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Majapahit Journal of Islamic Finance dan Management
Published by Institut Pesantren 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) is a journal published by Department of Sharia Economics Universitas KH. Abdul Chalim Mojokerto Indonesia twice a year (June and December). The focus and scope have been adjusted to meet the high standards and wide coverage typical of Scopus-indexed publications. The journal accepts submissions in the specified areas: 1. Sharia-compliant banking 2. Management in Islamic context 3. Islamic Business 4. Islamic Accounting 5. Islamic Finance 6. Islamic Marketing Management 7. Human Resources Management 8. E-commerce Business innovation Authors are urged to submit top-notch research and scholarly publications within these clearly outlined domains. The publication is dedicated to improving knowledge in Islamic finance and management while adhering to strict guidelines.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Bisnis, Menejemen, dan Akutansi (Lain-Lain)
Articles 377 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 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 Tax Awareness, Tax Sanctions, and Tax Literacy on Tax Compliance (Case Study on Taxpayers Registered at the Kediri City Pratama Tax Service Office (KPP) Sabaha, Syekha Nur; Permatasari, Intan Kurnia
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 | DOI: 10.31538/mjifm.v5i2.444

Abstract

This study aims to analyze the effect of tax awareness, tax sanctions, and tax literacy on the tax compliance of Taxpayers registered at the Kediri City Primary Tax Service Office. This research method uses a quantitative approach with primary data obtained through a questionnaire with a Like Scale of 1 – 5. The population in the study was all people of Kediri City. The sample used in this study were taxpayers registered at the Kediri City Primary Tax Service Office with a sampling technique using non-probability sampling. The number of samples used in this study was 140 respondents. Data analysis was carried out using the Statistical Product and Service Solution (SPSS) method. The result of the study indicates that tax awareness and tax literacy affect taxpayer compliance.
Defamation of Family Reputation on Social Media According to Positive Law and Islamic Law: A Case Study at Ternate Police Department Fara, Yudi; Abbas, Abdul Haris; Husein, Muhammad AR.
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 | DOI: 10.31538/mjifm.v5i2.450

Abstract

This study aims to analyze the handling of family defamation cases on social media from the perspectives of positive law and Islamic law, using a case study at the Ternate Police Department. The increasing number of cases over the past five years indicates that social media has become a new arena for conflict, significantly affecting family reputation. This research employs a qualitative approach with a juridical-empirical method. Data collection techniques include observation, in-depth interviews, documentation, and literature review. The findings reveal that the Ternate Police adopt a combination of litigative approaches based on the Electronic Information and Transactions Law (ITE Law) and the Indonesian Penal Code (KUHP), alongside non-litigative approaches through restorative justice mechanisms. From the Islamic law perspective, defamation is seen as a violation of ḥifẓ al-ʿirḍ (protection of dignity), which can be resolved through principles such as iṣlāḥ (reconciliation) and social repentance. The application of criminological theories—strain, differential association, broken windows, and deterrence—strengthens the understanding of offender motives and patterns of deviance in digital spaces. In conclusion, addressing family defamation requires an integrative approach that combines legal enforcement, Islamic ethical principles, and adaptive social responses to digital-era challenges.
Prima Tourism Education Development Strategy Selemak Village Qaedina Tio Athira; Rulianda Purnomo Wibowo; Meilita Tryana Sembiring
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 | DOI: 10.31538/mjifm.v5i2.462

Abstract

The decline in the number of visitors to Prima Wisata Edukasi over the years has resulted in the village's income not meeting the expected targets. The main issues in this study are how to formulate an effective business strategy to increase village income through tourism management and how to implement this strategy to increase visitor numbers. This study aims to develop an appropriate business strategy and analyze its implementation at Prima Wisata Edukasi. The research employs a qualitative descriptive approach to gain an in-depth understanding of the dynamics in tourism management. Informants were selected using purposive sampling and included the Head of Mantar Village, the Chairman of BUMDES, community leaders, and tourists. Data were collected through in-depth interviews and direct observations, and then analyzed thematically. The findings reveal that the success of tourism destination management is influenced by interconnected internal and external factors. Strengths such as unique tourism offerings, diverse attractions, adequate facilities, affordable prices, and strategic location serve as key potentials supported by social media promotion. However, weaknesses include limited human resource competencies, insufficient promotion, and suboptimal facility maintenance procedures. Opportunities from family tourism trends and government support should be maximized, while challenges such as limited access, disaster risks, and intense competition require mitigation strategies. Based on these findings, several implementation strategies are recommended, including strengthening educational partnerships, improving human resource competencies, optimizing promotions, and establishing facility maintenance procedures to enhance the competitiveness and sustainability of Prima Wisata Edukasi.
Analysis of the Effect of Beauty Product Marketing Mix on Buying Interest with the Use of South Korean Celebrity Brand Ambassadors as a Moderation Variable Siregar, Qurratu Ayuni; Wibowo, Rulianda Purnomo; Sembiring, Beby Karina Fawzeea
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 | DOI: 10.31538/mjifm.v5i2.463

