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Mohamad Toha
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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 493 Documents
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Implementation of Accountability and Transparency Principles by Productive Zakat Recipients at Badan Amil Zakat Nasional (BAZNAS) Kota Gorontalo Fadiya Ramadhani Mallarangeng; Niswatin; Ivan Rahmat Santoso
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.v6i2.854

Abstract

Productive zakat serves as an empowerment instrument for mustahik at BAZNAS Kota Gorontalo, yet the implementation of accountability and transparency at the recipient level remains challenging. This qualitative descriptive study employs a simple success ratio approach to analyze these principles among five micro-entrepreneur mustahik. Results indicate an accountability ratio of 70% (adequate, strong in fund trustworthiness but weak in administrative recording) and transparency ratio of 100% (excellent, achieved through relational and verbal openness). Grounded in Shariah Enterprise Theory, the vertical dimension (to Allah) is robust, while the horizontal dimension (to the institution) requires strengthening. Findings imply the need for basic financial literacy training and sustained light-touch mentoring to enhance program effectiveness.
CREATING A SENSE OF BELONGING: A LITERATURE REVIEW OF THE ROLE OF INCLUSIVE LEADERSHIP IN ENHANCING EMPLOYEE RETENTION IN GLOBAL ORGANIZATIONS Hifffani Chika Aulia; Lira Lestari; Ketleen Metha Setiawan; Dian Prihadini Wibawa
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.v6i2.874

Abstract

The increasingly diverse global work environment demands that organizations effectively manage diversity to retain qualified employees. One approach is to implement inclusive leadership, which creates a work environment that values ​​diversity and encourages employee engagement. This study aims to examine the role of inclusive leadership in creating a sense of belonging and its implications for employee retention in global organizations. This study uses a literature review method by reviewing various relevant literature sources, such as scientific journal articles and books related to inclusive leadership, diversity, sense of belonging, and employee retention. The results of the study indicate that inclusive leadership plays a crucial role in creating an open work environment that values ​​diversity and provides equal opportunities for all employees. An inclusive work environment can foster a strong sense of belonging in employees, thereby increasing work engagement, organizational commitment, and employee loyalty. Therefore, implementing inclusive leadership is an important strategy for improving employee retention in global organizations.
THE EFFECT OF FINANCIAL CONSTRAINTS ON FINANCIAL PERFORMANCE WITH EMPLOYEE TURNOVER LEVEL AS A MEDIATION VARIABLE IN NON-CYCLICALS CONSUMER COMPANIES GOING PUBLIC IN INDONESIA IN THE PERIOD 2018 – 2024 Niar Irba; Risky Budianto
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.v6i2.895

Abstract

This study examines the effect of financial constraints on financial performance with employee turnover as a mediating variable in Consumer Non - Cyclicals companies listed on the Indonesia Stock Exchange during the 2018 – 2024 period. The research problem arises from increasing financial pressure, particularly during the COVID-19 pandemic, which potentially affects workforce stability and corporate financial performance. This study employs a quantitative explanatory approach using panel data, analyzed through random effects regression and mediation testing, with robustness checks using the KZ Index and SA Index. The results indicate that financial constraints have a negative effect on financial performance and a positive effect on employee turnover. However, employee turnover does not mediate the relationship between financial constraints and financial performance. Future research is encouraged to apply alternative measures of firm performance and incorporate organizational or behavioral variables to better explain the internal mechanisms underlying this relationship.
Analysis of Wage Administration and Article 21 Income Tax for Employees with Income below the Non-Taxable Income Threshold Meliana Anggraini; Deviana Sari; Chairian Tomy
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.v6i2.896

