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Mohamad Toha
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Jalan Raya Tirtowening Jl. Raya Tirtowening Pacet No.17, Bendorejo, Bendunganjati, Kec. Pacet, Kabupaten Mojokerto, Jawa Timur 61374
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Majapahit Journal of Islamic Finance dan Management
Published by Universitas KH. Abdul Chalim
ISSN : -     EISSN : 27980170     DOI : https://doi.org/10.31538/mjifm
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Majapahit Journal of Islamic Finance and Management (MJIFM) (E-ISSN 2798-0170) is a journal published by Universitas KH. Abdul Chalim Mojokerto Indonesia four times a year (March, June, September and December). As the name implies, the journal brings two major themes, namely Islamic Finance and Business Management. The journal invites scholars, practitioners, and researchers to submit articles to the management team. Articles submitted will be published after being verified and modified to suit the standard international journals. MJIFM limits only the article publication related to two major themes having been mentioned.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis dan Menejemen Intetrnasional
Articles 298 Documents
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Phenomena and POV Reality in Central Java 2017-2023 Garnis Permata Sari; Purnomo, Didit
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.376

Abstract

This study investigates the interplay between poverty, open unemployment, and the Gender Development Index (IPG) on regional economic growth in Central Java from 2017 to 2023, using GRDP as the dependent variable across 30 regencies and cities. While the Fixed Effect Model reveals a significant negative effect of open unemployment on GRDP, the findings that poverty and IPG do not show statistical significance should be interpreted with caution. The absence of significance may stem from measurement limitations, temporal lags, or regional heterogeneity rather than a definitive lack of influence. Furthermore, the study acknowledges its limitation in not incorporating broader determinants of economic growth, such as capital investment, infrastructure, human capital, and institutional quality, which could contribute to omitted variable bias. The analysis would benefit from being situated within established economic growth theories, such as Solow’s neoclassical model or endogenous growth frameworks, to better justify variable selection and interpret findings within a broader theoretical and developmental context. Recognizing the long-term contributions of gender equality to economic development, future research should explore the temporal dynamics of IPG’s impact to capture delayed effects often noted in development economics.
The Effect of Accounting Conservatism and Cash Flow on Cash Holding with Information Asymmetry as a Moderating Variable Fadilah, Annisa; Achyani, Fatchan
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.377

Abstract

Cash is an asset that plays an important role in the running of a company's operational activities. Cash holding is the amount of cash and cash equivalents held by a company to meet operational needs, investments, and other sudden needs. Companies usually hold cash to meet obligations, manage risks, and take advantage of investment opportunities. Cash holding is cash held by a company to meet daily activities. The purpose of this study is to analyze the effect of accounting conservatism and cash flow on cash holding with information asymmetry as a moderating variable. The type of research used is quantitative research with a non-participant observation method. The sample used in this study was 162 energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2023 period. The sample was determined using the purposive sampling method. This study uses multiple linear regression analysis and is processed using MiniTab 19. The results of the study show that: (1) Accounting Conservatism does not have a significant effect on Cash Holding (2) Cash Flow does not have a significant effect on Cash Holding (3) Information Asymmetry has a significant effect on Cash Holding (4) Information Asymmetry does not strengthen or moderate Accounting Conservatism on Cash Holding (5) Information Asymmetry does not strengthen or moderate Cash Flow on Cash Holding.
Leverage, Profitability, Environmental Performance, ISO 14001 Certification, and Public Ownership of Environmental Disclosure Wati, Afifah Rachma; Kusumawati, Eny
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.379

Abstract

This study analyzes the influence of leverage, profitability, ISO 14001 certification, environmental performance, and public ownership on environmental disclosure among non-financial companies listed on the Indonesia Stock Exchange from 2021 to 2023. Using purposive sampling, 177 companies were selected, and the data were analyzed through multiple linear regression after passing classical assumption tests. The results show that environmental performance and public ownership significantly affect environmental disclosure, suggesting that firms with stronger environmental practices and wider public ownership are more inclined to disclose environmental information, possibly due to higher transparency demands and accountability pressures. However, leverage, profitability, and ISO 14001 certification do not significantly influence disclosure, indicating that internal financial metrics and formal certifications may not directly drive transparency in this context. This raises the need for further exploration of why these variables lack significance, potentially involving the nature of ISO implementation or varying stakeholder expectations. The study is limited by its focus on firm-level factors and does not incorporate external drivers such as regulatory requirements or industry pressures, which may also shape disclosure practices. Future research should integrate these broader contextual elements to gain a more comprehensive understanding of environmental disclosure determinants in emerging economies like Indonesia.
Analysis of Islamic Law Sources on Positive Law in Handling Cases of Domestic Violence at the Ternate Police Masri, Rahman; Situmorang, Jubair; Alimuddin, Harwis
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.381

