Journal of Islamic Accounting and Finance Research
Journal of Islamic Accounting and Finance Research (JIAFR) is a peer-reviewed journal published twice a year (April and October) by the Department of Sharia Accounting Faculty of Islamic Economics and Business, Universitas Islam Negeri (UIN) Walisongo Semarang Indonesia. JIAFR aims to publish articles in the field of Islamic Accounting and Finance that provide a significant contribution to the development of accounting practices and professions in Indonesian even the world. JIAFR accepts both quantitative and qualitative approaches by English Language manuscripts relating to Islamic Financial Accounting, Management Accounting, Taxation, Islamic Behavior Accounting, Accounting Information System, Auditing, Public Sector Accounting, and Islamic Financial Performance.
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<![CDATA[Dividend policy as an intervening variable between return on asset and earning per share on stock prices ]]>
<![CDATA[Prasetyoningrum, Ari Kristin]]>;
<![CDATA[Vanni, Kartika Marella]]>;
<![CDATA[Mustika, Anjar]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.20206
<![CDATA[Purpose - The aim of this study is to investigate how Return on Asset (ROA) and Earnings per Share (EPS) impact stock prices, while considering dividend policy as a mediating factor.Method - This research uses 6 samples of pharmaceutical companies listed on ISSI during the period of 2017-2021 using purposive sampling technique. The data analysis used in this research is SEM-PLS with the help of WarpPLS software version 7.0.Result - The findings indicate that dividend policy does not act as a mediator between ROA and share prices; however, it does serve as a mediator between EPS and share prices. The direct effects reveal that ROA has a non-significant positive impact on dividend policy, whereas EPS demonstrates a significant positive influence on dividend policy. Both ROA and dividend policy exhibit a significant negative impact on share prices, whereas EPS has a positive and significant influence on share prices. In addition, this research reveals that dividend policy is unable to mediate the relationship between ROA and share prices but is proven to mediate the relationship between EPS and stock prices.Implication - The concept of signaling theory in general can still be used in carrying out financial analysis even when anomalies occur in economic conditions.Originality - This research is research conducted on pharmaceutical companies which are different from other companies which have experienced negative impacts, but pharmaceutical companies have experienced an increase in share prices and profits during the pandemic.]]>
<![CDATA[Factors afffecting on the growth assets of sharia life insurance companies in Indonesia ]]>
<![CDATA[Mushrifah, Mega]]>;
<![CDATA[Haryono, Slamet]]>;
<![CDATA[Pangayow, Bill]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.21092
<![CDATA[Purpose - The objective of this research is to present a summary and examination of the impact of investment returns, claims, and premiums on asset growth in Indonesian sharia life insurance firms from 2018 to 2022.Method - This study uses quantitative methods. The study's population consists of sharia life insurance companies that are registered with the OJK, and its sample consists of seven such companies that provide complete financial reports through 2022. Panel data analysis is the data analysis technique employed in this study, and the Common Effect Model (CEM) was selected using eviws 10.Result - This study provides evidence that premiums and claims have a detrimental effect on Indonesian Islamicic life insurance businesses' asset growth. Low premiums and high claims inhibit asset growth. On the other hand, investment returns have a positive effect, because Islamicic insurance companies gain opportunities for asset growth from investments in various sectors. Therefore, claim management and optimization of investment returns are very important to encourage the growth of company assets.Implication - These findings have implications from the results of this investigation, which show that a company is better and can be considered healthy if its assets are larger.Originality - This study is the first to employ profit-sharing finance as an intervening variable.]]>
<![CDATA[Does audit opinion matter to issuance of sukuk? ]]>
<![CDATA[Azwar, Azwar]]>;
<![CDATA[Abdullah, Mohd Farid Ravi]]>;
<![CDATA[Usman, Abur Hamdi]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.21608
