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Riduan Mas'ud
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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 292 Documents
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The Gen Z’s Participation in Cooperatives: Do Interest and Experience Matter? Sintani, Lelo; Nahan, Noorjaya; Pakpahan, Aston
Shirkah: Journal of Economics and Business Vol 9, No 3 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i3.721

Abstract

Research on Generation Z and their contributions to economic activities is always intriguing to discuss, particularly efforts that can be undertaken to enhance their participation in economic growth. This study explores the roles of interest and experience as cooperative members within schools on the participation of Generation Z as cooperative members in Palangka Raya, Indonesia. Engaging 150 high school students, this research adopts a quantitative survey design to gather data concerning the interest, experience, and participation of Generation Z. The analysis results indicate that the interest and experience of Generation Z as cooperative members in schools significantly positively influence their participation at the community level. High interest fosters internal motivation, while positive experiences cultivate deep emotional and cognitive bonds with the cooperative. The combination of both yields a stronger positive impact. These findings offer insights for the development of cooperative programs in schools and regional government strategies to motivate Generation Z to actively engage in cooperative activities.
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.
Liquidity and Firm Market Value: The Moderating Role of Firm Size Ishak, Khodijah; Selamat, Muhammad Isa
Shirkah: Journal of Economics and Business Vol. 10 No. 1 (2025)
Publisher : UIN Raden Mas Said

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i1.755

Abstract

A strong market valuation signals robust future growth prospects, attracting capital investment as investors perceive potential for returns. Conversely, a declining market value may indicate underlying management inefficiencies, deterring investor confidence. This study investigates the impact of liquidity ratios on firm market value, with particular emphasis on the moderating role of firm size in this relationship. Utilizing a sample of non-financial firms listed on the Indonesia Stock Exchange from 2016 to 2022, this research applies panel data analysis through the Ordinary Least Squares (OLS) method to test the proposed hypotheses. The findings reveal that liquidity ratios—specifically the current ratio, quick ratio, and cash ratio—negatively affect firm market value. Moreover, the results suggest that firm size significantly moderates the relationship between liquidity ratios and market value. This study enriches the literature by providing nuanced insights into the optimal management of corporate liquidity to enhance firm market value. From a practical standpoint, the research offers valuable implications for managerial decision-making, particularly in crafting debt and asset management strategies that influence firm valuation.
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.
A Decade of Research on Intellectual Capital in Indonesia: Systematic Literature Review Kumalasari, Yuliana; Aryani, Y. Anni
Shirkah: Journal of Economics and Business Vol 9, No 1 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i1.643

Abstract

The present study aims to scrutinize empirical evidence related to the study of intellectual capital in Indonesia. The study conducts an analysis of 60 articles from Scopus-indexed and SINTA-indexed journals over the observational period spanning from 2012 to 2023. The methodology employed in this study is the charting field method. Notably, the findings reveal that financial performance serves as the predominant metric in the exploration of intellectual capital in Indonesia over the course of a decade. Nevertheless, our mapping results unveil a critical gap in the research landscape, specifically, the inconsistency in the relationship between intellectual capital and financial performance proxies such as Return on Assets (ROA), Return on Equity (ROE), Price-to-Book Value (PBV), and Debt-to-Equity Ratio (DER). It is our aspiration that future research concerning the subject of intellectual capital will extend their scope to non-financial performance dimensions and incorporate qualitative data analysis, surveys, interviews, or the incorporation of Environmental, Social, and Governance (ESG) indicators within the context of intellectual capital exploration in Indonesia.
Maṣlaḥah Mursalah: A Substantial Effort to Overcome Income and Wealth Inequality in Indonesia Khoir, Tholkhatul; Sulaiman, Eman
Shirkah: Journal of Economics and Business Vol 9, No 3 (2024)
Publisher : IAIN Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v9i3.716

Abstract

Income and wealth inequality in Indonesia persists despite efforts by central and local governments to address it. Maṣlaḥah mursalah provides a strong theoretical foundation for creating policies that are both religious and highly beneficial. This study aims to explain the history of using maṣlaḥah mursalah in income and wealth policies, provide evidence of income and wealth inequality in Indonesia, and explore the potential of using maṣlaḥah mursalah to address this inequality. This study examines two key facts: the history of maṣlaḥah mursalah's policies on income and wealth, and income and wealth inequality in Indonesia. They were obtained from Arabic uṣūl al-fiqh literature and the analysis of the Gini ratio and palm index. The data were compared to determine the most urgent policy needs and the possibility of using maṣlaḥah mursalah as the basis. This study found that maṣlaḥah mursalah has been widely used in income and wealth distribution policies. Since income and wealth inequality in Indonesia still exists and continues to increase in the ratio, maṣlaḥah mursalah will likely be the basis of settlement policy. This study aims to provide a robust theoretical foundation for the Indonesian government to design and implement maṣlaḥah mursalah-based policies to address income and wealth inequality, including human capital development, labour market opening for women, labour rights protection, improved access to finance, social transfer programs, zakat and tax optimisation, housing policy reform, and increased transparency and corruption eradication.
Purchase Decisions among Non-Muslim: The Role of Islamic Branding, Product Ingredients, and Islamic Social Environment Anggraeni, Erike; Normasyhuri, Khavid; Wisnu Kusuma, Tri Atmaja Pramudita
Shirkah: Journal of Economics and Business Vol. 10 No. 1 (2025)
Publisher : UIN Raden Mas Said