Abstract

This study aims to analyze the integration between Islamic law and positive law in handling Domestic Violence (KDRT) cases at Ternate Police Department. The background of the research is based on the high number of domestic violence cases in Ternate and the need for a legal approach adaptive to the local socio-religious context. The research problem focuses on how the integration between these two legal systems is applied in practice. This study employs empirical legal research methods with juridical-empirical, normative, sociological, and philosophical approaches. Data collection techniques include interviews, observation, documentation, and literature review. The findings reveal that the Ternate Police Department implements a hybrid justice approach, combining positive law enforcement and settlement based on Islamic islah values. This approach demonstrates efforts to adapt national law to the social realities of Ternate society without neglecting the protection of victims' rights. The main obstacles are cultural patriarchal pressure and the victims’ economic dependency; however, collaboration with social institutions strengthens the effectiveness of case handling. This study concludes that the integration of Islamic law and positive law in Ternate can serve as an alternative model for addressing domestic violence in culturally religious regions.
Exploring the Employment of the Informal Sector in Indonesia and the Factors that Influence It Ahsan Pramana Desanta; Siti Aisyah
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.383

Abstract

The informal sector holds a significant position in Indonesia's labor structure, particularly as a response to the limited availability of formal job opportunities. The increasing proportion of informal workers reflects a shift in labor market patterns influenced by diverse economic and social factors. This study examines the impact of the Open Unemployment Rate (OUR), Average Years of Schooling (AYS), Provincial Gross Regional Domestic Product (GRDP), Regional Minimum Wage (RMW), and poverty rate on informal employment. Adopting a descriptive quantitative method, the research utilizes secondary data sourced from Statistics Indonesia (BPS) and the Ministry of Manpower (Kemnaker) for the years 2019 to 2023. The analysis applies panel data regression, with the Fixed Effect Model (FEM) determined as the most appropriate technique. Findings indicate that the open unemployment rate, poverty rate, and minimum wage positively and significantly affect informal sector employment, while GRDP has a negative and significant effect. Meanwhile, average years of schooling do not significantly impact informal labor absorption. The study suggests that the government should focus on boosting regional economic growth to lower informal employment reliance and strengthen the formal labor market's competitiveness.
Analysis of Factors Influencing the Decision to Purchase Yakult Probiotic Drink in Karawang Regency Mutiara, Mutiara; Citra Savitri; Syifa Pramudita Fadilla
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.384

Abstract

Public awareness of a healthy lifestyle continues to increase, especially in big cities in Indonesia, thus influencing their consumption patterns, including in choosing health drinks such as Yakult. This fermented milk product is increasingly in demand because of its probiotic content which is considered beneficial for health. However, with the many choices on the market, consumers are becoming more selective and considering various factors such as price, quality, promotion, brand image, and perception of health benefits. PT Yakult Indonesia Persada, as a pioneer of fermented milk products, continues to maintain its reputation by setting competitive prices, maintaining quality, strengthening promotions, and building a positive product image and perception. This study aims to analyze the factors that influence Yakult purchasing decisions in Karawang Regency. The study was conducted quantitatively using a survey method of 140 Yakult consumer respondents. The analysis used the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method. The results showed that price, product quality, promotion, brand image, and perception of health benefits had a positive and significant effect on Yakult purchasing decisions. These findings indicate the importance of a comprehensive strategy in maintaining consumer loyalty.
Does Financial Inclusion Affect Financial System Stability? Evidence from Indonesia Meutia, Rachmi; Billa, Salsa
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.388

