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INDONESIA
Journal of Islamic Economics Lariba
Published by Universitas Islam Indonesia
ISSN : 24774839     EISSN : 25283758     DOI : https://doi.org/10.20885/jielariba
Core Subject : Religion, Economy, Social,
Religion Economics, Econometrics & Finance Social Sciences
Journal of Islamic Economics Lariba provides a platform for academicians, researchers, lecturers, students, and others having concerns about Islamic economics, finance, and development. The journal welcomes contributions on the following topics: Islamic economics, Islamic public finance, Islamic finance, Islamic accounting, Islamic business ethics, Islamic banking, Islamic insurance, Islamic human resource management, Islamic microfinance, Islamic capital market, and other relevant Islamic economic and financial studies.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 5 Documents
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Search results for , issue "vol. 12 no. 3 (2026)" : 5 Documents clear
Determinants of funding success in securities crowdfunding: Evidence from equity and sukuk offerings on Indonesia’s Bizhare Platform Harahap, Khairunnisa; Siregar, Saparuddin; Nurlaila, Nurlaila
Journal of Islamic Economics Lariba Vol. 12 No. 3 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss3.art3

Abstract

IntroductionSecurities Crowdfunding has emerged as an important alternative financing mechanism for Micro, Small, and Medium Enterprises that face difficulties accessing traditional financial institutions. Despite its rapid growth, fundraising outcomes remain highly uneven because investors must make decisions under conditions of information asymmetry. In Indonesia, the coexistence of equity and sukuk offerings within a regulated Securities Crowdfunding ecosystem provides a unique context for examining how issuer and campaign signals influence funding success.ObjectivesThis study investigates the determinants of funding success in Securities Crowdfunding by examining the effects of fundraising experience, business age, fundraising duration, average investment per investor, share price per share, and funding target. The study also explores the role of signaling mechanisms in reducing information asymmetry and enhancing investor confidence.MethodThis study employs a quantitative explanatory approach using cross-sectional data from completed fundraising campaigns listed on Bizhare, one of Indonesia’s licensed Securities Crowdfunding platforms. A purposive sampling technique was applied to select 70 completed campaigns that met predefined criteria. Multiple linear regression analysis was used to examine the effects of issuer and campaign characteristics on funding success.ResultsThe results indicate that fundraising experience, business age, average investment per investor, share price per share, and funding target positively and significantly affect funding success. Funding target emerges as the strongest predictor, followed by share price and average investment per investor. In contrast, fundraising duration does not have a significant effect. The model explains approximately 78 percent of the variation in funding success. In addition, all sukuk campaigns in the sample successfully reached their fundraising targets, suggesting the importance of governance, transparency, and credibility signals in Sharia-compliant fundraising environments.ImplicationsThe findings demonstrate that investors rely on multiple signals to evaluate campaign quality and reduce uncertainty in digital fundraising markets. Issuers should emphasize credible disclosures, realistic funding targets, transparent pricing, and evidence of organizational capability. Regulators and platform operators can strengthen market efficiency by improving disclosure standards and investor information quality.Originality/NoveltyThis study extends signaling theory to the Securities Crowdfunding context by conceptualizing funding target as a strategic signal rather than merely a fundraising threshold. It also contributes to the emerging literature on Islamic fintech by providing evidence from a crowdfunding market where equity and sukuk instruments coexist within the same regulatory framework.
Distribution, scarcity, and Merchant App MyPertamina implementation in LPG 3 Kg purchase decisions: An Islamic economics perspective Nasution, Dita Aidila Syaharani; Ridwan, Muhammad; Batubara , Maryam
Journal of Islamic Economics Lariba Vol. 12 No. 3 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss3.art1

