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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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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

Show Abstract | Download Original | Original Source | Check in Google Scholar

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.
ANALYSIS AND CONTROL OF FILLING PROCESS DEFECTS USINGSEVEN QUALITY CONTROL TOOLS AT PT ABC Endang Silaningsih; Isfan Hawari; Tini Kartini
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

Abstract

Quality control plays an important role in maintaining product consistency and improving production efficiency. A high level of product defects can lead to material waste, increased production costs, and decreased operational performance. This study aims to identify the dominant types of product defects and analyze the factors causing defects in the production process of cup and lid packaging for the rock Twist product at PT ABC. This research employed a quantitative descriptive method using the Seven Quality Control Tools, including flowchart, Check Sheet, histogram, Pareto diagram, scatter diagram, p-control chart, and cause-and-effect (Fishbone) diagram. The data used in this study were secondary data obtained from production reports and rejected product reports during the 2021 production period. The results indicate that the most dominant defect type is uncentered fill, with a total of 357,326 pieces, followed by overfill (53,672 pieces), underfill (52,481 pieces), and poor coding (3,602 pieces). Based on the Pareto analysis, uncentered fill contributes 76.50% of the total product rejects, making it the primary quality issue in the production process. The scatter diagram analysis shows a positive correlation between the number of cups and lids used in production and the number of rejected products. Furthermore, the p-control chart indicates that the production process is statistically out of control. The cause-and-effect diagram identifies human factors, machine conditions, work methods, and material quality as the primary contributors to product defects. The findings demonstrate that the Seven Quality Control Tools are effective in identifying major sources of quality problems and determining priority areas for process improvement. Improving control in the filling process is expected to significantly reduce product defects and enhance production quality and efficiency.
The Role of Islamic Finance and Inflation in Economic Growth: Evidence From Indonesia and Malaysia Muhammad Yunizar; Muhammad Yasir Yusuf; Khairul Amri
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.v6i2.928

Abstract

This study investigates the dynamic relationship within the Finance-Growth Nexus by examining the roles of Islamic Banking Financing (IBF), Sukuk Holding, and Inflation in driving economic growth (GDP) in Indonesia and Malaysia. Utilizing a Panel Vector Error Correction Model (PVECM) on quarterly data from 2015 to 2024, the research identifies both long-run equilibrium paths and short-run transmission mechanisms. The empirical results reveal a stable long-term integration among the variables, with an error correction mechanism adjusting macroeconomic imbalances at a speed of 31.8% per quarter. The findings highlight that IBF acts as a significant catalyst for GDP growth, albeit with a four-quarter gestation period, reflecting the time-intensive nature of asset-backed Sharia contracts. While Sukuk Holding demonstrates short-term neutrality, it emerges as a dominant structural pillar for long-term economic stability. Conversely, Inflation is identified as a significant disruptive factor that hinders growth by distorting the efficiency of profit-sharing transmission. These results suggest that monetary authorities must synchronize Sharia financial deepening with rigorous price stability frameworks to ensure sustainable industrial expansion.
Analysis of IKM Plus Implementation in Measuring Public Satisfaction in Libraries in Central Java Shanty Noor Mareta; Teguh Hardi Raharjo
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.v6i2.931

Abstract

This study aims to analyze the implementation of the Community Satisfaction Index (CSI) Plus in measuring the level of public satisfaction with library services in Central Java. The background of the study is based on the important role of libraries as literacy centers in the digital era that is vulnerable to disinformation. The method used is a quantitative approach with data collection through questionnaires to library service users. The results show that the implementation of CSI Plus is able to provide a more comprehensive picture of service quality, including aspects of speed, comfort, accessibility, and staff competence. These findings indicate that improving the quality of library services contributes significantly to public satisfaction and encourages the improvement of literacy culture among the wider community in a sustainable manner.
Economic Duality in Tourist Areas: The Impact of Geographical Conditions on the Income Levels of Tourism and Non-Tourism Business Owners in Sajen Village, Pacet District FIDYA FEBRIYANTI; NADIA MA'RUFAH AURA AISYAH; INEZ MARTA JOANA; INTAN NURAINI; INDRI KUSUMAWATI; ANNISA DAMAYANTI; NURUL HASANAH
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.v6i2.932

