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Al-Kharaj: Journal of Islamic Economic and Business
Published by Institut Agama Islam Negeri Palopo
ISSN : 2686262X     EISSN : 26859300     DOI : 10.24256/kharaj.v4i2
Core Subject : Economy,
Economics, Econometrics & Finance
Al-Kharaj, Journal of Islamic Economic and Business is peer-reviewed journal published by program studi ekonomi syariah , Institut Agama Islam Negeri (IAIN) Palopo. Al-Kharaj focus on the research of Islamic Economic and Business. The aims of this journal is to explore and develop economic related to Islamic and Business. This Journal welcomes contributions from researchers in related diciplines.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 1,173 Documents
 112   113   114   115   116 
The Effect of the Proportion of Female Directors and Independent Board of Commissioners on Financial Performance: Evidence from LQ-45 Companies on the Indonesia Stock Exchange 2022–2024 Siska Dewi Wulandari; Lalu Hamdani Husnan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10439

Abstract

This study examines the influence of the proportion of female directors and independent board commissioners on corporate financial performance, measured by Return on Assets (ROA), among firms listed in the LQ-45 index on the Indonesia Stock Exchange (IDX) over the 2022–2024 period. Employing a quantitative causal design, purposive sampling yielded 30 companies across three fiscal years, producing 88 panel data observations sourced from annual reports via the IDX portal and Thomson Reuters Eikon Refinitiv. Panel data regression was conducted using a Random Effect Model (REM) estimated through Estimated Generalized Least Squares (EGLS) with cross-section weighting in STATA to address heteroscedasticity and autocorrelation. Empirical findings reveal that the proportion of female directors (PDP) exerted a positive and marginally significant effect on ROA (β = 535.4451, p = 0.1278) at the 90% confidence level, partially supporting H1. Conversely, the proportion of independent commissioners (DKI) demonstrated no statistically significant effect on ROA (β = −13,446.2347, p = 0.6812), attributable to negligible variability in DKI values across sample firms (SD = 0.0042) arising from homogeneous compliance with Financial Services Authority (OJK) regulatory thresholds, thereby rejecting H2. The model's R² of 3.30% indicates that predominant determinants of ROA reside beyond board compositional variables. Grounded in Resource Dependence Theory and Agency Theory, these findings underscore the strategic significance of directorial gender diversity for firm profitability in large capitalization Indonesian enterprises. Regulatory authorities are encouraged to institute more stringent gender diversity mandates, while future research should broaden the observation horizon and examine supplementary governance constructs.
The Effect of Transformational Leadership on Organizational Creativity: The Mediating Role of Innovation Culture in Public Sector Organizations Muh Irpan; Siti Nurmayanti; Lalu Hamdani Husnan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10442

Abstract

This study examines the influence of transformational leadership on organizational creativity with innovation culture as a mediating variable among employees of the Land Transportation Management Center (BPTD) Class II, West Nusa Tenggara Province, Indonesia. Employing a quantitative causal research design, data were collected from 176 respondents selected through proportional stratified random sampling from a population of 312 employees. Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS was used for data analysis. The results demonstrate that: (1) transformational leadership exerts a significant positive direct effect on organizational creativity (β = 0.221, p = 0.003); (2) transformational leadership significantly and positively influences innovation culture (β = 0.862, p = 0.000); (3) innovation culture significantly and positively affects organizational creativity (β = 0.681, p = 0.000); and (4) innovation culture partially mediates the relationship between transformational leadership and organizational creativity (indirect effect = 0.587, p = 0.000). These findings reveal that transformational leadership enhances organizational creativity not only directly but also indirectly through the cultivation of an innovation-oriented organizational culture. This study contributes to the public sector management literature by empirically demonstrating the critical mediating role of innovation culture in translating transformational leadership behaviors into creative organizational outcomes within a bureaucratic government institution.
Revitalization of 16 Ilir Market: A Study of Government Policy from an Urban Economic Perspective M. Rifki Rahman; Alfitri; Mega Nugraha
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10457

Abstract

The revitalization of Pasar 16 Ilir plays a strategic role in maintaining the competitiveness of traditional markets amidst the expansion of modern retail and the digitization of commerce. This study employs a qualitative descriptive approach with thematic analysis to explore the challenges, benefits, and revitalization strategies based on the rational model. The findings indicate that revitalization contributes to economic competitiveness, social sustainability, and improved market governance. The rational model was chosen to ensure that policy decisions are evidence-based and aligned with the Maximum Social Gain principle. The implementation of revitalization is currently in the phase of infrastructure improvements and governance reforms. This study recommends synergy between the government, market managers, and traders to ensure the sustainability of a competitive and inclusive trading ecosystem.
Synergy of Policy and Cultural Economy: Practical Implementation of Regional Regulation No. 2 of 2021 in Strengthening Local Identity and Economy in South Sumatra Andi Novriansyah; Alfitri; Andries Lionardo
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10460