Abstract

IntroductionIndonesia’s subsidized three-kilogram liquefied petroleum gas program is intended to protect household and microenterprise access to affordable energy, yet distribution irregularities, localized scarcity, price deviations, and uneven implementation of digital subsidy governance continue to challenge its effectiveness. These problems raise broader questions about how physical distribution and provider-operated digital systems create customer value and shape purchasing behavior in a regulated essential-energy market.ObjectivesThis study examines the relationships of distribution, scarcity, and consumer-perceived implementation of Merchant App MyPertamina with three-kilogram liquefied petroleum gas purchase decisions. It further investigates customer perceived value as an intervening mechanism linking these distributional and digital-governance conditions with purchasing behavior.MethodA quantitative explanatory cross-sectional design was employed using data from 205 three-kilogram liquefied petroleum gas users across all 23 districts of Langkat Regency, North Sumatra, Indonesia. Respondents were selected through purposive sampling, and data were collected from March to May 2026 using a five-point Likert-scale questionnaire. The measurement and structural models were evaluated using partial least squares structural equation modeling with SmartPLS 4.0.ResultsDistribution was positively associated with both customer perceived value and purchase decisions, while customer perceived value was positively associated with purchase decisions. Consumer-perceived implementation of Merchant App MyPertamina significantly improved customer perceived value but showed no significant direct relationship with purchase decisions. Scarcity did not significantly influence customer perceived value, and its indirect relationship with purchase decisions through customer perceived value was unsupported. Customer perceived value partially mediated the relationship between distribution and purchase decisions and fully mediated the relationship between Merchant App MyPertamina implementation and purchase decisions. The model explained 59.4% of the variance in purchase decisions and 51.5% of the variance in customer perceived value.ImplicationsThe findings indicate that reliable physical distribution and consumer-visible value creation are more important than digitalization alone in shaping subsidized energy purchasing behavior. Digital subsidy governance should therefore emphasize transparency, fairness, service clarity, and accountable targeting alongside reliable last-mile supply.Originality/NoveltyThis study integrates physical distribution, scarcity, provider-operated digital subsidy governance, customer perceived value, and purchase behavior within one model and identifies customer perceived value as the mechanism connecting distributional and digital-governance conditions with consumer behavior in a subsidized essential-energy market.
Negotiated economic responsibility in Muslim families: Maqasid al-Shariah, living law, and changing household breadwinning roles in Indonesia Siradjuddin, Azmi
Journal of Islamic Economics Lariba Vol. 12 No. 3 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss3.art2

Abstract

IntroductionIslamic family law normatively positions husbands as primarily responsible for household economic provision. Contemporary Muslim families, however, increasingly encounter economic conditions in which wives contribute income or assume greater breadwinning roles. This creates an important socio-legal question concerning how normative financial responsibility is maintained while household economic roles adapt to changing circumstances.ObjectivesThis study examines how Muslim husbands understand and practice family economic responsibility, how earning roles are negotiated under changing household conditions, and how these practices can be interpreted through maqasid al-shariah and living law.MethodThis study employed a qualitative socio-legal design combining empirical interviews with normative analysis of Islamic and Indonesian family law. Five married Muslim husbands in Hadimulyo Barat, Metro City, Lampung, Indonesia, were purposively selected. Interview data were analyzed inductively to identify recurring themes concerning breadwinning, household provision, economic cooperation, family welfare, and role negotiation, which were subsequently interpreted through maqasid al-shariah and living-law perspectives.ResultsThe findings show that participants consistently regarded husbands as primarily responsible for family economic provision, encompassing basic necessities, housing, children’s education, lawful income, family security, dignity, and longer-term asset formation. However, primary responsibility did not necessarily mean exclusive earning. Participants accepted wives’ financial contributions and conditional role substitution when husbands experienced illness, disability, unemployment, or other economic constraints. Local practices involving rumah tua and sesan further demonstrate that household resources may involve spouses and extended families.ImplicationsThe findings distinguish normative financial responsibility from the practical allocation of income-generating roles. Maqasid al-shariah frames provision as multidimensional family welfare, while living law explains its adaptation through economic capacity, cooperation, custom, and household circumstances. This interpretation can inform family financial planning, premarital education, counseling, and context-sensitive understandings of maintenance.Originality/NoveltyThis study develops negotiated economic responsibility as an integrative framework connecting qiwamah, nafaqah, maqasid al-shariah, living law, and household resource allocation. It demonstrates how normative continuity and socioeconomic adaptation can coexist within contemporary Muslim family economics.
Emotional intelligence, visionary leadership, and innovative behavior as drivers of lecturer performance: An Islamic Human Resource Management perspective Handayani, Asih; Widajanti, Erni; Sari, Aisyah Arum
Journal of Islamic Economics Lariba Vol. 12 No. 3 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss3.art4

