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Danadyaksa: Post Modern Economy Journal
Published by Yayasan Pendidikan Islam Bustanul Ulum Mojokerto
ISSN : -     EISSN : 30258545     DOI : https://dx.doi.org/10.69965/DPMEJ
Core Subject : Economy, Science,
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance
Danadyaksa: Post Modern Economy Journal is an open-access, peer-reviewed journal whose objective is to publish original research papers related to the economy, Sharia economy, and business issues. This journal is also dedicated to disseminating the published articles freely for international academicians, researchers, practitioners, regulators, and public societies. The journal welcomes authors from any institutional background and accepts rigorous empirical or theoretical research papers with any methods or approach that is relevant to the Economy, Sharia Economy, and Business Issues content, as long as the research fits one of four salient disciplines: Economy, Sharia Economy, Business, and Accounting. Economics: Development Economics, Public Economics, International Economics, Monetary Economics, Microeconomics, Macroeconomics, Econometrics. Sharia Economics: Sharia Business and Management, Sharia Finance, Sharia Accounting, Sharia Social Finance. Business & Management: Human Resource Management, Strategic Management, Marketing Management, Financial Management, Operations and Knowledge Management, Entrepreneurship, Business Ethics and Sustainability. Accounting: Financial Accounting, Public Sector Accounting, Management Accounting, Accounting Information System, Auditing, Corporate Governance, Sustainability Accounting, Education Accounting.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 30 Documents
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The Connection Between Goals and Rewards in a Social Entrepreneurship Supriyanto; Sasongko, Fusthatthul Nur
Danadyaksa: Post Modern Economy Journal Vol. 2 No. 2 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v2i2.116

Abstract

Social Entrepreneurship is a growing business model that addresses social and environmental issues through products and services. In Indonesia, the ecosystem supporting Social Entrepreneurship is expanding, but the lack of a unified definition and slow government recognition has led to varied practices and outcomes. This study aims to explore how Social Enterprises disclose their corporate identity and maintain accountability. Using Identity and Stakeholder Theory, the study examines five key identity aspects: mission, activity, governance, performance, and accountability. A multiple case study approach was applied to 10 Indonesian Social Enterprises chosen for their prominence and diversity. Data were gathered from official company websites, supported by interviews and CEO presentations from webinars in 2022 and 2023. Thematic analysis using NVivo software identified patterns across these identity aspects. The findings show that Social Enterprises prioritize social values like community development, empowerment, welfare, and sustainability over profit generation. Institutional commitment is reflected in impact reports, achievement profiles, SDG disclosures, and media coverage. However, financial performance is rarely disclosed, and accountability practices vary between formal impact reporting and informal stakeholder engagement. This study contributes by offering a framework for understanding how Social Enterprises disclose their identity and stay accountable. It also provides practical guidelines for policymakers and practitioners to strengthen the Social Entrepreneurship ecosystem in Indonesia. Future research should further explore the financial performance and long-term impact of Social Enterprises to balance social and economic goals.
The Role of Sharia Economic Stakeholders in Indonesia’s Sharia Economy Masterplan 2019-2024: Pentahelix Concept Analysis Ma'ruf, Aminudin; Mellinia, Rashifahunnisa’; Rohmaningtyas, Nurwinsyah; Alam, Shahbaz
Danadyaksa: Post Modern Economy Journal Vol. 2 No. 2 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v2i2.118

Abstract

Indonesia's Sharia economy has grown rapidly in recent years, attracting the attention of investors both domestically and internationally. In 2019, the Indonesian government launched the Sharia Economic Masterplan 2019-2024 to strengthen the Islamic economic ecosystem and position Indonesia as the world's leading Islamic economic center. This study aims to analyze the role of each Islamic economic stakeholder in the 2019-2024 Indonesian Islamic Economics Masterplan using the Pentahelix concept analysis. The results show that the government plays a crucial role as a regulator in formulating policies and regulations that support Islamic economic development. Through research and public consultation, academics contribute relevant concepts and innovations to the development of the Islamic economy. Islamic business people and financial institutions, such as Islamic banking, Islamic capital markets, and MSMEs, play an essential role as drivers of the halal industry. The Islamic economic community acts as an accelerator in strengthening the halal industry in various sectors. Meanwhile, as a multiplier, the media plays an essential role in maximising the fulfillment of the halal market share by promoting and educating the public about the available halal products and services. It is hoped that the synergy between stakeholders can achieve inclusive, sustainable sharia economic growth and encourage the progress of the halal industry in Indonesia.
The Role of Islamic Financial Institutions: Maintaining Market Integration and Preventing Distortion Siregar, Tetty Handayani; Harahap, Isnaini; Ridwan, Muhammad
Danadyaksa: Post Modern Economy Journal Vol. 2 No. 2 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v2i2.135