Abstract

This study aims to analyze the implementation of wage administration and the fulfillment of Income Tax (PPh) Article 21 obligations for production employees whose income is below the Non-Taxable Income threshold. The research method used is descriptive qualitative, with data collection techniques including participatory observation and documentation study. Data analysis was conducted using a simulation of average income index, rather than actual employee income data, in order to maintain data confidentiality while still providing a representative overview of wage conditions. The results show that the company’s wage system applies an index-based method that integrates physical attendance (fingerprint) with fluctuating wage components such as meal allowances, transportation, and incentives. Based on the simulation using the annual net income calculation formula, the average income of production employees is below the Non-Taxable Income threshold for the TK/0 category (Rp54,000,000), resulting in a “Nil” tax status. Nevertheless, the company demonstrates a high level of administrative compliance through transparent payslip management and systematic tax reporting. This indicates that orderly administration is crucial for maintaining the accuracy of labor cost data and ensuring the company’s fiscal compliance readiness in the future.
The Influence of Women's Employment in Indonesia Cindy Alfina Damayanti; 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.v6i2.922

Abstract

Gender equality is important in efforts to reduce poverty because it can increase women's access to education, employment, and economic opportunities. However, current conditions show that women's labor participation is still lower than that of men, reflecting gender inequality in the labor market. This study aims to estimate the direction and magnitude of the influence of the average wages of formal and informal sector workers, the open unemployment rate (TPT), the number of female workers, the average length of female schooling, and women's productivity on the percentage of poor people in each province in Indonesia in 2020–2024 by regressing the data of the Random Effects Model panel(REM). The regression results showed that the average wages of informal sector workers and the average length of female schooling had a negative effect on poverty rates, while the open unemployment rate (TPT), the number of female workers, and women's productivity had a positive effect on poverty. Then, the average wages of formal sector workers have no effect on the percentage of the poor. The government needs to pay attention to the quality of education and skills of the workforce in order to be able to compete in an increasingly competitive job market. In addition, the quality of work needs to be improved through the provision of decent, stable, and social security jobs so that their contribution to improving welfare can be more optimal.
TIKTOK ADVERTISING AND REPURCHASE INTENTION: THE MEDIATING ROLE OF BRAND AWARENESS AND BRAND IMAGE WITHIN THE S–O–R FRAMEWORK Fairuz Faradina; Yolanda Masnita; Kurniawati
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.v6i2.955

Abstract

This study examines the effect of TikTok advertising on repurchase intention by analyzing the mediating role of brand perception within the Stimulus–Organism–Response (S-O-R) framework. Using a quantitative approach, data were collected from 233 Indonesian TikTok users with prior purchasing experience and analyzed using Structural Equation Modeling (SEM) with the Maximum Likelihood Estimation method. The findings show that content quality and engagement in TikTok advertising have a positive and significant effect on brand perception. However, these advertising attributes do not directly influence repurchase intention. Further analysis indicates that brand perception fully mediates the relationship between TikTok advertising and repurchase intention, suggesting that repeat purchase behavior is formed through consumers’ internal evaluation processes rather than direct advertising exposure. This study extends the application of the S-O-R framework to short video–based digital marketing and provides practical insights for firms seeking to strengthen long-term consumer retention through effective brand-building strategies.
The S–O–R Perspective Through the Mediation of Perceived Value in Shaping Reuse Intention Muhammad Zaky Nurrahman; Yolanda Masnita; Kurniawati Kurniawati
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.v6i2.817

Abstract

The fast-food industry increasingly deploys Self-Service Technologies (SSTs) to enhance operational efficiency. However, sustaining user retention remains challenging, compounded by a recent theoretical anomaly where traditional Service Quality failed to predict usage intention in automated contexts. Addressing this gap, this study re-evaluates the Stimulus-Organism-Response (S-O-R) framework by replacing the insignificant Service Quality variable with System Quality and integrating Perceived Value as a mediator. Analyzing data from 221 respondents using PLS-SEM, results reveal that technical stimuli—specifically System Quality and Design Quality—significantly enhance Perceived Value (R2=0.783), which subsequently acts as a dominant mediator in shaping Reuse Intention (R2=0.585). Theoretically, this resolves the "service paradox" in developing economies, confirming that technical reliability replaces traditional service attributes. Practically, managers must prioritize zero-error stability, as consumers perceive technical efficiency as the primary utility driving sustainable reuse behavior.
THE EFFECT OF WORK-LIFE BALANCE AND WORK ENVIRONMENT ON EMPLOYEE PERFORMANCE WITH MENTAL HEALTH AS AN INTERVENING VARIABLE AN AUDIO EQUIPMENT MANUFACTURING Purwanti; Rismawati
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.v6i2.840

