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Riduan Mas'ud
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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 9 Documents
 1 
Search results for , issue "Vol 9, No 2 (2024)" : 9 Documents clear
Exploring the Symbiotic Link: Co-Integration Analysis of the Egyptian Stock Exchange and International Equity Markets Azrak, Tawfik; Alaeddin, Omar
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.610

Abstract

The present study addresses the limited discussion on the equity market in the Middle East and North African region (MENA) concerning the spill-over effects from international equity markets. By employing time series techniques, we examine the integration and causality of interdependencies among five major stock exchange markets worldwide: USA, UK, Malaysia, Hong Kong, and Japan, along with their relationship with the Egypt Stock Exchange market. Spanning from March 1998 to January 2018, our study uniquely considers the interaction between developed and developing countries. Our co-integration findings reveal the limitations of international diversification for investors with long holding periods. We highlight the importance of seeking non-co-integrated markets, such as Malaysia and Hong Kong, which were found to be insignificant in this study, for investors aiming to diversify their portfolios and explore interesting long and short-term investment opportunities.
The Impact of Innovation and Government Intervention on the Performance of Micro, Small and Medium Enterprises Miar, Miar
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.671

Abstract

During the COVID-19 pandemic, Micro, Small and Medium Enterprises (MSMEs) experienced a decline in performance due to low product demand. Therefore, various efforts need to be undertaken to enhance MSMEs' performance in Indonesia. Addressing this issue, this research aims to examine the influence of innovation and government intervention in improving the performance of SMEs in Indonesia. The study employs a quantitative approach with a population of MSME actors in Central Kalimantan, a province of Indonesia. Through proportional random sampling, 356 SME operators were identified as respondents for this study. Data were collected using a survey method and analyzed using simple and multiple linear regression. The results indicate that innovation and government intervention have a positive and significant impact on improving MSMEs' performance both partially and simultaneously. Therefore, this research implies that the more MSMEs engage in innovation and with government involvement in efforts to support MSME development, the greater the opportunity to enhance MSME performance in Indonesia.
Financial Modelling of Metal and Mineral Mining Companies in Indonesia using Altman Z-scores Nengsih, Titin Agustin
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.537

Abstract

Predictions about a company's financial condition related to bankruptcy are important information for interested parties, such as creditors, investors, government, auditors, and the company's internal management. This research models the financial condition of metal and mineral mining companies through the Altman Z-Score model and panel data regression analysis. This study focuses on a sample of nine companies involved in metal and mineral mining from 2017 to 2022. In this study, the Altman method was used to determine a company's health category using the Z-score standard. Panel Data Regression modelling showed that the fixed model was the best. The partial test results indicated that WCTA and RETA did not affect the Altman Z-score. However, when considering all the ratios simultaneously (WCTA, RETA, MVBV, and STA), they contribute to predicting a company's financial condition. These results highlight the importance of understanding the variables that influence a company's health and progress. Notably, the variables of WCTA, RETA, and STA play a crucial role in determining the Altman Z-score and contribute to our understanding of a company's financial condition.
Unlocking MSME Performance: The Interplay of Financial Literacy, Financial Inclusion, and Financial Technology Lending with Venture Capital Mediation Hasanudin, Hasanudin; Panigfat, Fahrudin
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.657

Abstract

Studying the dynamic relationship among financial literacy, financial inclusion, fintech lending, and business capital mediation in the context of MSME performance is intriguing due to the intricate interconnections between these variables. This paper sought to assess the effect of financial literacy, financial inclusion, and fintech lending on the MSME performance in North Maluku Province, Sula Islands Regency, Sanana District, Indonesia. This research employed business capital as the mediating variable. Using a structural equation modelling, this study indicates that financial literacy, financial inclusion, and fintech lending have a positive and significant effect on the performance of micro, small, and medium enterprises. The presence of business capital can serve as a mediating factor in how financial literacy, financial inclusion, and fintech lending affect the performance of micro, small, and medium enterprises.
The Impact of Subjective Norm and Religiosity on Zakat Compliance of Muslim Entrepreneurs: The Mediating Role of Intention Ilmi, Nurul; Ridlwan, Ahmad Ajib; Fahrullah, A’rasy; Timur, Yan Putra; Alam, Md. Kausar
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.584

Abstract

This study aims to identify the effect of Muslim entrepreneurs’ perceptions of zakat compliance mediated by the intention to pay zakat with subjective norms and religiosity. Quantitative methods were employed in this study. Questionnaires were administered to Muslim entrepreneurs, and we examined the information from 140 participants using the Smart-PLS 3 application. The findings indicate that the direct impact on religiosity yielded significant results, whereas the subjective norm was insignificant. Subsequently, the indirect effect, specifically on religiosity and subjective norms, demonstrated a significant impact between the two. In this study, the theory of planned behavior can be used as a determining factor to identify the impact of Muslim entrepreneurs on zakat compliance. This research suggests that Muslim entrepreneurs’ zakat compliance can signal to stakeholders the importance of using zakat payments optimally to achieve poverty reduction goals. Implementing this research not only maximizes institutional benefits in promoting zakat, but also broadens the perspective on zakat compliance among Muslim entrepreneurs based on the theory of planned behavior through intention.
The Role of Environmental Accounting on Waste Management Almasyhari, Abdul Kharis; Rachmadani, Wulan Suci; Priatnasari, Yeni
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.720

