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INDONESIA
IIJSE
Published by Universitas KH. Abdul Chalim
ISSN : -     EISSN : 2621606X     DOI : https://doi.org/10.31538/iijse
Core Subject : Economy,
Economics, Econometrics & Finance
The Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) is Sharia Economics Journal published by Sharia Economics Department Institut Pesantren KH. Abdul Chalim, Mojokerto. The Journal focuses on the issues of Sharia Economics, the History of Islamic Economic Thought, Islamic Law, Local Wisdom in Sharia Economic Perspective, and others related to Sharia economics. The journal is published periodically triannually in March, July, and November. Guidance for submission: ֎ The manuscript submitted to IIJSE must never be published elsewhere. ֎ The IIJSE is published in English. ֎ The articles must be submitted via OJS in Microsoft Word format. ֎ The articles should follow APA reference, with the body note, max 4000 words, and APA citation style.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 2,738 Documents
 270   271   272   273   274 
Strategies for Improving Employee Performance Through Strengthening Organizational Culture, Transformational Leadership, and Job Satisfaction at PT Industri Baterai Indonesia Group in Jakarta Asmoro, Aryo Prabowo; Sunaryo, Widodo; Herdiyana, Herdiyana
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9733

Abstract

Employee performance is a strategic factor in supporting organizational success, including PT Industri Baterai Indonesia (IBC) Group, which plays an important role in the development of the national electric vehicle ecosystem. Differences in employee backgrounds, weak implementation of organizational culture, and suboptimal transformational leadership are thought to affect employee job satisfaction and performance. This study aims to analyze the influence of organizational culture and transformational leadership on employee performance with job satisfaction as an intervening variable. The study uses a quantitative approach through a survey of 113 permanent employees at the low management level of the IBC Group. Data were collected using questionnaires that had been tested for validity and reliability, then analyzed using path analysis techniques using SmartPLS version 4. The results showed that organizational culture and job satisfaction had a positive and significant effect on employee performance, while transformational leadership had a positive but not significant direct effect. Organizational culture and transformational leadership have a positive and significant effect on job satisfaction, as well as a significant indirect effect on employee performance through job satisfaction.
THE IMPLEMENTATION OF FULL CALL AUCTION ON TRADING VALUE AND PRICE MANIPULATION INDICATOR IN WATCHLIST STOCKS ON THE INDONESIA STOCK EXHANGE Aulia, Risna; Jaya, Asri; Nasrullah, Nasrullah
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9736

Abstract

This research analyzes the impact of the Full Call Auction (FCA) policy on transaction values and indications of price manipulation in stocks listed on the Special Monitoring Board (PPK) of the Indonesia Stock Exchange (BEI). This policy was implemented to improve market orderliness and protect investors from the risk of manipulation, which commonly occurs in low-liquidity and high-risk stocks. The research questions include whether FCA causes a significant change in trading value and whether FCA can reduce indications of price manipulation as measured by liquidity, information asymmetry, and volatility. The study uses a comparative quantitative approach with an event study design, analyzing 171 PPK companies during the period of November 3, 2023 - August 26, 2025, using saturated sampling. Secondary data was obtained from BEI, including transaction values, bid-ask data, and stock prices, observed for 10 trading days before and after the implementation of FCA. Descriptive analysis results show that the average trading value increased by 24.46% after FCA, but this change was not statistically significant. Based on the Wilcoxon signed-rank test, liquidity and information asymmetry underwent significant changes after FCA, indicating an improvement in market quality and a reduction in information asymmetry among investors. However, volatility did not show a significant difference, meaning FCA has not yet fully stabilized price fluctuations. Overall, FCA is considered quite effective in reducing indications of price manipulation, especially through increased liquidity and decreased information asymmetry, although its impact on trading value and volatility remains limited in the short-term observation period.
Dynamics of Corporate Financial Performance in IDX Carbon Initial Trading Participation: A DuPont Five-Step Approach Maulana, Danil; Haanurat, A. Ifayani; Jaya, Asri
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9740

