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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. 11 no. 2 (2026)" : 9 Documents clear
Do Sustainability Practices Create Value? Evidence from Green Banking, Islamic Social Reporting, and Profitability in Indonesian Islamic Banks Fathihani Fathihani; Putri Dwi Wahyuni; Maria Lusiana Yulianti; Yuni Shara; Fatlina Zainuddin
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1085

Abstract

Despite the increasing adoption of sustainable finance practices, the combined effects of green banking and Islamic Social Reporting (ISR) on firm value, particularly through financial performance, remain underexplored. This study aims to examine the effects of green banking and ISR on firm value in Indonesian Islamic banks, as well as the moderating role of profitability. Employing a quantitative explanatory design, the study utilizes secondary data obtained from annual reports and sustainability reports of 14 Islamic commercial banks in Indonesia during the period 2020–2024. Data were analyzed using panel data regression and Moderated Regression Analysis (MRA) with EViews. The findings reveal that green banking and ISR have positive and significant effects on firm value, indicating that environmental sustainability initiatives and Sharia-based social accountability enhance market valuation and stakeholder trust. Profitability is also found to positively influence firm value and significantly strengthens the effects of green banking and ISR on firm value. Furthermore, firm size and leverage contribute to explaining variations in firm value. These findings suggest that sustainability practices generate greater organizational value when supported by strong financial performance. The study contributes to the sustainable finance and Islamic banking literature by demonstrating the complementary roles of environmental responsibility, social accountability, and profitability in creating long-term firm value.
Sustainable Competitive Advantage: A Bibliometric Systematic Literature Review of Strategic Enablers and Future Research Abimanyu Hendi Asyono; Palupi Lindiasari Samputra; Hary Djatmiko
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1002

Abstract

Sustainable Competitive Advantage (SCA) remains a fundamental concept in strategic management; however, existing studies are fragmented across multiple theoretical perspectives, limiting a comprehensive understanding of its conceptual evolution and future research directions. This study aims to examine the development of SCA research, define the concept structure of SCA, and propose evidence-based recommendations for future research. A systematic literature review (SLR) in combination with bibliometric analysis was carried out according to the PRISMA methodology. From the initial set of 3,970 records indexed in Scopus, 303 papers were selected for analysis, published in journals from 2015 to 2025. Descriptive statistics and co-occurrence keyword analysis were performed via VOSviewer. The results confirm a significant increase in the number of SCA research over the last decade and show the existence of three main thematic clusters: Strategic Resources and Capabilities, Innovation and Digital Transformation, and Sustainability and Market Orientation. The results prove a conceptual shift from traditional resource-based theories towards integrative models that combine organizational capabilities, digital transformation, and sustainability aspects. In addition, three promising areas for future research were identified: development of integrative models of strategic enablers, long-run impact of digital transformation on competitiveness, and comprehensive measurement and implementation of SCA. These findings contribute to strategic management literature by providing a systematic synthesis of the intellectual landscape and offering a robust agenda for future theoretical and empirical research.
Does Emotional Marketing Play a Crucial Role in the Loyalty of Sharia Bank Customers in Indonesia? Susminingsih Susminingsih; Ina Mutmainah; Muhammad Nasrullah; Ahmad Hanif Muntahal Fahmi; Nuzulul; Mochamad Yusuf
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1027

Abstract

Customer loyalty plays a vital role in ensuring the sustainability of Islamic banking institutions; yet, there is no conclusive empirical support concerning whether religiosity or emotional marketing influences customer loyalty more. This study investigates the influences of religiosity, emotional marketing, and customer value on customer loyalty while customer satisfaction acts as the mediator. A survey design was employed involving 258 customers of Sharia banks in Indonesia using purposive and accidental sampling methods. Data were collected via structured questionnaire method while Structural Equation Modeling (SEM) analysis was used in AMOS 23 software for data analysis. The findings demonstrate that religiosity and customer value had a significant positive effect on customer satisfaction, whereas emotional marketing did not. The mediating variable, customer satisfaction, had a significant positive impact on customer loyalty. These results emphasize that customer loyalty was crucial for the sustainability of Sharia banks. The study demonstrates that customer loyalty in Islamic banking is driven more by religiosity than by marketing experiences, leading to greater use of Sharia banking products and services. The findings suggest that Indonesian Sharia banks can enhance loyalty by prioritizing Islamic values through initiatives such as Sharia financial seminars, zakat and waqf consultations, education on Islamic principles, and the development of modern digital services.
From HRM Practices to Organizational Citizenship Behavior: Unraveling the Mediating Role of Job Satisfaction Dahlan Gunawan; Afit Afrizal
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1104

