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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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Analyzing Analyzing Cost of Poor Quality and the Effectiveness of the Welder Performance Qualification Test in Mitigating Cost Inefficiency Risks in Steel Fabrication EPC Projects Mohammad Fuad Zamroni; Nurhidayah; Abdullah Syakur Novianto
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.v8i3.11463

Abstract

This study examines the effect of Welder Performance Qualification Test (WPQT) implementation on project cost performance through welder competency and repair rate within the Cost of Poor Quality (CoPQ) framework in the steel fabrication EPC industry. A quantitative explanatory approach was employed using data from WPQT records, Ultrasonic Testing (UT) reports, and welder competency questionnaires. The sample consisted of 52 welders involved in the the case project, selected through a census sampling technique. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that WPQT positively influences welder competency, while welder competency significantly reduces repair rates. In turn, higher repair rates negatively affect project cost performance by increasing failure costs. Furthermore, welder competency and repair rate mediate the relationship between WPQT and project cost performance. These findings demonstrate that WPQT serves not only as a qualification requirement but also as a strategic quality control mechanism for improving cost performance in EPC projects
Procurement Management Strategy for Zinc Ingots Based on LME Price Volatility: Achieving Cost Reduction Targets and Optimizing Operational Performance in the Hot-Dip Galvanizing Industry Suherman; Nurhidayah; Abdullah Syakur Novianto
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.v8i3.11465

Abstract

This study aims to analyze the effect of London Metal Exchange (LME) Zinc price volatility and Zinc Ingot procurement management strategies on the company's operational performance through procurement cost efficiency at the participating EPC company. High volatility in global Zinc prices can influence raw material procurement costs and consequently affect the effectiveness of operational performance. Therefore, appropriate procurement strategies are required to control costs and maintain operational efficiency. This study employed a quantitative approach using a survey method, with data collected through questionnaires distributed to 32 respondents involved in the company's procurement, production, and operational activities. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4 software. The results indicate that LME Zinc price volatility significantly affects procurement cost efficiency and the company's operational performance. Zinc Ingot procurement management strategies also have a significant effect on procurement cost efficiency and operational performance. Furthermore, procurement cost efficiency significantly influences operational performance. The mediation analysis reveals that procurement cost efficiency successfully mediates the effects of both LME Zinc price volatility and Zinc Ingot procurement management strategies on operational performance. These findings suggest that effective commodity price risk management and procurement strategies are essential for improving cost efficiency and supporting the achievement of sustainable operational performance
The Influence of Organizational Culture on Employee Performance with Organizational Commitment as a Mediation Variable in the BIF Mantrijeronan Yogyakarta Cooperative Teti Safari; Heri Usodo; R.A Marlien; M. Zaki Mubarok
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.v8i3.11490

Abstract

The abstract contains a brief description of the purpose: describes the objectives and hypotheses of the research. Methods: describes the essential features of the research design, data, and analysis. It may include the sample size, geographic location, demographics, variables, controls, conditions, tests, descriptions of research design, details of sampling techniques, and data gathering procedures. Results: describes the key findings of the study, including experimental, correlational, or theoretical results. It may also provide a brief explanation of the results. Implications: show how the results connect to policy and practice and provide suggestions for follow-up, future studies, or further analysis.
The Meaning of Risk in Stock Investment: A Phenomenological Study of Beginner Investors Retnowati Jasa; Bambang Sugeng Dwiyanto; Dian Widyantini; Wiwit Agustina; Dany Luqyana Idris
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.v8i3.11496

Abstract

The development of the capital market in Indonesia has increased the number of novice investors investing in stocks through various digital platforms. However, this increased participation has not been fully accompanied by a deep understanding of investment risk. Most previous studies have focused on quantitative risk measurement, while the meaning of risk based on investors' lived experiences is still relatively rare. This study aims to understand the meaning of risk in stock investment from the perspective of novice investors using a phenomenological approach. This study employed a qualitative method with a phenomenological approach. Informants were selected through purposive sampling technique, namely novice investors who have actively invested in stocks, have experienced both profits and losses, and are willing to share their investment experiences. Data were collected through in-depth interviews, observation, and documentation, then analyzed using phenomenological analysis stages through bracketing, horizontalization, grouping themes, and compiling textural and structural descriptions to uncover the essence of informants' experiences. The results show that risk is interpreted as an integral part of stock investment, not simply the potential for financial loss. Experience with losses, market fluctuations, and emotional stress shapes investors' perspectives to become more rational, cautious, and able to control their emotions when making investment decisions. Furthermore, the social environment and digital media influence risk perception, although personal experience is a key factor in developing a more mature understanding. This research contributes to the development of behavioral finance studies by demonstrating that the meaning of risk is a construct of investors' lived experiences. The research findings also offer practical implications for regulators, securities firms, and educational institutions in designing investment education programs that emphasize risk understanding and managing investor behavior.
The Influence of Financial Decisions and Business Strategy on Company Value with Financial Performance as a Mediation Variable Please create a background Hani Krisnawati; Y. Sutomor; Sukirman; Muhammad Nurul Anwar
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.v8i3.11506

