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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 490 Documents
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LEGAL IMPLICATIONS OF LESSEE BANKRUPTCY ON THE STATUS OF LEASED ASSETS IN INDONESIA Ajeng Kusuma; Emi Zulaika; Tegar Raffi Putra Jumantoro; Nur Alfi Fauziyah
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

In a leasing agreement, the lessee acquires the right to use the leased assets with the option to purchase them after the leasing period ends. However, when the lessee goes bankrupt, the problem that arises is regarding the position of the leasing goods in relation to other creditors, considering that all of the lessee's assets, including leased assets that are the object of leasing, can be confiscated to pay off debts. Although leasing agreements have not been regulated in detail in the law, the principles of freedom of contract and an open system contained in the Indonesian Civil Code (KUHPerdata) provide a flexible legal basis for the parties in drafting agreements that govern their rights and obligations. The results of the analysis show that in the case of bankruptcy, the goods that are the object of leasing remain the property of the lessor, although there is a risk to the lessor if the lessee is unable to continue the payments. In this case, the court-appointed receiver has the authority to decide whether the leasing agreement will be continued or terminated. If the agreement is terminated, the lessee must return the goods to the lessor, and the lessor has the right to claim compensation for the losses suffered. While leasing provides and beneficial financing solutions for the business sector, the need for clearer regulations is important to protect the rights of lessors as well as other creditors in a lessee's bankruptcy situation. This aims to minimize the risk of legal conflicts and create stronger legal certainty for all parties involved in the leasing agreement.
The Effect of Leadership and Work Motivation on Employee Performance at Basarnas, Pangkal Pinang City, with Job Satisfaction as an Intervening Variable Danang Budi Prasetya; Suhardi Suhardi; Rahmad Firdaus
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.889

Abstract

This study aims to analyze the influence of leadership and work motivation on employee performance, with job satisfaction as an intervening variable at Basarnas Pangkal Pinang City. This research employs a quantitative approach with an explanatory design. The population consists of 57 employees, all of whom were used as respondents through a census technique. Data were collected using a questionnaire with a five-point Likert scale, while data analysis was conducted using multiple linear regression and path analysis with the assistance of SPSS. The results show that leadership and work motivation have a positive and significant effect on job satisfaction. In addition, leadership, work motivation, and job satisfaction also have a positive and significant effect on employee performance. Job satisfaction is proven to have the most dominant influence on employee performance. The path analysis results indicate that job satisfaction acts as an intervening variable that mediates the relationship between leadership and work motivation on employee performance, both directly and indirectly. These findings indicate that improving employee performance in organizations with high-risk work environments such as Basarnas does not solely depend on structural aspects but also on employees’ psychological factors. Therefore, strengthening adaptive leadership and enhancing work motivation should be balanced with efforts to improve job satisfaction in order to achieve optimal performance. This study provides theoretical contributions to the development of organizational behavior models and practical implications for human resource management in the public sector, particularly in rescue institutions.
The Effect of Digital Marketing Strategy and Product Innovation on the Success of Culinary MSMEs in Pangkalpinang City with Customer Satisfaction as an Intervening Variable Fery Frandica; Suhardi Suhardi; Mat Amin
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.890

Abstract

This study aims to analyze the effect of digital marketing strategies and product innovation on the success of Micro, Small, and Medium Enterprises (MSMEs) in the culinary sector in Pangkalpinang City, with customer satisfaction as an intervening variable. The background of this study is based on the rapid development of the digital economy, which has driven changes in business strategies, particularly among MSMEs, as well as the increasing competition through digital-based platforms. Although the number of MSMEs continues to grow, several issues remain, including suboptimal digital marketing utilization, inconsistent product innovation, and varying levels of customer satisfaction. This study employs an explanatory quantitative approach, with data collected through questionnaires distributed to 100 culinary MSME actors selected using purposive sampling. Data analysis was conducted using multiple linear regression and path analysis to examine both direct and indirect relationships among variables. The results show that digital marketing strategies and product innovation have a positive and significant effect on both customer satisfaction and MSME success. Product innovation has a more dominant influence on customer satisfaction compared to digital marketing. In addition, customer satisfaction is proven to be the most dominant variable influencing MSME success. The mediation analysis indicates that customer satisfaction is able to mediate the effect of digital marketing strategies and product innovation on MSME success, both partially and simultaneously. Overall, this study confirms that the success of culinary MSMEs is not solely determined by digital marketing strategies and product innovation directly, but is highly influenced by the ability of business actors to create customer satisfaction. Therefore, MSME actors need to integrate digital marketing strategies with sustainable product innovation in order to enhance competitiveness and business sustainability in the digital era.
The Effect of Risk and Return on Mutual Fund Investment Decisions at Cirebon City Securities Addin Zainul Adha; Krisdiana; Benny Dhevyanto
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.900

