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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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INDONESIA
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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Analysis of the Effect of Profitability Ratio, Liquidity Ratio, Solvency Ratio, and Activity Ratio on Stock Price (Empirical Study of Food and Beverage Companies Listed on the IDX 2020-2023) Poejianto; Kurniawati, Lintang
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.v5i1.423

Abstract

Stock prices are the values of a stock that describe the wealth of a company. Stock prices are essentially the acceptance of the amount of sacrifice that must be made by each investor for participation in the company. This study aims to analyze the effect of profitability ratios, liquidity ratios, Solvency ratios, and Activity ratios on stock prices in Food and Beverage companies listed on the Indonesia Stock Exchange in 2020-2023. The sampling technique used in this study was purposive sampling. A total of 100 companies have met the criteria as observation units. The analysis method used is multiple linear regression analysis. The results of this study indicate that the Profitability ratio has a significant effect on stock prices. While the Liquidity ratio, Solvency ratio, Activity ratio do not have a significant effect on stock prices.
Determinants of the Level of Stock Underpricing When a Company Makes an Initial Public Offering on the Indonesian Stock Exchange in the 2021-2024 Period Yuliana, Indah; Kartika, Indri; Indriastuti, Maya; Najihah, Naila
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.v5i1.427

Abstract

Underpricing, which refers to the difference between the Initial Public Offering (IPO) price and the closing price on the first trading day, can lead to financial disadvantages for issuers by offering shares below their actual value. This research explores the factors influencing underpricing, including the reputations of underwriters and auditors, financial indicators such as the Debt-to-Equity Ratio (DER) and Earnings Per Share (EPS), firm-specific characteristics like company size and age, as well as profitability as indicated by Return on Equity (ROE). The study analyzed data from 161 companies that launched IPOs on the Indonesia Stock Exchange during the 2021–2024 period, selected through purposive sampling. To assess the impact of these variables on underpricing, a multiple linear regression approach was utilized. The findings indicate that larger firm size, older firm age, higher EPS and ROE, along with reputable auditors, significantly lower the level of underpricing. In contrast, a higher DER contributes to greater underpricing. Meanwhile, underwriter reputation, though positively related, does not exhibit a statistically significant impact. The study acknowledges limitations in the exclusion of industry sector differentiation and reliance on historical data, which may limit the findings’ generalizability. Future research should consider more advanced econometric methods and incorporate additional variables. These findings suggest that investors should prioritize fundamental financial and governance factors over potential short-term gains from underpricing when evaluating IPOs.
The Influence of Board Gender Diversity, Board Size, Return on Assets, Leverage, And Current Ratio on Forward-Looking Information Disclosures Varian, Muhammad Davin Yuan; Puspawati, Dewita; Kurniawan, Firdaus
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.v5i1.428

Abstract

This study examines the influence of Board Gender Diversity (BGD), Board Size, Return on Assets (ROA), Leverage, and Current Ratio on Forward-Looking Information Disclosures (FLID) in LQ45 companies listed on the Indonesia Stock Exchange (IDX) that published annual reports from 2020 to 2021. The sample consists of 90 companies over the 2020–2021 period. Based on predetermined criteria and using purposive sampling, a total of 82 companies were selected for analysis. The data were processed using multiple regression analysis with the assistance of SPSS. The results of the study show that: (1) Board Gender Diversity (BGD) has a significant influence on Forward-Looking Information Disclosure; (2) Board of Directors (BOD) does not have a significant influence on Forward-Looking Information Disclosure; (3) Return on Assets (ROA) does not have a significant influence on Forward-Looking Information Disclosure; (4) Leverage does not have a significant influence on Forward-Looking Information Disclosure, indicating that the company’s debt level is not a major consideration in disclosing forward-looking information; and (5) Current Ratio (CR) has a significant influence on Forward-Looking Information Disclosure.
The Effect of Attitude, Subjective Norms, Perceived Behavioral Control and Environmental Concern on Electric Vehicle Adoption Intention Fajar Satria Darma; Sri Padmantyo
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 2 (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

Abstract

The primary objective of this research is to examine how individuals’ intentions to adopt electric vehicles are shaped by their personal attitudes, the perceived expectations of others (subjective norms), their sense of control over the behavior (perceived behavioral control), and their level of environmental consciousness. Adopting a quantitative methodology, the research focuses on Indonesian citizens who express a willingness to shift toward electric vehicle usage. A purposive sampling technique was applied to recruit 220 respondents, with data collected through a structured Likert-scale questionnaire. The analysis employed PLS method using SMARTPLS version 4.0, covering both measurement and structural model assessments. The results indicate that positive attitudes, perceived behavioral control, and environmental concern significantly enhance the intention to adopt electric vehicles. In contrast, subjective norms did not show a statistically meaningful effect. On a theoretical level, this research extends TPB by applying it to the context of electric vehicle adoption in Indonesia. From a practical standpoint, the findings offer important guidance to policymakers and relevant stakeholders in formulating effective strategies to encourage widespread adoption of electric vehicles throughout the country.
The Effect of Good Corporate Governance (GCG), Green Accounting, And Environmental Performance on Corporate Social Responsibility (CSR) (Study of Manufacturing Companies Listed on the IDX in 2021-2023) Nadhifah, Nafisatun; Kartika, Indri
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.v5i1.432

