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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 609 Documents
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Model for Determining the Cost of Goods Manufactured of Copra in Pelambane Village Annadya Tewu; Mahdalena; Amir Lukum
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.v6i2.1008

Abstract

This study aims to analyze how the Activity-Based Costing (ABC) perspective helps identify costs that have not been accounted for in the practice of determining the cost of goods sold (COGS) for copra by farmers in Pelambane Village, Randangan Subdistrict, Pohuwato Regency. This study employs a qualitative method with a descriptive approach. Data were collected through in-depth interviews, observations, and documentation involving seven copra farmer informants selected using purposive sampling. Data analysis followed the interactive model of Miles and Huberman (1984), consisting of data reduction, data presentation, and drawing conclusions. The results of the study indicate that farmers construct the meaning of costs based on their daily economic experiences, equating costs with cash expenditures during the production process. Consequently, certain economic sacrifices—such as family labor, raw materials from one’s own garden, the use of long-term productive assets, and coconut husks as fuel—are not fully recognized as production costs. Through the ABC perspective, hidden costs were successfully identified across various production activities, revealing undercosting patterns that could potentially lead to illusory profits. This study contributes to the cost accounting literature by demonstrating that in informal agricultural enterprises, the concept of cost is shaped not only by economic rationality but also by social constructs, family culture, and production practices passed down through generations.  
Analysis of Stock Valuation Using Price Earning Ratio, Price to Book Value, and Discount Cash Flow Methods in LQ45 Companies for the Period 2022-2024 Annisa Epriliana Putri; Ikhwan HS; Budiman
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.v6i2.1017

Abstract

Capital markets play a crucial role in the economy, making it essential for investors to apply accurate valuation methods in investment decision-making. This study aimed to determine the fair value of stocks of companies listed in the LQ45 index using the Price Earnings Ratio (PER), Price to Book Value (PBV), and Discounted Cash Flow (DCF) methods during the 2022–2024 period, and to examine the differences among the three valuation results. A quantitative approach was employed using secondary data obtained from the Indonesia Stock Exchange (www.idx.co.id) and the annual reports of each respective company. The analytical procedures included calculating stock fair values using the PER, PBV, and DCF methods, followed by a comparative analysis. The Kruskal-Wallis test was subsequently applied to assess statistically significant differences across methods. The results indicated that the Asymptotic Significance (Asymp. Sig.) value was 0.000 < 0.05, confirming statistically significant differences among the fair values generated by the PER, PBV, and DCF methods. These differences were attributed to the distinct analytical approaches and underlying assumptions associated with each valuation method.
Reconceptualization of Public Sector Accountability through Value for Money-Based Performance Audit: A Systematic Literature Review on the Effectiveness of Governance Reni Susilo Wati; Eskasari Putri
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

Public sector accountability has become an important issue in governance, especially with the high cases of budget misappropriation indicating a weak public sector audit oversight system. This study aims to reconceptualize public sector accountability through value for money audits in order to improve governance effectiveness. The research method used is a systematic literature review (SLR) covering the period 2016-2026 from 512 articles after the screening stage, 27 articles were analyzed discussing accountability principles, performance audits, recommendation quality, public value, and sustainability. The study results indicate that public sector accountability needs to shift from administrative compliance towards result based, evidence based, benefit based, and public value based responsibility. Value for money based performance audits significantly influence strengthening the evaluation of the economy, efficiency, and effectiveness of public fund usage through inputs, processes, outputs, and outcomes. Audit reports must be supported by valid evidence and produce concrete, measurable, and actionable recommendations. Performance audits are also capable of responding to corruption risks, improving digital governance, emergency management governance, and achieving the SDGs. The implication is that audits are not only tasked with supervision but are also able to increase public trust, evaluate service quality, and promote fair and sustainable development.
The Influence of MSME Readiness in Adopting a Digital Accounting System on the Effectiveness of Business Financial Management in Maron District, Probolinggo Regency Nindyah Siska Handayani; Ahdiyat Agus Susila; Cici Widya Prasetiyandari
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.v6i2.1028

