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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 1,394 Documents
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The Role of Hedonic and Utilitarian Value Moderation in the Relationship Between Advertising Value and Purchase Intention: A Study of iPhone and Samsung Smartphone Consumers Rendy Setiawan; Radityo Putro Handrito
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11128

Abstract

The development of digital technology and the increasing use of premium smartphones such as the iPhone and Samsung indicate that this phenomenon is occurring among various groups in Indonesia. However, the high prices of these products are relatively significant compared to the average income of the population. This phenomenon suggests that consumers' purchasing decisions are not solely influenced by rational considerations but also by psychological factors and value perceptions formed through the products themselves. This study aims to analyze the influence of advertising value on purchase intention among iPhone and Samsung smartphone consumers, as well as to examine the role of hedonic and utilitarian values as moderating variables in this relationship. The research employs a quantitative approach with an explanatory research design. The population consists of consumers and prospective consumers of iPhone and Samsung smartphones in two cities in East Java, namely Surabaya, Malang, Kediri, Madiun, and Blitar. The sampling technique uses purposive sampling with a total of 250 respondents. Advertising value is measured using indicators of valuable, useful, and important, while purchase intention is measured through indicators of probability, consideration, willingness to buy, and performance purchase. Hedonic and utilitarian values serve as moderating variables to determine the extent to which consumers' psychological orientations can strengthen or weaken the influence of advertising value on purchase intention. This research is expected to contribute theoretically to the development of consumer behavior literature and advertising effectiveness, as well as provide practical implications for companies in designing marketing strategies that are more aligned with consumer characteristics.
Financial Ratios and Earnings Per Share Evidence from Indonesian Food and Beverage Firms Muhammad Alvin; Fanji Farman
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11149

Abstract

The purpose of this research is to look at food and drink firms listed on the Indonesia Stock Exchange from 2020 to 2024 and see how EPS is affected by current ratios, debt-to-equity ratios, and return on assets. Unpredictability in enterprises' capacity to produce profits for shareholders during the post-pandemic recovery phase prompted the study's impetus. The researchers used panel data regression analysis to take a quantitative approach. There were 121 firm-year observations in the sample, which was comprised of 25 enterprises chosen by selective sampling. Companies' websites and the Indonesia Stock Exchange's published annual financial statements were sources of secondary data. After using the Chow, Hausman, and Lagrange Multiplier tests to pick a model, the Random Effect Model (REM) was determined to have the best fit. Stronger liquidity enables better shareholder profitability, as seen by the positive and substantial influence of Current Ratio on profitability Per Share. A positive and statistically significant relationship between ROA and EPS indicates that efficient use of assets increases profits and value for shareholders. On the other hand, EPS is unaffected by the Debt to Equity Ratio. Return on Assets, Debt to Equity Ratio, and Current Ratio all have a substantial impact on Earnings Per Share at the same time. The significance of profitability and liquidity in enhancing shareholder returns in the food and beverage industry is shown by these studies.
The Effect of Environmental Costs and Green Investment on Sustainability Finance Devina Nur Fitriani; Siti Kustinah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11150

Abstract

This study examines how environmental costs and green investment affect sustainability finance in coal mining subsector companies listed on the Indonesia Stock Exchange (IDX), especially during 2020 to 2024. This study uses a quantitative method with secondary data obtained from the company's annual report and sustainability report. The sampling technique used is purposive sampling so that 68 observation data that meet the research criteria are obtained. Hypothesis testing was carried out using t-test and F-test to analyze the partial and simultaneous influence of the study variables. The results of the partial test showed that environmental costs had a negative and significant effect on sustainability finance, while green investment had a positive and significant effect on sustainability finance. Meanwhile, the results of simultaneous testing show that environmental costs and green investment together have a significant effect on sustainability finance. The results of this study show the importance of effective environmental cost management and increasing green investment in supporting the company's financial sustainability. Further research is suggested to add moderation or mediation variables to clarify the factors that affect sustainability finance.
The Influence of Digital Literacy and Learning Motivation on Digital Marketing Content Creation Competency in Grade X and Xi Students of Digital Business at Smks Budi Agung Medan Yessi Novitasari Laia; Lenti Susanna Saragih
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11183