Abstract

This study analyzes how Islamic financial institutions can encourage inclusive economic growth, reduce social inequality, and create added value for all stakeholders. In this study, researchers used a descriptive qualitative method. The data source used library research, drawing from various scholarly materials such as books, peer-reviewed journals, and official reports. These sources were carefully selected based on their relevance and credibility, and the data was analyzed through thematic analysis to identify key insights and patterns. The results of the study showed that price distortions were caused by several factors including cartels and trader associations, which manipulate supply and pricing; ikhtikar (hoarding of goods to drive up prices); talaqqi ruqban (intercepting rural sellers before they reach the market to buy goods at unfair prices); tadlis (concealment of product defects); taghrir (misleading information to deceive buyers); and bay najasy (artificial price inflation through false bidding). Islamic financial institutions have a strategic role in preventing market distortions caused by usury practices by offering Sharia-compliant financial products that emphasize profit-and-loss sharing, ethical investment, and risk-sharing. Empirical evidence from studies on Islamic finance shows that these mechanisms contribute to price stability and more equitable wealth distribution. Islamic financial institutions can encourage sustainable economic growth without harming any party by implementing a fair and transparent profit-sharing system. However, to achieve this goal, government support is needed in the form of conducive regulations and comprehensive public education campaigns. These campaigns should focus on raising awareness about the principles and benefits of Islamic financial practices, promoting ethical market behavior, and providing training programs for market participants to ensure proper implementation of Shariah-compliant transactions.
Farmers' Coping Strategy in Maintaining Household Economic Stability in the Dry Season: A Sharia Economic Perspective Zahroh, Fatimatus; Muktirrahman, Muktirrahman; Maksum, Maksum
Danadyaksa: Post Modern Economy Journal Vol. 2 No. 2 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v2i2.142

Abstract

This study analyzes the coping strategies employed by farmers in Rombiya Barat Village, Ganding, to maintain household economic stability during the dry season from an Islamic economic perspective. Employing a qualitative approach, this research utilizes in-depth interviews with selected farmers through purposive sampling. The data were analyzed using a thematic approach to identify key survival strategies. The findings reveal three primary coping strategies: active strategies, passive strategies, and networking strategies. From an Islamic economic perspective, business diversification that adheres to the principles of halal and thayyib plays a crucial role in sustaining farmers’ economic resilience. Furthermore, the study highlights that food security among farmers is significantly influenced by socioeconomic conditions, natural resource management, and the practical implementation of Islamic economic principles. This research contributes to the understanding of Islamic economic-based rural resilience and offers policy insights for enhancing sustainable agricultural development.
Legal Protection for Land Grant Beneficiaries Against Revocation Efforts by Donors in Indonesian Religious Courts Hassan, Salman; Budiono, Abdul Rachmad; Harini, Novitasari Dian Phra
Danadyaksa: Post Modern Economy Journal Vol. 3 No. 1 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v3i1.152

