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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 998 Documents
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Seasonality, Tourist Attractions, Amenities, and Visit Intention: Insights from Bale Mangrove Ecotourism, Lombok Muhammad Fatwa Zain; Ni Made Eka Mahadewi; Titien Damayanti
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.8909

Abstract

This study examines the effects of tourist attractions and amenities on visit intention and investigates the moderating role of seasonality in the context of Bale Mangrove Ecotourism, Lombok. Using a quantitative approach, data were collected from 160 domestic tourists and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that both tourist attractions and amenities have a positive and significant effect on visit intention, with amenities showing a stronger influence. This finding highlights the importance of functional facilities in supporting tourists’ confidence and willingness to visit nature-based destinations. However, seasonality does not significantly moderate the relationships between tourist attractions, amenities, and visit intention, suggesting that domestic tourists tend to adapt to seasonal conditions when making travel decisions. The proposed model demonstrates strong explanatory and predictive power, contributing to the application of the Theory of Planned Behavior in ecotourism contexts. Practically, the findings provide insights for destination managers to balance experiential attraction development with consistent amenity quality to enhance sustainable tourism growth.
Comprehensive Analysis of the Health Level of BCA Syariah Bank Based on CAMELS Parameters Period 2019 – 2024 Lusiana Febrianti; Ujang Syahrul
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.8971

Abstract

This study aims to analyze the financial health level of BCA Syariah Bank during the 2019-2024 period using the CAMELS approach, which includes aspects of Capital, Asset, Management, Earning, Liquidity, and Sensitivity to Market Risk. The method used is quantitative-descriptive with secondary data obtained from annual financial reports and OJK official publications. The analysis was conducted using the ratio assessment method and longitudinal trend measurement for six years. The results show that BCA Syariah is consistently in the healthy category. The Capital Adequacy Ratio (CAR) remains high despite a gradual decline, while the Non Performing Financing (NPF) ratio remains below the safe limit. Profitability indicators such as ROA and NIM showed an upward trend, accompanied by improved operational efficiency through a decrease in BOPO. The FDR ratio also stabilized within the optimal range, indicating good liquidity management. This study strengthens the CAMELS evaluation model in the context of Islamic banking and provides practical contributions for bank management and policy implications for regulators. This study also opens up room for further research with advanced quantitative approaches and broader objects.
Values And Practices Of Business Ethics In Islamic Hospital Services Muhammad Taufik Rahman; Surya Sukti
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9039

Abstract

Hospitals are increasingly required to balance high-quality healthcare delivery with financial sustainability, a condition that often generates ethical dilemmas related to pricing, cost transparency, supplier selection, and service efficiency. These challenges are particularly salient for Islamic hospitals, where healthcare services are expected to reflect Islamic values in practice rather than merely adopting a Sharia label. This study aims to analyze how Islamic business ethics function as a foundational framework guiding managerial and service-related decisions in Islamic hospital settings. This research employs a qualitative conceptual approach based on a synthesis of recent empirical studies and a review of Sharia hospital regulatory frameworks in Indonesia. The analysis focuses on integrating Islamic business ethics across three dimensions: service ethics, organizational ethics, and transactional ethics. The findings indicate that consistent implementation of values such as amanah (trustworthiness), justice, compassion, and service excellence guided by maqāṣid al-sharīʿah enhances public trust, improves patient experience, and supports long-term hospital sustainability through reputation and service differentiation. However, practical constraints remain, including limited availability of halal medicines, resource demands for gender-sensitive services, and inconsistent SOP implementation. The study concludes that Islamic business ethics serve as a strategic mechanism for ethical sustainability. Practically, the findings highlight the need for maqāṣid-based SOPs, Sharia compliance audits, strengthened halal supply chains, and continuous ethics training to institutionalize Sharia values in daily hospital operations.
International Business Strategy of Indonesian Ethnic Fast Food: A PESTLE Analysis for Ayam Geprek Sa’i Expansion into the United Arab Emirates Gertha Maria Gultom; Bintang Corvi Diphda; Theofani Trudy; Talitha Salsabila Putri G; Putri Alyaa Safira; Yoga Ramadhani; Husniyatul Hafidzah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9323

