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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 378 Documents
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Corporate Governance Failure in the Use of Influencer Content: Ethical and Legal Analysis Valentino, Andi Joshua Saputra; Satory, Agus
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.812

Abstract

The development of digital marketing has created a new phenomenon in the form of the unauthorized use of influencer content for commercial purposes, which reflects the failure of corporate governance at the operational level. This study aims to examine the practice of unauthorized use of influencer content from a business ethics perspective, analyze the legal implications that arise, explain the role of corporate governance failure, and provide recommendations for ethical and sustainable digital marketing practices. The research uses a qualitative approach with an empirical experience-based case study design, in which data is collected through participatory observation and literature study, then analyzed using Agency Theory, Stewardship Theory, and the principles of business ethics and Good Corporate Governance. The results show that the practice of using content without permission violates the principles of fairness, transparency, and responsibility in business ethics, and has the potential to violate the Copyright Law, Personal Data Protection Law, and provisions against unlawful acts. Governance failures occur due to the absence of legal verification procedures, weak coordination between marketing and legal functions, and the absence of a stewardship culture that respects stakeholder rights. Through the lens of Agency Theory, this case reflects the uncontrolled opportunistic behavior of agents, while Stewardship Theory shows the absence of moral values in the organizational culture. The resolution of disputes through public pressure indicates the weakness of internal governance mechanisms as a preventive system.  
Determinants of Financial Distress in Construction State-Owned Enterprises Listed on the Indonesian Stock Exchange for the Period 2015-2024 Based on Altman Z-Score Susilo, Bambang; Asyari
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.814

Abstract

State-owned construction companies face structural financial pressures due to massive debt burdens to finance national infrastructure projects, exacerbated by the COVID-19 pandemic, which caused a 5.67% contraction in the construction sector in 2020, resulting in the suspension of trading of PT Waskita Karya and PT Wijaya Karya shares, which could potentially be delisted from the Indonesia Stock Exchange. This condition confirms that state-owned company status does not provide immunity from bankruptcy, as evidenced by PT Merpati Nusantara Airlines and PT Istaka Karya, which have been declared bankrupt. This study analyzes financial distress conditions based on the Altman Z-Score and identifies the influence of Operating Cash Flow, Company Size, Asset Growth, and Company Age on financial distress for the period 2015–2024, based on Agency Theory and Signaling Theory. Secondary data from four state-owned construction companies listed on the IDX were analyzed using multiple linear regression with SPSS version 31. PT Waskita Karya recorded the lowest Z-Score of −1.96, placing it in the distress zone. Partially: Operating Cash Flow had no significant effect (p = 0.457 > 0.05); Company Size had a significant negative effect (p < 0.001 < 0.05); Asset Growth had a significant positive effect (p = 0.030 < 0.05); Company Age had no significant effect (p = 0.494 > 0.05). Simultaneously, the four variables have a significant effect (p < 0.001 < 0.05) with an Adjusted R² of 47.7%, confirming that the financial distress of state-owned construction companies is multidimensional and requires holistic improvement interventions.
Monetary Policy Dynamics in the Digital Era: Its Impact on Economic Growth and Global Market Stability Efendi, Efendi
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.820

Abstract

Monetary policy in the digital era faces new challenges such as market volatility, cyber security risks, and uncertainty regarding the effectiveness of traditional instruments. Technological transformations, including digital currencies and fintech, are reshaping economic dynamics, demanding faster policy adaptations. The research aims to describe the dynamics of monetary policy in the digital era and its impact on economic growth and global market stability. This study employs library research as its methodology. Primary data sources for this research include books, scientific journal articles, and published research reports. The research findings indicate that: 1) Digital Transformation and the Effectiveness of Traditional Monetary Policy Instruments show that digital transformation has reduced the effectiveness of traditional monetary instruments like interest rates and open market operations. The emergence of digital currencies and fintech has altered the circulation of money, leading to traditional policies being less effective in controlling inflation and economic growth. 2) The Impact of Digital Monetary Policy on Global Market Stability reveals that digital monetary policies, such as CBDCs, have the potential to enhance global market stability but also carry risks of volatility and cyber security. The speed of digital transactions can increase volatility, while cyber-attacks threaten stability. Central banks need to strengthen regulations and cyber security systems to mitigate these risks. 3) Digital Monetary Policy and Inclusive Economic Growth suggest that digital monetary policies can promote inclusive and sustainable economic growth, especially in developing countries. However, disparities in technology access among nations pose a primary challenge.
The Effect of Intellectual Capital and Sustainability Report Disclosure on Firm Value : (Study on the Food and Beverage Sector for the Period 2022-2024) Halid, Iklima Abdul; Yusuf, Nilawaty; Pilomonu, Mentari Rizki Sawitri
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.836