Abstract

This study aims to examine the legal basis and judicial practice regarding the revocation of land grants (hibah) by the donor and to analyze the legal protection granted to beneficiaries of land grants in the Indonesian legal system. The research employs a normative juridical method supported by a case approach, using primary legal sources such as the Compilation of Islamic Law (KHI), the Compilation of Sharia Economic Law (KHES), and the Civil Code (KUHPerdata). Three religious court decisions were analyzed: Decision No. 1175/Pdt.G/2024/PA.Smn, Decision No. 236/Pdt.G/2017/PA.Pal, and Decision No. 601/Pdt.G/2020/PA.Tnk, all of which addressed grant cancellations due to exceeding the legal limit of one-third of the donor's estate. The findings indicate discrepancies in the legal reasoning among judges. Some judges considered only the grant deed invalid while maintaining the legal status of the grant, whereas others invalidated both the grant and the deed, creating legal uncertainty for the beneficiaries. The research concludes that although a land grant is legally binding and irrevocable under normal circumstances, its legitimacy can be questioned and revoked if it violates inheritance rights or exceeds the permitted limit without the heirs' consent. The study emphasizes the need for legal harmonization and more consistent judicial interpretation to ensure legal certainty and justice for grant recipients.
Legal Construction of Government Agency Asset Certification Regarding Land Rights Formerly Under Dutch Control Mahendra, Jacki; Masykur, Mohammad Hamidi; Sjafi'i, R. Imam Rahmat
Danadyaksa: Post Modern Economy Journal Vol. 3 No. 1 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v3i1.154

Abstract

An important aspect of optimal management of state assets includes aspects of securing state assets. The form of state asset security measures can be through certification activities for land plots spread throughout the territory of Indonesia. Normatively, "Law of the Republic of Indonesia Number 1 of 2004 concerning State Treasury instructs that state/regional property in the form of land controlled by the Central/Regional Government must be certified in the name of the government of the Republic of Indonesia/the relevant regional government." In its development, it turned out that there were assets owned by government agencies that had the status of objects of Control of Fixed Assets Owned by Individual Dutch Citizens" or Dutch Legal Entities (P3MB). Normatively, the P3MB land certification process has special regulatory characteristics, namely the priority scale of granting rights and payment of compensation to the State through the Sale and Purchase. Of course, this is. However, what the author needs to highlight here is that there is no subject of Prospective Recipients of Rights in the Government/Government Agency group. In addition, problems also occur regarding the purchase mechanism up to the process of transferring rights by Government Agencies, which should be a single entity with the State itself.
Analysis of the Role of BPRS Mitra Harmoni Islamic Bank in Improving Community Welfare through Ball Pick-Up Financing in the Production of Clay Go International Rosyid, Wildan; Eda Yuda, Santra; Nurwahidah, Ana
Danadyaksa: Post Modern Economy Journal Vol. 3 No. 1 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v3i1.160

Abstract

Islamic banks have emerged as one of the key pillars of Indonesia’s financial system, providing not only financial services but also contributing to social welfare in line with sharia principles. Among them, BPRS Mitra Harmoni Malang has introduced an innovative Jemput Bola (ball pick-up) savings and financing programme designed to overcome barriers to financial access and to promote community empowerment. This study aims to analyse the role of the Jemput Bola programme in enhancing community welfare and financial inclusion within the framework of maqashid sharia. Using a qualitative descriptive approach, data were collected through interviews, observations, and document analysis conducted between January and February 2025. The findings reveal that the Jemput Bola system significantly reduced access barriers for low-income and informal sector communities, increased participation in savings and financing products, and fostered microenterprise development, particularly in sectors such as clay crafts, food production, and retail trade. The programme also improved public trust in Islamic banking by emphasizing transparency, ethical practices, and the avoidance of riba. Overall, the study demonstrates that BPRS Mitra Harmoni’s Jemput Bola programme is more than a marketing innovation; it is a strategic model for inclusive growth and community welfare improvement. By aligning with maqashid sharia objectives (hifz al-mal, hifz an-nafs, and hifz al-nasl) the programme contributes to financial stability, socio-economic empowerment, and sustainable development. These results suggest that the model has strong potential for replication by other Islamic rural banks to strengthen financial inclusion and reduce poverty across Indonesia.
The Effect of Financial Targets and Audit Committee on Fraudulent Financial Reporting at PT. Pertamina Nurfadilah, Gia; Mahadianto, Moh. Yudi
Danadyaksa: Post Modern Economy Journal Vol. 3 No. 1 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v3i1.182

