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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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The Effect of Idealism, Relativism, Love of Money, and Academic Experience on Ethical Perception of Accounting Students (Case Study on Accounting Students of Muhammadiyah University of Surakarta) Diva Nanda Ayuk Agustina; Triyono
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.v5i1.368

Abstract

This study investigates the influence of Idealism, Relativism, Love of Money, and Academic Experience on the Ethical Perception of accounting students at Universitas Muhammadiyah Surakarta. Drawing on Forsyth’s Ethics Position Theory, Idealism reflects a belief in universal moral principles, while Relativism denotes ethical flexibility based on context; Love of Money represents a value orientation that may conflict with ethical behavior. Using a quantitative approach, data were collected via online questionnaires from 945 undergraduate accounting students through convenience sampling. Variables were measured using established instruments such as the Ethics Position Questionnaire (EPQ) and the Love of Money scale. Multiple linear regression was applied after verifying assumptions of normality, multicollinearity, and homoscedasticity. Results indicate that Idealism and Academic Experience significantly enhance ethical perception, suggesting that students with strong moral ideals and greater academic exposure are more ethically aware. Conversely, Relativism and Love of Money showed no significant effect, potentially due to cultural or educational factors that prioritize integrity over personal values. These findings highlight the importance of moral conviction and structured academic learning in fostering ethical development, while pointing to the limited influence of relativistic thinking and financial motivation in this context.
The Effect of Liquidity, Leverage, Cash Flow, Earning Growth, Firm Size, and Risk on Financial Health Ike Prety Shinta; Triyono
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.v5i1.369

Abstract

A company's financial health is vital for sustaining its operations, especially in the face of economic uncertainty and sector-specific challenges. This study seeks to address a critical research gap by examining the determinants of financial health specifically in manufacturing companies within the basic and industrial sectors listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period a time marked by post-pandemic recovery and disruptions in global supply chains. The study employs the Altman Z-score model, traditionally used for bankruptcy prediction, as a comprehensive indicator of financial health due to its ability to synthesize multiple financial dimensions. To investigate the influence of liquidity, leverage, cash flow, earning growth, firm size, and financial risk on financial health, multiple linear regression analysis is conducted. These independent variables are operationalized as follows: liquidity is measured by the current ratio, leverage by the debt-to-equity ratio, cash flow by net operating cash flow, earning growth by year-over-year changes in net income, firm size by the natural logarithm of total assets, and financial risk by the variability of earnings. Data were obtained through purposive sampling based on the availability of complete financial reports during the observation period, resulting in a sample of manufacturing firms that met the inclusion criteria. The results indicate that liquidity, cash flow, and financial risk significantly affect financial health, whereas leverage, earnings growth, and firm size do not demonstrate a meaningful impact.
Implementation of Leverage, Profitability, Company Size, Fixed Asset Intensity, and Capital Intensity on Tax Avoidance (Empirical Study on Manufacturing Companies in the Consumer Goods Sector Listed on the Indonesia Stock Exchange in 2020 – 2022) Ines Dyah Ayu Hapsari; Setiawati, Erma
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.v5i1.370

Abstract

This study examines the determinants of tax avoidance in the consumer goods sector listed on the Indonesia Stock Exchange from 2020 to 2023 using multiple linear regression. While the method is appropriate, the low R-squared value (24.7%) indicates that key factors such as corporate governance, ownership structure, or international operations may have been omitted, limiting the model’s explanatory power. The Cash Effective Tax Rate (CERT) is used as a proxy for tax avoidance due to its common use in literature; however, it may be influenced by temporary differences or one-off tax items, potentially masking consistent tax planning behavior. Acknowledging this limitation, future research should consider multi-metric approaches and broader variables to capture a more comprehensive picture. Due to sector-specific characteristics, the findings may not be generalizable across industries.
Accounting Students' Perception of Love of Money, Machiavellian, Religiosity, and Taxation Understanding Towards Tax Evasion Aji Tri Mulya; Achyani, Fatchan
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.v5i1.374