Abstract

This study aims to obtain empirical evidence on the influence of good corporate governance (GCG), green accounting, and environmental performance on corporate social responsibility (CSR) disclosure in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. A total of 139 companies were selected using a purposive sampling technique and analyzed through multiple linear regression. The results reveal that good corporate governance and environmental performance each exert a significant positive influence on CSR disclosure, reinforcing the role of internal control and sustainability practices in promoting transparency. In contrast, green accounting was found to have no significant effect. This non-significant result may stem from variations in the adoption and maturity of green accounting practices across firms, or potential inconsistencies in how green accounting is defined and measured within the Indonesian context. Therefore, future research should consider refining the operationalization of green accounting to capture its potential impact more effectively. Overall, the findings underscore the importance of robust governance and environmental strategies in improving CSR disclosure quality and provide meaningful insights for both corporate management and stakeholders.
The Influence of Online Customer Reviews and Brand Ambassadors on Consumer Purchase Interest Mediated by Attitude Ricko Muhammad Farhan; Padmantyo, Sri
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.v5i1.433

Abstract

This study investigates the influence of online customer reviews and brand ambassadors on consumer purchase interest, with attitude examined as a mediating variable. Using a causal quantitative approach, data were gathered through structured questionnaires from 200 purposively selected respondents aged 18 and above who were familiar with Erigo's online reviews and brand ambassadors and had used the product. Data were analyzed using Structural Equation Modeling with Partial Least Squares (SEM-PLS). The results indicate that online reviews and brand ambassadors significantly affect consumer attitudes and purchase interest. While positive reviews enhance perceptions and credible ambassadors strengthen brand image, attitude was found to have no significant effect on purchase interest. It did not mediate the relationship between the independent variables and purchase interest. This finding suggests that other factors—such as price sensitivity, urgency of need, or situational influences—may play a stronger role in shaping consumer decisions than previously assumed by attitude-based models. Although this study offers relevant insights for digital marketing strategies, the use of purposive sampling and limited demographic scope restricts the generalizability of its findings and highlights the need for further research with more diverse populations and expanded theoretical frameworks.
The Effect of Brand Image, Product Quality, and Halal Labeling on Junkfood Product Purchase Decision (Case Study of FEB Students of Universitas Muhammadiyah Surakarta) Trisno, Rafi; Nasir, Moechammad
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.v5i1.434

Abstract

This study explores the influence of Brand Image, Product Quality, and Halal Labeling on the purchase decisions of junk food products among students of the Faculty of Economics and Business at Universitas Muhammadiyah Surakarta. Using a quantitative approach, data were obtained from 150 purposively selected active consumers through structured questionnaires with a 5-point Likert scale. The analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that Brand Image and Product Quality significantly and positively influence purchase decisions, indicating that favorable brand perception and perceived quality drive student preferences for junk food. Conversely, Halal Labeling does not show a significant effect, despite the predominantly Muslim student population. This surprising result suggests a possible shift in consumer priorities or limited awareness of halal concepts, warranting further qualitative research. Methodologically, the use of PLS-SEM is appropriate; however, the sample’s restriction to one faculty and purposive selection limits generalizability. The study provides valuable insights for marketers to improve product appeal while maintaining halal certification. Future research should broaden the sample scope, include additional variables such as price and promotion, and consider mixed-method approaches to deepen understanding of consumer behavior.
The Effect of Environmental Performance, Media Exposure, and Corporate Governance on Corporate Social Responsibility Disclosure Nala Rizka Kamalia; Kartika, Indri
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.v5i1.435

Abstract

Corporate Social Responsibility (CSR) reflects a company’s ethical responsibility in managing environmental and social impacts as part of sustainable governance. This study examines the influence of Environmental Performance, Media Exposure, Independent Board of Commissioners, and Audit Committee on CSR disclosure. The research uses 189 manufacturing company samples listed on the IDX during 2021–2023, selected through purposive sampling. Data were analyzed using Multiple Linear Regression. Results show that Environmental Performance, Media Exposure, and Audit Committee positively affect CSR disclosure, while Independent Commissioners have a negative effect. The limited timeframe and sampling method may restrict generalizability. Future research should consider longitudinal data and broader variables such as firm growth. Companies are encouraged to adopt global standards like GRI to enhance CSR quality beyond reputational concerns.
Analysis of Factors Affecting Sharia Stock Investment Salam, Rangga; Erliyanti; Ridha, Fahrul; Selian, Dian Alasta
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

Abstract

The purpose of this study is to analyze the factors that influence investors’ decisions in investing in Sharia stocks, including aspects such as Sharia knowledge, risk, return, and other supporting factors. This study uses a qualitative research method based on a literature review. The findings of this study show that investors’ decisions to invest in sharia stocks are influenced by various interrelated factors, including spiritual, economic, and psychological aspects. The main consideration for Muslim investors is adherence to Sharia principles. Investment in the sharia capital market has experienced significant growth in recent years, in line with the increasing public awareness of finance based on Islamic values. The sharia capital market serves as an alternative for investors who want to avoid interest (riba) and financial practices that are not in accordance with sharia principles. According to the Financial Services Authority (OJK), the market capitalization of sharia stocks in Indonesia accounted for more than 60% of the total national stock market capitalization by the end of 2023.
Factors Influencing Career Selection of Accounting Students as Public Accountants (Case Study on Accounting Students in Surakarta) Anwar Sholeh Ash Shidiq; Wijayanti, Rita
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.v5i1.439

Abstract

This study investigates the factors influencing accounting students' career choice to become Public Accountants, focusing on students from universities in Surakarta. Using a quantitative approach, data were collected via an online questionnaire from 100 purposively selected students from the 2021 cohort onward. Six variables were examined: career exposure, self-competence, financial rewards, work environment, social values, and market factors. Results from multiple linear regression show that only self-competence and social values significantly influence students’ interest, while other factors such as financial rewards and work environment were not significant—possibly due to students’ limited exposure to real workplace conditions or misaligned expectations. Although the model passed validity and reliability tests, the limited sample scope may affect generalizability. Future studies should consider broader, randomized samples and incorporate qualitative methods to explore these dynamics more deeply.

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