Abstract

This study aims to determine the influence of digital literacy and learning motivation on the competence of digital marketing content creation in students in grades X and XI of the Digital Business Skills Program at SMKS Budi Agung Medan. This study uses a quantitative approach with a survey method. Data collection techniques are carried out through questionnaires, observations, and documentation. The questionnaire instrument was compiled using the Likert scale to measure digital literacy levels, learning motivation, and digital marketing content creation competencies. The population in this study is 55 students in grades X and XI of the Digital Business Skills Program. Because the population is relatively small, all members of the population are sampled using the saturated sampling technique. The results of the study show that digital literacy and learning motivation have a positive and significant influence on students' digital marketing content creation competence. These findings indicate that the better the students' ability to utilize digital technology and the higher their motivation to learn, the better their competence in producing digital marketing content. Conversely, low digital literacy and learning motivation can have an impact on declining students' ability to develop content that suits digital marketing needs. Thus, strengthening digital literacy and increasing learning motivation are important factors that need to be considered in an effort to improve the competence of digital marketing content creation in students of the Digital Business Expertise Program.
The Effect of Current Ratio and Debt to Equity Ratio on Return On Assets in Real Estate Companies Listed on the IDX in 2020-2024 Vinka Nashwa Sukmala; Dian Festiana Hadi Saputro; Imang Dapit Pamungkas; Lilis Setyowati
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11273

Abstract

The Indonesian real estate sector experienced considerable fluctuations in financial performance during the period of economic disruption caused by the COVID-19 pandemic and the subsequent recovery phase. These conditions increased the importance of evaluating factors that influence corporate profitability, particularly Return on Assets (ROA), which reflects a company's effectiveness in utilizing its assets to generate earnings. Previous studies examining the relationship between liquidity, leverage, and profitability have produced inconsistent results, indicating the need for further investigation. Therefore, this study aims to analyze the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) on Return on Assets (ROA) in real estate companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. This research employed a quantitative approach with a causal-descriptive design. Secondary data were obtained from audited annual reports published by the IDX. The sample was selected using purposive sampling, resulting in 135 firm-year observations. Data were analyzed using multiple linear regression supported by IBM SPSS version 23 after fulfilling the classical assumption tests. The results indicate that Current Ratio does not significantly affect Return on Assets, suggesting that liquidity is not a primary determinant of profitability in the real estate industry. In contrast, Debt to Equity Ratio has a significant negative effect on Return on Assets, indicating that higher leverage increases financial burdens and reduces profitability. Simultaneously, Current Ratio and Debt to Equity Ratio significantly explain variations in ROA. In conclusion, effective debt management plays a more important role than liquidity management in improving the profitability of real estate companies. Managers should therefore maintain an optimal capital structure to support sustainable financial performance.
Islamic Business Ethics in the Digital Era: A Study of the Use of Image Generators to Increase Consumer Trust Siti NurJannah; Saifuddin
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11277

Abstract

Penggunaan generator gambar AI dalam pemasaran digital semakin banyak dimanfaatkan oleh bisnis karena dapat menghasilkan gambar produk yang menarik dan cepat. Namun, visual yang dihasilkan AI seringkali tidak sesuai dengan kondisi produk sebenarnya, sehingga menyesatkan konsumen dan bertentangan dengan etika bisnis Islam yang menekankan kejujuran, kepercayaan, dan larangan gharar. Studi ini bertujuan untuk menilai bagaimana penggunaan AI memengaruhi kepercayaan konsumen Muslim dan apakah praktik tersebut sesuai dengan prinsip-prinsip syariah. Studi ini menggunakan penelitian kualitatif melalui wawancara dan observasi terhadap UMKM dan konsumen Muslim. Hasil studi ini menawarkan wawasan baru tentang pentingnya penggunaan AI secara etis dan memberikan rekomendasi agar teknologi tersebut dapat digunakan sesuai dengan nilai-nilai Islam dalam membangun kepercayaan konsumen menggunakan situs web Pippit AI.
Analysis of the Role of Input Markets and Output Markets in Increasing Productivity, Competitiveness, and Economic Welfare: Perspectives of Conventional Economics and Islamic Economics. Pephitasya Juliana; Siradjuddin; Abdul Wahab
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11358