Abstract

This study addresses the limited empirical evidence on how human resource management (HRM) practices promote organizational citizenship behavior (OCB) through job satisfaction within the petrochemical industry, a strategic sector where voluntary employee behavior is essential for operational safety and organizational sustainability. Grounded in Social Exchange Theory, the study aims to examine the direct effect of HRM practices on OCB and the mediating role of job satisfaction among employees of petrochemical companies in Cilegon, Indonesia. A quantitative explanatory survey was conducted involving 223 employees selected through proportional stratified random sampling from seven petrochemical companies. Data were collected using structured questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The findings reveal that HRM practices significantly enhance job satisfaction and OCB, while job satisfaction also exerts a significant positive effect on OCB. Furthermore, job satisfaction partially mediates the relationship between HRM practices and OCB, indicating that positive HRM practices encourage discretionary employee behaviors both directly and indirectly through improved workplace satisfaction. These findings extend Social Exchange Theory by demonstrating the psychological mechanism through which HRM practices foster positive employee behavior in a high-risk industrial setting. Practically, the study highlights the importance of strengthening compensation, rewards, and employee-centered HRM policies to cultivate higher organizational citizenship behavior.
Digital Transformation in Postal Logistics: A Design Science Approach to Enhancing Operational Performance through Geocoding and Voice-Assisted Sorting Systems Meilia Risna; Pertiwi Utami; Umi Khulsum; Nur Azizah Zuhriyah; Tulus Suryanto
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1210

Abstract

Despite ongoing digital transformation in logistics, conventional postal sorting systems remain vulnerable to routing errors and operational inefficiencies, implying the need for more intelligent sorting solutions. This study aims to develop a web-based logistics sorting system integrating barcode scanning, geocoding automation, and voice-assisted technology to enhance operational performance in the Jakarta Premier Main Branch Office of Pos Indonesia. Employing a Design Science Research (DSR) approach, the study involved four stages: problem identification, system design, pilot implementation, and performance evaluation. The developed system was tested through a three-week pilot project using operational performance indicators, including sorting accuracy, processing time, and Service Level Agreement (SLA) compliance. The findings demonstrate that the proposed system substantially improved sorting accuracy from 86.5% to 96.7%, reduced average processing time by approximately 35%, and enhanced SLA compliance through more accurate delivery zone classification and real-time operational support. The voice-assisted interface also reduced operators’ cognitive workload and improved workplace efficiency. These findings emphasize the strategic role of digital logistics technologies in strengthening operational excellence and service quality, providing practical insights for postal organizations seeking sustainable digital transformation and intelligent logistics management.
Servant Leadership, Organizational Values, and Civil Servant Performance: The Moderating Role of Religiosity Abdul Jalil; Syahir Natsir; Bakri Hasanuddin; Andi Indriani Ibrahim
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1118

Abstract

Limited research has examined the combined effects of servant leadership and institutional work culture on civil servant performance in religious public organizations facing budget efficiency constraints. This study analyzes the roles of servant leadership and the work culture of Indonesia’s Ministry of Religious Affairs in influencing employee performance, with religiosity considered as a moderating factor. The Ministry has demonstrated improved organizational performance, as reflected in higher SAKIP and Bureaucratic Reform Index scores; however, civil servants continue to face significant operational challenges following the 2025 budget efficiency policy. A survey was conducted among 404 civil servants from the Regional Office of the Ministry of Religious Affairs of Central Sulawesi, the Ministry of Religious Affairs Office of Palu City, and UIN Datokarama Palu. Using the Slovin formula and proportional stratified random sampling, 201 respondents were selected. Data were collected through a questionnaire and analyzed using PLS-SEM with SmartPLS. The findings show that servant leadership has no significant effect on employee performance, whereas institutional work culture has a positive and significant effect. Religiosity does not strengthen the relationship between servant leadership and employee performance but significantly strengthens the relationship between work culture and employee performance. These findings suggest that improving institutional work culture while considering employees’ religiosity is essential for enhancing performance in religious public institutions.
Corporate Governance and Financial Performance in Rural Banks: Evidence from Indonesia I Gede Cahyadi Putra; I Kadek Bagiana; Ida Ayu Nyoman Yuliastuti; Made Edy Septian Santosa; I Nyoman Putra Yasa
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1162