Abstract

This study aims For study influence risk and return on decision investment mutual funds to investors who invest through company securities in Cirebon City, considering rapid development mutual funds that demand understanding balanced between level risk and potential return in taking decision investment . Research use approach quantitative with type of explanatory research, where primary data is collected through distributed questionnaires​ to 100 mutual fund investors in Cirebon City according to criteria research , then analyzed use Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with help SmartPLS . Measurement model evaluation results show all over indicator has fulfil criteria validity and reliability , while structural model evaluation produce mark coefficient high determination , indicating​ that variables risk and return capabilities explain part big variation decision investment mutual funds . Testing hypothesis prove that risk and return influence positive and significant to decision investment , good in a way partial and simultaneously , so that can concluded that investor perception of risk as well as expected return holding role important in determine decision investment mutual funds , at the same time give contribution theoretical for development study investment and benefits practical for investors as well company securities in push taking decision rational and sustainable investment .​
THE ISLAMIC COMPOUNDING MECHANISMS FOR SUSTAINABLE DEVELOPMENT GOALS AND GREEN FINANCIAL INNOVATION Ahmad Azim Aufaq; Andriani Samsuri
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.904

Abstract

This study examines the compatibility of compounding theory with Islamic investment principles in promoting business sustainability, green transition, and the achievement of the Sustainable Development Goals (SDGs). Using a qualitative-descriptive method and normative legal analysis, it finds that an Islamic Compounding Mechanism (ICM) based on the Base Profit Rate (BPR) can support exponential wealth accumulation without violating core shariah principles, provided it is structured through permissible contracts such as murabaha, musharaka, and mudharaba. The study further highlights that this mechanism can align profit growth with sustainable business practices and environmentally responsible investment. It thus proposes ICM as a practical framework for integrating shariah compliance, ethical wealth creation, and sustainability objectives in contemporary Islamic finance.
THE EFFECT OF DEBT COLLECTION EFFECTIVENESS ON THE LEVEL OF UNCOLLECTED RECEIVABLES AT PERUMDA MUARA TIRTA IN GORONTALO CITY Iklima Putri Anggai; Ronald Soemitro Badu; Surya Handrisusanto Ahmad
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.908

Abstract

This study aims to analyze the effect of accounts receivable collection effectiveness on the level of uncollectible accounts at the Muara Tirta Regional Public Enterprise (Perumda) in Gorontalo City. The research method uses a quantitative approach with secondary data in the form of monthly financial reports for the period from January 2020 to December 2024 (60 observations). Collection effectiveness is measured using the Receivables Turnover Ratio (RTO), while the level of uncollectible receivables is proxied by the allowance for doubtful accounts ratio. The results of the study indicate that the effectiveness of accounts receivable collection has a negative and significant effect on the level of uncollectible accounts receivable. This indicates that the higher the accounts receivable turnover frequency, the lower the risk of uncollectible accounts receivable that the company must set aside.
ANALYSIS OF THE EFFECT OF NON-PERFORMING FINANCING (NPF) AND OPERATING EXPENSES TO OPERATING INCOME (BOPO) RATIO ON RETURN ON ASSETS (ROA) IN INDONESIAN ISLAMIC COMMERCIAL BANKS 2020-2024 Sabila Farodisa; Nuntupa; Yeni Kartikawati
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.910