Abstract

This study aims to analyze the effect of financial decisions and business strategy on firm value with financial performance as a mediating variable. The proposed hypotheses suggest that financial decisions and business strategy have both direct and indirect effects on firm value through financial performance. This research employs a quantitative approach with an explanatory design. The sample consists of companies listed on the Indonesia Stock Exchange during the 2020–2024 period, selected using purposive sampling. The data used are secondary data obtained from annual financial reports. The variables include financial decisions, business strategy, financial performance, and firm value. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results indicate that financial decisions and business strategy have a positive and significant effect on firm value. In addition, both variables positively influence financial performance. Financial performance also has a positive effect on firm value and partially mediates the relationship between financial decisions and business strategy on firm value. The implications suggest that integrating financial policies with business strategy is crucial for enhancing firm value. These findings provide practical insights for managerial decision-making and offer directions for future research to expand the model with additional variables or different contexts
Leverage and Earnings Management: Firm Size Moderation in Indonesian Industrial Firms Eni Srihastuti; Sulthon Afzani
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.v8i3.11508

Abstract

Abstract Purpose: This study investigates the firm-level determinants of accrual-based earnings management among Indonesian industrial firms, focusing on leverage, firm size, and their interaction. It hypothesises that leverage positively affects the magnitude of discretionary accruals (H1), firm size negatively affects it (H2), and firm size moderates the relationship between leverage and earnings management (H3). Methods: Using purposive sampling, the sample comprises 41 industrial-sector firms listed on the Indonesia Stock Exchange over the 2023–2025 period, yielding 123 firm-year observations. Earnings management is proxied by the absolute value of discretionary accruals from the cross-sectional Modified Jones Model. Two nested ordinary least squares models, namely a baseline and a moderation specification, are estimated with year fixed effects and firm-clustered standard errors, with all continuous variables winsorised at the 1st and 99th percentiles. Results: firm size is negatively and marginally associated with discretionary accruals (p = .073), offering modest support for the political cost hypothesis, whereas leverage's main effect is positive but statistically weak. Sales growth emerges as the most robust positive determinant of accrual magnitude, and the interaction between leverage firm size is positive and marginally significant, indicating amplification rather than attenuation of the relationship for larger firms. Implications: Auditors should treat sales growth as a salient operational risk signal when designing substantive procedures, and regulators may use the evidence to support differentiated audit-risk frameworks. Future research should extend the analysis to multi-sector panels and incorporate real activities manipulation proxies.
Financial Management Implementation and Good University Governance in Muhammadiyah Higher Education Institutions in South Sulawesi Liya Saputri; Asrijal Bintang; Kahar; Irwan Abdullah
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.v8i3.11569

Abstract

Financial management is a crucial foundation for implementing Good University Governance in private faith-based higher education institutions, particularly in Muhammadiyah Higher Education Institutions in South Sulawesi. This study aims to examine how financial management is implemented, how transparency, accountability, and participation are practiced, and how institutional efforts support governance improvement within Muhammadiyah higher education. This study employed a descriptive qualitative approach involving selected Muhammadiyah Higher Education Institutions in South Sulawesi. Data were collected through interviews, document analysis, and observation, focusing on financial planning, budgeting, implementation, reporting, accountability, and compliance with Muhammadiyah financial management guidelines. The findings show that the studied institutions have generally implemented financial management according to formal Muhammadiyah guidelines. Financial planning and budgeting are conducted through institutional mechanisms, while transparency and participation have been applied through internal communication, budget discussions, and involvement of relevant institutional units. However, accountability remains the most challenging dimension. Delays in financial reporting, limited human resource competence, uneven financial literacy, and inadequate information technology systems reduce the effectiveness of financial accountability. The discussion indicates that Good University Governance in Muhammadiyah higher education requires not only formal rules but also professional financial personnel, integrated digital systems, internal supervision, and institutional commitment to transparency and accountability. This study contributes to the literature by highlighting the hybrid nature of financial governance in faith-based private higher education, where formal governance principles, religious values, organizational guidelines, and institutional capacity interact. Strengthening financial governance is essential for improving public trust, institutional credibility, and long-term sustainability.
The Effects of Chasing Productivity Demand on Mental Health and Workplace Cheating Behavior: The Moderating Role of HR Support Asa Sheila Amelia; Fauzi Ichwani; Rizki Maulana Ahzar; Ekka Nurcahyaningrum; Aruni Maratussolihah
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.v8i3.11575