Abstract

In the highly competitive beauty product industry, companies are required to implement innovative and relevant marketing strategies to maintain and increase consumer buying interest. Recent phenomena indicate that marketing mix elements (product, price, place, and promotion) are often underutilized or focused too narrowly on a single aspect. Meanwhile, the use of brand ambassadors, particularly South Korean celebrities, has become a dominant trend, believed to build emotional appeal and enhance positive consumer perceptions. This study aims to analyze the influence of the marketing mix and brand ambassadors on buying interest, as well as examine the moderating role of brand ambassadors in this relationship. This research adopts a quantitative associative approach, using questionnaires distributed to consumers exposed to brand ambassador promotional campaigns. Data analysis was conducted using multiple linear regression and moderated regression analysis. The results indicate that both the marketing mix and brand ambassadors have a positive and significant effect on consumer buying interest. However, the role of brand ambassadors as a moderating variable in strengthening the relationship between the marketing mix and buying interest was not consistently significant. These findings emphasize the importance of an integrated marketing strategy that not only leverages the popularity of brand ambassadors but also optimizes all elements of the marketing mix in a way that is appealing, educational, and aligned with contemporary consumer needs.
Analysis of Factors Influencing Accounting Students' Interest in Public Accountant Careers (Empirical Study of Accounting Students of Universities in Surakarta City, Class 2021 and 2022) Husna, Aufi Muaddibah; Trisnawati, Rina
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 | DOI: 10.31538/mjifm.v5i2.473

Abstract

This study aims to analyze the influence of financial rewards, perceptions of the public accounting profession, perceptions of the work environment, adversity quotient, and professional training on accounting students' interest in pursuing a career as a public accountant in accounting students at universities in Surakarta City, intakes of 2021 and 2022. This study uses primary data obtained from questionnaires with 115 respondents. The analysis methods used include descriptive statistics and multiple linear regression. The results of this study indicate that financial rewards and perceptions of the public accounting profession influence accounting students' interest in pursuing a career as a public accountant, while other variables do not have a significant influence on student interest. These findings are expected to provide insight for educational institutions, in this case, universities, regarding the factors that influence student interest in a career, especially in the public accounting profession.
The Effect of Profitability, Liquidity, Leverage, Capital Structure, and Company Size on Company Value (Empirical Study of Energy Sector Companies Listed on the IDX 2020-2023) Hasanah, Nur; Fauzan, Fauzan
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 | DOI: 10.31538/mjifm.v5i2.475

Abstract

This study aims to examine the effect of profitability, liquidity, leverage, capital structure, and firm size on firm value in the energy sector listed on the Indonesia Stock Exchange (IDX) during the 2020–2023 period. This study uses a quantitative approach with secondary data in the form of company financial reports. The sampling method used was purposive sampling with a total of 224 observations from 56 companies over four years. Data analysis was performed using multiple linear regression. The results show that leverage, capital structure, and firm size have a significant effect on firm value. Leverage has a negative effect, while capital structure has a positive effect, and firm size has a negative effect on firm value. Meanwhile, profitability and liquidity do not have a significant effect on firm value. These findings imply that energy sector companies need to pay attention to managing their capital structure and debt levels to avoid reducing the company's value in the eyes of investors. Furthermore, large company size does not always reflect high market value if it is not balanced with efficiency and good growth prospects.
An Analysis of Forensic Accounting and Internal Controls Through Accounting Information Systems in Mitigating Financial Report Manipulation Murdifin Azhar
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 | DOI: 10.31538/mjifm.v5i2.480

Abstract

According to the report from the Association of Certified Fraud Examiners (ACFE) (2022), fraud occurred globally between January 2020 and September 2021, with a total of 2,110 reported cases resulting in losses exceeding $3.6 billion—approximately $1,783,000 per case—and involving 133 countries. The role of forensic accounting and internal control based on Accounting Information Systems (AIS) is essential in preventing financial statement manipulation. This study employs a qualitative research method with a descriptive approach to analyze the role of AIS-based internal control and forensic accounting in detecting financial statement manipulation. The results of the study indicate that forensic accounting plays a significant role in uncovering financial statement fraud. Through comprehensive analysis, forensic accounting successfully deconstructed the complex structure of Special Purpose Entities (SPEs) and identified suspicious transaction patterns, including the transfer of debt and losses to other entities. Furthermore, the findings also reveal that by integrating internal control with AIS, companies are able not only to detect irregularities in financial data but also to trace audit trails and prevent unauthorized transactions or data manipulation. Future research is expected to further identify the specific factors within forensic accounting and internal control that contribute to the detection of financial statement manipulation.

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