Abstract

The input market and the output market are two fundamental elements in the economic system that play an important role in determining the level of productivity, competitiveness, and economic welfare. The input market provides various factors of production, such as labor, capital, land, and entrepreneurship needed in the production process, while the output market is a means of distributing goods and services to consumers. In the conventional economy, market efficiency is the main factor in optimizing the allocation of resources to achieve economic growth and community welfare. Meanwhile, Islamic economics not only emphasizes efficiency, but also prioritizes the principles of justice, balance, benefit, and the achievement of falah as the ultimate goal of economic activity. This research aims to analyze the role of input markets and output markets in increasing productivity, competitiveness, and economic welfare through the perspective of conventional economics and Islamic economics. The method used is library research with a descriptive-comparative approach through the analysis of various literatures, scientific journals, books, and relevant research results. The results of the study show that the input market and the output market have a significant contribution in encouraging productivity through optimizing the use of production factors and increasing the efficiency of production distribution. In the perspective of conventional economics, productivity and competitiveness are influenced by price mechanisms, market competition, and resource allocation efficiency. As for the perspective of Islamic economics, productivity and competitiveness are not only measured in terms of economic profits, but also by the extent to which market activities are able to create distribution justice, avoid exploitative practices, and provide benefits to society at large. Therefore, the integration of conventional economic efficiency values with sharia principles can be an alternative in realizing a productive, competitive, and welfare-oriented market system.
Analysis of the Global Environmental Crisis in the Perspective of Maqasid Sharia: Efforts to Realize Sustainable Development Pephitasya Juliana; Andi Ahmad Dhiyauddin; Radina Fauzi; Murtiadi Awaluddin; Sudirman
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11359

Abstract

The global environmental crisis is a serious threat to the sustainability of human life, economic stability, and the balance of the world's ecosystems. Rising global temperatures, air pollution, water pollution, and biodiversity loss show that environmental issues require a multidisciplinary approach that is not only technical, but also ethical and normative. In an Islamic perspective, maqasid sharia provides a value framework that aims to realize benefits and prevent damage. This research aims to analyze environmental issues through the perspective of maqasid sharia by emphasizing the five main goals of sharia: protecting religion, soul, intellect, descent, and property. The method used is a literature study with a descriptive-analytical approach from classical sources and cutting-edge references. The results of the study show that environmental protection is an integral part of the sharia goals and is relevant to be applied in today's sustainable development policies..
The Effect of Accounting Earnings, Total Cash Flow, and Net Profit Margin on Stock Returns: Evidence from Infrastructure Companies Listed on the Indonesia Stock Exchange (2021–2024) Tasya Putri Abidtya; Fitria Magdalena Suprapto; Rike Selviasari
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11421

Abstract

Stock return is one of the important indicators used by investors to assess the success of their investments in the capital market. Changes in stock returns are influenced by various factors, both from the company's financial performance and external conditions. This study aims to analyze the effect of accounting profit, total cash flow, and net profit margin on stock returns of infrastructure sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This research employed a quantitative approach using secondary data obtained from companies’ annual financial reports and stock price data. The sampling technique used was purposive sampling, resulting in 25 companies with a total of 100 research observations. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, partial tests (t-test), simultaneous tests (F-test), and the coefficient of determination with the assistance of IBM SPSS Statistics software. The results indicate that accounting profit has a negative and significant effect on stock returns, total cash flow has no significant effect on stock returns, while net profit margin has a positive and significant effect on stock returns. Simultaneously, accounting profit, total cash flow, and net profit margin significantly affect stock returns. The coefficient of determination value of 11.1% indicates that the ability of the three independent variables to explain variations in stock returns is relatively limited, while the remaining 88.9% is influenced by other factors outside the research model. The findings imply that corporate profitability information, particularly net profit margin, can be considered by investors in making investment decisions within the infrastructure sector and may serve as a reference for future studies regarding factors affecting stock returns.
The Influence of Work Motivation and Work Discipline on Employee Performance with Work Engagement as a Mediating Variable Edhy Richard; Restu Alam Paripurnawaty; Chonchita Valentina Latupapua; Agusthina Risambessy
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (2026): Vol. 8 No. 2 (2026): All articles in this issue include authors from 3 countrie
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i3.11454

Abstract

This study investigates the influence of work motivation and work discipline on employee performance, with work engagement as a mediating variable in a government law enforcement institution. Grounded in motivational theory—including Self-Determination Theory, Goal-Setting Theory, and Equity Theory—and supported by established frameworks on work discipline and employee engagement, this research develops seven hypotheses relating these constructs. A quantitative explanatory design was employed, collecting data from 125 respondents selected through proportional random sampling using the Slovin formula from a population of 182 employees. Structural Equation Modeling based on Partial Least Squares (SEM-PLS) was used for data analysis. Results indicate that: (1) work motivation positively and significantly influences work engagement; (2) work motivation does not significantly influence employee performance directly; (3) work discipline positively and significantly influences work engagement; (4) work discipline positively and significantly influences employee performance; (5) work engagement does not significantly influence employee performance; (6) work engagement does not mediate the relationship between work motivation and performance; and (7) work engagement does not mediate the relationship between work discipline and performance. These findings suggest that in bureaucratic, rule-based organizations, formal discipline exerts a more dominant direct effect on performance than psychological engagement. The study contributes to human resource management theory by contextualizing motivational constructs within institutional settings.

Page 128 of 140 | Total Record : 1394

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