Abstract

Drawing on the role of environmental accounting in waste management as a social responsibility, the present research aims to assess the agency's awareness and implementation of environmental accounting in its waste management practices. Using a descriptive qualitative approach, data were gathered through in-depth interviews with four environmental agency staffs and observations of financial reports. The findings reveal significant gaps in understanding and applying environmental accounting principles, with a lack of integration into financial management practices. Despite an emerging awareness of its importance, the agency’s current practices do not fully align with sustainable financial management, particularly regarding environmental conservation and cost accountability. The study suggests that targeted educational initiatives and systematic integration of environmental accounting are essential to improving both environmental stewardship and financial sustainability within the agency. The implications of these findings highlight the need for structural changes in how environmental considerations are accounted for in public sector financial systems, potentially serving as a model for other municipalities aiming to enhance their environmental responsibility.
Factors Affecting Financial Stability of Sharia Banks in Indonesia Oktaviana, Ulfi Kartika; Miranti, Titis
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.563

Abstract

To ensure the financial stability of Indonesian banks, especially Sharia banks, it is essential to focus on various factors and elements. This study investigates the endogenous and exogenous factors influencing the financial stability of Sharia banks in Indonesia. The study utilized data from the annual financial statements of Sharia banks in Indonesia spanning from 2010 to 2021. Panel data regression served as the analytical tool for the research. The findings indicate that the stability of Sharia commercial banks in Indonesia is influenced by both capital structure and credit risk. Financial leverage also affects sharia bank’s financial stability. While ownership distinguishes a bank in terms of organizational structure, it does not necessarily guarantee stability. Islamic commercial banks remain stable amid the COVID-19 pandemic, showing no significant impact on their overall stability. These findings will enhance bank understanding of the risks faced by banks and form the basis for new regulatory efforts to strengthen overall risk management, including liquidity risk and credit risk.
Corporate Governance toward 5.0: Insights from State-Owned Enterprises in Indonesia Hardianto, Ade Manggala; Nursansiwi, Dwi Arini
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.688

Abstract

Existing research separately examines factors like qualification, tenure, and independence in relation to financial performance, overlooking the potential combined or interactive effects. This research intends to determine the role of the board of directors in addressing future challenges encountered by Indonesian state-owned enterprises. The research methodology involves quantitatively correlating independent and dependent variables, with or without variable control, utilizing nine financial ratios to assess firm conditions. The study utilized secondary data from financial statements and annual disclosures of Indonesian state enterprises from 2009 to 2016. The findings indicated that firstly, the degree, whether with or without control variables, is associated with Return on Asset and Fixed Asset Turnover. Secondly, board tenure, with or without control variables, does not exhibit a correlation with financial performance. Thirdly, the size of the independent board of directors, with control variables, does not correlate with financial performance, whereas without control variables, it is correlated with Net Profit Margin and Cash Ratio. This study introduces a new concept of board performance to predict bankruptcy indicators in companies, considering their Return on Assets (ROA) and Fixed Asset Turnover.
Cash Waqf Management for Education: Challenges, Solutions and Strategies Shiddiqy, Muhammad Ash-; Makhrus, Makhrus; Wibowo, Muhammad Ghafur
Shirkah: Journal of Economics and Business Vol 9, No 2 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i2.723

Abstract

In Indonesia, the potential for funding educational initiatives through the empowerment of cash waqf is considerable, with estimates reaching up to IDR 120 trillion annually. As of March 2022, cash waqf collections amounted to IDR 1.4 trillion, a notable increase from the IDR 855 billion accumulated between 2018 and 2021. Despite this growth, cash waqf collections remain far below their potential, limiting their impact on educational empowerment. While various researchers have proposed strategies to address these obstacles, there is a paucity of research on an ideal model for empowering education through cash waqf in Indonesia. This study aims to develop a model for the empowerment of cash waqf specifically for educational programs in Indonesia. The research utilizes the Analytic Network Process (ANP) methodology, aided by Super Decision software, which is a decision-making method based on priority scales. The study conducts a synthesis analysis of problems, solutions, and strategies related to this issue. The findings indicate that both internal and external challenges affect the empowerment of cash waqf in education, with management being the primary concern. Relevant strategies include waqf policy enhancement, nazhir (waqf managers) training and empowerment, strengthening educational programs, and promoting cash waqf. An investment-based model, coupled with partnerships, scholarships, and educational initiatives, offers insights into the management of cash waqf, from collection processes to empowerment within the educational sector.

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