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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. 10 No. 3 (2025)" : 9 Documents clear
Navigating Faith and Finance: The Role of Islamic Literacy and Scepticism in Shaping Cryptocurrency Investment Intention Hasyim, Fuad; Ratnasari, Ririn Tri; Herianingrum, Sri; Ramly, Arroyan; Musthofa , Wakhid
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.682

Abstract

Despite the rapid global adoption of cryptocurrencies, the lack of a unified Sharia ruling creates profound ethical uncertainty for faith-conscious investors. The present study analyses how investors integrate spiritual considerations and the complexities of Islamic Finance to formulate investment intentions in cryptocurrencies. Building on the Decomposed Theory of Planned Behaviour (DTPB), the model incorporates Islamic Financial Literacy and Sharia Scepticism. Shariah Scepticism and Islamic Financial Literacy reflect the Islamic value-embedded attitude towards finance and investment. For this study, the authors collected and analysed survey data from Java’s urban areas' 213 Muslims using PLS-SEM. Results demonstrate that people’s investment intentions are shaped by the compatibility of values, ease of use, and perceived usefulness of the investment. Financial Literacy in Islam bolsters confidence in Shariah-compliant digital assets, and Shariah Scepticism raises theological and ethical considerations. Despite the limited impact of perceived behavioural control, subjective norms exerted the most significant influence on behavioural intentions. This study adds to the Islamic behavioural finance literature the first faith-based model to explain investment intentions in cryptocurrencies within Muslim populations.
The Role of Dividend Policy and Investment Decisions in Shaping Firm Value: Evidence from Indonesian Islamic Capital Market Subqi, Tajus; Maksum, Maksum; Waluya, Atep Hendang; Hastriana, Anna Zakiyah; Rustam, Rustam
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.725

Abstract

While the previous studies have mentioned the effect of dividend policy and investment choice on the value of a firm, the effect of these variables on the value of a firm in the Islamic Capital Market of Indonesia has not been studied. Responding to this gap, the present study assesses the effect of dividend policy and investment choice on the value of a firm and examine how the dividend policy and investment choice affect the relationships of ownership structure, capital structure, profitability and corporation growth on the value of a firm. The study employed a quantitative method and collected data from 71 companies registered under the Indonesian Sharia Stock Index (ISSI) from 2016 to 2021. Using the software SmartPLS, the researchers did a Partial Least Squares (PLS) analysis to derive the required data. The results disclose that investment and dividend policies mediate the impact of capital structure on firm value but do not mediate the influence of ownership structure. Specifically, investment choice positively affects profitability, while dividend choice has a negative effect; furthermore, only dividend choice mediates corporate growth. Overall, both policies significantly determine firm value, particularly through their connection to capital structure and corporate growth. Managers and policymakers in the Indonesian Islamic capital market should strategically align dividend and investment policies with capital structure and growth considerations to enhance firm value in a Sharia-compliant context.
Determinants of Employee Performance Transformation in Islamic Banking: Evidence from Palu, Indonesia Jalil, Abdul; Amalia, Rizki; Ridha, Taufik
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.874

Abstract

Organizational transformation in Islamic banking has been widely discussed; however, how internal socio-technical structures and leadership mechanisms jointly influence employee performance transformation still requires more empirical evidence, particularly in regional contexts. Addressing this gap, this study examined the direct and moderating effects of information technology, organizational commitment, organizational culture, reward systems, and leadership on employee performance transformation in Islamic banks in Palu City, Indonesia. A quantitative survey design was employed involving 155 employees from five Islamic bank branches, including one main branch and four sub-branches. Primary data were collected using structured, closed-ended questionnaires administered face-to-face. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) through SmartPLS. The findings revealed that information technology, organizational commitment, organizational culture, reward systems, and leadership each had a positive and significant direct effect on employee performance transformation. Leadership demonstrated a selective moderating role by strengthening the relationships between information technology and performance and between reward systems and performance. However, leadership did not significantly moderate relationships involving organizational commitment or organizational culture, indicating the dominance of motivation and embedded Islamic values. The study contributes to socio-technical and leadership literature by showing leadership functions as an enabling factor, with practical implications for ethical digital banking.
Guarding Integrity in Islamic Banking: The Role of Fiqh Muamalah, Religiosity, and Fraud Intention in Shaping Ethical Behavior Heykal, Mohamad; Murwaningsari, Etty; Mayangsari, Sekar
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.882

