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Mohamad Toha
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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 3,098 Documents
 303   304   305   306   307 
The Impact of Financial Indicators on Sukuk Ratings: An Empirical Study of Indonesian Issuers (2018–2022) Diva Aji Azzahra; Ujang Syahrul Mubarrok
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.v9i2.9415

Abstract

This study examines how leverage, liquidity, and profitability influence the sukuk ratings of Indonesian corporate issuers over the 2018–2022 period. Adopting a quantitative correlational approach, the research analyzes data from 25 firms issuing sukuk and listed on the Indonesia Stock Exchange, with rating information obtained from PEFINDO. Given the ordinal nature of sukuk ratings, the analysis employs an ordinal logistic regression model. The findings reveal that profitability has a significant positive effect on sukuk ratings, suggesting that firms with stronger profit performance are more likely to receive higher ratings. In contrast, leverage and liquidity are found to have no significant impact. These results are consistent with signaling theory, which posits that profitability serves as a key indicator of financial strength and credibility in the assessment of sukuk. Overall, the study contributes to the Islamic finance literature by highlighting profitability as the dominant determinant of sukuk ratings. It also offers practical implications for issuers, investors, and regulators, particularly in strengthening financial transparency and enhancing confidence in the sukuk market.
Integrating Business Model Canvas and Digital Marketing to Improve the Sales Sustainability of Frozen Food MSMEs: A Study of Jaci Frozen Food Balikpapan Kinanthi Nur Afifah Anastasya Rusmawan; Wirawan Endro Dwi Radianto
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.v9i2.9921

Abstract

This study aims to analyze the business model of Jaci Frozen Food MSMEs using the Business Model Canvas (BMC) framework and to understand the role of digital marketing in supporting the sustainability and stability of sales in the context of the Balikpapan local market. This research uses a qualitative descriptive approach with data collection through interviews, observation, and documentation. The research informants consisted of business owners, sales admins, and active customers selected using purposive sampling. Data analysis was carried out through the stages of data reduction, data presentation, and drawing conclusions, by mapping the findings into the nine elements of the Business Model Canvas. The results of the study show that the Jaci Frozen Food business model has been implemented in a real way and is integrated between BMC elements. The customer segment is focused on productive age consumers with practical food needs for routine household consumption. The value proposition offered is in the form of frozen food products that are practical, hygienic, halal, have a home-like taste, and are affordable. The use of digital channels, particularly WhatsApp and Instagram, plays an important role not only as a promotional medium, but also as a means of transaction and communication that supports repeat purchases. Customer relationships are built through quick response, personal communication, and consistent service, thus encouraging customer loyalty. Business revenue is dominated by digital sales with repeat purchase patterns, while the largest cost structure comes from raw materials and cold chain operations. This research confirms that digital marketing in MSMEs will be effective if it is fully integrated with the business model, and supported by resource readiness and operational activities. The research findings are expected to serve as a reference for MSMEs in designing sustainable business models and digital marketing strategies.
Urgensi Integrasi Dimensi Thayyib dalam Sistem Jaminan Produk Halal di Indonesia: Perspektif Fikih dan Hukum Positif Ayu Qamariya
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.v9i2.10250

Abstract

This article analyses the urgency of integrating the ṭayyib dimension into Indonesia's Halal Product Assurance (JPH) system from the perspectives of fiqh and positive law. This study employs conceptual and legislative approaches to examine the normative construction of halal and ṭayyib, as well as the implementation of Law No. 33 of 2014 concerning JPH. The findings indicate that current halal certification practices tend to focus on formal legality, resulting in a lack of systematic accommodation for quality, health, production ethics, and environmental sustainability dimensions. The fiqh study confirms that ṭayyib is a manifestation of maqāṣid al-sharī‘ah, particularly in safeguarding the soul (ḥifẓ al-nafs) and the environment (ḥifẓ al-bi’ah). Therefore, the integration of ṭayyib is necessary to build a holistic halal paradigm, where halal status serves as the minimum normative standard, while ṭayyib serves as an indicator of quality, public interest (maṣlaḥah), and sustainability. This article is expected to provide a theoretical contribution and normative recommendations for strengthening the JPH system to be more relevant to the needs of contemporary Muslim consumers.
The Effect of DER, CAR, and ROA on Liquidity with Firm Size as a Moderating Variable in Islamic Commercial Banks (BUS) During the 2020–2024 Period Deni Prastiono; Santi Rahmawati; Saigatun Haniyah; Syaeful Bakhri; Abdul Aziz
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.v9i2.10262