Abstract

This research aims to analyze the macro-environmental factors of the United Arab Emirates (UAE) using the PESTLE framework to evaluate the expansion feasibility of PT Ukhuwah Berkah Semesta’s brand, Ayam Geprek Sa'i. Employing a qualitative descriptive research design with a strategic case study approach, the study retrieves high-fidelity secondary data from credible international instruments, including the World Bank’s World Governance Indicators and the Corruption Perceptions Index. The findings reveal that the UAE offers a highly stable political environment with exceptional government effectiveness and low corruption. Economically, the UAE is a mostly free market with high purchasing power and a robust network of over 20 Comprehensive Economic Partnership Agreements (CEPAs), including with Indonesia. While the technological infrastructure is world-class, social and legal factors require meticulous alignment due to collectivist cultural values and mandatory Halal standardization policies. The results suggest that Indonesian SMEs should adopt a transnational strategy, balancing global operational standards with high local responsiveness to religious norms. Future studies should move beyond macro-environmental scanning to conduct empirical consumer perception research to further refine menu localization for the UAE's diverse expatriate population.
The Effect Of Board Diversity And Green Intellectual Capital On Financial Sustainability With Csr As A Moderating Variable (Empirical Study On Energy Companies For The Period 2020-2024) ayu lestari; Siti Kustinah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9405

Abstract

With corporate social responsibility (CSR) acting as a moderating variable, this study attempts to examine the impact of board diversity and green intellectual capital on financial sustainability. The growing need for sustainability and good corporate governance, especially in businesses in the energy industry, is what spurred this study. Using secondary data from the annual reports and sustainability reports of energy sector businesses listed on the Indonesia Stock Exchange between 2020 - 2024, the study takes a quantitative approach. Gender, age, and educational background variety are used to gauge board diversity. Moderated Regression Analysis (MRA) is used to investigate the moderating function of CSR, whereas multiple regression analysis is used to look at the direct effects among factors. The findings suggest that financial sustainability is influenced by board diversity and green intellectual capital. Additionally, CSR improves the connection between financial sustainability and green intellectual capital, but its moderating influence on board diversity yields contradictory findings. It is anticipated that this research will offer theoretical insights and useful recommendations for developing businesses long-term financial sustainability plans.
The Contribution of Green Accounting and Green Tax to Tax Avoidance Ahmad; Sri Luayyi; Muhammad Alfa Niam
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9412

Abstract

This study aims to analyze the effect of green accounting and green tax on tax avoidance in energy companies within the coal subsector listed on the IDX during 2022-2024. The study used a quantitaive approach with pur[osive sampling techniques on 20 companies over 3 years. Data was obtained from sustainability and annual reports, then analyzed using multiple linear regression testing in SPSS. The result show that green accounting has a positive and significant effect on tax avoidance, while green tax has no significant effect. Simultaneously, both variables influence tax avoidance, indicating that the implementation of green accounting plays a role in tax avoidance strategies, whereas green tax has not yet been effective. The findings support legitimacy and stakeholder theories, which suggest that companies aim to maintain a sustainable image and manage their tax burdens. Therefore, to enhance the effectiveness of green fiscal policies in improving tax compliance, the government must reinforce environmental tax regulation and oversight. This study combines simultaneous green accounting and green tax analyses of tax avoidance in the energy sector, a previously rare approach in the context of Indonesian companies. Keywords: Green accounting, Green tax, Tax avoidance, Stakeholder Theory, Legitimacy Theory .
The Influence of the Effectiveness of Local Revenue and Regional Expenditure Management on Regional Financial Independence with Economic Growth as a Moderating Variable (Study on Regencies/Cities in West Java Province for the 2020-2024 Period) Repia Nirmala Putri; Raden Budi Hendaris
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9533

Abstract

This article's main goal is to investigate how well local revenue works and how regional spending is managed, and how they affect financial independence in West Java's local areas, also considering how economic growth plays a moderating role in the regencies and cities. This research focuses on the 27 local governments, including regencies and cities, within West Java Province, covering a period from 2020 through 2024. This research uses a numerical method, specifically multiple linear regression, using information already gathered from sources such as the Budget Execution Report, the Statistics Indonesia, and West Java Open Data. The research indicates that when local revenue performs well, it greatly helps regional financial independence. However, the way regional spending is handled does not seem to affect financial independence in any noticeable way. The implication of this is that despite efforts to manage regional spending, it hasn't yet directly boosted the regions' financial independence. Moreover, the rate of economic growth does not change this connection, meaning it neither strengthens nor weakens it. The study points out that making local revenue work well is the most important thing for boosting financial independence for local governments in West Java.
Public Legitimacy of Management Dismissal Decisions in the Social Media Era: The Viral Case of “Anita Tumbler” Afiah Mukhtar; Herenal Daeng Toto; Rahmat Rahmat; Masradin Masradin; Rif'ah Shafwah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9574