Abstract

Global warming and increasing greenhouse gas emissions are driving various countries to develop carbon trading mechanisms as an instrument for emission control, including in Indonesia through the launch of IDX Carbon on September 26, 2023. This research aims to examine the dynamics of companies' financial performance before, during, and after participation in the inaugural carbon trading transaction via IDX Carbon using the DuPont Five-Step Analysis approach. The research population includes 16 companies participating in the inaugural IDX Carbon transaction, with a sample of seven companies selected using purposive sampling based on the availability of financial statements and annual reports. The data used consists of quarterly financial statements for the 2022-2024 period. The research problem focuses on the differences in Return On Equity (ROE) before, during, and after participation, as well as changes in DuPont components and their correlation to ROE. The analysis methods include descriptive analysis, comparative analysis, and correlation testing of DuPont components consisting of tax burden, interest burden, operating profit margin, asset turnover, and financial leverage. The research results indicate that companies' participation in the inaugural IDX Carbon transaction was not followed by a significant change in ROE in the short term. However, there were adjustments in the ROE-forming structure, especially an increase in interest burden pressure and the important role of operational efficiency and asset utilization in maintaining profitability. This research concludes that the impact of carbon trading on companies' financial performance is transitional and is more reflected through the dynamics of DuPont components than through aggregate changes in ROE.
OPTIMIZING INVENTORY IN THE RECEIVING & STOREKEEPER DEPARTMENT OF A HOTEL USING THE MIN-MAX METHOD Cahyaningrum, Nadia Wulandari; Kartini, Kartini
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9766

Abstract

Inventory management plays a crucial role in hotel operations due to its direct impact on service continuity and cost control. Improper inventory management may result in excessive storage costs or operational disruptions caused by stock shortages. This study aims to analyze inventory optimization in the Receiving & Storekeeper department of a hotel using the Min–Max method. The research adopts a quantitative approach utilizing secondary data in the form of hotel inventory records. The analysis involves the calculation of safety stock, minimum stock, maximum stock, as well as inventory costs, including holding cost and ordering cost, accompanied by an inventory optimization index assessment. The results indicate that all analyzed inventory items are in optimal condition, as the actual stock levels remain within the established minimum and maximum limits. Furthermore, the total ordering cost exceeds the holding cost, reflecting a procurement pattern characterized by frequent orders with relatively small order quantities. These findings demonstrate that the Min–Max method is effective in maintaining inventory availability while controlling inventory-related costs, and can support more measured decision-making in hotel inventory management.
Analysis of the Influence of Severity, Firm Size, Free Asset, and Asset Retrenchment on Corporate Turnaround in the Property & Real Estate Sector Listed on the Indonesia Stock Exchange for the Period 2020-2024 Wichaksono, Adhi; Gursida, Hari; Indrayono, Yohanes
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9792

Abstract

This study aims to analyze the effect of severity, firm size, free assets, and asset retrenchment on the success of corporate turnaround in Indonesian property and real estate companies experiencing negative return on assets (ROA). The study uses a quantitative approach with binary logistic regression on 21 companies selected through purposive sampling in the 2020–2024 period. Corporate turnaround is identified based on the company's ability to continuously emerge from negative ROA conditions. The test results show that severity has a negative effect on the probability of corporate turnaround success, although it is not statistically significant. Meanwhile, firm size, free assets, and asset retrenchment also had no significant effect on the success of performance recovery. These findings indicate that conventional financial indicators and ratios are not yet able to adequately explain the dynamics of corporate turnaround in the property and real estate sector, which is asset-intensive, illiquid, and highly influenced by economic cycles. This study confirms the gap between the theoretical framework based on financial indicators and the empirical reality of the property sector, and emphasizes the importance of a multidimensional approach that incorporates non-financial factors in the analysis of corporate turnaround.
EFECTS OF LOCAL OWN-SOURCE REVENUE (PAD) AND CAPITAL EXPENDITURE ON REGIONAL ECONOMIC GROWTH Prabawati, Chintya; Indarti, Maria Goretti Kentris
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9816

Abstract

This research examined the direct and indirect effects of local own-source revenue (PAD) and capital expenditure on regional economic growth, with regional financial performance serving as a mediating variable in the former Pati Residency area of Central Java. This research analyzed two decades of panel data (2005–2024) from five regencies. The researchers applied path analysis using a random-effects model and test mediation with the Sobel test. The results reveal that PAD positively affects regional financial performance, whereas capital expenditure does not. The findings also indicate that PAD, capital expenditure, and regional financial performance do not affect regional economic growth. In addition, regional financial performance does not mediate the effects of PAD and capital expenditure on economic growth. These results imply that increasing regional fiscal capacity does not automatically drive real economic growth; therefore, policymakers need a more integrated approach that aligns budget planning with economic development strategies based on local leading sectors. Keywords : PAD, capital expenditure, financial performance, regional economic growth, mediating variable
Evaluation Revealing Errors: A Study of Cross-Divisional Cost Recording Systems in Multi-Batch Projects at PT X Hakim, Muhammad Irham; Kartini, Kartini
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9843