Abstract

This study seeks to examine the phenomenon of economic duality and the impact of geographical and environmental factors on the income levels of tourism and non-tourism business owners in Sajen Village, Pacet District. Employing a quantitative approach, the research utilizes primary data gathered via questionnaires, observations, interviews, and documentation. The population comprises all business actors in Sajen Village, with the sample selected through purposive sampling, targeting owners of tourism and non-tourism enterprises in areas exhibiting diverse geographical features. Data analysis involved descriptive and explanatory methods to discern income distribution patterns and assess the effects of geographical elements, such as accessibility, proximity to tourist sites, and the density of nearby economic activities. Findings reveal a pronounced economic duality between tourism and non-tourism businesses: tourism-oriented ventures exhibit greater income potential but higher volatility, while non-tourism operations show more consistent and stable earnings. Moreover, geographical and environmental conditions have a substantial impact on income levels, as businesses nearer to tourist zones and high-activity economic hubs generate substantially higher revenues than those in less advantageous locations. Keywords : Economic duality, Tourism area, Sajen Village
THE EFFECT OF FINANCING SOURCES AND LIQUIDITY ON FIRM VALUE: (Case Study on Plantation and Food Crop Sub-Industry Companies Listed on the Indonesia Stock Exchange for the 2020-2024 Period) Resa Rusmana Saputri; Herlina Rasjid; Meriyana Franssisca Dungga
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.v6i2.934

Abstract

This study aims to analyze the effect of financing sources and liquidity on firm value, with a case study on plantation and food crop sub-industry companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2024 period. The research method employs a quantitative approach using secondary data obtained from annual financial reports. The population includes all plantation and food crop companies listed on the IDX. The sample was selected using a purposive sampling method, resulting in 14 companies with 70 observational units (5 years x 14 companies). Data analysis was performed using the Statistical Product and Service Solution (SPSS) method. The results indicate that both financing sources, proxied by the Long-term Debt to Equity Ratio (LTDER), and liquidity, proxied by the Current Ratio (CR), have a positive and significant effect on firm value, as measured by the Price to Book Value (PBV). Simultaneously, both variables also significantly influence firm value.
Analysis of Influencing Factors Decision on Interest in Selling Organic Fertilizer By Farm Shops In Gorontalo Slamet Hasan; Agustinus Moonti; Lusiana
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.v6i2.935

Abstract

The agricultural sector plays an important role in supporting economic growth and national food security. However, intensive agricultural practices that rely on chemical fertilizers have had a negative impact on the environment, soil quality, and the availability of production facilities. Organic fertilizers are a more environmentally friendly and sustainable alternative, although the level of use in Gorontalo City is still low. This condition is suspected to be influenced by the low interest of farmer shops as the main actor in the distribution of agricultural inputs. This study aims to analyze the contribution of market potential in encouraging the desire of business actors to market organic fertilizers, examine the extent to which perceptions and obstacles affect the interest in selling organic fertilizers and determine the most influential factors between the perception of barriers and market potential to the interest in selling organic fertilizers, as well as formulate strategic recommendations for the development of sustainable organic fertilizer agribusiness in the Gorontalo area. The research was conducted from August-December 2025 using a quantitative approach through a survey of farmer shop owners. The data was then collected and analyzed using the application of the Statistical Package For The Social Sciences, (SPSS). The results of the study showed that the perception variable was the most powerful variable that had a significant influence on the interest in selling organic fertilizer in Gorontalo City, while other variables also had a significant effect but not yet strong on the interest in selling organic fertilizers.

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