Abstract

This research examines the impact of workplace equilibrium and physical-social conditions on employee productivity mediated by psychological well-being in PT. EMSONIC INDONESIA Audio Company Indonesia's Unit Department, addressing performance variability from extended hours and inadequate support amid rising mental health issues in Indonesia. A quantitative approach employed saturated sampling of 113 employees, with primary data from 5-point Likert questionnaires via Google Forms, analyzed via PLS-SEM in SmartPLS 4.0.9.9, including measurement model evaluation (outer loadings, AVE, HTMT), structural assessment, bootstrapping (5,000 resamples), and validity-reliability checks. Findings reveal workplace equilibrium (β=0.327, p=0.007) and organizational environment (β=0.467, p<0.001) significantly enhance psychological well-being and productivity (direct effects: β=0.354/0.288, p<0.05), with indirect mediation (β=0.104/0.148, p<0.05) and strong predictive power (R²=0.733; AVE>0.5, α>0.87). The core synthesis supports Social Exchange Theory in manufacturing contexts. Policy implications urge firms to promote work-life balance through flexible hours, improved lighting, and support to safeguard mental health and boost productivity. Originality stems from the first PLS-SEM analysis using full population data from an Indonesian audio firm, resolving prior conflicting findings and highlighting mediation in non-shift overtime settings.
The Effect of Sustainability Disclosure and Corporate Governance on Firm Value: Evidence from Indonesia’s Infrastructure Sector Febriyan Amuktiningsih; Risky Budianto
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.v6i2.869

Abstract

This research investigates how sustainability disclosure and corporate governance affect the valuation of infrastructure firms listed on the Indonesia Stock Exchange from 2021 to 2024. Utilizing a quantitative design, it applies panel data regression via the Fixed Effect Model with cross-section weights (EGLS). Drawing from 160 firm-year observations chosen through purposive sampling with defined criteria, key insights emerge, sustainability disclosure negatively impacts firm value, hinting that markets in capital-heavy sectors may not quickly value detailed sustainability reports. Conversely, governance elements like the board of directors, independent board of commissioners, and audit committee exert positive, significant effects on value. Ownership structure, however, lacks notable influence. Overall, these patterns suggest investors prioritize swift governance enhancements over expansive sustainability efforts, especially in infrastructure where heavy investments and extended projects prevail.
Determining the Funding of Post-Employment Benefits: The Role of Salary Expense Ratios, Profitability, Inflation, and Interest Rates Ardi Tauladan Triatmaja; Intan Kurnia Permatasari
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.v6i2.875

Abstract

This study aims to examine the effect of salary expense ratio, profitability, inflation rate, and interest rate on the funding level of post-employment benefit obligations in State-Owned Enterprises (BUMN) listed on the Indonesia Stock Exchange during the 2020–2024 period. This study employs a quantitative approach using panel data regression analysis. The research data were obtained from the financial statements of SOEs published on the Indonesia Stock Exchange during the observation period. The results indicate that profitability has a positive and significant effect on the funding level of post-employment benefit obligations. This finding suggests that companies with better financial performance tend to have greater capacity to meet their long-term obligations to employees. Meanwhile, the salary expense ratio, inflation rate, and interest rate do not show a significant effect on the funding level of post-employment benefit obligations. These findings imply that internal corporate factors, particularly profitability, play a more dominant role than macroeconomic factors in determining the funding policy of post-employment benefit obligations. This research contributes to the development of financial accounting literature related to the management of post-employment benefit obligations and provides practical implications for corporate management in designing more effective and sustainable long-term funding strategies.

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