Abstract

Liquidity is a critical factor in ensuring the operational stability of Islamic banking institutions. This study aims to examine the effects of the Debt to Equity Ratio (DER), Capital Adequacy Ratio (CAR), and Return on Assets (ROA) on bank liquidity, measured by the Financing to Deposit Ratio (FDR). In addition, this research investigates the moderating role of firm size in Islamic Commercial Banks in Indonesia during the 2020–2024 period. This study adopts a quantitative approach using secondary data derived from the published annual financial statements of Islamic Commercial Banks. The data were analyzed using moderated regression analysis to assess both direct and interaction effects among variables. The findings reveal that DER has a negative and significant effect on liquidity, indicating that higher leverage tends to reduce the bank’s ability to maintain adequate liquidity levels. Conversely, CAR shows a positive and significant effect on liquidity, highlighting the importance of sufficient capital in supporting liquidity stability. Meanwhile, ROA does not have a significant influence on liquidity. Furthermore, the moderation analysis indicates that firm size strengthens the relationship between CAR and liquidity, suggesting that larger banks are better able to utilize their capital to maintain liquidity. However, firm size does not moderate the relationship between DER and ROA on liquidity. These results underline the vital role of capital adequacy in sustaining the liquidity performance of Islamic banks.
The Dynamics of Intergenerational Collaboration and Communication in the Yogyakarta Regional Police and Its Impact on Work Efficiency (A Case Study of Millennials and Gen Z Members) B Imanda Fatehatul Janah; Fereshti Nurdiana Dihan
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.v9i2.10263

Abstract

This study aims to analyze the dynamics of collaboration and communication between the Millennial Generation and Generation Z at the Polda DIY, as well as to recommend strategies for improving work efficiency. The method used is qualitative with a case study approach. The results show that intergenerational collaboration occurs synergistically and is mutually complementary (mutualistic symbiosis). Millennials act as directors and rule-keepers based on their experience, while Generation Z functions as technical executors who excel in speed and technological proficiency. Differences in communication styles where Millennials tend to be more formal, while Gen Z adopts a more direct (to-the-point) manner have the potential to create misunderstandings. However, these can be mitigated through intensive communication and informal activities. The recommended strategies include strengthening togetherness programs, fostering openness, increasing responsiveness, and promoting mutual care and respect to create a collaborative work environment in order to achieve optimal work efficiency.
Comparison of Flavor, Service Quality, and Customer Satisfaction at Fast-Food Restaurants: A Case Study of J.Chicken and Richeese Factory as an International Chain and a Local Chain Kezia Josephe Suyanto; Elizabeth Setia Budi
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.v9i2.10267

Abstract

The fast-food industry in Indonesia has experienced significant growth, leading to increasingly intense competition between local and international restaurant chains. As consumer lifestyles become more dynamic, customers expect not only convenience but also high-quality products and services. In this context, flavor and service quality play important roles in shaping customer satisfaction and influencing dining consumer preferences. Although previous studies have examined these factors individually, research comparing consumer perceptions of local and international fast-food brands remains limited. Therefore, this study aims to compare consumer perceptions of flavor, service quality, and customer satisfaction between J.Chicken, an international fast-food chain, and Richeese Factory, a local Indonesian fast-food chain. This study employed a quantitative comparative research design using primary data collected through questionnaires. Respondents were selected using purposive sampling based on predetermined criteria, resulting in a total sample of 200 customers who had experience purchasing products from either restaurant. The questionnaire measured perceptions of flavor, service quality, and customer satisfaction using a Likert scale. To ensure the accuracy and consistency of the instrument, validity and reliability tests were conducted. Since the data were found to be non-normally distributed, the Mann–Whitney U Test was used to analyze differences between the two groups. The findings are expected to provide insights into consumer evaluations of fast-food restaurants and contribute to the development of effective competitive strategies within the industry.
Employer Branding and Digital Exposure in Shaping Company Attractiveness Among Generation Z in Cirebon Retail Laura Tia Heriska; Moh. Yudi Mahadianto; Bachrudin Syahroni
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.v9i2.10283

