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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 771 Documents
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The Effect of ESG Risk Rating and Leverage on Stock Returns with Profitability as a Moderating Variable in Mining Sector Companies Listed on the Stock Exchange Indonesia's Impact 2020-2024 Christian Valentino Wahyu Leo; Siti Aisyah Hidayati
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9265

Abstract

Stock returns in the mining sector on the Indonesia Stock Exchange (IDX) experienced high volatility during 2020-2024 due to commodity price fluctuations and the impact of the pandemic. This study aims to analyze the effect of ESG Risk Rating and leverage on stock returns, with profitability (ROE) as a moderating variable in mining companies listed on the IDX. Using quantitative explanatory research with panel data from 15 purposive sample companies (ANTAM, INCO, etc.), secondary data from financial reports, Sustainalytics ESG ratings, and daily stock prices were analyzed through EViews panel regression (Random Effects Model). The results show that ESG Risk Rating has a positive but insignificant effect (β=0.021966, p=0.0578), leverage (DER) has no significant effect (p=0.5248), and ROE fails to moderate both relationships (p>0.05). The model only explains 3.83% of the return variation (Adjusted R²=0.038). In conclusion, external factors dominate mining stock returns compared to internal financial metrics in the volatile Indonesian commodity market.
The Influence of Perceived Organizational Support on Work Meaningfulness and Its Impact on Employee Life Satisfaction and Employee Creativity Jujun Juhedi; widodo; Zaenal Mustafa El Qadri; Wisnu Prajogo
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9270

Abstract

This study aims to analyze the influence of Perceived Organizational Support (POS) on Work Meaningfulness and its impact on Employee Life Satisfaction and Employee Creativity among Civil Servants in the Public Order Police Unit (Satpol PP) in West Java. The study population includes 338 civil servants from the Satpol PP in five regions (Cirebon Regency, Kuningan Regency, Majalengka Regency, Cirebon City, and Indramayu Regency). The research sample was determined using the 10:1 rule of thumb approach (Hair et al., 2019), based on the number of indicators, which is 17, resulting in a minimum requirement of 170 respondents. Sample distribution was done proportionally in each region, while respondent selection in the second stage used convenience sampling as a form of multi-stage sampling. Data analysis was conducted using Structural Equation Modeling (SEM) with the assistance of AMOS. The research findings indicate that (1) POS has a positive effect on employee life satisfaction and employee creativity; (2) POS has a positive effect on work meaningfulness; (3) work meaningfulness has a positive effect on employee life satisfaction and employee creativity; and (4) work meaningfulness is proven to mediate the relationship between POS and both employee life satisfaction and employee creativity. These findings confirm that organizational support not only directly enhances employees' life satisfaction and creativity but also indirectly increases work meaning. Therefore, human resource management strategies at Satpol PP need to focus on improving the perception of organizational support and creating work meaning to strengthen the well-being and creativity of civil servants in the local government work environment.
Development of a Company Profile Application Prototype as a Digital Promotional Medium for PT Harmoni Persada Travel Company Mugia Mutla Hara Atasyriqi; Farid Fadhilah Rochdiana; Hendra Gunawan
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9278

Abstract

The digital transformation of the tourism industry demands a structured promotional platform for SMEs competing in the digital-native market. This study developed a prototype company profile application for PT Harmoni Persada Travel using a Research and Development (R&D) methodology with a prototype approach. The population included company stakeholders and potential users, with a purposive sampling of 10 respondents. Data collection used interviews, observations, document analysis, and a System Usability Scale (SUS) questionnaire supplemented by thematic analysis of open-ended feedback. The results showed strong prototype usability: 88% satisfaction with visual appeal, 85% ease of navigation, and 84% feasibility of development. The prototype successfully integrated the company profile, tour packages, destination gallery, basic chatbot, and contact using Figma with a consistent brand identity design. Conclusion: The structured R&D methodology enables travel SMEs to shift from conventional promotions to a professional digital platform, improving their competitive position.
The Effect of Liquidity on Profitability with Leverage as Mediation in Manufacturing Companies Food and Beverage Subsectors Registered in Indonesia Stock Exchange 2022-2023 Baiq Emi Supiana; I Nyoman Nugraha Ardana Putra
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9283