Abstract

This study investigates the psychological and ethical determinants of tax evasion by analyzing the effects of Love of Money, Machiavellianism, Religiosity, and Tax Knowledge among undergraduate accounting students. While the use of a quantitative, positivist approach provides a structured method for identifying variable relationships, the study's generalizability is limited due to its narrow sample of 114 students from a single university who may not represent broader taxpayer behavior. Additionally, reliance on self-reported data concerning sensitive topics like tax evasion introduces the risk of response bias, possibly distorting the findings. The complex, culturally embedded nature of constructs such as Love of Money, Machiavellianism, and Religiosity may not be fully captured through standard questionnaires, potentially weakening the validity of the measurements. Although the study finds that Love of Money significantly influences tax evasion, the insignificance of the other variables might stem from measurement limitations rather than a true lack of effect. Future research should incorporate more diverse and representative samples, refine construct operationalization, and consider mixed-method approaches to deepen understanding of the nuanced drivers behind tax evasion behavior.
E-Wallets and Financial Literacy: Shaping Gen Z Wasteful Behavior in Indonesia Rozaq Syamsul Hidayatullah; Mahameru Rosy Rochmatullah
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.v5i1.375

Abstract

This study finds that among the tested variables, Love of Money, Machiavellianism, Religiosity, and Tax Knowledge, only Love of Money has a significant influence on tax evasion among accounting students. This highlights the central role of personal financial values in ethical decision-making, suggesting that when monetary gain is prioritized excessively, it can override normative considerations such as compliance and integrity. The non-significance of Machiavellianism, Religiosity, and Tax Knowledge indicates that mere possession of knowledge or personal belief systems may not be sufficient to deter unethical behavior, possibly due to weak internalization or external pressures. These findings underscore the importance of embedding ethical reflection and value-oriented education in accounting curricula, not just focusing on technical competence. Future studies should explore psychological and contextual variables such as peer influence, perceived fairness of taxation, or institutional trust to develop a more comprehensive understanding. Expanding the methodological approach through qualitative interviews and broader sampling would also enhance the richness and generalizability of the results.
Phenomena and POV Reality in Central Java 2017-2023 Garnis Permata Sari; Purnomo, Didit
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.v5i1.376

Abstract

This study investigates the interplay between poverty, open unemployment, and the Gender Development Index (IPG) on regional economic growth in Central Java from 2017 to 2023, using GRDP as the dependent variable across 30 regencies and cities. While the Fixed Effect Model reveals a significant negative effect of open unemployment on GRDP, the findings that poverty and IPG do not show statistical significance should be interpreted with caution. The absence of significance may stem from measurement limitations, temporal lags, or regional heterogeneity rather than a definitive lack of influence. Furthermore, the study acknowledges its limitation in not incorporating broader determinants of economic growth, such as capital investment, infrastructure, human capital, and institutional quality, which could contribute to omitted variable bias. The analysis would benefit from being situated within established economic growth theories, such as Solow’s neoclassical model or endogenous growth frameworks, to better justify variable selection and interpret findings within a broader theoretical and developmental context. Recognizing the long-term contributions of gender equality to economic development, future research should explore the temporal dynamics of IPG’s impact to capture delayed effects often noted in development economics.
The Effect of Accounting Conservatism and Cash Flow on Cash Holding with Information Asymmetry as a Moderating Variable Fadilah, Annisa; Achyani, Fatchan
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.v5i1.377

Abstract

Cash is an asset that plays an important role in the running of a company's operational activities. Cash holding is the amount of cash and cash equivalents held by a company to meet operational needs, investments, and other sudden needs. Companies usually hold cash to meet obligations, manage risks, and take advantage of investment opportunities. Cash holding is cash held by a company to meet daily activities. The purpose of this study is to analyze the effect of accounting conservatism and cash flow on cash holding with information asymmetry as a moderating variable. The type of research used is quantitative research with a non-participant observation method. The sample used in this study was 162 energy sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2023 period. The sample was determined using the purposive sampling method. This study uses multiple linear regression analysis and is processed using MiniTab 19. The results of the study show that: (1) Accounting Conservatism does not have a significant effect on Cash Holding (2) Cash Flow does not have a significant effect on Cash Holding (3) Information Asymmetry has a significant effect on Cash Holding (4) Information Asymmetry does not strengthen or moderate Accounting Conservatism on Cash Holding (5) Information Asymmetry does not strengthen or moderate Cash Flow on Cash Holding.
Leverage, Profitability, Environmental Performance, ISO 14001 Certification, and Public Ownership of Environmental Disclosure Wati, Afifah Rachma; Kusumawati, Eny
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.v5i1.379

