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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 609 Documents
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The Effect of Profitability and Capital Structure on Firm Value with Dividend Policy as an Intervening Variable Friska Dwi; Mardiyani
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.v6i2.1085

Abstract

This study aims to examine the effect of profitability and capital structure on firm value with dividend policy as an intervening variable in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2022–2024 period. This study employed a quantitative approach with a causal associative design. Secondary data were obtained from the companies' annual financial statements, and the samples were selected using purposive sampling based on predetermined criteria. Data analysis was conducted using path analysis with the assistance of LISREL 8.8 software. The findings indicate that profitability has no significant effect on dividend policy, whereas capital structure has a significant effect on dividend policy. Profitability and capital structure significantly affect firm value, while dividend policy does not significantly affect firm value. In addition, dividend policy is unable to mediate the effect of profitability on firm value, but it is capable of mediating the effect of capital structure on firm value. These findings suggest that firm value in the food and beverage manufacturing subsector is more strongly influenced by the company's ability to generate profits and manage its capital structure optimally than by its dividend policy. Therefore, dividend policy tends to function as a mechanism that transmits the effect of capital structure on firm value rather than as a factor that directly enhances firm value.
The Impact of Human Capital and Women’s Participation on Poverty in Indonesia Ericha Ramadhani; Muhammad Anas
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.v6i2.1087

Abstract

Poverty is an important indicator in assessing the level of public welfare and the success of a country's economic development. This study aims to estimate the effect of female workers, females' years of schooling, females' life expectancy, and females' productivity on the poverty rate in 34 provinces in Indonesia from 2018 to 2024 using a panel data regression model with a Fixed Effects Model (FEM) approach. The regression results indicate that females' mean years of schooling negatively impact the poverty rate, while the number of female workers and female workers' productivity positively impact poverty rate. Meanwhile, females' life expectancy is found to have no effect on poverty rate. Therefore, the government is expected to formulate policies that focus on improving the quality and empowerment of the female workforce through the transformation of the informal sector to the formal sector, expanding access to higher education, implementing gender-neutral job evaluations, and providing gender-friendly facilities such as daycare centers so that increased women's workforce participation and productivity can be balanced with a reduction in poverty rates.
The Use of Pawned Goods by Third Parties in the Perspective of Fiqh Muamalah (Case Study in Gejiwan Village, Krasak, Salaman District, Magelang Regency, Central Java) Aurora Asyabig Azka Attral; Ahmad Misbakh Zainul Musthofa; Rizki Dwi Anggraini
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.v6i2.1088

Abstract

This study examines the practice of using motorcycle collateral by third parties in rahn contracts without rahin approval in Gejiwan Village, Krasak, Salaman District, Magelang Regency, Central Java. Using an empirical juridical approach with qualitative methods through interviews, observations, and documentation of four informants. The findings of the study revealed that motor vehicles that were used as collateral were transferred to a third party without the consent of rahin as the legal owner. This transfer does not meet the legal requirements of rahn in fiqh muamalah because of the absence of the owner's permission and the clarity of the contract between the parties. In addition, the profits received by murtahin through the handover of third-party funds clearly resemble the practice of usury which is prohibited in Islamic law. Although it is based on the spirit of ta'awun, the practice needs to be reviewed to be in harmony with the principles of fiqh muamalah. Keywords: Rahn, Pawn Goods, Third Party, Fiqh Muamalah
Analysis of the Business Feasibility Study of Zinnia's Activewear Modest Series Product Innovation as a Functional and Sustainable Muslim Fashion Nida Ul Hasanah; Eka Purwanda
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.v6i2.1092

Abstract

This study provides an in-depth analysis of the business feasibility of Zinnia Activewear Modest. An innovative sportswear product designed especially for Muslim women who are looking for functional and simple sportswear. This study uses a qualitative descriptive approach with a multidimensional feasibility analysis to explore various aspects such as management, marketing, production, human resources, finance, environment, and legality, as well as SWOT analysis. Financial analysis shows that Zinnia is a very good investment, because the return on capital period is 1.5 years, Net Present Value (NPV) with an interest rate of 12% is IDR 266,936,920, Profitability Index (PI) of 3.78, Internal Rate of Return (IRR) of 79.43%, Average Rate Return (ARR) of 109.49%, and Break Even Point 3,960 units per year. The SWOT analysis shows that there is a large market opportunity because Indonesia has Zinnia Activewear Modest products that are financially feasible and strategically ready to enter market segments that have not been previously met in the Muslim sportswear industry.
The Role of Product Quality and Brand Image on Repurchase Intention Mediated by Brand Trust Among Consumers of Healthy Food Products Finetta Rizkya Arzety; Murry Harmawan Saputra; Dedi Runanto
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.v6i2.1109

Abstract

The rapid growth of the healthy food industry in Indonesia has increased competition, making it important for companies to understand the factors influencing consumers’ repurchase intention. This study aims to examine the effects of product quality and brand image on repurchase intention, with brand trust as a mediating variable, among consumers of Hotto healthy food products. A quantitative approach was employed using a survey of 130 consumers. Primary data were collected through an online questionnaire and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results indicate that product quality and brand image have positive and significant effects on repurchase intention. Both variables also positively and significantly affect brand trust. In addition, brand trust positively influences repurchase intention and significantly mediates the relationships between product quality, brand image, and repurchase intention. These findings suggest that maintaining product quality, strengthening brand image, and building consumer trust are essential strategies for increasing repeat purchases. This study contributes to the marketing literature by confirming the mediating role of brand trust in explaining repurchase intention in the healthy food industry.
Analysis of MSME Actors' Perceptions in Facing Digital Transformation (Case Study of MSME Actors in Situbondo Town Square) Fais Makki; Moh. Fakhri Assiddiqi
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.v6i2.1123