Abstract

The manufacturing sector, particularly the food and beverage subsector, contributed 6.61% of Indonesia's GDP in 2023, but faces a liquidity-profitability imbalance amid post-pandemic challenges. This study aims to analyze the effect of liquidity on profitability with leverage as a mediating variable in food and beverage manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2022-2023 period. Using a quantitative causal associative approach with an explanatory research design and path analysis, the population included 83 companies, with a purposive sample of 34 companies resulting in 68 observations. Variables measured as the current ratio (CR) for liquidity, debt-to-equity ratio (DER) for leverage, and return on assets (ROA) for profitability were analyzed using EViews 13, including multiple regression, t-test, F-test, and Sobel test. The results showed no significant direct effect of liquidity on profitability (p=0.1432) or mediation by leverage (Sobel Z=0.281, p>0.05), with low explanatory power (Adjusted R²=0.004466). In conclusion, external factors dominate the dynamics of profitability, so efficient asset management is required rather than excess liquidity.
The Influence of Product Quality, Brand Image, and Promotion on Purchase Decisions (A Study of Consumer Purchases of Coconut Pudding in the Barlingmascakeb Region) Abiansyah, Iqbal Nafis; Randikaparsa, Irawan; Rahayu, Tri Septin Muji; Kharismasyah, Alfato Yusnar
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9292

Abstract

This study aims to examine the influence of product quality, brand image, and promotion on purchase decisions of coconut pudding products, employing cognitive and affective theories as the grand theoretical framework. A quantitative research design was applied, with data collected through purposive sampling involving 267 respondents. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) to assess the relationships among variables. The findings indicate that product quality, brand image, and promotion have a positive and significant effect on purchase decisions. These results highlight the importance of implementing an integrated marketing strategy that emphasizes product quality enhancement, effective brand management, and promotional effectiveness to stimulate consumer purchase decisions.
Optimizing the Production Cost Budget as an Instrument for Planning and Cost Control at PT. Perkebunan Nusantara IV Kebun Panai Jaya Syahprya, Widya Dwi; Rahmani, Nur Ahmadi Bi; Nurwani
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9297

Abstract

This study aims to determine how the production cost budget is used as an instrument for planning and controlling production costs at PT. Perkebunan Nusantara IV (Persero) Kebun Panai Jaya. This study is expected to provide input for company management regarding the role of the budget as a planning and control tool. The research method used is qualitative research with a descriptive approach to explore budget fluctuations and production cost realization, as well as changes in budget productivity and production cost realization. The research subjects consisted of the Head of the Accounting Department, one accounting staff, and the Treasurer of the Finance Department of PT. Perkebunan Nusantara IV (Persero) Kebun Panai Jaya. Data collection was conducted through interviews with the finance department. The data analysis technique used is a method that collects, organizes, interprets, and analyzes data to solve problems encountered. The results of this study indicate differences between budgeted and realized production costs, as well as a decrease in productivity in certain years. The use of the budget must also be accompanied by a more in-depth variance analysis to identify the causes of deviations. Therefore, necessary steps can be taken to minimize adverse variances between the budget and actual results. Thus, the function of the budget as a planning and control tool can be more effective and efficient.
Application of the Job Demands-Resources Model to Understand the Mechanism of Job Rotation as a Predictor of Innovative Work Behavior Akbar, Fauzan; Reni Rosari
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9301

Abstract

Based on the Job Demands-Resources model (Bakker & Demerouti, 2007), we conducted an empirical study on how job rotation mechanisms in the form of Employee-Initiated Job Rotation (IRO), Management-Decision-Based Job Rotation (MRO), and No Job Rotation (TRP) impact work attitudes in the form of work engagement, job tension, job satisfaction, organizational commitment, and innovative work behavior. Data collection was conducted through an online survey distributed via Microsoft Form to employees at the Ministry of Finance. There were 1,151 questionnaires analyzed using Structural Equation Modeling (SEM) to test the research hypotheses. The results of this study indicate that job engagement, job satisfaction, and organizational commitment sequentially positively mediate the influence of IRO and IRO on innovative work behavior. At the same time, job tension, job satisfaction, and organizational commitment sequentially negatively mediate the influence of TRP on innovative work behavior.
The Influence of Perceived Ease of Use and Convenience on the Decision to Use QRIS among Students of the Faculty of Economics and Business, University of Mataram Vrannya Swartitha Ray; Alamsyah AB
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9310