Abstract

Local cultural heritage is an integral part of a region's identity, enriching Indonesia's cultural diversity as a whole. This study aims to explore the efforts of the South Sumatra Government to preserve local cultural heritage in the province by implementing Regional Regulation (Perda) Number 2 of 2021 concerning the Architecture of Buildings with Regional Identity Ornaments. This policy stipulates requirements for incorporating elements of local wisdom, particularly Songket and Tanjak motifs, into various building structures such as government buildings, schools, toll gates, train stations, terminals, and even airports managed by Regional Apparatus Organizations (OPD) in the region. This study uses a qualitative approach by collecting data through in-depth interviews with government officials directly involved in policy implementation. Data analysis was conducted using a descriptive approach to evaluate the policy and its implementation practices in the field. The research findings indicate that the implementation of Perda Number 2 of 2021 has been successful and effective, generating a significant impact on efforts to preserve local cultural heritage in South Sumatra. This policy encourages each Regional Apparatus Organization (OPD) to incorporate regional ornamentation into building structures, such as government offices, schools, state-owned enterprises (BUMN/BUMD), hospitals, regional military (KODAM/Kodim), and the Regional Police Chief's office. Furthermore, this policy allocates specific funds for renovations related to local wisdom, particularly in the application of Songket motifs. In conclusion, Regional Regulation No. 2 of 2021 provides a solid foundation for the preservation of local cultural heritage in South Sumatra. By promoting the integration of elements of local wisdom into public building structures, this policy strengthens regional cultural identity while supporting sustainable development. The implications of this policy also reflect the regional government's commitment to preserving local cultural values ​​in regional planning and development.
The Influence of Financial Performance and Economic Performance on the Financial Stability of ASEAN Islamic Banking Ikrar Syahdani; Sofyan Rizal; Roikhan Mochammad Aziz
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10465

Abstract

Global dynamics and geopolitical uncertainty put pressure on the stability of the financial system, including Islamic banking. Fluctuations in Islamic financial and economic performance tend to be unstable, potentially hampering real sector growth and reducing the competitiveness of the Islamic economy globally. This research uses a quantitative approach with a panel data regression method, which combines time series and cross-sectional data. The variables used include financial performance indicators, namely ROE, ROA, CAR, and NPF, as well as economic performance indicators, including GDP growth, inflation, and the unemployment rate. These findings indicate that certain macroeconomic variables and profitability levels play a role in maintaining the stability of the Islamic banking system. The implications of this research emphasize the importance of incorporating labor market indicators into macroprudential policies, the need for a different approach in handling interbank crises, and the acceleration of digitalization due to the pandemic, which presents both opportunities and risks for financial stability.
The Impact of the Work Environment on Employee Job Satisfaction with Motivation as an Intervening Variable of the Garden Office of Pt. Tasma Puja Sei Kuamang Kampar Husein Husein; Yulizar Baharuddin; Mustafa Kamal; Adi Setiawan; Muhammad Salis
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10467

Abstract

This study aims to analyze the influence of the work environment on employee job satisfaction with work motivation as an intervening variable in the Garden Office of PT. Tasma Puja Sei Kuamang Kampar. The phenomenon behind this research is the importance of creating a conducive work environment to increase employee motivation and job satisfaction in supporting the achievement of company goals. The research method used is a quantitative method with a descriptive and causal approach. The population in this study is all employees of the Plantation Office of PT. Tasma Puja Sei Kuamang Kampar. The sampling technique uses saturated sampling, so that the entire population is used as a research sample of 52 employees. The data collection technique was carried out through the distribution of questionnaires. Data analysis was conducted using Structural Equation Modeling-Partial Least Square (SEM-PLS). The results of the study show that the work environment has a positive and significant effect on employee job satisfaction, the work environment has a positive and significant effect on work motivation, and work motivation has a positive and significant effect on employee job satisfaction. In addition, work motivation has been proven to be able to mediate the influence of the work environment on employee job satisfaction at the Garden Office of PT. Tasma Puja Sei Kuamang Kampar. Based on the results of the study, it can be concluded that the work environment and work motivation are important factors in increasing employee job satisfaction. Therefore, companies need to continue to create a comfortable, safe, and conducive work environment and provide support that can increase employee work motivation
The Influence of Work-Life Balance and Flexible Working Arrangements on Auditor Performance at the Bengkulu Provincial Inspectorate Intan Nur Fitriani; Novita Sari; Halimatusyadiah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This research is motivated by the persistent performance issues of auditors at the Bengkulu Provincial Inspectorate, reflected in findings on regional financial management and the potential for role conflict due to high work demands. This condition requires attention to non-technical factors such as work-life balance and flexible working arrangements. This study aims to examine the effect of work-life balance and flexible working arrangements on auditor performance. The research method uses a quantitative approach with a survey method. The study population was all 62 auditors at the Bengkulu Provincial Inspectorate, sampled through a saturated sampling technique. Data were collected using a questionnaire and analyzed using multiple linear regression using SPSS. The results show that work-life balance has a positive and significant effect on auditor performance, as does flexible working arrangements, which also have a positive and significant effect. Simultaneously, both variables are able to explain 53.3% of the variation in auditor performance. In conclusion, improving work-life balance and implementing optimal work flexibility can improve auditor performance. The implications of this study emphasize the importance of organizational policies that support work well-being and flexibility as a strategy to improve the performance of public sector auditors.
The Influence of Product Quality, Price, and Online Customer Reviews on the Purchase Intention of Erigo Fashion Products on Shopee among Generation Z in Surabaya M. Adrian Fajar Maulana As. Sidik fajar; Acep Samsudin
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10476