Abstract

Digital transformation has become an essential strategy for enhancing the competitiveness of Micro, Small, and Medium Enterprises (MSMEs) amid rapid technological advancements and changing consumer behavior. However, the level of acceptance and readiness among MSME owners to adopt digital technology varies, particularly for micro-scale businesses in regional areas. This study aims to analyze MSME owners' perceptions of digital transformation and identify the perceived benefits and challenges of implementing digital technology among MSMEs located around Alun-Alun Situbondo. A descriptive qualitative approach was employed, with data collected through observation, in-depth interviews, and documentation involving purposively selected MSME owners. The findings indicate that most participants have a positive perception of digital transformation, recognizing its potential to expand market reach, increase sales, and improve communication with customers through social media and other digital platforms. Nevertheless, several obstacles remain, including limited digital literacy, inadequate technological skills, financial constraints, and insufficient mentoring. The synthesis of the findings suggests that the success of digital transformation depends not only on the readiness of MSME owners but also on support from local government, educational institutions, and other stakeholders through training programs, mentoring, and improved digital infrastructure. Therefore, policies focused on strengthening the digital capacity of MSME owners are needed to ensure sustainable digital transformation and enhance the competitiveness of MSMEs at both local and national levels.
The Effect of Profitability and Managerial Ownership on Earnings Management: (An Empirical Study of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange in 2023–2025) Muhammad Miftahul Izzi; Muhamad Nurman; Anggi Irawan
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.v6i2.1181

Abstract

The purpose of this study is to exaimine the extent to which profitaibility aind mainaigeriail ownership aiffect eairnings mainaigement in the Food aind Beveraige sub-sector compainies listed on the Indonesiai Stock Exchainge during the 2023–2025 period. The daitai ainailysis technique employed in this study is multiple lineair regression. The populaition of this study consists of 83 compainies in the Food aind Beveraige sub-sector listed on the Indonesiai Stock Exchainge, with ainnuail reports covering the 2023–2025 period. Using purposive saimpling, ai totail of 135 observaitions from Food aind Beveraige sub-sector compainies thait met the reseairch criteriai were selected from the populaition. The daitai were collected by downloaiding ainnuail reports from the officiail website of the Indonesiai Stock Exchainge, www.idx.co.id, ais well ais from the respective compainies’ officiail websites. The results of this study indicaite thait: (1) profitaibility aiffects eairnings mainaigement, aind (2) mainaigeriail ownership aiffects eairnings mainaigement.
Business Feasibility and Strategic Development Analysis of a Non-Formal Educational Institution to Enhance Sustainable Competitive Advantage: A Case Study of Deft Ruang Belajar Teguh Budianto; Budi Djatmiko
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.v6i2.1183

Abstract

This study aims to analyze the management development strategies implemented by the non-formal educational institution Deft Ruang Belajar in enhancing sustainable competitive advantage. The research employed a mixed-methods approach using a sequential explanatory design, integrating both qualitative and quantitative analyses. Qualitative data were collected through observation, interviews, and documentation to examine aspects of strategic management, innovation management, marketing, operations, and human resource management. Meanwhile, quantitative data were analyzed using a business feasibility study approach, which included financial projections, financial ratio analysis, Break-Even Point (BEP), Return on Investment (ROI), Average Rate of Return (ARR), Net Present Value (NPV), Profitability Index (PI), Internal Rate of Return (IRR), and sensitivity analysis. The findings indicate that Deft Ruang Belajar has implemented adaptive management development strategies through service innovation, the utilization of digital technology, strengthening human resources, and optimizing operational and financial management. The financial analysis results demonstrate that the business has a favorable level of profitability, positive cash flow, a relatively short investment payback period, and an investment value that is financially feasible for further development. Furthermore, the sensitivity analysis reveals that the institution possesses a relatively strong level of resilience in responding to changes in market conditions. This study concludes that the integration of strategic management and business feasibility analysis can serve as an effective development model for enhancing the sustainable competitiveness of non-formal educational institutions.
The Effect of Employee Welfare Level and Work-Life Balance on Employee Performance: A Case Study of Gaming Centers in Malang City Titus Dwi Meilina; M. Bukhori
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.v6i2.1191

Abstract

The entertainment industry, especially gaming centers in Malang City, faces challenges in maintaining employee performance due to low welfare and work-life imbalances. This study aims to examine the influence of employee welfare level and work-life balance on employee performance at gaming centers in Malang City. This study uses a quantitative approach, involving 50 employees selected through purposive sampling. Data were collected through an online questionnaire and analyzed using multiple linear regression. The results of the study show that partially, the level of employee welfare does not have a significant effect on employee performance, while work-life balance has a positive and significant effect. Simultaneously, these two variables have a significant effect on employee performance, with a contribution of 35.7% to performance variance. These findings show that work-life balance is the dominant factor in improving employee performance in the gaming center industry, exceeding the role of material welfare. Management is advised to prioritize flexible scheduling and employee well-being programs to maintain service quality.

Page 61 of 61 | Total Record : 609

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