Abstract

The garment manufacturing industry is characterized by intensive production targets and high work demands, which may adversely affect employee health and workplace behavior. Excessive job demands often increase performance pressure, leading to psychological strain, stress, and declining employee wellbeing. At the same time, organizations are challenged to maintain productivity without compromising employee health. This study aims to examine the effect of job demands on employee health, investigate the mediating role of performance pressure, and analyze the moderating role of human resource support in mitigating the negative consequences of demanding work environments. The study adopts a mixed-methods approach, combining quantitative and qualitative methods. Quantitative data will be collected through questionnaires distributed to employees in the garment manufacturing sector, while qualitative insights will be obtained through in-depth interviews. Data analysis will be conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) and supported by qualitative thematic analysis. The findings are expected to provide empirical evidence regarding the mechanisms through which job demands influence employee health and to demonstrate the buffering role of human resource support in reducing adverse outcomes. This study contributes to the literature on employee wellbeing, job demands, and sustainable human resource management, while offering practical recommendations for organizations seeking to balance productivity goals with employee health and sustainable workplace practices. Unlike previous studies that primarily focused on productivity demand and employee performance, this study simultaneously investigates employees' mental health and workplace cheating behavior while incorporating HR Support as an organizational buffering mechanism.
The Effect Of Profitability, Leverage, And Company Size On Company Value In Manufacturing Companies Listed On The Indonesia Stock EXCHANGE (Consumer Goods Industry Sub-Sector, 2020-2024 Period) Aiko Aurelia Nur Amri; Dudi Pratomo
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.v8i3.11598

Abstract

Firm value is an indicator that reflects investors' perceptions of a company's performance and future prospects. This study aims to analyze the effect of profitability, leverage, and firm size on firm value in manufacturing companies in the Consumer Goods Industry sub-sector listed on the Indonesia Stock Exchange for the 2020–2024 period. This study uses a quantitative approach with secondary data obtained from the companies' annual financial reports. The research sample was selected using a purposive sampling technique based on predetermined criteria. Profitability is proxied using Return on Assets (ROA), leverage using the Debt to Equity Ratio (DER), firm size using the natural logarithm of total assets, while firm value is proxied by Price to Book Value (PBV). Data analysis was performed using panel data regression with the help of EViews 12 software. The results show that simultaneously, profitability, leverage, and firm size have a significant effect on firm value. Partially, profitability does not have a significant effect on firm value, leverage has a positive and significant effect on firm value, while firm size does not have a significant effect on firm value. These findings indicate that investor decisions in assessing a company are more influenced by funding structure than profitability or firm size.
The Influence of Macroeconomic Factors and Global Commodity Prices on the Jakarta Islamic Index (JII) in Indonesia with the VECM Approach Nofrianto Nofrianto; Wilda Hanifah
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.v8i3.11718

Abstract

This study analyzes the influence of macroeconomic factors and global commodity prices on the prices of sharia stocks that are members of the Jakarta Islamic Index (JII) in Indonesia, using monthly data for the period January 2011-December 2024 as many as 168 observations. The variables used include inflation, BI Rate, rupiah exchange rate, money supply (M2), world gold price, and world oil price. Data was obtained from BPS, Bank Indonesia, Indonesia Stock Exchange, World Gold Council, and U.S. Energy Information Administration (EIA). The Vector Error Correction Model (VECM) method is used to identify short-term and long-term influences. The results show that in the long term, gold prices and world oil prices have a significant positive effect on JII, while the rupiah exchange rate and the money supply have a significant negative effect. Inflation and the BI Rate do not have a significant influence. In the short term, the ECT value of −0.038970 indicates an adjustment towards a long-term equilibrium of 3.9% per period. The novelty of this research lies in the use of a longer data range until 2024 and the simultaneous integration of domestic macro and global commodity variables in the VECM model, thus providing a more comprehensive picture of the behavior of the sharia stock market after the pandemic. Practically, these findings are important for investors and policymakers to understand JII's sensitivity to global factors, especially world gold and oil price movements, in order to optimize investment strategies and stability of the Islamic capital market. Keywords: Jakarta Islamic Index, Macroeconomics, Gold Price, World Oil Price, VECM.

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