Abstract

This study aims to analyze the readiness of Micro, Small, and Medium Enterprises (MSMEs) to adopt digital accounting systems and examine its effect on the effectiveness of business financial management. This research employed a quantitative approach with a causal associative design. The population consisted of 1,070 MSMEs in Maron District, Probolinggo Regency, with a sample of 101 respondents determined using the Slovin formula. Data were collected through Likert-scale questionnaires and analyzed using simple linear regression with IBM SPSS Statistics 26. The results indicate that MSME readiness to adopt digital accounting systems has a positive and significant effect on the effectiveness of financial management, as evidenced by a significance value of 0.000 (<0.05) and a regression coefficient of 0.687. Furthermore, the coefficient of determination (R Square) was 0.777, indicating that 77.7% of the variation in financial management effectiveness is explained by digital accounting system adoption readiness. The study concludes that enhancing MSME digital readiness can improve the effectiveness of financial management and support transparent and accountable financial practices in accordance with Islamic financial principles.  
Carbon Emissions, Corporate Social Responsibility, and Environmental Costs: Evidence on Energy Firms Firda Avcarina; Adri Putra Nugraha
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.v6i2.1037

Abstract

The increase in greenhouse gas emissions and the discrepancy between reported emissions and actual conditions have made the energy sector a major focus of attention for regulators and investors regarding sustainability issues. This study aims to analyze the effect of carbon emission disclosure, corporate social responsibility (CSR), and environmental costs on firm value, using company size, profitability, and age as control variables. The study used a causal quantitative design with secondary data from 27 energy sector companies listed on the Indonesia Stock Exchange for the 2020–2024 period, analyzed using multiple linear regression. The results show that carbon emission disclosure has a significant negative effect on firm value, while CSR and environmental costs have a significant positive effect. These findings imply that companies need not only to improve environmental transparency but also to develop effective risk mitigation and sustainability management strategies so that non-financial information can be interpreted as a positive signal by investors and support long-term value creation.
The Role of Customer Trust in Mediating Brand Image, Price, and Product Quality on Customer Loyalty on Beauty Product Customers Putri Lutfiana S; Nurul Qomariah; Feti Fatimah
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.v6i2.1046

Abstract

The global beauty industry is experiencing continuous growth as public awareness of self-care, skin health, and personal identity expression increases. This study aims to examine and analyze the influence of brand image, price, and product quality on customer trust and loyalty, as well as to examine and analyze the mediating role of customer trust in the relationship between brand image, price, product quality, and customer loyalty for beauty products in Jember Regency. The respondents in this study were 200 users of local beauty products in Jember Regency. The data source was a questionnaire distributed using proportional stratified random sampling. The data analysis technique used was Partial Least Squares (PLS) processed with SmartPLS software.The results of the study indicate that: 1) the influence of brand image on customer trust has a positive and significant influence on customer trust, 2) the influence of price on customer trust has a positive and significant influence on customer trust, 3) the influence of product quality on customer trust has a positive and significant influence on customer trust, 4) the influence of brand image on customer loyalty is not significant on customer loyalty, 5) the influence of price on customer loyalty has a significant influence on customer loyalty, 6) the influence of product quality on customer loyalty is not significant on loyalty, 7) the influence of customer trust on customer loyalty has a significant influence on loyalty, 8) Customer trust as a mediator between brand image and customer loyalty is proven to have a positive and significant indirect influence, 9) Customer trust as a mediator between price and customer loyalty has a positive and significant indirect influence, 10) Customer trust as a mediator between product quality and customer loyalty has a positive but insignificant indirect influence.
The Effect of Capital Intensity and Company Size on the Quality of ESG Disclosure with the Characteristics of Public Accounting Firms as Mediation Variables Yasmin; Sofie
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.v6i2.1050

Abstract

This study aims to analyze the effect of capital intensity and firm size on the quality of Environmental, Social, and Governance (ESG) disclosure, with public accounting firm characteristics as a mediating variable. This research employs a quantitative approach with an explanatory research design. The data used are secondary data in the form of panel data from consumer cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. The sample was selected using purposive sampling, resulting in 30 companies. Data analysis was conducted using panel data regression with the assistance of EViews software, and mediation testing was performed using the Sobel test. The results show that capital intensity has a significant negative effect on the quality of ESG disclosure. In contrast, firm size has a positive and significant effect on the quality of ESG disclosure. Public accounting firm characteristics also have a positive and significant effect on ESG disclosure quality. Furthermore, capital intensity negatively affects public accounting firm characteristics, while firm size has a positive effect. The mediation test results indicate that public accounting firm characteristics significantly mediate the relationship between capital intensity and firm size and ESG disclosure quality. Simultaneously, capital intensity and firm size also have a significant effect on ESG disclosure quality.
Analysis of the Readiness of Culinary MSME Actors in Facing Mandatory Halal Certification 2026: A Phenomenological Study on the Minulyo Pacitan Market Traders Association Citra Suci Setyani; Malta Anantyasari
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.v6i2.1053