<![CDATA[Purpose - This study aims to analyze the effect of The Audit Board of The Republic of Indonesia's audit opinion on Central Government Financial Statement and economic factors on the Government Sharia Securities (sukuk) issuance of Indonesia.Method - The data collected is secondary data obtained from the Audit Board of the Republic of Indonesia (BPK), Bank Indonesia, and World Bank. This study uses a quantitative approach with the Ordinary Least Squares (OLS) technique.Result - The results show that the audit opinion by BPK has a positive and significant influence on the development of sukuk in Indonesia. The inflation rate is found to have a negative effect on sukuk, but not significant. The exchange rate is found to have a positive and significant effect on the issuance of sukuk. Political stability is found to have a negative effect on the development of sukuk, but not significant. Changes in the growth have a negative and significant influence on the issuance of sukuk.Implication - The results provide a recommendation that in addition to maintaining the current Central Government Financial Statement opinion acquisition at the highest level (unqualified), the government needs to maintain the credibility and accountability of State Budget performance which is manifested through macroeconomic variables and other variables that influence the development of government Sharia securities.Originality - This study provides a new perspective on the influence of audit opinions and various economic factors on the issuance of sukuk in Indonesia, using a comprehensive data set covering the period from 2008 to 2022 and employing the Ordinary Least Squares (OLS) technique for analysis.]]>
<![CDATA[Mergers and acquisitions in OIC countries: the role of strategic similarity in bank performance ]]>
<![CDATA[Nisa, Raudhatun]]>;
<![CDATA[Laela, Sugiyarti Fatma]]>;
<![CDATA[Shah, Mohamed Eskandar]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.21978
<![CDATA[Purpose - This research aims to evaluate the impact of strategic similarity on M&A performance in banking within OIC countries. The study investigates how strategic alignment influences M&A outcomes and explores the role of cultural fit, cross-border factors, and capital adequacy in shaping post-merger success.Method - A quantitative approach is used in this study, using secondary data from annual reports of banking institutions in OIC member countries that experienced mergers and acquisitions from 2013 to 2022. This study uses 38 M&A transaction data obtained from Bank Focus. The hypothesis is tested using a partial least squares structural equation model.Result - The finding reveals that the strategic similarity factor could not explain the success of M&A performance for both Islamic and conventional banks. Cultural misalignment and cross-border regulatory issues are key factors affecting post-merger success. The one-year observation period was too short, but capital adequacy was found to influence performance significantly.Implication - Theoretically, models of M&A success should include cultural and regulatory dimensions and consider a longer-term view. Managers should prioritise cultural integration, address regulatory challenges, and align capital adequacy strategies to improve post-merger outcomes and resilience.Originality - This research discussed the factors determining successful M&A performance in banks in OIC countries. The findings can be used to develop insights into mergers and acquisitions in the banking sector.]]>
<![CDATA[The impact of the Russia-Ukraine conflict on market volatility: stability of Islamic cryptocurrency ]]>
<![CDATA[Hasyim, Fuad]]>;
<![CDATA[Rusgianto, Sulistya]]>;
<![CDATA[Setianingsih, Hesti Eka]]>;
<![CDATA[Fauziah, Nurul]]>;
<![CDATA[Ramly, Arroyan]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.22363
<![CDATA[Purpose - This research investigates how the Russia-Ukraine conflict affects the volatility of cryptocurrencies, with a specific focus on the comparative stability of Islamic gold-backed cryptocurrencies versus conventional cryptocurrencies, such as Bitcoin.Method - Utilizing the GARCH model, this study examines the risk factors and volatility transmission among cryptocurrencies (Bitcoin and Tether-gold), traditional financial markets (gold and stock markets), and their interrelationships during the conflict period. The study employs the daily closing prices of Bitcoin, Tether-gold, gold, the S&P 500, and the Dow Jones Islamic Market Index from February 7, 2020, to November 30, 2023.Result - Bitcoin experienced significant volatility during the conflict, while the Tether-gold remained more stable. Islamic gold-backed cryptocurrencies have proven to be more stable than conventional ones during geopolitical crises.Implication - The findings offer valuable insights for investors seeking safe-haven assets during periods of economic uncertainty. Gold-backed cryptocurrencies present a more stable investment option compared to conventional cryptocurrencies, especially for investors adhering to Shariah principles.Originality - This research highlights the stability of Islamic gold-backed cryptocurrencies during geopolitical events, contributing to the understanding of safe-haven assets and offering practical implications for portfolio diversification and risk management.]]>
