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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 1,474 Documents
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The Influence of Work Discipline, Workload, and Work Motivation on Employee Performance at the Manggala District Office, Makassar City Dewi Asti Wulandari; Edi Jusriadi; Yusuf Alfian Rendra Anggoro KR
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12311

Abstract

This study examines the effects of work discipline, workload, and work motivation on employee performance at the Manggala Subdistrict Office, Makassar City. The study employed a quantitative explanatory approach with a cross-sectional design. Data were collected through structured questionnaires using a five-point Likert scale and supported by observation and documentary analysis. The population consisted of 35 civil servants, all of whom were included as respondents using a census sampling technique. Data were analyzed using multiple linear regression with IBM SPSS Statistics after conducting validity, reliability, normality, multicollinearity, and heteroscedasticity tests. The results indicate that work discipline has a positive but statistically insignificant effect on employee performance (B = 0.159; β = 0.145; p = 0.094). In contrast, workload has a positive and statistically significant effect on employee performance (B = 0.344; β = 0.200; p = 0.044), indicating that appropriately managed workload may stimulate employee effort and task achievement. Work motivation demonstrates the strongest positive and statistically significant effect (B = 0.651; β = 0.682; p < 0.001). Simultaneously, work discipline, workload, and work motivation significantly explain employee performance (F = 109.906; p < 0.001), with an R² of 0.914. The findings imply that public-sector performance improvement should prioritize motivational mechanisms and balanced workload management while maintaining discipline as a foundational organizational requirement. The study contributes context-specific evidence to public-sector human resource management and provides practical implications for strengthening employee performance and service delivery.
Analysis of Large Language Model-Based Stock Investment Recommendations for LQ45 Stocks Dian Anggraeni; Muryani Arsal; Muchriana Muchran
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12313

Abstract

This study aims to examine the capability of Large Language Models (LLMs) to generate stock investment recommendations in the form of buy, hold, and sell for stocks included in the LQ45 Index of the Indonesia Stock Exchange. A quantitative experimental approach was employed using three generative artificial intelligence models: ChatGPT, Gemini, and DeepSeek. Each model received an identical prompt incorporating stock price information, trading volume, candlestick patterns, and macroeconomic and microeconomic sentiment. The research sample comprised 45 LQ45 constituent stocks observed over 20 trading days in December 2025, resulting in 900 observations for each model and 2,700 observations in total. Model performance was evaluated based on three primary dimensions: recommendation accuracy relative to actual stock price movements, investment returns, and downside risk. The findings indicate discrepancies between LLM-generated recommendations and actual stock price movements, suggesting that none of the three models can predict stock price direction with complete accuracy. Nevertheless, all models generated positive cumulative returns. DeepSeek achieved the highest Compounded Cumulative Return (CCR) at 24.01%, followed by Gemini at 23.58% and ChatGPT at 1.90%. In terms of risk, ChatGPT demonstrated the most favorable performance, recording the lowest total risk at 16.35%, compared with DeepSeek at 22.34% and Gemini at 24.85%. The loss rates were also below 50% across all models, namely 34.11% for DeepSeek, 37.88% for Gemini, and 27.33% for ChatGPT. These findings suggest that LLMs can function as Decision Support Systems for investment decision-making by generating recommendations with the potential to produce positive returns while maintaining relatively moderate risk. However, LLM-generated recommendations should not be interpreted as definitive market forecasts because their performance remains sensitive to market volatility, information dynamics, and rapidly changing financial conditions.
The Impact of Digital Financial Literacy on MSME Sustainability Performance through Green Investment among MSMEs in South Sulawesi Khusnul Khatimah; Muryani Arsal; Ismail Badollahi
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12319

Abstract

This study aims to analyze the influence of digital financial literacy on the sustainability performance of MSMEs, the influence of digital financial literacy on green investment, the influence of green investment on MSME sustainability performance, and the role of green investment as a mediating variable in the relationship between digital financial literacy and MSME sustainability performance within the context of the circular economy. A quantitative approach was employed, utilizing a survey method involving 343 MSME owners in South Sulawesi Province selected through purposive sampling. Data were collected via questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with the aid of SmartPLS 4.0. The results indicate that digital financial literacy has a positive and significant effect on both MSME sustainability performance and green investment. Green investment also positively and significantly affects MSME sustainability performance and mediates the relationship between digital financial literacy and MSME sustainability performance. The findings confirm that enhancing digital financial literacy encourages the adoption of green investment, which ultimately improves MSME sustainability performance. These results are expected to provide valuable insights for the government, financial institutions, and MSME owners in supporting digital transformation and the implementation of sustainable business practices.
Building Employee Performance Following Mass Layoffs at PT Sang Hyang Seri (Persero), South Sulawesi Branch Nurul Hikmah Hidayat; Muhammad Rusydi; Muh. Rum
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12321