Abstract

The Government of Indonesia set 17 October 2026 as the deadline for mandatory halal certification for food and beverage products produced by micro and small enterprises, as regulated in Law Number 33 of 2014 on Halal Product Assurance and Government Regulation Number 42 of 2024 on the Implementation of Halal Product Assurance. This policy presents challenges for micro and small culinary enterprises, including members of the Minulyo Market Traders Association in Pacitan Regency. This study aimed to explore the level of understanding, experiences, and readiness of business actors in facing the mandatory halal certification policy. The research used a qualitative approach with a phenomenological design. Data were collected through in-depth interviews, observation, and documentation involving government officers, association managers, and culinary business actors. Data analysis followed horizonalization, thematic clustering, and synthesis of essential meanings. The findings show that most business actors have awareness of halal certification requirements, but their understanding remains largely normative and does not yet extend to technical procedures such as application processes, document requirements, and assistance mechanisms. Furthermore, concerns about certification costs persist despite the availability of a free halal certification program provided by the government. The readiness level indicates that approximately eighty percent of business actors are cognitively ready, while twenty percent are not yet ready and require further assistance. This study concludes that the readiness of micro and small culinary enterprises is at the stage of cognitive readiness without operational readiness, indicating the need for more intensive community-based assistance strategies prior to the enforcement deadline.
The Effect of Ads Personalization on TikTok Shop Users' Purchase Intent: The Role of Trust Mediation and Moderation of Data Privacy Concerns Ibrahim Bafadal; Danang Ary Dewangga; Ratih Amelia; Dhiyan Septa Wihara
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.v6i2.1063

Abstract

The rapid growth of social commerce has transformed digital marketing strategies from mass-oriented approaches into more personalized and data-driven practices. As one of the leading social commerce platforms, TikTok Shop utilizes ads personalization to deliver product recommendations tailored to users’ preferences and online behaviors. However, the effectiveness of personalized advertising in stimulating purchase intention is not solely determined by the relevance of information provided but is also influenced by users’ trust in the platform and their concerns regarding personal data privacy. This study aims to examine the effect of ads personalization on TikTok Shop users’ purchase intention, with trust acting as a mediating variable and data privacy concerns serving as an influential factor in consumer purchasing behavior within a digital commerce environment. This research employed a quantitative approach using a survey method involving 102 TikTok Shop users selected through purposive sampling. Data were collected through an online questionnaire and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with SmartPLS 4 software. The analysis included assessments of convergent validity, discriminant validity, reliability, and structural model evaluation to test the proposed hypotheses. The findings indicate that all constructs satisfied the required validity and reliability criteria. Ads personalization was found to have a positive effect on both trust and purchase intention among TikTok Shop users. Trust also demonstrated a positive influence on purchase intention and acted as a mediating variable in the relationship between ads personalization and purchase intention. Furthermore, data privacy concerns were identified as an important factor influencing consumers’ purchasing behavior within the social commerce ecosystem. The coefficient of determination revealed that the model explained 49.2% of the variance in trust and 71.9% of the variance in purchase intention. This study concludes that the effectiveness of personalized advertising in enhancing purchase intention is determined not only by the platform’s ability to provide relevant recommendations but also by its capacity to build user trust and manage perceived privacy risks effectively. These findings contribute to the development of digital marketing literature and provide practical implications for businesses in designing effective marketing strategies on TikTok Shop.
Study of Factors Inhibiting Digital Promotion in the Commercialization of BPR Sentral Arta Jaya KC Kraksaan Products Adi Yasin Maulana Azis; Fahrudin
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.v6i2.1072

Abstract

The development of digital technology has encouraged the banking sector to utilize digital promotions as a marketing strategy to increase product commercialization. However, BPR Sentral Arta Jaya, Kraksaan Branch, has not yet implemented digital promotions and still relies on conventional promotions, which have the potential to leave the BPR behind other banks. This study aims to analyze the factors that hinder the implementation of digital promotions at BPR Sentral Arta Jaya, Kraksaan Branch. The study used a qualitative approach with a case study design. Data were obtained through interviews, observations, and documentation, then analyzed using the Miles and Huberman model, which includes data reduction, data presentation, and conclusion drawing. The results show that there are three main factors that hinder the implementation of digital promotions: regulations and policies from the head office that limit branch flexibility, limited human resource capabilities in the field of digital marketing, and minimal budget availability to support facilities, infrastructure, and competency development. This study concludes that the success of digital promotion implementation is not only determined by technology, but also by organizational support, human resource readiness, and adequate budget availability.

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