<![CDATA[Deconstruction of basic accounting principles through the values of sufism in the Syarah Ḥikam by Sheikh Aḥmad Zarrūq ]]>
<![CDATA[Rifqiawan, Raden Arfan]]>;
<![CDATA[Ghofur, Abdul]]>;
<![CDATA[Murtadho, Ali]]>;
<![CDATA[Agriyanto, Ratno]]>;
<![CDATA[Warno, Warno]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.22984
<![CDATA[Purpose - The purpose of this study is to deconstruct the basic principles of accounting, which are often viewed as overly materialistic, by integrating seven Sufi values from the Syarah Ḥikam by Sheikh Aḥmad Zarrūq. This research seeks to create a more balanced accounting paradigm integrating financial gains with moral, social, and spiritual responsibilities.Method - This research utilizes a literature review method with a Derridean deconstruction approach, combining the text of Syarah Ḥikam with accounting literature. The deconstruction process involves identifying the material-spiritual binary to explore the integration of Sufi values into accounting principles.Result - The study's results show that integrating Sufi values strengthens the moral and justice aspects of accounting. This creates a more holistic approach that balances financial profit with spiritual and social responsibilities.Implication - This research has implications for the development of a more ethical and sustainable accounting system that balances material gain with moral and spiritual responsibilities relevant to both business and social practices.Originality - This study is unique in its use of classical Sufi texts to deconstruct the basic accounting principles. This novel approach in modern accounting studies has yet to be widely explored. By integrating spiritual values into accounting, this approach is expected to complement and enrich the current accounting perspectives, aiming not merely for fairness but for truth, fostering a better balance between material aspects and moral, social, and spiritual responsibilities.]]>
<![CDATA[Ethical values of public accountant: a critical perspective of rational-religious of Hamka ]]>
<![CDATA[Muhammad, Erfan]]>;
<![CDATA[Sudarma, Made]]>;
<![CDATA[Djamhuri, Ali]]>;
<![CDATA[Adib, Noval]]>;
<![CDATA[Eliwa, Yasser]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
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DOI: 10.21580/jiafr.2024.6.2.23095
<![CDATA[Purpose - This study explores business practices in public accounting firms, particularly in East Java, along with ethical issues raised by the practices.Method - This study applied a qualitative approach in which data were collected through in-depth interviews with 12 public accountants from various public accounting firms. Then, the data were analysed based on a rational-religious perspective as suggested by Buya Hamka.Result - The findings of this study indicated many ethical concerns in public accountant practices, despite they comprehend about ethical standards contained in the professional code of ethics. All those problems were actuated by the financial fulfillment of the public accountant, which deviated from ethical values as signified by Hamka.Implication - Public accountants should implement Hamka’s virtues in professional practices as a reflection of Islamic principles.Originality - This research is the first study that used the virtues of Buya Hamka in public accountant practices.]]>
<![CDATA[Dividend policy as an intervening variable between return on asset and earning per share on stock prices ]]>
<![CDATA[Prasetyoningrum, Ari Kristin]]>;
<![CDATA[Vanni, Kartika Marella]]>;
<![CDATA[Mustika, Anjar]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
Show Abstract
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Download Original
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Original Source
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DOI: 10.21580/jiafr.2024.6.2.20206
<![CDATA[Purpose - The aim of this study is to investigate how Return on Asset (ROA) and Earnings per Share (EPS) impact stock prices, while considering dividend policy as a mediating factor.Method - This research uses 6 samples of pharmaceutical companies listed on ISSI during the period of 2017-2021 using purposive sampling technique. The data analysis used in this research is SEM-PLS with the help of WarpPLS software version 7.0.Result - The findings indicate that dividend policy does not act as a mediator between ROA and share prices; however, it does serve as a mediator between EPS and share prices. The direct effects reveal that ROA has a non-significant positive impact on dividend policy, whereas EPS demonstrates a significant positive influence on dividend policy. Both ROA and dividend policy exhibit a