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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 320 Documents
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From Zero Sales to Survival: Forecast-triggered Decision-making in Ecotourism MSMEs Purnomo, Singgih; Nurmalitasari, Nurmalitasari; Nurchim, Nurchim; Nugroho, Novemy Triyandari
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.1108

Abstract

Ecotourism micro, small, and medium-sized enterprises (MSMEs) often face highly volatile demand characterized by frequent zero-sales days, strong seasonality, and exposure to external shocks. In such conditions, sustainability depends less on forecast accuracy and more on timely, low-cost operational decisions. This study examines how forecast-triggered decision-making supports short-run viability under intermittent, zero-heavy demand. Using manually recorded daily sales data from ecotourism MSMEs in Tawangmangu, Indonesia, a two-stage approach is applied that separates sale occurrence from sales magnitude. First, a logistic model estimates the probability of a sale to generate early-warning signals. Second, conditional sales magnitude is predicted to indicate readiness levels rather than precise revenue targets. Instead of focusing on accuracy alone, the analysis evaluates decision usefulness through time-ordered backtesting, emphasizing avoidable operating days and early-warning lead time. The results show that sale-occurrence signals effectively guide daily operating decisions, while magnitude forecasts support proportional readiness. The framework identifies a substantial share of avoidable operating days and provides several days of advance warning before prolonged zero-sales periods. This enables earlier cost control and capacity adjustment. The study contributes by offering a practical, human-in-the-loop decision framework that links demand uncertainty with adaptive actions using simple, manually recorded data.
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.
Oil Revenues and Inflation Dynamics in Iraq: Evidence from ARDL Approach Hameed, Rizgar Ali; Maarof, Mamon Adam; Yousif, Akram Salih
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.980

Abstract

This study examines the relationship between oil revenues and inflation dynamics in Iraq, a rentier economy highly dependent on oil as its primary source of public finance. Given the limitations of conventional inflation measures, the study adopts the GDP deflator as a more comprehensive indicator of price changes across the economy. The main objective is to analyze both the short-run and long-run effects of oil revenues and selected macroeconomic variables on the GDP deflator over the period 2004–2022. The study employs the Autoregressive Distributed Lag (ARDL) approach, which is suitable for small sample sizes and allows for the estimation of dynamic relationships among variables with mixed orders of integration. The findings reveal that broad money supply significantly influences the GDP deflator in the short run, while oil revenues exert a positive and statistically significant effect in the long run, confirming their dominant role in driving inflation. In contrast, variables such as the exchange rate, government expenditure, and tax revenues do not show significant long-term effects. These results indicate that inflation in Iraq is primarily demand-driven through oil revenue channels, reflecting structural dependence on the oil sector. The study concludes that effective management of oil revenues, alongside coordinated fiscal and monetary policies and economic diversification, is essential to achieving price stability and sustainable economic growth in oil-dependent economies.
Modelling Consumer Adoption of Blockchain-based Halal Traceability System: Integrated Behavioural-Innovation Framework Razali, Ramadhan; Nashirudin, Muh.; Zulfikar, Zulfikar; Mahdi, Mahdi
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.981

Abstract

The increasing complexity of halal supply chains has intensified transparency challenges, yet limited studies integrate behavioural and innovation theories to explain consumer adoption of blockchain-based halal traceability systems. This study aims to analyze consumer demand and identify key drivers influencing the adoption of blockchain-based halal traceability using an integrated theoretical framework. A mixed-method design was employed, involving a survey of 400 respondents across four Indonesian provinces (Aceh, North Sumatra, DKI Jakarta, and West Java), complemented by in-depth interviews with industry stakeholders and thematic analysis. Quantitative data were analyzed using descriptive and explanatory techniques, while qualitative data provided contextual insights into adoption barriers and opportunities. The findings reveal that perceived transparency, trust enhancement, and relative advantage significantly influence consumers’ intention to adopt blockchain-based systems. However, adoption is constrained by low technological literacy, high implementation costs, and regulatory uncertainty. This study integrates TPB, DOI, and SCTT into a unified adoption model while proposing a validated blockchain-based halal traceability framework that emphasizes the need for regulatory harmonization, technological literacy, and financial support to accelerate digital transformation in the halal ecosystem.
Integrating Digital Transformation, Internal Control, and Socio-Spiritual Values for Sustainable Competitive Performance of MSMEs Putri, Eskasari; Ramadhan, Abid; Akbar, Ashar Mukhammad; Wibawa, Mochammad Adhitya; Febriyanti, Rosa Indah; Prahastiwi, Aisyah Laras
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.988