Abstract

Fraud remains a persistent challenge in the banking sector, including Islamic financial institutions normatively grounded in Sharia principles. This study examines how fiqh muamalah and religiosity influence fraud intention and fraudulent behavior among internal accountants in Islamic banks, with fraud intention positioned as a mediating mechanism. Using a quantitative explanatory survey design, data were collected from 260 internal accountants employed in Islamic banking institutions in Indonesia and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that fiqh muamalah significantly reduces both fraud intention and fraudulent behavior, indicating its dual role as a jurisprudential and ethical safeguard. Religiosity is found to negatively affect fraud intention but does not directly influence fraudulent behavior, suggesting that its ethical impact operates primarily through cognitive and intentional processes. Furthermore, fraud intention emerges as a strong predictor of fraudulent behavior, confirming its central role in translating ethical vulnerability into misconduct. These results highlight the importance of integrating Sharia-based legal knowledge with moral internalization in fraud prevention strategies. The study contributes to Islamic economics by providing empirical evidence that ethical resilience in Islamic banking depends not only on institutional compliance but also on individual moral intention and jurisprudential understanding.
A Waqf Performance Index to Enhance Waqf Governance Afrianty, Nonie; Herawati , Mesi
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.909

Abstract

The effective governance of waqf institutions remains a persistent challenge in Indonesia, particularly at the regional level where standardized and context-sensitive performance measurement instruments are limited. This study aims to develop a Regional Waqf Performance Index (WPI) as a governance evaluation tool for waqf institutions in Bengkulu Province, adapted from and extending the National Waqf Index framework. Employing a qualitative research design, the study integrates a literature review with Focus Group Discussions (FGDs) involving five experts representing regulators, academics, and waqf practitioners. The Analytical Hierarchy Process (AHP) is applied to determine the priority weights of governance dimensions and indicators. The findings reveal that result/outcome is the most influential dimension of waqf governance performance, particularly the productive waqf ratio, followed by the impact dimension, which reflects socio-economic benefits such as infrastructure development and community welfare. Institutional capacity, operational processes, governance systems, and regulatory support function as critical enabling factors but are not perceived as ultimate indicators of governance success. Based on these results, the study formulates an integrated WPI Governance Model that illustrates the causal relationship between governance enablers, productive outcomes, and socio-economic impacts. The proposed WPI provides a structured, measurable, and policy-ready framework that supports evidence-based decision-making, enables performance monitoring, and strengthens the accountability and developmental role of waqf institutions at the regional level.
Adoption of Islamic Rural Banks in Indonesia: The Role of Brand Personality and Religiosity Purwanto, Purwanto; Dasuki, Ali Ibrahim; Pamikatsih, Mutia
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.913

Abstract

Islamic Rural Banks (henceforth BPRS) represent a rapidly expanding segment of the Islamic banking industry in Indonesia, marked by increasing adoption of their financial products. While customer religiosity is often assumed to be a key determinant of Islamic banking adoption, its influence is not always direct and may operate through more complex mechanisms, such as banks’ brand personality. Accordingly, this study examines the mediating role of Islamic banks’ brand personality in the relationship between customer religiosity and the adoption of BPRS products. Using a quantitative approach, survey data were collected from 400 BPRS customers across seven provinces in Indonesia. Respondents were selected using a non-probability sampling technique, with the sample size determined by the Slovin formula to ensure representativeness at a 5% margin of error. The data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS). The results indicate that brand personality has a positive and significant effect on the adoption of BPRS products, whereas religiosity does not exert a significant direct influence. Importantly, brand personality is found to mediate the relationship between religiosity and product adoption. These findings suggest that developing a strong and distinctive brand personality is strategically crucial for Islamic rural banks, enabling them to translate customers’ inherent religiosity into actual service adoption beyond purely ideological appeals.
ESG Disclosure and Financial Performance: The Moderating Role of Firm Size in Indonesian Banking Sector Fathihani, Fathihani; Santoso, Natalia; Sulistiyowati, Rini; Veronica, Meilin
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.960