Abstract

This study aims to examine the effects of intellectual capital and sustainability report disclosure on firm value among food and beverage subsector companies listed on the Indonesia Stock Exchange during the 2022-2024 period. Employing a quantitative appoarch, the study uses secondary data collected from corporate finansial statements and sustainability reports. The data analysis technique is panel data regression. The sample consists of 30 food and beverage sub-sector companies for the 2022-2024 period, seceted using a purposive sampling method based on spesific criteria to ensure data relevance and representativeness. The results indicate that: (1) intellectual capital, measured using the Value Added Intellectual Capital (VAIC), has no significant effect on firm value; (2) sustainability report disclosure, measured using the Sustainability Report Disclosure Index (SRDI), also has no significant effect on firm value; and (3) simultaneously intellectual capital and sustainability report disclosure do not aaffect firm value. The coefficient of determination (R2) is 2,54%, indicating the model has low explanatory power for variations in firm value, while the remaining 97,46% is explained by variables outside the model.
The Role of Employee Engagement in Mediating the Effects of Quality of Work Life and Self-Efficacy on Employee Performance: (A Study of Employees at the Salatiga City Regional Secretariat) Pramudya, Dimas Septian Galih; Suhana, Suhana
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.837

Abstract

The employee population at the Salatiga City Regional Secretariat was 111, consisting of 104 ASN (State Civil Apparatus) and 7 P3K (Government Employee with Work Agreement). The sample was drawn using census sampling, resulting in 111 respondents. Primary data were collected using questionnaires, while data analysis was conducted using linear regression. Conclusion: QWL significantly positively impacts employee performance at the Salatiga City Regional Secretariat. Self-efficacy significantly and positively impacts employee performance at the Salatiga City Regional Secretariat. QWL significantly and positively impacts employee engagement at the Salatiga City Regional Secretariat. Self-efficacy has a significant positive effect on employee engagement at the Salatiga City Regional Secretariat. Employee engagement has a significant positive effect on the performance of the Salatiga City Regional Secretariat. Employee engagement mediates the QWL effect on the performance of the Salatiga City Regional Secretariat. Employee engagement mediates self-efficacy effect on the performance of the Salatiga City Regional Secretariat.
The Effect of Knowledge Sharing and Empowerment on Employee Performance with Job Satisfaction as a Media: (A Study of Salatiga City Regional Secretariat Employees) Goncalves, Ronaldo; Tjahningsih, Endang
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.839

Abstract

This study aims to analyze and describe the influence of knowledge sharing and empowerment on job satisfaction among employees of the Salatiga City Regional Secretariat. This study aims to analyze and describe the influence of knowledge sharing, empowerment, and job satisfaction on employee performance at the Salatiga City Regional Secretariat. This study aims to analyze and describe how job satisfaction mediates the influence of knowledge sharing and empowerment on employee performance at the Salatiga City Regional Secretariat. This study used a quantitative approach, with a population of 123 employees at the Salatiga City Regional Secretariat. Data were processed using SPSS version 26 software. Data analysis used primary data in the form of a questionnaire. Data analysis techniques included respondent descriptions, variable descriptions, validity tests, reliability tests, F-tests, determination tests (R2), partial t-tests, and Sobel tests. The results show that knowledge sharing has a positive effect on employee job satisfaction at the Salatiga City Regional Secretariat. Empowerment has a positive effect on employee job satisfaction at the Salatiga City Regional Secretariat. Knowledge sharing has a positive effect on employee performance at the Salatiga City Regional Secretariat. Empowerment has a positive effect on the performance of Salatiga City Regional Secretariat employees. Job satisfaction has a positive effect on the performance of Salatiga City Regional Secretariat employees. Job satisfaction mediates the effect of knowledge sharing on the performance of Salatiga City Regional Secretariat employees. Job satisfaction mediates the effect of empowerment on the performance of Salatiga City Regional Secretariat employees.
The Effect of Entrepreneurial Orientation and Self-Efficacy on Business Performance with Business Motivation as an Intervening Variable in Snack MSMEs in Ciawi District, Bogor Regency Gemina, Dwi; Palahudin, Palahudin; Ramadhan, Muhamad Rifky
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.761