Abstract

The financial performance of Islamic commercial banks is one of the important indicators used to assess the health level and profitability level of the bank, one of which can be measured through Return on Assets (ROA). Factors that are suspected to affect ROA include Non-Performing Financing (NPF) and Operating Expense to Operating Income (BOPO) Ratio. This study aims to analyze the influence of NPF and BOPO on ROA in Islamic commercial banks in Indonesia for the 2020-2024 period. Using a quantitative approach as well as secondary data obtained from the company's financial statements. The data analysis technique used multiple linear regression with the help of SPSS software version 26. The results of this study show that NPF partially has no effect on ROA with a significance value of 0.202 > 0.05, while BOPO has a significant effect on ROA as evidenced by a significance value of 0.001 < 0.05. Meanwhile, simultaneously a score of 0.001 < 0.05 was obtained, which means that NPF and BOPO have a significant effect on ROA.
The Effects of Transformational Leadership and Work-Life Balance on Employee Performance at PT. Pan Putra Samudra Abdullah Syafi'i; Ade Solahudin
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.917

Abstract

This study aims to analyze the influence of transformational leadership and work-life balance on employee performance at PT Pan Putra Samudra Cirebon. The research method used is an associative quantitative approach with data collection techniques through a Likert-scale questionnaire to 145 respondents who are company employees. Data analysis was conducted using Structural Equation Modeling based on Partial Least Square (SEM-PLS) to test the validity, reliability, and relationships between variables. The results show that transformational leadership has a positive and significant effect on employee performance with a t-statistic value of 5.582 and a path coefficient of 0.378. In addition, work-life balance also has a positive and significant effect on employee performance with a t-statistic value of 3.989 and a path coefficient of 0.315. Simultaneously, both variables are able to explain employee performance with an R-square value of 0.353, which is included in the moderate category. This indicates that inspirational leadership and balance between work and personal life are important factors in improving employee performance. Thus, companies are advised to develop transformational leadership styles and work-life balance policies on an ongoing basis.
THE EFFECT OF PROFITABILITY, LEVERAGE, AND FIRM SIZE ON CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE IN TRANSPORTATION AND LOGISTICS SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) FOR THE 2020-2024 PERIOD Yesa Meliani; Rawi Rawi
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (2026): Islamic Finance and Management
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

This study analyzes the effect of profitability, leverage, and firm size on Corporate Social Responsibility (CSR) disclosure in transportation and logistics sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. The urgency of the study is based on the increase in greenhouse gas emissions in the sector, which requires special attention regarding sustainability reporting. Using a causal quantitative design, a sample of 18 companies (90 observations) was selected through a purposive sampling method. Data analysis utilized panel data regression. The results show that profitability and leverage have no significant effect on CSR disclosure. However, firm size has a significant positive effect. The Adjusted R-Squared value indicates that the independent variables can explain the CSR disclosure variance by 51.16%. These findings support the integration of legitimacy and stakeholder theories, where large-scale companies with high public visibility proactively use CSR reporting as a strategic instrument to respond to global stakeholders' pressures. Therefore, management is advised to continuously strengthen the transparency of social responsibility information, while regulators should formulate stricter guidelines for smaller entities.
ESG Score and Sharia Compliance as Determinants of Foreign Investment Flows into Sharia Stocks: A Multinational Panel Analysis 2019-2024 Mastiah; Muhamad Arifin; Khalifa Damalin Ayunda
Majapahit Journal of Islamic Finance and Management Vol. 6 No. 2 (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.v6i2.926

Abstract

This study analyzes the influence of ESG Score and sharia compliance on Foreign Portfolio Investment (FPI) in Indonesia and Malaysia during the 2019–2024 period. Using a panel data approach on the JII and FBMHS indices, the results indicate that ESG Score has a significant positive effect on FPI, highlighting the growing importance of sustainability performance for global investors. Sharia compliance, represented by the Debt-to-Asset Ratio (DAR) and Islamic Income Ratio (IIR), also significantly affects FPI, suggesting that adherence to Islamic financial principles strengthens foreign investor confidence in Islamic capital markets. Simultaneously, the integration of ESG performance and sharia principles emerges as an important determinant of cross-border investment decisions. However, this study operationalizes sharia compliance using limited financial ratio proxies, which may not fully capture the multidimensional characteristics of Islamic screening standards. Broader aspects such as business activity screening, non-halal income purification, and Islamic governance mechanisms were not included in the analysis. Therefore, future studies are encouraged to incorporate more comprehensive qualitative and governance-related indicators of sharia compliance to better explain foreign investor behavior in Islamic capital markets. These findings provide strategic implications for regulators and issuers to strengthen the competitiveness of Islamic capital markets through more standardized sustainability and sharia governance reporting.

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