Abstract

Despite extensive research on internal control, digital transformation, and socio-spiritual values, their integrated impact on the sustainable competitive performance of MSMEs remains underexplored, particularly in developing economies. This study aims to analyze the combined effects of internal control components, digital transformation, and socio-spiritual values on MSME performance in Indonesia. A quantitative approach was employed using a cross-sectional survey of 416 MSME actors in Central Java province, selected through purposive sampling. Data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS). The findings reveal that all internal control elements, digital transformation, and socio-spiritual values have a positive and significant effect on sustainable competitive performance, with digital transformation emerging as the most influential factor, followed by monitoring activities and socio-spiritual values. These results point out the importance of integrating technological capability, effective governance, and value-based practices in strengthening MSME sustainability. The study extends the Resource-Based View and internal control framework by incorporating socio-spiritual values as strategic resources and offers practical guidance for developing adaptive and sustainable MSME strategies.
Muslim Population Share, Religious Demography, and Development Patterns in Muslim-Majority Countries: A Cross-Country Exploratory Study Rifqi, Lathif Hanafir; Musahadi, Musahadi; Yahya, Muchlis; Nihayah, Ana Zahrotun; Ahmed , Tanjeel; Mujibatun, Siti
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.885

Abstract

This study examines the relationship between Muslim population share and selected development indicators in Muslim-majority countries through a non-causal, exploratory cross-country approach. Using secondary data from 44 Muslim-majority countries between 2019 and 2024, the study investigates statistical associations between religious demography and three development-related indicators: per capita income, income inequality (Gini index), and the Human Development Index (HDI). Data were obtained from internationally recognized sources, including the Pew Research Center, the World Bank, and the United Nations Development Programme (UNDP), ensuring comparability and reliability across countries. Pearson correlation analysis was employed to identify the direction and strength of associations between variables. The findings reveal moderate negative associations between Muslim population share and both per capita income and HDI, whereas the relationship with income inequality appears weak and statistically insignificant. However, the results do not support causal interpretations, as considerable heterogeneity exists across countries with similar religious demographic compositions. The study argues that development outcomes in Muslim-majority countries are more plausibly influenced by institutional quality, governance effectiveness, and structural conditions than by religious demography alone. Conceptually, this research contributes by distinguishing religious demography from individual religiosity and offers a more cautious macro-level perspective on religion–development linkages.
What Drives Islamic Banking Stability in ASEAN? The Mediating Role of Good Governance Abidin, Zainal; Oktaviana, Ulfi Kartika; Khairat, Habil
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.894

Abstract

This study examines the determinants of Islamic banking stability in the ASEAN region by investigating the mediating role of good governance in the relationship between internal and external risk factors and bank stability. While prior studies have primarily focused on the direct determinants of banking resilience, limited attention has been paid to the intermediary role of governance in shaping Islamic banking stability. This study addresses this gap by integrating good governance into a comprehensive analytical framework. Using secondary panel data from Islamic banks in Indonesia and Malaysia during the 2019–2023 period, the study employs multiple regression analysis and the Sobel test to assess mediation effects. Data were collected from individual bank financial reports, central bank databases, and the Worldwide Governance Indicators (WGI). The findings reveal that credit risk negatively and significantly affects Islamic banking stability, whereas capital risk and exchange rates exert positive and significant effects. Interest rates demonstrate a positive but insignificant influence. Good governance significantly enhances Islamic banking stability and mediates the effects of capital risk and exchange rates, but not those of credit risk and interest rates. These findings underscore the strategic importance of governance mechanisms in strengthening the resilience and sustainability of Islamic banking institutions amid regional and global financial uncertainty.
Comparative Practices of Campus Zakat Management: Evidence from Indonesia and Malaysia Ramdani, Alfi Muhamad; Fahrullah, A'rasy Fahrullah; Lateh, Najahudin Bin
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.946