Abstract

This study aims to analyze the effect of entrepreneurial orientation and self-efficacy on business performance through business motivation as an intervening variable among snack food MSME actors in Ciawi District, Bogor Regency. The research method employed a quantitative approach using primary data collected through questionnaires with a Likert scale of 1–5. The population of this study consisted of snack food MSME actors in Ciawi District, Bogor Regency. The sample included 131 MSME actors aged at least 18 years who had been operating their businesses for more than one year. Data analysis was conducted using the Statistical Product and Service Solution (SPSS). The results indicate that entrepreneurial orientation and self-efficacy have a significant effect on business performance, both directly and indirectly through business motivation as an intervening variable.
The Effect of Profit Management and Tax Avoidance on Company Value : (Empirical Study on the Retail Trade Sector Listed on the IDX in 2019 – 2024) Hermawan, Bagas Setya; Santosa, Agus Budi
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.771

Abstract

This study aims to analyze the effect of tax avoidance and profit management on the value of companies in the retail trading sector listed on the Indonesia Stock Exchange (IDX) for the 2019–2024 period. This study uses a quantitative approach with multiple linear regression analysis methods. The research data is obtained from the company's officially published annual financial statements. The results show that tax avoidance has a significant effect on company value, which indicates that an effective tax management strategy is able to increase after-tax profits and strengthen investor perception. In addition, profit management has also been shown to have a significant effect on company value, which shows that profit reporting arrangements can be used as a positive signal for investors in assessing the company's performance and prospects. These findings support signal theory and agency theory, which explain that profit and tax management practices are carried out to reduce information asymmetry and increase company value. Simultaneously, the two independent variables are able to explain most of the variation in company value, although there are still other factors outside the research model that also affect the company's value.
Building Independence: Empowerment Strategies for Small and Medium Enterprises of Matting Artisans in Babakan Village, Ciseeng District, Bogor Regency Wahyudhi, Johan; Halid , Halid; Zakiyatun Nufus , Amelia; Latifah Hanum , Eva
Majapahit Journal of Islamic Finance and Management Vol. 5 No. 4 (2025): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This article explores microeconomic empowerment efforts as a strategy to combat poverty in Babakan Village, Ciseeng Subdistrict, Bogor Regency, through a microbusiness capital loan scheme. The background to this activity is based on the limited access to capital for low-income communities, which hinders the development of small businesses and the improvement of family welfare. The method used is a participatory approach based on community empowerment with stages of needs identification through observation and interviews, joint program planning with village officials and business groups, distribution of revolving capital loans without collateral with intensive assistance, and periodic monitoring and evaluation of business development. The results of the activity showed that the micro-business capital loan program, accompanied by mentoring, was able to increase the turnover and stability of participants' businesses, strengthen financial literacy, and foster household economic independence. In addition, social solidarity among group members was created through a mechanism of shared responsibility for loan repayment. Thus, the empowerment strategy based on access to capital and continuous mentoring proved to be an effective model for poverty alleviation at the village level.
The Influence of Strategic Planning and Digital Leadership on Organizational Performance in the Digital Era (Case Study: Sumenep Communications and Information Service) Arika, Qorisyatul; Hasanah, Uswatun; Andriani, Nurita
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 1 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/mjifm.v6i1.726

Abstract

Digital transformation has become a strategic necessity in improving the quality of governance. This study aims to analyze the influence of Strategic Planning and Digital Leadership on Organizational Performance at the Sumenep Regency Communication and Information Service. The type of research used is quantitative with an associative approach. The population in this study were all 60 employees of the Sumenep Communication and Information Service, who were also used as samples. Primary data were collected through questionnaires and Data analysis tests consist of Validity Test, Reliability Test, Normality Test, Multicollinearity Test, Heteroscedasticity Test and T Test (partial test), F Test (simultaneous test) and Determination Coefficient Test (R2). The analysis technique in this research uses the Multiple Linear Regression Test. The results of the study indicate that (1) Strategic Planning has a positive and significant effect on Organizational Performance; (2) Digital Leadership has a positive and significant effect on Organizational Performance; and (3) Strategic Planning and Digital Leadership simultaneously have a significant effect on Organizational Performance. The coefficient of determination shows that both independent variables contribute 67.9% to Organizational Performance, while the rest is influenced by other factors outside this study. These findings confirm that the success of local government digital transformation is highly dependent on careful planning and effective digital leadership.

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