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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 959 Documents
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Banking Stock Market Reaction to the Announcement Bank Indonesia Interest Rate Event: Announcement of BI Benchmark Interest Rate Reduction, By the Board of Governors Meeting, August 19, 2025 Islamiah; Iwan Kusmayadi
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.v8i1.9605

Abstract

This study examines the reaction of banking sector stocks on the Indonesia Stock Exchange to Bank Indonesia's announcement of a 25 basis point BI-Rate cut to 5.00 percent on August 19, 2025. The objective is to assess the market response through abnormal returns around the event. Using a comparative quantitative approach with an event study method, the population is all listed banking issuers, a purposive sample of 41 companies with complete daily closing price data. Secondary data from the IDX and the Jakarta Composite Index (JCI) are analyzed through a market model on the estimation window t-40 to t-11, AR and AAR calculations on the event window t-10 to t+10, Wilcoxon Signed-Rank test due to non-normal data (α = 0.05). The results show no significant difference in AAR before the event (mean = 0.002638, SD = 0.018113) and after (mean = 0.002395, SD = 0.008696), with p = 0.164. In conclusion, the policy did not cause a market surprise because it had been anticipated.
Consumer Decision Preferences for Halal-Labeled Cosmetic Products in the Perspective of Islamic Economics Febby Fitri Adriansyah; Neng Kamarni
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.v8i1.9623

Abstract

This study aims to analyze the influence of socioeconomic factors, price, and religiosity on the consumption decisions of halal-labeled cosmetic products with consumer trust as a mediating variable among Muslim female students at Andalas University. The research method used a quantitative approach with data collection techniques through questionnaires to 100 respondents selected using purposive sampling. Data analysis was conducted using Structural Equation Modeling based on Partial Least Square (SEM-PLS) with the help of the SmartPLS application. The results show that price and religiosity have a positive and significant effect on consumer trust and consumption decisions, while socioeconomic factors have no significant effect. In addition, consumer trust is unable to significantly mediate the influence of independent variables on consumption decisions. The implications of this study indicate that religiosity and price, which reflect product quality, are the main determinants in forming consumption decisions of halal cosmetic products among Muslim consumers.
The Influence of Brand Image and Service Quality on the Intention to Recommend Maxim Online Transportation Services in Mataram City with Brand Trust as a Mediating Variable Dewi Fitriani; Lalu Adi Permadi
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.v8i1.9627

Abstract

This study examines the influence of brand image and service quality on recommendation intention of Maxim online transportation service in Mataram City with brand trust as a mediator, amidst tight competition where Maxim has a Top Brand Index of only 2.8% in 2024. The main objective is to test the direct and indirect relationships between these variables. Using a causal associative quantitative approach with purposive sampling on 200 respondents Maxim users aged ≥17 years who are active on social media. The instrument in the form of a Likert scale questionnaire was analyzed using SmartPLS for validity, reliability, and hypothesis testing. The results show all significant paths: brand image (β = 0.588 to brand trust; β = 0.216 directly to recommendation intention), service quality (β = 0.649 to brand trust; β = 0.320 directly), and brand trust (β = 0.589 to recommendation intention), with full mediation and R² = 87.9%. The conclusion implies a strategy to improve brand image and service to increase consumer recommendations.
Influence of Financial Literacy, Self-Control, and Risk Tolerance on Financial Well-Being with Investment Decision-Making as a Mediating Variable in Generation Z in Jambi City Raras Aroyo; Wirmie Eka Putra; Rita Friyani
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.v8i1.9630

Abstract

This study examines the influence of financial literacy, self-control, and risk tolerance on the financial well-being of Generation Z in Jambi City, where low literacy and impulsive behavior threaten financial stability (OJK, 2024). The aim is to examine the direct and mediating relationships in investment decision-making. Using a quantitative explanatory approach with PLS-SEM, the Generation Z population aged 18-28 years (133,114 people) was purposively sampled to obtain 100 respondents via a Google Form questionnaire. SmartPLS analysis included validity, reliability, and hypothesis testing. The results showed that financial literacy (β=0.405, p<0.01) and self-control (β=0.391, p<0.01) had a direct significant effect on financial well-being; investment decision-making mediated partially (H8-H9 were accepted), while risk tolerance was not significant (H3, H7, H10 were rejected). The conclusion recommends a self-control-based digital literacy program to improve sustainable investment decisions.
The Role of Good Corporate Governance in Moderating the Effect of Financial Performance on Firm Value: Evidence from Manufacturing Companies Listed on the Indonesia Stock Exchange Ambarita, Nita Priska
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.v8i1.9635

Abstract

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Big Data Analytics Capabilities and Competitive Advantage in Batik SMEs: The Mediating Roles of SCM and E-CRM Setyawan, Nanang Adie; Wibowo, Bagus Yunianto; Eviyanti, Novitasari; Luthfia, Irin Mirrah; Purnamasari, Eva
Al-Kharaj: Journal of Islamic Economic and Business Vol. 7 No. 2 (2025): 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.v7i2.9654