Abstract

The evolving global business landscape necessitates that corporations move beyond a singular focus on profitability to integrate sustainability performance through Environmental, Social, and Governance (ESG) principles. This study aims to analyze the effect of ESG disclosure on corporate financial performance, measured by Return on Assets (ROA). It further investigates the moderating role of firm size in the relationship between ESG disclosure and ROA. The research sample comprises banking companies listed on the Indonesia Stock Exchange during the 2020-2024 period. Employing a purposive sampling technique, 10 banks were selected as the final sample based on the consistent publication of their annual and sustainability reports. The data were analyzed using panel data regression and Moderated Regression Analysis (MRA), facilitated by Eviews 12 software. The findings indicate that both environmental and social disclosures exert a significant positive influence on ROA. In contrast, governance disclosure and firm size, as standalone variables, do not demonstrate a significant impact on ROA. Crucially, the analysis confirms that firm size positively moderates the relationship between both environmental and social disclosures and ROA. However, it does not moderate the effect of governance disclosure on financial performance. These results offer significant implications for corporate strategy, underscoring the importance of robust ESG management and the strategic leveraging of firm size to enhance financial outcomes.
The Neutralized Lever: Exchange Rate Stability and the Paradox of Growth in Post-conflict Iraq (2005-2024) Mohammed, Dilgash Ahmed
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.963

Abstract

In Iraq's post-conflict, oil-dominated economy, achieving macroeconomic stability is paramount, with the exchange rate acting as a central, yet complex, determinant of growth. This study empirically dissects the long-term relationship between exchange rate stability and economic growth from 2005 to 2024. Analyzing time-series data from the World Bank, IMF, and Central Bank of Iraq, the study applied a multiple linear regression model, robustly supported by unit root (ADF) and Johansen cointegration tests, to assess the impact of currency stability alongside foreign direct investment (FDI), inflation, trade openness, oil revenue, and political stability. The Johansen cointegration test confirms that a stable long-run equilibrium exists among the variables. However, our findings reveal a critical paradox: while the regression model explains a substantial 80% of the variation in GDP growth (R² = 0.80), no individual predictor is statistically significant. This outcome highlights how Iraq’s deep-seated structural challenges, overwhelming oil dependency, political instability, and potential multicollinearity, overshadow and neutralize the independent effects of conventional policy levers. Consequently, while exchange rate stability shows a positive but statistically insignificant effect, it is not a silver bullet for growth. This research concludes that sustainable economic recovery in Iraq is contingent not merely on currency management but on a foundational shift towards comprehensive institutional reforms, aggressive economic diversification, and integrated macroeconomic policies.
How Does the Store Feel? Investigating the Mediating Effect of Emotion on Sensory Marketing and Consumer Behaviour Syamsudin, Ahmad
Shirkah: Journal of Economics and Business Vol. 10 No. 3 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i3.979

Abstract

Amidst a highly competitive retail landscape, sensory marketing strategies have become crucial for fostering a positive store atmosphere through sensory stimuli. However, research examining how such stimuli evoke emotional responses to drive purchases remains limited, particularly within the context of minimarkets in an urban city like Palangkaraya, Indonesia, representing a significant research gap. This study aims to analyze the influence of sensory marketing on the purchase decisions of Alfamart consumers in the city of Palangkaraya, examining the crucial role of the emotional dimension as an intervening variable. Employing a quantitative survey design, data were collected from a sample of 75 Alfamart consumers via a structured questionnaire and were subsequently analyzed using Path Analysis. The results reveal that sensory marketing has a positive and significant influence on the consumer's emotional dimension. Subsequently, the emotional dimension proves to be a strong driver, exerting a positive and significant effect on purchase decisions. A key finding confirms that the emotional dimension fully mediates the relationship between sensory marketing and purchase decisions, indicating that in-store sensory experiences are translated into purchasing actions through the creation of specific feelings and moods. This study offers strategic guidance for Alfamart managers on optimizing sensory elements to foster stronger emotional bonds with consumers. It also enriches the marketing literature by elucidating the psychological mechanisms underlying the effectiveness of experiential marketing in the retail sector.

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