Abstract

Mass termination has become an increasingly important organizational strategy in response to financial pressure, restructuring, and changing business conditions. However, workforce reduction may generate unintended consequences for employees who remain in the organization, particularly in relation to workload, job insecurity, motivation, organizational commitment, and performance. This study aims to analyze how mass termination affects employee performance and to explore how surviving employees construct and maintain their performance following workforce reduction at PT Sang Hyang Seri (Persero), South Sulawesi Branch. A qualitative case study approach was employed involving ten informants, consisting of two terminated employees, five surviving employees, and three members of management. Data were collected through in-depth interviews, field observations, and document analysis and analyzed using thematic analysis supported by source and methodological triangulation, member checking, and systematic verification. The findings indicate that mass termination generated psychological uncertainty, increased workload, weakened organizational trust, and reduced motivation, job satisfaction, teamwork, and organizational commitment among surviving employees. Nevertheless, employees demonstrated adaptive responses through performance documentation, target setting, intensive coordination, routine evaluation, skill development, and work innovation. The study further reveals that transparent communication, procedural fairness, workload redesign, training, recognition, and organizational support are critical conditions for transforming employee adaptation into sustainable performance. The study contributes to the downsizing literature by conceptualizing workforce rationalization as a conditional performance strategy rather than merely a cost-reduction mechanism.
The Organizational Commitment, Motivation, and Culture on Performance: Job Satisfaction as Mediator at Tiumang Health Center Kiki Mirella; Elvis Wandi; Jhon Veri
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12332

Abstract

Purpose: This thesis examines the mediating role of job satisfaction on the effect of organizational commitment, work motivation, and organizational culture on employee performance, addressing the need to optimize human resource outcomes within the healthcare sector. Methods: An explanatory quantitative approach was applied in this study. Conducted at the Tiumang District Health Center, primary data was gathered using Likert-scale questionnaires. A total population sampling technique was utilized, involving 74 medical and administrative staff members. To test the direct and indirect hypotheses, data analysis was performed using Partial Least Square Structural Equation Modeling (PLS-SEM). Results: The findings indicate that organizational commitment, motivation, and work culture have a positive and significant direct impact on both job satisfaction and employee performance. Furthermore, the path analysis confirms that job satisfaction serves as a valid intervening variable, effectively bridging the three independent variables to drive higher overall performance. Implications: Practically, the health center management should prioritize fostering an adaptive work culture and sustaining psychological motivation to maintain high job satisfaction, which ultimately leads to better public healthcare services. Future studies are encouraged to expand the model by incorporating transformational leadership or workload variables across multiple healthcare centers to broaden the generalizability.
Phenomenology of Digital Accounting Application Adoption in MSMEs in Polewali Mandar: Uncovering the Factors Affecting Sakinah Saharuna; Iqbal Nur Aswad; Muhammad Sarjan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12340

Abstract

This research is based on the development of digitalization in business management, especially financial recording in Micro, Small, and Medium Enterprises (MSMEs). Although digital accounting technology is widely available, the level of utilization for MSMEs in Polewali Mandar still varies, ranging from manual recording to the use of applications and websites. This research aims to understand the experience of MSME actors in adopting digital accounting technology and uncover the factors that affect the adoption process. The research uses a qualitative approach with phenomenological methods. Data was obtained through in-depth interviews, observations, and documentation of 15 MSME actors in Polewali Mandar, then analyzed through a process of data reduction, thematic grouping, interpretation of informant experiences, and extraction of meaning from the phenomenon studied. The results of the study show that the adoption of accounting technology in MSMEs takes place gradually and produces four conditions, namely the use of digital accounting applications, the use of websites, towards digital use, and manual recording. Factors that affect adoption include the experience of using digital applications, perception of benefits, ease of use, barriers to adoption and changes after adoption. This research has implications for the importance of increasing digital literacy and continuous mentoring so that MSMEs are able to adopt and utilize accounting technology according to their business needs.
The Effect of Carbon Tax On Carbon Emission Disclosure with Environmental Performance as a Mediating Variable in Energy Sector Companies Listed on the Indonesia Stock Exchange Alifiya Latifaturrohmah; Miladiah Kusumaningarti; Marhaendra Kusuma
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12349

Abstract

This research aims to examine how carbon taxes affect Carbon Emission Disclosure (CED), with environmental performance serving as a mediating variable, focusing on energy scector firms listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A quantitative approach was employed, relying on secondary panel data sourced from the annual reports and sustainability reports of each company. Through purposive sampling, 32 observations were collected and subsequently analyzed using multiple linear regression with SPSS 25. The conclusions specify carbon taxes have a significant effect on both CED and environmental performance; however, environmental performance itself was not found to have a significant effect on CED and failed to act as a mediator in the relationship between carbon taxes and CED. This research provides results that are in line with legitimacy theory and stakeholder theory, which assert that fiscal regulatory pressure in the form of a carbon tax directly encourages energy sector companies to expand the transparency of their carbon emissions disclosures in order to maintain legitimacy in the eyes of the government, investors, and the public.
Analysis of the Impact of Pearl Cultivation on the Welfare of Coastal Communities Involved in Pearl Cultivation Activities in Batu Putih Village, Sekotong District, West Lombok Regency Moh. Albi Hasan; Diswandi
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12356

