and the SOA of firms in Indonesia based on compliance to sharia law. The Two-step Generalized Method of Moment (GMM) model was used to calculate the SOA in the leverage model. We discover that sharia compliance plays a role in stimulating the Indonesian firm’s level of debt and leverage SOA. To put it more precisely, sharia firms use less debt and have a slower SOA than conventional firms. Overall, Indonesian firms implement the dynamic trade-off theory in their leverage framework. Instead of relying on conventional debt, which is only available at certain levels, sharia firms must issue Islamic debt instruments to accelerate the speed of adjustment. Even after a robustness test using various sharia compliance approaches, our results remained consistent.
Bank Credit in Financial Cycle during COVID-19 Pandemic: Dilemma from Indonesia Edwin Basmar; Carl M. Campbell III; Erlin Basmar
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.484

Abstract

Bank credit is crucial to boost economic growth and preserve financial stability during the COVID-19 pandemic. However, a previous study has yet to establish the state of bank credit in the financial cycle during the COVID-19 pandemic in Indonesia. This study discovered different categories of banking credit dilemmas during the COVID-19 pandemic in Indonesia, including mild category, moderate category, heavy category, and very heavy category. During the global pandemic from 2019 to July 2021. This study used monthly development of the Ed Waves Index model through the Financial Report of Bank Indonesia. The pressure dilemma includes moderate category (1 time), mild category (1 time), heavy category (2 times), and very heavy category (1 time) which indicate that there is serious pressure on financial stability and economic growth in Indonesia during the outbreak. This research makes an important contribution to the banking sector and Bank Indonesia in controlling the bank's soundness through distribution channels of credit and a stable financial cycle as well as economic growth in Indonesia during the COVID-19 pandemic.
Halal Value Chain in the Holding Business: The Experience of Islamic-based School (Pesantren) in Indonesia Kholilah Kholilah; Kurniawati Meylianingrum; Tiara Juliana Jaya; Ahmed Tahiri Jouti
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.522

Abstract

This study constitutes a novel concept that provides a complete analysis of the holding business at an Islamic-based school (Pesantren) and the halal value chain. The halal value chain provides a standard for sharia-compliant production, distribution, or consumption activities. This case study was based in Pesantren Al-Rifa’ie, addressed in Malang East Java Indonesia. This study collected data through interviews, contract data, SOP, financial statements, BMT reports, and observation. The data were analyzed using the heuristic case study. The results showed that the holding business at Pesantren Al-Rifa'ie was in the form of a cooperative since it combines business units. The cooperative has funding, financing, and BMT activities. BMT is profit-oriented through establishing business units. Business units supporting the halal value chain were husbandry, bus rentals, and One Pesantren One Product (OPOP) starting from the input, process, and output. This research strengthens the New Institutional Theory and provides insight into the need for technical requirements to establish the company holding in Pesantren.
Religiosity or Income? Factors Driving Customer Buying Interest in Islamic Insurance Products Dede Nurohman
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.474

Abstract

Despite the enormous potential represented by an 87% Muslim population and the growing welfare of the Muslim community in Indonesia, Islamic insurance has not grown rapidly during the past decades. The primary issues that hinder the growth of the Islamic insurance sector are thought to be people's level of income and religiosity. Therefore, this paper attempts to investigate the effect of religiosity and income on people's interest in buying Islamic insurance products. This study employed a quantitative approach with a questionnaire as a data mining technique. 200 residents of eight districts and cities in East Java, a province in Indonesia, participated as respondents in this study. The data analysis involved descriptive analysis, inferential analysis, classical assumption test, and hypothesis test. This study demonstrates that people's interest in buying Islamic insurance products is positively and significantly influenced by their religiosity and income, either partially or simultaneously. This result can be taken into account by the Islamic insurance sector when planning the best marketing plan, especially for the wealthy and fervently religious Muslim segment of society.
Consumer Reviews, Ratings, and Gamification on Muslim Millennials’ Online Purchasing Decisions Septi Kurnia Prastiwi; Asep Maulana Rohimat; Helti Nur Aisyiah
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.467

Abstract

Since previous research on the relationship among Online Consumer Review (OCR), ratings, gamification, and online purchasing decisions had mixed results, this study involves trust as a mediating variable, which has never been explored in previous research, to explore online consumer reviews, ratings, and gamification in increasing trust of Muslim Millennials for online purchasing decisions. Investigating Muslim millennials in Central Java and Yogyakarta, 114 questionnaire results were analyzed using Structural Equation Model. The results showed that OCR and ratings affect Muslim Millennials' online purchasing decisions at Shopee, while gamification cannot affect them. Trust in this research model could not affect purchasing decisions. Thus, the trust could not be a mediating variable. The results of this study will be useful for Micro, Small and Medium Enterprises (MSMEs) and the online shop’s development team to maintain the image of an online store.
Islamic Banking Financial Inclusion and Tax Revenue in OIC Countries: To What Extent do They Correlate? Muhammad Alan Nur; Annisa Rahma Febriyanti; Sulistya Rusgianto; Sri Herianingrum
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.498

Abstract

Tax revenue of Organization of Islamic Cooperation (henceforth OIC) countries has not reached the global average, and so has the financial inclusion. Notwithstanding this fact, few researchers have addressed the effect of financial inclusion on tax revenue in the context of Islamic finance while it is undeniably having significant connection to the real sector. Drawing on this crucial issue, the present study calls into the possible effect of Islamic banking financial inclusion on tax revenue in eleven countries of OIC membership consisting of Indonesia, Jordan, Kazakhstan, Kuwait, Malaysia, Nigeria, Oman, Pakistan, Saudi Arabia, Turkey, and the United Arab Emirates in the period of 2013 to 2019. The data were analyzed under the procedure of panel data regression using fixed effect model. The result depicted that Islamic banking financial inclusion, in terms of financial access and financial usage, had no significant effect on tax revenue of the OIC countries. This result is reasonable, since Islamic banking financial inclusion still requires massive promotion particularly by the OIC countries included in this study.  Hence, this study leaves an implication for OIC countries to foster Islamic banking financial inclusion as a crucial effort to increase the tax revenue, in which Islamic banks play a promising role for sharia-compliance-based financial transactions in the recent years.
You’ve Over the Line! Muslim Consumers are Resistant to Opposite Brand Values Firdan Thoriq Faza; Yan Putra Timur; Lu'liyatul Mutmainah; Sulistya Rusgianto
Shirkah: Journal of Economics and Business Vol 7, No 3 (2022)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v7i3.529

Abstract

The consumer's antagonistic behavior towards brands is hotly discussed because of the political issues it carries. However, factors affecting Muslim consumers to reject a product still requires more paucity of empirical evidence. The current study casts the light on antecedent factors that influence Muslim consumers to reject a product, and on a pattern between the reasons for refusal and the intention to boycott a brand. The online survey was able to reach 450 respondents from the Muslim community. This paper uses scenarios from confirmed cases of Muslim consumer boycotts against Unilever brands in Indonesia. Using the snowball-sampling technique, many of the respondents were from the educated young urban Muslim community. The model was tested using partial least squares-structural equation modeling (PLS-SEM). Moreover, the interaction moderation technique was applied to examine the effect of moderators on the structural model. The results showed that brand hate fully mediates all variables except symbolic incongruity. The results further revealed that brand hate is a construct with three first-order formative triggers (religious animosity, ideological incompatibility, and subjective norms). In addition, this study theoretically contributes to providing clear delineation that brand hate is a dichotomous concept consisting of the dimensions of intention to boycott (intention to incite, intention to avoid, and intention to punish).

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