Abstract

This study aims to analyze how digital public reactions play a role in shaping the social legitimacy of management decisions to terminate employees in the social media era, using the viral case study of "Anita Tumbler." This research starts from the assumption that the legitimacy of termination decisions is no longer solely determined by formal organizational procedures. Methods: this study used a qualitative approach through content analysis of comments from netizens on social media related to the case, as well as document analysis of the company's official response. Data were analyzed using NVivo 12 software to identify dominant themes, patterns of public reactions, and organizational legitimacy. Results: the results indicate that public reactions in the digital space were dominated by public anger, moral judgment, justification of punishment, and ridicule. These patterns collectively construct a normative narrative that legitimizes the termination decision as a socially acceptable action. The findings also reveal that the legitimacy of termination decisions is shaped by public opinion and emotional responses in the digital space rather than solely through legal grounds or formal procedures. Implications: this study emphasizes the importance of balancing the protection of employee freedom of expression with professional obligations in the use of social media. In the era of social media, HR is not only required to be able to respond to public pressure, but also to consider the proportionality of sanctions, the long-term impact on individuals, and justice mechanisms that protect both parties, namely the organization and the employees themselves.
Relevance Net Income, Equity, Operating Cash Flow of Stock Prices Moderated Firm Size Diah Maya; Putri Awalina; Miladiah Kusumaningarti
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9616

Abstract

This study aims to examine the value relevance of net income, book value of equity, and operating cash flow on stock prices of property sector companies listed on the Indonesia Stock Exchange, with firm size as a moderating variable. A quantitative method was used involving multiple linear regression and Moderated Regression Analysis (MRA). The study used secondary data derived from financial statements and stock price data of property sub-sector companies during the 2021–2024 period. Statistical analysis was conducted using SPSS software. The findings indicate that while net income and book value of equity lack significant impact, operating cash flow does positively and significantly impact stock price. Firm size moderates the relationship between book value of equity and stock prices by weakening this relationship. Operating cash flow has a positive and significant effect on stock prices of property sector companies listed on the Indonesia Stock Exchange during 2021–2024, while net income and book value of equity show no significant direct effect. Firm size weakens the relationship between book value of equity and stock prices, indicating that investors emphasize cash-based information in firm valuation. This study is limited to property sector companies and a specific post-pandemic period. This study contributes to value relevance literature by emphasizing the importance of operating cash flow information for investors in valuing property sector companies.
International Franchise or Local Brand Management? A Comparative Analysis of Strategic Partnership Models for Three- and Four-Star Hotels in Indonesia Wala Erpurini; dino gustaf leonandri; nuralamsyah
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 2 (2026): SettingsVol. 8 No. 1 (2026): All articles in this issue include authors from 3
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i2.9699

Abstract

Purpose: This study aims to comparatively analyze the strategic partnership models of international franchising and local brand management contracts in three- and four-star hotels in Indonesia. The research seeks to examine which model provides greater strategic, financial, and operational advantages from the perspective of hotel owners. The study is guided by the assumption that different branding partnerships generate distinct implications for performance, cost structure, market positioning, and long-term sustainability. Methods: This research employs a qualitative comparative design. Data were collected through in-depth semi-structured interviews with hotel owners and executive managers of three- and four-star hotels operating under international franchise agreements and local brand management contracts in major Indonesian cities. The sampling technique used purposive sampling to ensure participants had direct decision-making authority regarding partnership selection. Data were analyzed using thematic analysis, involving coding, categorization, and cross-case comparison to identify patterns in strategic considerations, financial performance perceptions, brand leverage, operational autonomy, and contractual risk.Results: The findings reveal that international franchise models tend to provide stronger brand recognition, standardized operational systems, and broader access to global distribution networks, but involve higher fees and reduced managerial flexibility. Conversely, local brand management contracts offer greater operational autonomy, lower financial obligations, and better adaptation to domestic market characteristics, although brand equity and international market penetration are comparatively limited. The choice of partnership model is strongly influenced by ownership objectives, capital structure, target market segmentation, and long-term growth strategy.Implications: The study provides practical insights for hotel owners, investors, and policymakers in evaluating strategic partnership options within Indonesia’s mid-scale hospitality sector. The findings suggest that partnership decisions should align with the hotel’s strategic orientation, financial capacity, and competitive positioning. Future research is recommended to incorporate quantitative performance indicators and longitudinal analysis to measure the long-term financial and operational impact of each partnership model.

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