Abstract

This study aims to evaluate cross-divisional cost recording systems in a multi-batch project at PT X by examining recording failures as a structural and systemic organizational phenomenon. A descriptive qualitative approach with a single case study design was employed. The units of analysis included the Finance Division as the guardian of data integrity, the Product Division as the producer of cost data, and the CEO as the strategic decision-maker. Data were collected through semi-structured interviews, internal documents, and project records, and analyzed using triangulation. The findings indicate that cost recording problems cannot be interpreted merely as technical errors but rather as consequences of a recording and control system design that is misaligned with the characteristics of batch-based projects. Misalignment between the Cost of Goods Sold (COGS) and the Budget Plan weakened the linkage between planning and realization, resulting in reactive cost control. Evaluation conducted after Batch 2 led to improvements in Batch 3, where increased detail and separation of fixed and variable costs enhanced cost accuracy, although systematic evaluation mechanisms remained limited.
BEBAN KERJA DAN KESEIMBANGAN KEHIDUPAN KERJA TERHADAP KEPUASAN PEKERJAAN KARYAWAN: PERAN MEDIASI KECERDASAN KESULITAN (ADVERSITY QUOTIENT) SEBUAH STUDI DI BMT UGT SIDOGIRI CENTER Saidah, Bailatus; Mukaffi, Zaim
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9861

Abstract

This study examines the effect of workload and work-life balance on employee job satisfaction, with adversity quotient as a mediating variable. The research is grounded in the Job Demands-Resources (JD-R) model, which explains how job demands, job resources, and personal resources shape employees’ work outcomes. A quantitative explanatory approach was employed, involving all 70 employees of BMT UGT Sidogiri Pusat as research respondents using a saturated sampling technique. Data were collected through structured questionnaires and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings indicate that workload and work-life balance do not have a significant direct effect on employee job satisfaction. However, adversity quotient significantly mediates the relationship between workload and job satisfaction, while it does not mediate the relationship between work-life balance and job satisfaction. These results suggest that employee job satisfaction is not solely determined by working conditions, but is also influenced by individual psychological resilience in coping with work demands. This study highlights the importance of strengthening employees’ adversity quotient as a personal resource to maintain job satisfaction, particularly in organizations with high job demands such as Islamic microfinance institutions
Design of an Early Warning System-Based Information System for Cash Advance Requests Yuliani, Neli; Larasati, Annisa Yuniar
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9865

Abstract

The West Java Provincial Department of Industry and Trade faces challenges in managing Cash Advances (Uang Persediaan/UP) because the process is still manual and paper-based. This condition results in the absence of early warnings for potential breaches of budget ceilings and quarterly Cash Disbursement Plans (RPD), bottlenecks in accountability reporting, limited real time monitoring, risks of human error, and weak document traceability that may lead to audit findings related to the Internal Control System (SPI). This study aims to design an Early Warning System (EWS) based information system for UP submissions in accordance with Government Regulation No. 12 of 2019 and Minister of Home Affairs Regulation No. 77 of 2020. The research employs a qualitative case study approach, with system development using the Waterfall model. Data were collected through observation, interviews, documentation review, and workflow analysis. The system is built on Google Workspace and includes EWS validation and automated notifications, a centralized database to ensure data consistency, a monitoring dashboard, and an integrated digital approval workflow. The design results in an architecture, functional requirements, and technical specifications that significantly reduce administrative processing time, enhance transparency and accountability, strengthen controls, and reduce the risk of overspending and audit findings.
THE MODERATING EFFECT OF FIRM SIZE ON THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND PROFITABILITY: INDONESIAN MANUFACTURING FIRMS (2020–2024) Putri, Afifa Azka; Wicaksari, Erisa Aprilia
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9903

Abstract

This study examines the effect of capital structure on profitability and the moderating role of firm size in Indonesian manufacturing companies listed on the Indonesia Stock Exchange during 2020–2024. Employing a quantitative approach with purposive sampling, 102 companies with complete financial data were selected, yielding 510 observations. Profitability, measured by Return on Assets (ROA), Tobin’s Q, and Earnings Per Share (EPS), serves as the dependent variable, while capital structure, proxied by Debt to Asset Ratio (DAR) and Debt to Market Capitalization Ratio (DMCR), is the independent variable. Firm size is included as a moderator, and Annual Sales Growth (ASG) and Firm Age (FAGE) are control variables. Secondary data were obtained from company annual reports and Bloomberg, and analysis was conducted using panel data regression and Moderated Regression Analysis (MRA) in EViews. The results show that DAR does not significantly affect profitability, while DMCR negatively and significantly affects ROA. Firm size moderates only the negative effect of DMCR on ROA, indicating that larger firms can better manage debt and reduce operational profitability risks. ASG positively affects ROA, and FAGE positively influences ROA but not Tobin’s Q or EPS. These findings provide insights into capital structure management, operational efficiency, and the strategic role of firm size.

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