Abstract

This study aims to analyze the influence of product quality, price, and online customer reviews on the purchase intention of Erigo fashion products on Shopee among Generation Z in Surabaya. This research employs a quantitative approach using SPSS version 31. The sample consists of 157 respondents selected through purposive sampling, with data collected using structured questionnaires based on each variable’s indicators. Data analysis includes validity and reliability tests, classical assumption tests, and multiple linear regression, with hypothesis testing conducted using t-tests and F-tests.The results reveal that product quality, price, and online customer reviews have a positive and significant effect on purchase intention, both partially and simultaneously. Product quality is identified as the most dominant variable. The coefficient of determination (Adjusted R² = 0.839) indicates that 83.9% of the variation in purchase intention is explained by the independent variables. These findings highlight the importance of product quality, competitive pricing, and effective management of online customer reviews in enhancing purchase intention. This study provides practical implications for companies, particularly in the fashion e-commerce sector, in developing strategies to improve consumer purchase intention. Keywords:Product Quality, Price, Online Customer Reviews, Purchase Intention
How Managerial Overconfidence Shapes M&A Decisions: A Systematic Literature Review Khamada Novel; Lalu Hamdani Husnan; Siti Aisyah Hidayati
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10487

Abstract

This study presents a systematic literature review of 34 empirical articles published between 2004 and 2025 to examine how managerial overconfidence shapes merger and acquisition (M&A) decisions and outcomes. Using PRISMA 2020 guidelines, the review synthesizes evidence across global contexts, covering both developed and emerging markets. The findings show that overconfident CEOs and managers tend to initiate larger, riskier, and more frequent acquisitions, often resulting in weaker post-merger performance and unfavorable market reactions. The effects of overconfidence are further amplified by investor sentiment, decision framing, and organizational dynamics. Corporate governance (particularly board independence and internal control systems) emerges as a key moderating factor that can constrain biased decision-making. Recent studies also introduce improved measurement approaches, including synergy forecast error and machine-learning models. The review highlights the need for more research in emerging markets such as Indonesia, where context-specific proxies and governance structures may influence the behavioral dynamics of M&A.
The Effect of Knowledge Sharing and Digital Competence on Innovative Work Behavior with Thriving at Work as an Intervening Variable Among Echelon II Officials in West Nusa Tenggara Provincial Government Zahrul Martayadi; Thatok Asmony; Siti Nurmayanti
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.10489

Abstract

This study investigates the effect of knowledge sharing and digital competence on innovative work behavior, with thriving at work as an intervening variable, among Echelon II Officials of the West Nusa Tenggara Provincial Government, Indonesia. A quantitative causal research design was employed using census sampling covering all 41 Heads of Regional Apparatus Organizations, with data collected through structured questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with bootstrapping procedures, drawing on theoretical frameworks from Jong & Den Hartog, Matzler et al., Ferrari's DigComp 2.2, and Spreitzer & Porath. Of seven hypotheses examined, five were supported: knowledge sharing did not directly influence innovative work behavior but significantly predicted thriving at work, which fully mediated the knowledge sharing–innovative work behavior relationship, while digital competence directly and positively influenced both innovative work behavior and thriving at work, though thriving at work did not mediate the digital competence innovative work behavior path. These findings suggest that digital competence serves as a direct driver of public sector innovation, whereas knowledge sharing operates through employees' psychological well-being, implying that the NTB Provincial Government should prioritize strategic digital leadership programs and cultivate reflective knowledge-sharing cultures, with future research encouraged to adopt longitudinal designs and examine additional mediators such as organizational climate and leadership style.

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