Abstract

Rural banks face increasing financial and digital risks, yet limited evidence exists on how fintech adoption, risk management, and corporate governance affect their financial performance. This study aims to fill the gap in the existing literature by examining the role of corporate governance in rural banks as one of the organizational mechanisms that can convert the banks’ internal capacities to financial performances. A cross-sectional quantitative survey was conducted among 129 rural banks in Bali, Indonesia, by purposively adopting a saturated sampling technique. Each bank was requested to provide one director and one commissioner. Based on the sampling frame of 129 banks, 258 surveys were distributed. Of those, 242 surveys were file completed. Using PLS-SEM, the data received were analyzed. The results revealed that needs-based risk management positively impacts financial performance. On the contrary, fintech adoption did not exhibit a significant impact on financial performance. Corporate governance systems positively impact the relationships between risk management and financial performance, but do not moderate fintech adoption. This study contributes to the existing literature by adopting the Resource-Based View to demonstrate the asymmetric impact of corporate governance on rural banks' risk-management systems to financial performances, but not positively impact fintech adoption. From a practical viewpoint, rural banks should perceive risk oversight from a governance-based perspective and embrace a combination of adequate digital infrastructure, workforce, integrated systems, and digital-risk governance.
Cooperative Facilitation and MSME Digital Outcomes: The Role of Co-Created Digital Dynamic Capabilities Indra Hastuti; Esti Dwi Rahmawati
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1234

Abstract

As MSMEs increasingly depend on digital technologies for competitiveness and resilience, an unresolved issue is how external facilitation translates digitalisation support into firm-level capabilities, digital maturity, and business performance. This study examines whether cooperative facilitation practices build co-created digital dynamic capabilities (CDDC) and how these capabilities relate to MSME digital maturity and performance. Survey data were obtained from 120 cooperative and MSME facilitators in Central Java, Indonesia. The unit of analysis was the facilitator, with respondents providing assessments based on the MSMEs they supported. Five reflective constructs were assessed through 41 indicators using a two-stage composite procedure. The measurement model was evaluated with SmartPLS, and the structural model was estimated from loading-weighted scores with 5,000 bootstrap resamples. Facilitation intensity and interactive methods strongly predicted CDDC (β = 0.625, p < 0.001), while relational embeddedness contributed positively (β = 0.257, p = 0.002). Both facilitation dimensions directly increased digital maturity, particularly relational embeddedness (β = 0.571, p < 0.001). CDDC improved MSME performance (β = 0.261, p = 0.006), and digital maturity was the strongest predictor (β = 0.591, p < 0.001). However, CDDC did not independently predict digital maturity. The findings support sustained, trust-based facilitation rather than episodic technology training.
Exploring the Social Media Wave of Halal Cryptocurrency Sentiment: A Natural Language Processing Approach Ahmad Tibrizi Soni Wicaksono; Umrotul Khasanah; Alif Muhamad Anaksa Moreno; Ade Suherlan
Shirkah: Journal of Economics and Business Vol. 11 No. 2 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i2.1022

Abstract

Cryptocurrency's popularity is primarily driven by user trends and Central Bank Digital Currency initiatives. However, specific Islamic communities identified vary in comprehension of halal and haram due to level and Shariah compliance discrepancies. This study seeks to understand the Muslim community’s perspective on halal cryptocurrency on X, Instagram, Facebook, TikTok, and YouTube. This study has gathered and studied 11,059 comments based on a Natural Language Processing (NLP) approach. This study also uses data triangulation, achieved by intercoder agreement and with a series of complementary studies: word clouds, tree maps, Sankey diagrams, and sentiment layers using the ATLAS software. The results demonstrated that, on social media, issues and terms related to crypto have a high frequency of pronunciation and interpretation. Based on sentiment analysis, 76.92% of comments expressed a negative sentiment, and 23.08% of comments expressed a positive sentiment toward halal cryptocurrency. The research also focuses on the intersection of sentiment analysis and other models and theories of new technology acceptance. This research has its constraints with regard to social media.

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