Abstract

Campus zakat institutions play an increasingly important role in supporting student welfare in Muslim-majority countries; however, comparative evidence regarding effective zakat governance across university settings remains unexplored. This study aims to compare the management of campus zakat at Pusat Pengelolaan Dana Sosial (PUSPAS) of Universitas Airlangga, Indonesia, and Bahagian Zakat, Sedekah, dan Wakaf (ZAWAF) of Universiti Teknologi MARA, Malaysia, focusing on zakat collection, distribution, student empowerment, and institutional best practices. This study employed a qualitative research design using a phenomenological approach. Data were collected through interviews, observations, and document analysis to capture institutional experiences and practices in zakat management. The findings revealed significant differences in zakat collection mechanisms shaped by national legal frameworks. PUSPAS implemented a voluntary zakat collection system in accordance with Indonesian regulations, whereas ZAWAF applied a mandatory mechanism for Muslim contributors under Selangor state law. Despite these differences, both institutions developed student empowerment programs aimed at promoting long-term economic independence among mustahik students. The study highlights the importance of supportive regulations and sustainable empowerment strategies in optimizing campus zakat management to enhance student welfare.
Does FinTech Adoption Enhance MSME Performance? The Role of Financial Behaviour and Digital Financial Literacy Rohaeni, Nani; Meutia, Meutia; Indriana, Ina; Januarsi, Yeni
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.982

Abstract

Despite their vital contribution to Indonesia’s regional economy, MSMEs continue to face challenges related to limited financial literacy and low FinTech adoption, which constrain financial behaviour and business performance in the digital era. This study examines the effects of digital financial literacy and FinTech adoption on MSME financial performance, with financial behaviour serving as a mediating variable. A quantitative explanatory design was employed using survey data from 150 MSME owners in Banten Province, Indonesia. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine both direct and indirect relationships among the constructs. The findings reveal that financial literacy significantly influences financial behaviour (β = 0.151, p = 0.034) and exerts the strongest direct effect on MSME financial performance (β = 0.483, p < 0.001). FinTech adoption significantly affects financial behaviour (β = 0.713, p < 0.001) and financial performance (β = 0.188, p = 0.024). Financial behaviour positively influences financial performance (β = 0.231, p = 0.016). Furthermore, financial behaviour significantly mediates the relationship between FinTech adoption and MSME financial performance (β = 0.165, p = 0.037), but does not significantly mediate the relationship between financial literacy and financial performance (β = 0.035, p = 0.195). This study contributes to the MSME digitalization literature by clarifying the distinct pathways through which financial literacy and FinTech adoption shape business performance through financial behaviour.
Spirituality, Organizational Commitment, and Resource Management for SDGs: Evidence from Smart Village Islamic Enterprises Supriyanto, Agus; Cahyadi , Iwan Fahri; Andriasari, Widi Savitri; Arsiyanti, Rina
Shirkah: Journal of Economics and Business Vol. 11 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/shirkah.v11i1.1080

Abstract

Despite the growing interest in Smart Villages, previous studies have paid limited attention to the role of spirituality in shaping business performance within Islamic organizations. This study aims to examine the influence of individual spirituality on organizational commitment, resource management, and business performance in Smart Village contexts. A quantitative design using Partial Least Squares Structural Equation Modelling (PLS-SEM) was employed, involving 135 respondents from Islamic organization-based enterprises in Kudus Regency, Indonesia. Data were collected through structured questionnaires using a five-point Likert scale and analyzed using SmartPLS 4 to assess measurement and structural models. The findings reveal that individual spirituality significantly enhances commitment to Islamic organizational networks, which in turn strengthens both tangible and intangible resource management. These resources partially mediate the relationship between organizational commitment and business performance. Tangible resources exhibit a stronger direct effect, while intangible resources contribute through trust, knowledge sharing, and social capital. The findings imply that integrating spirituality into organizational and resource management strategies can strengthen sustainable rural economic development within Smart Village ecosystems.

Page 32 of 32 | Total Record : 320

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