Abstract

The development of digital payment technology in Indonesia is rapid, with QRIS transactions reaching IDR 266 trillion in 2024, but its application is still limited among students despite high awareness. This study aims to analyze the influence of perceived ease of use and convenience on the decision to use QRIS among students of the Faculty of Economics and Business, University of Mataram partially and simultaneously. The type of associative quantitative research with multiple linear regression analysis using SPSS 26. The population of 3,934 active students, a sample of 100 people was selected purposively with the Slovin formula (e = 10%) who had used QRIS. The Likert scale questionnaire instrument (36 items) was validated, analyzed using classical assumption tests (normality, multicollinearity, heteroscedasticity). The results showed that perceived ease of use (β = 0.219, t = 2.442, Sig = 0.016) and convenience (β = 0.675, t = 6.499, Sig = 0.000) had a significant effect partially; F=135.456 (Sig=0.000), explaining 73.6% of the variance (R²=0.736). In conclusion, the second factor driving QRIS implementation suggests optimizing user-friendly design for stakeholders, even though it is limited to one faculty.​
Analysis of Abnormal Return and Trading Volume Activity on the Announcement of Danantara Holding in Conventional Banks Listed on the Indonesia Stock Exchange (IDX) Fahimma Nur Aulia; Burhanudin
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9313

Abstract

This study analyzes market reactions to the announcement of the Danantara Holding in conventional banks listed on the Indonesia Stock Exchange (IDX) using an event study methodology. Amidst the resilience of the Indonesian capital market in 2024 (IHSG: 7,036.57), the Danantara announcement on February 24, 2025, raises questions about the market's efficiency in absorbing structural policy information. The study aimed to examine the differences in Abnormal Return (AR) and Trading Volume Activity (TVA) before and after the announcement. This descriptive quantitative study used purposive sampling of 50 conventional banks, resulting in 12 samples (168 observations). Secondary data from the IDX, Yahoo Finance, and Investing.com were analyzed using a market-adjusted model, normality tests (Kolmogorov-Smirnov/Shapiro-Wilk), and the Wilcoxon Signed Rank Test using SPSS. The results show that the difference in AR is not significant (Sig. 0.827 > 0.05; mean: 0.0036 to -0.0005) but the increase in TVA is significantly positive (Sig. 0.000 < 0.05; mean: 0.0010 to 0.0016), rejecting both hypotheses. The findings confirm semi-strong market efficiency where structural policy information has been anticipated, consistent with the EMH and signaling theory.
Marketplace Responsibility for the Trade in Counterfeit Formula Milk from the Perspective of MUI FATWA NO. I/MUNAS VII/MUI/5/2005 Concerning Intellectual Property Rights Audi Mutia Adrivia Nasution; Rahmad Efendi
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (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.v8i1.9317

Abstract

Marketplaces make it easier for consumers to search and compare products to be purchased on the marketplace platform. Consumers have the opportunity to get products at relatively low prices through various offers listed in the product description. However, it is undeniable that this convenience raises issues regarding product authenticity, especially if the product is sold at a low price from an unauthorized store, one of which is the trade of counterfeit formula milk on Shopee and Tokopedia. This study aims to determine and analyze what trademark violations are, and how the marketplace's responsibility is towards the trade of counterfeit formula milk products from the perspective of the MUI fatwa Number I/MUNAS VII/MUI/5/2005. This type of research uses normative juridical with a descriptive analytical research nature, the data source used is secondary data as the main source. Data were collected through library research. The documents collected include laws and regulations, the MUI Fatwa Number I/MUNAS VII/MUI/5/2005, and include various literature related to the research such as books, relevant scientific journals, and other academic references that support the research analysis. The research results show that there are trademark violations committed by individuals with bad intentions and are not responsible for their actions, namely piracy, counterfeiting, and imitation of brand labels. And the marketplace's responsibility for the trade in counterfeit formula milk covers several aspects, namely: quality control, safety, and the validity of product information.

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