Abstract

This study contributes to sustainable supply chain literature by integrating organizational and institutional perspectives within the context of traditional creative industries. This study examines how Big Data Analytics Capabilities (BDAC) contribute to sustainable performance and competitive advantage among batik micro, small, and medium enterprises (MSMEs) in Central Java. Grounded in the Resource-Based View (RBV), the research investigates the mediating roles of Supply Chain Management Capabilities (SCMC), Electronic Customer Relationship Management (e-CRM), and Circular Economy Practices (CEP) in translating data-driven capabilities into sustainability outcomes. A quantitative explanatory approach was employed using survey data collected from 150 batik MSME owners and managers across major batik-producing regions in Central Java. Data were analyzed using Structural Equation Modeling (SEM) with AMOS. The results demonstrate that BDAC has a significant positive effect on SCMC, e-CRM, and CEP. Furthermore, BDAC directly influences sustainable performance, while SCMC, e-CRM, and CEP partially mediate this relationship. Sustainable performance, in turn, significantly enhances competitive advantage. The structural model exhibits strong goodness-of-fit indices, indicating robustness and explanatory power. These findings confirm that data-driven capabilities alone are insufficient to generate competitive advantage unless they are operationalized through supply chain integration, digital customer relationship management, and circular economy practices. This study contributes to the literature by integrating big data analytics, sustainability, and competitive advantage within the context of traditional creative MSMEs. Practically, the results provide strategic guidance for MSME owners and policymakers in leveraging digital transformation to achieve sustainable and competitive business performance
Candidate Experience in Participating in Virtual Recruitment on Candidate Satisfaction and Trust: A Study at State-Owned Enterprises (PLN) Hasriani; Altri Wahida; Halim Usman
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.v8i1.9664

Abstract

This study aims to analyze the effect of candidate experience in participating in virtual recruitment on candidate satisfaction and trust at PT PLN (Persero), with the background of increasing use of digital recruitment systems in State-Owned Enterprises, which requires companies to ensure that virtual selection processes are able to provide a good experience for candidates. This study uses a quantitative approach with a simple linear regression analysis technique through SPSS on candidates who have participated in PT PLN (Persero) virtual recruitment. The results show that candidate experience affects candidate satisfaction, while candidate experience does not affect candidate trust. Overall, this study confirms that the success of virtual recruitment depends on the company’s ability to create experiences that can increase candidate satisfaction. Therefore, improvements are needed in communication quality, transparency, and the stability of the digital recruitment system at PT PLN (Persero).
Buying and Selling Transactions of Artificial Intelligence Work that Imitate Studio Ghibli's Style Judging from Wahbah Az-Zuhaili's Opinion azura, azura tasya; Zaid Alfauza Marpaung
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.v8i1.9670

Abstract

This research discusses the validity of buying and selling transactions for works of art produced by Artificial Intelligence (AI) by imitating the visual style of Studio Ghibli from the perspective of Wahbah Az-Zuhaili. The method used is a normative legal research method with a conceptual approach. The results of this research show that, according to Wahbah Az-Zuhaili, transactions of this kind are considered valid if they fulfill the conditions for buying and selling in Islam, which include clarity of the object, legal ownership, and the absence of elements of fraud and ambiguity. However, works produced by (AI) by imitating certain styles without permission may violate the principle of rights protection, so the transaction may be considered defective. Therefore, openness regarding products, compliance with rights, and implementation of a compensation system are needed to ensure that transactions comply with the principles of muamalah fiqh
Analysis of the Influence of Profitability, Company Size, and Business Risk on Capital Structure (A Study of Food and Beverage Companies Listed on the Indonesia Stock Exchange for the 2018-2022 Period) Ana Amalia Harnawan; Eskasari Putri
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.v8i1.9715

Abstract

This study aims to analyze the effect of profitability, company size, and business risk on the capital structure of food and beverage companies listed on the Indonesia Stock Exchange for the 2018–2022 period. The study uses a quantitative approach with a multiple linear regression design. The population consists of food and beverage companies active on the IDX during that period. A sample of 17 companies was selected through a purposive sampling technique with the criteria of the company remaining listed, consistently publishing financial reports, not experiencing losses, and having complete data, resulting in 85 observations (17 companies × 5 years). Secondary data were obtained from financial reports on the official IDX website (www.idx.co.id) and company websites. The analysis includes descriptive statistics, classical assumption tests (normality, multicollinearity, heteroscedasticity, autocorrelation), and hypothesis testing (t-test, F-test, and coefficient of determination R²). The results show that companies with high profitability tend to be more flexible in managing their capital structure, while large companies rely more on internal funding, reducing their dependence on debt. Business risk is not a major determining factor in the food and beverage sector, which has stable demand. Consequently, company management can prioritize increasing profitability and managing company size to achieve an optimal capital structure, while operational risk can be managed through a product diversification strategy. Future research is recommended to add variables such as liquidity or asset structure and expand to other sectors for broader generalization.
The Influence of Financial Self-Efficacy and Peer Influence Regarding Investment Decisions on Financial Assets: Comparative Gen Z in Mataram and Surabaya with Risk Tolerance As a Moderating Variable Afifah Putri Maharani; 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.v8i1.9727

Abstract

This study examines the influence of financial self-efficacy and peer influence on Gen Z financial asset investment decisions in Mataram and Surabaya, with risk tolerance as a moderating variable, amidst low financial literacy (38%) and the dominance of young investors. The objective is to analyze causal relationships and cross-regional comparisons. Using a comparative explanatory quantitative approach with PLS-SEM, the Gen Z investor population (17-28 years old) was purposively snowball-sampled (260 respondents). The 5-point Likert questionnaire instrument was analyzed via SmartPLS (outer/inner model, MRA, PLS-MGA). The results show that financial self-efficacy has a significant effect (t=8.914, p=0.000), peer influence is weakly significant (t=1.896, p=0.029), but risk tolerance does not moderate (p>0.05); the model explains 66.9% of the variation. Conclusion: Strengthening self-efficacy for rational Gen Z decisions across regions.

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