significant negative impact on share prices, whereas EPS has a positive and significant influence on share prices. In addition, this research reveals that dividend policy is unable to mediate the relationship between ROA and share prices but is proven to mediate the relationship between EPS and stock prices.Implication - The concept of signaling theory in general can still be used in carrying out financial analysis even when anomalies occur in economic conditions.Originality - This research is research conducted on pharmaceutical companies which are different from other companies which have experienced negative impacts, but pharmaceutical companies have experienced an increase in share prices and profits during the pandemic.]]>
<![CDATA[Factors afffecting on the growth assets of sharia life insurance companies in Indonesia ]]>
<![CDATA[Mushrifah, Mega]]>;
<![CDATA[Haryono, Slamet]]>;
<![CDATA[Pangayow, Bill]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
Show Abstract
|
Download Original
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Original Source
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Check in Google Scholar
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DOI: 10.21580/jiafr.2024.6.2.21092
<![CDATA[Purpose - The objective of this research is to present a summary and examination of the impact of investment returns, claims, and premiums on asset growth in Indonesian sharia life insurance firms from 2018 to 2022.Method - This study uses quantitative methods. The study's population consists of sharia life insurance companies that are registered with the OJK, and its sample consists of seven such companies that provide complete financial reports through 2022. Panel data analysis is the data analysis technique employed in this study, and the Common Effect Model (CEM) was selected using eviws 10.Result - This study provides evidence that premiums and claims have a detrimental effect on Indonesian Islamicic life insurance businesses' asset growth. Low premiums and high claims inhibit asset growth. On the other hand, investment returns have a positive effect, because Islamicic insurance companies gain opportunities for asset growth from investments in various sectors. Therefore, claim management and optimization of investment returns are very important to encourage the growth of company assets.Implication - These findings have implications from the results of this investigation, which show that a company is better and can be considered healthy if its assets are larger.Originality - This study is the first to employ profit-sharing finance as an intervening variable.]]>
<![CDATA[Does audit opinion matter to issuance of sukuk? ]]>
<![CDATA[Azwar, Azwar]]>;
<![CDATA[Abdullah, Mohd Farid Ravi]]>;
<![CDATA[Usman, Abur Hamdi]]>
<![CDATA[ Journal of Islamic Accounting and Finance Research Vol. 6 No. 2 (2024) ]]>
Publisher : <![CDATA[Universitas Islam Negeri Walisongo Semarang ]]>
Show Abstract
|
Download Original
|
Original Source
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Check in Google Scholar
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DOI: 10.21580/jiafr.2024.6.2.21608
<![CDATA[Purpose - This study aims to analyze the effect of The Audit Board of The Republic of Indonesia's audit opinion on Central Government Financial Statement and economic factors on the Government Sharia Securities (sukuk) issuance of Indonesia.Method - The data collected is secondary data obtained from the Audit Board of the Republic of Indonesia (BPK), Bank Indonesia, and World Bank. This study uses a quantitative approach with the Ordinary Least Squares (OLS) technique.Result - The results show that the audit opinion by BPK has a positive and significant influence on the development of sukuk in Indonesia. The inflation rate is found to have a negative effect on sukuk, but not significant. The exchange rate is found to have a positive and significant effect on the issuance of sukuk. Political stability is found to have a negative effect on the development of sukuk, but not significant. Changes in the growth have a negative and significant influence on the issuance of sukuk.Implication - The results provide a recommendation that in addition to maintaining the current Central Government Financial Statement opinion acquisition at the highest level (unqualified), the government needs to maintain the credibility and accountability of State Budget performance which is manifested through macroeconomic variables and other variables that influence the development of government Sharia securities.Originality - This study provides a new perspective on the influence of audit opinions and various economic factors on the issuance of sukuk in Indonesia, using a comprehensive data set covering the period from 2008 to 2022 and employing the Ordinary Least Squares (OLS) technique for analysis.]]>