Abstract

This study investigates the effects of employer branding and digital presence on the employment of Generation Z talent in Cirebon's individual retail businesses. The study is important because Generation Z workers are evaluated by direct organisational merchandise as well as by digital data and online accessible signals. A quantitative approach and a quantitative design were used. A targeted stitch probe was used to collect data from 120 Generation Z respondents, and partial least squares structural equation modelling (PLS-SEM) was used for analysis. The findings demonstrate that while digital presence has a significant but negative impact on an organization's attractiveness, employer branding has a positive and significant impact. The model can explain 60.2% of the weaknesses in the attractiveness of businesses. These findings demonstrate that while digital presence should be carefully considered in order to ensure consistency, authenticity, and alignment with the actual internal characteristics of the company, employer branding is the primary factor that influences Generation Z's positive perception.
Do Financial Performance, Market Activity, and Capital Structure Drive Corporate Sustainability Performance? Evidence from Indonesia’s Energy Sector Mohammad Chaeriel Gibran; Acep Komara
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

Abstract

This study examines the drivers of Corporate Sustainability Performance in Indonesia’s energy sector, focusing on financial performance, market activity, and capital structure. Drawing on signaling theory, it employs a quantitative approach using panel data from energy companies listed on the Indonesia Stock Exchange from 2021 to 2024. Structural Equation Modeling-Partial Least Squares (SEM-PLS) tests the proposed relationships. Financial performance is assessed using ROA, ROE, and NPM; market activity by PER and trading volume; and capital structure by DER. Sustainability Performance is measured using ESG scores from Refinitiv/LSEG. Results indicate that financial performance and market activity positively and significantly affect Corporate Sustainability Performance, highlighting that profitability and investor responsiveness serve as key signals of ESG commitment. However, capital structure shows no significant effect, implying that internal financing primarily supports sustainability efforts in emerging markets. This research enhances understanding by linking internal and external signaling to Corporate Sustainability Performance, offering valuable insights for policymakers and investors seeking to promote green finance.
Analysis of Capital Structure, Profit-Sharing Income, and Financial Performance of Islamic Commercial Banks in Indonesia, 2019–2023 Santi Rahmawati; Sri Rokhlinasari; Alvien Septian Haerisma
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.v9i2.10303

Abstract

This study aims to analyze the capital structure, profit-sharing income, and financial performance of Islamic Commercial Banks (ICBs) in Indonesia during the 2019–2023 period. The background of this research is based on a significant decline in Return on Assets (ROA) and the challenges faced by Islamic banks in maintaining stable financial performance amid global economic fluctuations and uncertainty. This research employs a quantitative approach using secondary data obtained from the annual financial reports of seven Islamic Commercial Banks, accessed through their official websites. The data analysis techniques include descriptive statistics, classical assumption tests, hypothesis testing, and panel data regression analysis. The results indicate that, partially, capital structure measured using Debt to Equity Ratio (DER), Current Ratio (CR), and total liabilities has a negative effect on financial performance. Similarly, profit-sharing income also shows a negative impact on financial performance. Furthermore, the simultaneous test reveals that capital structure and profit-sharing income jointly influence the financial performance of Islamic Commercial Banks in Indonesia during the observed period. In conclusion, both capital structure and profit-sharing income play significant roles in determining the financial performance of Islamic banking institutions, although their effects tend to be negative within the study period.
The Effect of Sales Growth and Institutional Ownership on Tax Planning with Firm Value as a Control Variable Faiha Radwa Fitrotunnisa; Bani Binekas
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.v9i2.10318

Abstract

This study aims to examine the effect of sales growth and institutional ownership on tax planning with firm value as a moderating variable in manufacturing companies in the food and beverage subsector listed on the Indonesia Stock Exchange during 2020–2024. This study uses a quantitative approach with secondary data from 28 companies (140 observations) and applies Moderated Regression Analysis (MRA). The results show that sales growth and institutional ownership have a positive and significant effect on tax planning. Meanwhile, firm value does not significantly affect tax planning and is unable to moderate the relationship between sales growth and institutional ownership on tax planning. These findings indicate that tax planning decisions are more influenced by internal company factors than market perception.

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