Abstract

This study analyzes the influence of leverage, profitability, ISO 14001 certification, environmental performance, and public ownership on environmental disclosure among non-financial companies listed on the Indonesia Stock Exchange from 2021 to 2023. Using purposive sampling, 177 companies were selected, and the data were analyzed through multiple linear regression after passing classical assumption tests. The results show that environmental performance and public ownership significantly affect environmental disclosure, suggesting that firms with stronger environmental practices and wider public ownership are more inclined to disclose environmental information, possibly due to higher transparency demands and accountability pressures. However, leverage, profitability, and ISO 14001 certification do not significantly influence disclosure, indicating that internal financial metrics and formal certifications may not directly drive transparency in this context. This raises the need for further exploration of why these variables lack significance, potentially involving the nature of ISO implementation or varying stakeholder expectations. The study is limited by its focus on firm-level factors and does not incorporate external drivers such as regulatory requirements or industry pressures, which may also shape disclosure practices. Future research should integrate these broader contextual elements to gain a more comprehensive understanding of environmental disclosure determinants in emerging economies like Indonesia.
Analysis of Islamic Law Sources on Positive Law in Handling Cases of Domestic Violence at the Ternate Police Masri, Rahman; Situmorang, Jubair; Alimuddin, Harwis
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.v5i1.381

Abstract

This study aims to analyze the integration between Islamic law and positive law in handling Domestic Violence (KDRT) cases at Ternate Police Department. The background of the research is based on the high number of domestic violence cases in Ternate and the need for a legal approach adaptive to the local socio-religious context. The research problem focuses on how the integration between these two legal systems is applied in practice. This study employs empirical legal research methods with juridical-empirical, normative, sociological, and philosophical approaches. Data collection techniques include interviews, observation, documentation, and literature review. The findings reveal that the Ternate Police Department implements a hybrid justice approach, combining positive law enforcement and settlement based on Islamic islah values. This approach demonstrates efforts to adapt national law to the social realities of Ternate society without neglecting the protection of victims' rights. The main obstacles are cultural patriarchal pressure and the victims’ economic dependency; however, collaboration with social institutions strengthens the effectiveness of case handling. This study concludes that the integration of Islamic law and positive law in Ternate can serve as an alternative model for addressing domestic violence in culturally religious regions.
Exploring the Employment of the Informal Sector in Indonesia and the Factors that Influence It Ahsan Pramana Desanta; Siti Aisyah
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.v5i1.383

Abstract

The informal sector holds a significant position in Indonesia's labor structure, particularly as a response to the limited availability of formal job opportunities. The increasing proportion of informal workers reflects a shift in labor market patterns influenced by diverse economic and social factors. This study examines the impact of the Open Unemployment Rate (OUR), Average Years of Schooling (AYS), Provincial Gross Regional Domestic Product (GRDP), Regional Minimum Wage (RMW), and poverty rate on informal employment. Adopting a descriptive quantitative method, the research utilizes secondary data sourced from Statistics Indonesia (BPS) and the Ministry of Manpower (Kemnaker) for the years 2019 to 2023. The analysis applies panel data regression, with the Fixed Effect Model (FEM) determined as the most appropriate technique. Findings indicate that the open unemployment rate, poverty rate, and minimum wage positively and significantly affect informal sector employment, while GRDP has a negative and significant effect. Meanwhile, average years of schooling do not significantly impact informal labor absorption. The study suggests that the government should focus on boosting regional economic growth to lower informal employment reliance and strengthen the formal labor market's competitiveness.

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