Abstract

IntroductionThe performance of lecturers has become a strategic concern in higher education due to digital transformation, increasing accreditation requirements, and growing expectations regarding teaching quality, research productivity, and community engagement. Although numerous studies have examined factors affecting lecturer performance, empirical research integrating emotional intelligence, visionary leadership, innovative behavior, Organizational Citizenship Behavior, and achievement motivation within a single framework remains limited, particularly in Indonesian private higher education institutions. Furthermore, the potential relevance of Islamic Human Resource Management values in explaining lecturer performance has received little attention.ObjectivesThis study aims to examine the effects of emotional intelligence, visionary leadership, and innovative behavior on lecturer performance through the mediating roles of Organizational Citizenship Behavior and achievement motivation. The study also seeks to develop an integrative model of lecturer performance by combining individual, organizational, behavioral, and motivational perspectives within the context of private higher education institutions.MethodThis study employed a quantitative explanatory research design. Data were collected through a structured questionnaire distributed to 176 permanent lecturers from private higher education institutions in Surakarta under the coordination of LLDIKTI Region VI Central Java. The respondents were selected using purposive sampling. Data analysis was conducted using Partial Least Squares Structural Equation Modeling with SmartPLS 4 to examine both direct and indirect relationships among the proposed constructs.ResultsThe findings reveal that emotional intelligence, visionary leadership, and innovative behavior significantly influence Organizational Citizenship Behavior, achievement motivation, and lecturer performance. Emotional intelligence positively enhances achievement motivation, Organizational Citizenship Behavior, and performance. Visionary leadership significantly strengthens lecturers’ motivation, discretionary organizational contributions, and performance outcomes. Innovative behavior demonstrates the strongest direct effect on lecturer performance while also improving Organizational Citizenship Behavior and achievement motivation. Furthermore, Organizational Citizenship Behavior and achievement motivation significantly contribute to lecturer performance, confirming their important roles as behavioral and psychological mechanisms that translate individual and organizational resources into improved academic effectiveness.ImplicationsThe findings suggest that improving lecturer performance requires a comprehensive human resource management approach that simultaneously develops emotional competencies, visionary academic leadership, innovative work behavior, achievement-oriented motivation, and discretionary organizational contributions. Higher education institutions should move beyond purely administrative performance interventions and adopt holistic faculty development strategies that strengthen both professional and behavioral capabilities.Originality/NoveltyThis study contributes to the higher education and human resource management literature by developing an integrative lecturer performance model that combines emotional intelligence, visionary leadership, innovative behavior, Organizational Citizenship Behavior, and achievement motivation within a single structural framework. The study further extends Social Exchange Theory and Achievement Motivation Theory while introducing insights from Islamic Human Resource Management to explain how lecturer performance is formed through interconnected psychological, behavioral, organizational, and ethical processes.
Profitability signals and firm value: Evidence from state-owned enterprises listed on the Jakarta Islamic Index Ramadhan, Taufiq
Journal of Islamic Economics Lariba Vol. 12 No. 3 (2026)
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jielariba.vol12.iss3.art5

Abstract

IntroductionProfitability provides financial information that investors may use to evaluate firm value, yet different profitability measures do not necessarily convey equivalent valuation signals. This issue is particularly relevant to Indonesian state-owned enterprises listed on the Jakarta Islamic Index, where state ownership and Shariah screening define a distinctive institutional setting for interpreting corporate performance and market valuation.ObjectivesThis study examines the associations of Net Profit Margin and Return on Equity with firm value, measured by Price-to-Book Value, and evaluates whether these profitability–valuation relationships remain stable across sub-periods.MethodThe study employs a quantitative explanatory design using 55 firm-year observations from 11 Indonesian state-owned enterprises consistently listed on the Jakarta Islamic Index during 2015–2019. Multiple regression incorporates firm size and leverage as control variables and applies the Cochrane–Orcutt procedure to address potential first-order autocorrelation. Temporal stability is examined through sub-period estimations for 2015–2017 and 2017–2019.ResultsNet Profit Margin is positively but not significantly associated with Price-to-Book Value, whereas Return on Equity has a positive and statistically significant association in the full-period model. Firm size and leverage are not statistically significant in the primary specification. However, the sub-period analysis reveals temporal heterogeneity. Return on Equity remains positive but only marginally significant during 2015–2017 and becomes insignificant during 2017–2019, while Net Profit Margin, firm size, and leverage become significant in the later period.ImplicationsThe findings indicate that profitability measures provide different and time-contingent valuation information. Investors and managers should therefore evaluate equity efficiency together with operating margins, capital structure, firm characteristics, and changing market conditions rather than relying on a single profitability indicator.Originality/NoveltyThis study provides context-specific evidence from state-owned, Shariah-screened Indonesian enterprises and extends signaling theory by demonstrating that the valuation relevance of profitability signals is multidimensional and temporally contingent rather than universally uniform.

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