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i1.597

Abstract

The influence of acculturation on non-Muslims’ purchase decisions remains an unanswered question. Thus, the impact of the Islamic environment on non-Muslim purchase decisions requires further exploration. This study examines how Islamic branding and product ingredients affect purchase decisions and whether the Islamic social environment can strengthen or weaken this relationship for non-Muslim consumers. This study employed a quantitative approach using SmartPLS 3.0. Data were collected from 500 non-Muslim respondents using purposive sampling. The results indicate that both Islamic branding and product ingredients significantly influence non-Muslim purchase decisions, highlighting the growing importance of ethical and cultural considerations in consumer behavior. Moreover, the Islamic social environment plays a crucial role in moderating this relationship, further strengthening the impact of Islamic branding and product ingredients on purchase decisions. These findings suggest that non-Muslim consumers are not only responsive to the intrinsic qualities of products but are also influenced by the broader Islamic social context in which these products are marketed. This offers valuable insights for the government and companies in developing effective strategies to market Indonesian halal meat products to non-Muslim consumers globally. A deeper understanding of non-Muslim purchasing behavior can enhance their position in the halal industry.
Does Digital Technology Boost Intention to Pay Zakat? Integration of UTAUT 2 and Initial Trust Jaenudin, M; Timur, Yan Putra; Basit, Abdul; Ratnasari, Ririn Tri; Setiawati, Ririt Iriani Sri
Shirkah: Journal of Economics and Business Vol. 10 No. 1 (2025)
Publisher : UIN Raden Mas Said

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i1.618

Abstract

Digital technology is key to increasing donor intentions to contribute to Zakat, Infaq, and Sadaqah (ZIS). This study identified the factors influencing and dominating donors in making digital payments for ZIS. Combining UTAUT 2 and the initial trust model, this study analyzed data from an online survey involving 103 donors from various provinces in Indonesia. The study includes donors who have paid or intend to pay the ZIS digitally. The results of the analysis using the partial least squares structural equation model (PLS-SEM) indicated that performance expectancy had no significant effect on initial trust and behavioral intention. Likewise, facilitating conditions did not significantly affect initial trust. On the other hand, hedonic motivation positively and significantly affects initial trust and behavioral intention, while initial trust affects behavioral intention. This study suggests that zakat institutions must ensure that their systems offer user satisfaction, initial trust, and facilitating conditions, such as reliable networks and security.
Abusive Leadership and Organizational Citizenship Behavior among Sharia Bank Employees: The Moderating Role of Handarbeni Cahyono, Edi; Widarjo, Wahyu; Fenitra, Rakotoarisoa Maminirina
Shirkah: Journal of Economics and Business Vol. 10 No. 1 (2025)
Publisher : UIN Raden Mas Said

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v10i1.638

Abstract

The unresolved link between abusive leadership and Organizational Citizenship Behavior (OCB) can be clarified through handarbeni, an attitude of empathy and a sense of belonging to one's organization. This study   aims to explain the relationship between abusive leadership and employees' OCB while proposing an alternative model that conceptualizes handarbeni as a moderating variable to clarify this connection. The study involved 250 employees from Sharia Banks in Surakarta, Indonesia, selected through purposive sampling. Data were collected using both direct and online questionnaires through Google Forms. Multiple linear regression analysis was employed to examine the impact of independent variables on   dependent variables, while Moderated Regression Analysis (MRA) was utilized   to assess the moderating effect using SPSS version 26 software. This study revealed a negative and significant correlation between abusive leadership and employees' OCB. Additionally, the study found that handarbeni   moderated the relationship between abusive leadership and employees' OCB. The findings indicate that employees with varying levels of a sense of belonging exhibited different behavioral patterns when subjected to abusive treatment from their superiors. The results suggest that leaders must minimize abusive behavior to enhance employees’ OCB. Furthermore, company leaders should   provide stimuli to foster a strong sense of handarbeni among their employees.

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