Abstract

Financial system stability represents a fundamental component of the economy, as it facilitates the efficient functioning of financial transactions. It is argued that the financial inclusion tends to enhance the financial stability. This study aims to investigate the effect of financial inclusion variables through fintech integration specifically Peer-to-Peer (P2P) lending, E-Money, and Interest Rates on Financial System Stability (FSS) in Indonesia, with the Non-Performing Loan (NPL) ratio serving as a proxy. The analysis uses the Vector Error Correction Model (VECM) with monthly time series data from 2018-2023. The results of this study show that only the E-Money variable has a significant influence on Financial System Stability, both in the short term and the long term. In contrast, Peer-to-Peer lending and Interest Rates do not significantly affect Financial System Stability in either the short or long term. This study emphasizes the need for policymakers undertake comprehensive and well-considered policy measures in advance of implementing financial inclusion-oriented initiatives. It is recommended that financial institutions strengthen the supervision of peer-to-peer (P2P) lending activities to mitigate the risk of default. Furthermore, enhancing public awareness of the advantages of cashless transactions is essential to promote the adoption of non-cash payment instruments.
The Influence of Accounting and E-Commerce Information Systems on MSME Performance in the City of Surabaya Ramadhana, Nabilah Dita; Handayani, Susi
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.389

Abstract

This study examines how accounting information systems and e-commerce adoption affect the operational performance of MSMEs. As digital transformation and efficient financial reporting become increasingly important for business sustainability, this study investigates their role in enhancing MSME growth. Using a quantitative approach, this study collected data through a survey distributed to MSME owners in Surabaya, Indonesia. Multiple linear regression analysis, conducted using SPSS, showed that a robust accounting system significantly improved market expansion and sales performance. The findings highlight that the integration of digital tools in financial management and the utilization of e-commerce platforms can improve operational efficiency, accuracy, and overall competitiveness for MSMEs in today’s digital economy.
Mapping of Regional Economic Potential in South Aceh Azra, Uliya; Al Karni, Wais; Maimun, Maimun
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.391

Abstract

Regional economic growth is one indicator of the success of a region's development. South Aceh Regency shows a positive economic growth rate, reflected in the increase in Gross Regional Domestic Product (GRDP) per capita. This study uses a quantitative approach with a descriptive research type to identify potential economic sectors in South Aceh Regency. The analysis methods used include Location Quotient (LQ), Shift Share, and Klassen Typology. Location Quotient is used to assess the relative advantages of economic sectors, Shift Share to identify sector contributions to growth, and Klassen Typology to classify sectors based on their characteristics. The results of the analysis show six leading base sectors: agriculture, forestry, and fisheries (LQ = 1.48); manufacturing industry (LQ = 2.22); government administration (LQ = 1.29); education (LQ = 1.29); health and social (LQ = 1.35); and construction (LQ = 1.10). Interpretation of these findings highlights the importance of the manufacturing industry sector, which has the highest LQ, as well as the strategic role of the government administration sector, even though it is not oriented towards the production of goods. To encourage sustainable economic development, several policy directions are suggested, such as the downstreaming of leading sectors, strengthening public services, improving human resources, and developing supporting infrastructure. With this strategy, leading sectors will not only become the current economic drivers but also the pillars of long-term economic transformation in South Aceh.
The Effect of Electronic Word of Mouth and Celebrity Endorsement on Customer Loyalty Through TikTok Application on Sasha Vitamin Products with Brand Image as a Mediation Variable in Mega Regency, Bekasi Hartono, Melissa Eka Murti; Setyaningrum, Retno Purwani
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 1 (2025): Islamic Finance and Management
Publisher : Department of Sharia Economics Institut Pesantren KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v5i1.394

Abstract

Along with the rapid development of digital technology, social media such as TikTok has become an important platform in modern marketing strategies, including in the beauty and hair care industry. Despite having advantages in halal content and certification, Sasha brand hair vitamins still lag behind its competitors in terms of customer loyalty. The purpose of this study was to analyze the effect of Electronic Word of Mouth (E-WOM) and Celebrity Endorsement on Customer Loyalty, with Brand Image as a mediating variable, through the use of the TikTok application on Sasha hair vitamin products in the Mega Regency area of ​​Bekasi Regency. This study uses a quantitative method, sampling using the lemeshow formula and a sample of 100 respondents was obtained. Data collected through questionnaires distributed using Google Form. Data management is carried out using Partial Least Square (PLS) through the Structural Equation Model (SEM) technique with the help of the SmartPLS version 4.1.1 program. The results of the analysis obtained are that electronic word of mouth has a significant effect on customer loyalty, celebrity endorsement does not have a significant effect on customer loyalty, brand image has a significant effect on customer loyalty, electronic word of mouth has a significant effect on brand image, celebrity endorsement has a significant effect on brand image. In addition, electronic word of mouth has a significant effect on mediating brand image on customer loyalty, and celebrity endorsement has a significant effect on mediating brand image on customer loyalty through the TikTok application on Sasha hair vitamin products in Mega Regency, Bekasi Regency.

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