Abstract

The fisheries and marine sector is one of the main pillars of livelihood for coastal communities, but the gap between the potential of the marine economy and the actual welfare of cultivators is still a problem in various coastal areas of Indonesia, including in Batu Putih Village, Sekotong District, West Lombok Regency, which is known as one of the South Sea Pearl pearl cultivation centers. This study aims to analyze the influence of pearl cultivation activities on the welfare of coastal communities involved in these activities, with the Sustainable Livelihood Framework as a conceptual foundation. The study used an explanatory quantitative approach with purposive sampling technique on 100 respondents, analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) through SmartPLS 4. Hypothesis testing through bootstrapping proves that pearl cultivation activities have a positive and significant effect on the welfare of coastal communities, so the research hypothesis is accepted. These findings confirm that pearl farming plays a role as an effective livelihood strategy for the coastal communities of Batu Putih Village, as well as providing empirical evidence for the application of the Sustainable Livelihood Framework in the context of aquaculture with high economic value in Indonesia.
IRSM: Extending the Resource-Based View to Explain Competitive Advantage in Conflict-Induced Displacement Entrepreneurship Among Sudanese Diaspora SMEs (2023–2026) Yusra Ali Idriss; Yessy Artanti; Sri Setyo Iriani
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12361

Abstract

Purpose: This study aims to extend the Resource-Based View (RBV) by developing and empirically testing the Integrative Resource Strategy Model (IRSM) to explain how intangible resource bundles generate competitive advantage among conflict-induced displaced entrepreneurs. Specifically, the study examines the effects of Digital and AI Capabilities (X₁), Relational Capital and Personal Branding (X₂), and Entrepreneurial Human Capital (X₃) on Business Success (Y), and tests whether the three resource pillars jointly exert a significant effect on Business Success. Four hypotheses are proposed concerning the partial effects of each resource pillar and their simultaneous effect. Methods: A quantitative cross-sectional survey was conducted among Sudanese SME owners and managers who established or re-established businesses abroad following the outbreak of armed conflict in Sudan on 15 April 2023. Using purposive and snowball sampling, data were collected through a bilingual Arabic-English questionnaire from entrepreneurs operating across Egypt, the Gulf states, and neighbouring African countries. After data screening, 132 valid responses were analysed. The study measured Digital and AI Capabilities, Personal Branding, Entrepreneurial Knowledge, and Business Success using 28 five-point Likert-scale items. Ordinary least squares multiple linear regression was employed, with normality, multicollinearity, and homoscedasticity assumptions assessed before inference. Results: The regression model was statistically significant, F(3, 128) = 12.674, p < 0.001, explaining 22.9% of the variance in Business Success (R² = 0.229; Adjusted R² = 0.211). Entrepreneurial Knowledge was the only significant partial predictor of Business Success (β = 0.406, t = 4.491, p < 0.001), supporting H₃. Digital and AI Capabilities showed a positive but non-significant partial effect (β = 0.150, p = 0.072), while Personal Branding had a negligible and non-significant partial effect (β = 0.009, p = 0.924). Thus, H₁ and H₂ were not supported, whereas the significant simultaneous effect of all three resource pillars supported H₄. The findings indicate that Entrepreneurial Knowledge functions as a foundational cognitive resource through which digital and relational resources can contribute to business performance. Implications: The findings extend RBV to conflict-induced displacement by demonstrating how portable intangible resources can substitute for destroyed tangible and institutional resources. For practice, displaced entrepreneurs should prioritise entrepreneurial knowledge development while using AI and personal branding as complementary capabilities. For policymakers and multilateral agencies, enterprise-support programmes should emphasise entrepreneurial knowledge, AI and digital literacy, network development, simplified licensing, and financial instruments that recognise intangible resources. Future research should employ longitudinal and multi-country designs and examine the IRSM framework across other displacement contexts to strengthen causal inference and external validity.
The Effect of Financial Knowledge and Financial Socialization on Financial Well-being of Millennial Investors in Bandung City: The Mediating Role of Financial Behavior Aisyah Ayu Ningrat Wijayanti; Eka Yulianti
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 3 (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.v8i3.12363

Abstract

This study examines the effect of financial knowledge, financial socialization on financial well-being of millennial investors in Bandung, with financial behavior serving as a mediating variable. The research method used was a descriptive associative quantitative method with a survey method using a questionnaire of 100 millennial investor respondents in Bandung. Data analysis was carried out using Partial Least Square-Structural Equation Modelling (PLS-SEM). The results of the study show that financial knowledge and financial socialization have a positive effect on financial well-being, both directly and indirectly through financial behavior as a mediating variable. These findings reinforce the theory of planned behavior which emphasizes the importance of alignment between values, attitudes and behaviors in achieving financial well-being. This study confirms that financial well-being is influenced not only by income levels but also by attitude and behaviors.

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