Abstract

This study investigates the influence of financial targets and the audit committee's structure on the likelihood of fraudulent financial reporting, using PT Pertamina (Persero), a major Indonesian state-owned enterprise (SOE), as a case study. Drawing on agency theory and public sector governance perspectives, the research employs a descriptive case analysis supported by limited quantitative data from 2019 to 2023. Fraudulent reporting is proxied using the Beneish M-Score, while financial targets are measured via return on assets (ROA), and audit committee performance is proxied by committee size. Despite regression tests suggesting a positive relationship between financial targets and fraud indicators, the reliability of statistical findings is constrained by the minimal data points and static variance in the dependent variable. The audit committee's role was found to be statistically insignificant, which calls into question the current composition and oversight function within SOEs. This study recommends revising fraud detection models for public enterprises and strengthening governance mechanisms, particularly by enhancing the competence, independence, and regulatory supervision of audit committees. Future research should broaden the scope by incorporating multiple SOEs, employing richer governance indicators, and utilizing mixed-methods designs to yield more valid and generalizable insights.
Data Analysis Approaches for Apple Stock Price Prediction and Financial Risk Management Omar, Hivi Malu; Yahya, Amar; Mohammed, Shler Mustafa
Danadyaksa: Post Modern Economy Journal Vol. 3 No. 1 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v3i1.193

Abstract

Financial markets are characterized by rapid volatility and dynamic fluctuations, which necessitate robust approaches to financial risk management. Traditional statistical techniques often fall short in capturing the nonlinear and complex interactions that influence stock price behavior. This study aims to develop and evaluate predictive models for Apple Inc.’s stock prices by integrating statistical analysis with machine learning approaches. Using 17 years of historical stock market data, we examine price dynamics, trading volume patterns, and volatility trends. Descriptive statistical analysis reveals a significant negative correlation between trading volume and stock price (r = –0.523), while daily return volatility is measured at 11.5369, underscoring inherent financial risks. Two predictive models—Linear Regression and Random Forest—are employed, utilizing features such as opening price, daily high and low prices, and trading volume. Model performance is assessed through mean absolute percentage error (MAPE), yielding error rates of 0.0143 and 0.0161, respectively, with Random Forest demonstrating slightly superior accuracy. The findings highlight the potential of data-driven approaches for enhancing stock price forecasting and financial decision-making. By combining traditional statistical methods with machine learning techniques, this study contributes to the literature on financial risk management and offers practical insights into how advanced predictive analytics can improve strategic responses to market uncertainty.
The Role of Emotional Marketing in Achieving Marketing Ambidexterity: An Analytical Study of Opinions from a Sample of Commercial Bank Managers in Duhok Governorate Shukri, Abdulwahid Taha; Hamid, Nizar Ahme
Danadyaksa: Post Modern Economy Journal Vol. 3 No. 1 (2025): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v3i1.196

Abstract

This study investigates the role of emotional marketing in achieving marketing ambidexterity within commercial banks in Duhok Governorate, Kurdistan Region of Iraq. Emotional marketing, operationalized through aesthetic, utilitarian, and conscious emotions, is analyzed in relation to marketing ambidexterity dimensions, namely opportunity exploration, opportunity exploitation, and marketing agility. Drawing on organizational ambidexterity theory and consumer psychology, the study addresses a critical gap in understanding how emotional marketing strategies enhance both efficiency and adaptability in the banking sector of emerging markets. The research adopts a descriptive-analytical design, combining theoretical review and empirical investigation. Data were collected from 75 managers across commercial banks using a structured questionnaire, supported by interviews and observations. Factor analysis and simple linear regression, conducted with SPSS V.26, were employed to validate constructs and test hypotheses. The results demonstrate that all three dimensions of emotional marketing significantly influence marketing ambidexterity, with aesthetic emotions contributing most strongly to opportunity exploration, utilitarian emotions to exploitation, and conscious emotions to marketing agility. Collectively, emotional marketing explained 53.49% of the variance in marketing ambidexterity outcomes. These findings highlight the strategic value of emotional engagement in fostering both stability and innovation in banking practices. The study contributes to marketing and organizational theory by extending ambidexterity research into the domain of emotional marketing in emerging economies. Practically, it provides insights for bank managers on integrating emotional strategies to enhance customer loyalty, service innovation, and sustainable competitiveness.

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