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Dhita Febyanti
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INDONESIA
Journal of Ekonomics, Finance, and Management Studies
Published by Universitas Muhammadiyah Gresik
ISSN : 26202956     EISSN : 27470490     DOI : https://doi.org/10.47467/elmal.v5i12
Core Subject : Religion, Economy,
Religion Economics, Econometrics & Finance
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam mempublikasi hasil riset dan kajian terkini bidang ekonomi, keuangan, manajemen dan bisnis Islam. Mulai 2011, jurnal ini terbit tiga kali setahun setiap Maret, Juli dan November. Jurnal ini dikelola oleh Pusat Riset dan Kajian Strategis (PRKS) Masyarakat Ekonomi Syariah (MES) Bogor Raya bekerjasama dengan Institut Agama Islam Nasional (IAI-N) Laa Roiba Bogor, Institut Agama Islam (IAI) Sahid Bogor dan Institut Umum Quro Al-Islami (IUQI) Bogor. P-ISSN 2620-2956 E-ISSN 2747-0490.
Arjuna Subject : Ilmu Ekonomi, Ekonometrika dan Keuangan (semua kategori) - Ilmu Ekonomi, Ekonometrika dan Keuangan (Lain-Lain)
Articles 1,633 Documents
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Analisis Penggunaan Alat Panen Padi Modern dan Tradisional Terhadap Tingkat Produksi Padi di Kecamatan Bolyohuto Kabupaten Gorontalo Asriyanti Asriyanti; Fahrudin Zain Olilingo; Fitri Hadi Yulia
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10067

Abstract

Gorontalo Province is one of the regions on Sulawesi Island that has excellent potential in the agricultural sector, particularly in rice commodities, which play an important role in maintaining food security both at the regional and national levels. Boliyohuto District, located in Gorontalo Regency, is one of the centers of rice production with varied harvesting practices—some farmers still use traditional methods, while others have adopted modern harvesting technology. This research was conducted to compare the effectiveness of using modern and traditional harvesting tools in terms of production results, operational costs, and farmers’ income in the area. Through a quantitative approach using regression analysis, the results of the study indicate that the use of modern harvesting tools has a significant positive effect on work efficiency, crop yield, and farmers’ income. Modern harvesting technology allows the harvesting process to be carried out more quickly, saves labor, and minimizes yield losses compared to traditional methods. Conversely, farmers who still use traditional methods face limitations in terms of time, labor, and productivity. These differences confirm that the implementation of agricultural mechanization plays an important role in increasing productivity as well as improving the welfare of farmers in Boliyohuto District. The findings of this study emphasize the importance of local government support through the provision of agricultural facilities, technical training, and subsidy policies for harvesting tools so that farmers can adapt to developments in agricultural technology. With the implementation of more efficient and sustainable harvesting technologies, the agricultural sector in Gorontalo Province is expected to continue to grow and strengthen food security at both regional and national levels.
Analisis Komparatif Model Prediksi Financial Distress pada Perusahaan Media di Bursa Efek Indonesia Muhlison Muhlison; H. Sahlan; Kurnia Ari Setiawan
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10073

Abstract

The digital disruption era has posed significant challenges to the sustainability of media companies in Indonesia, particularly through increasing risks of financial distress caused by shifting consumer behavior and fluctuating revenue streams. This study aims to analyze and compare the accuracy of three financial distress prediction models—Modified Altman Z Score, Zmijewski X Score, and Grover G Score—in detecting potential bankruptcy among media companies listed on the Indonesia Stock Exchange during the 2021–2023 period. A mixed methods approach was employed, combining quantitative analysis using descriptive and comparative techniques on financial statement data with qualitative evaluation of each model’s formula structure, empirical validation, and practical applicability. The results reveal that both the Altman and Grover models achieved the highest accuracy rate of 57.14%, while the Zmijewski model showed a lower accuracy of 42.86% with the highest Type I Error rate. Based on qualitative assessment, the Modified Altman Z Score is considered the most appropriate model for predicting financial distress in Indonesia’s media industry, given its strong theoretical foundation, broad empirical validation, and ease of application. These findings provide practical implications for investors, analysts, and corporate management in anticipating financial risks at an early stage and serve as a basis for developing advanced prediction models using artificial intelligence to enhance accuracy and adaptability in the future.
Analisa Komparatif Kinerja Keuangan Sebelum dan Sesudah Merger atau Akuisisi Perusahaan di Indonesia Ana Listiana Laelisakdiyah; Melati Oktafiyani; Imang Dapit Pamungkas; Hayu Wikan Kinasih
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10077

Abstract

This study aims to analyze and compare the financial performance of Indonesian companies before and after a merger and acquisition (M&A) event, using a comparative descriptive quantitative approach. The research population includes companies listed on the Indonesia Stock Exchange, with a sample of 36 public companies that underwent M&A between 2021 and 2023. Financial performance is measured using four key financial ratios, namely Liquidity (Current Ratio), Solvability (Debt to Equity Ratio), Activity (Total Asset Turnover), and Profitability (Return On Assets). Due to non-normal data distribution, the Wilcoxon Signed Ranks Test was used for hypothesis testing. The results indicate that the Current Ratio (CR), Total Asset Turnover(TATO), and Return on Assets (ROA) showed no significant difference before and after M&A, suggesting that liquidity, operational efficiency, and profitability remained relatively stable post-consolidation. Conversely, the Debt to Equity Ratio (DER) showed a significant difference, indicating a notable change in the company’s capital structure after the M&A event, possibly due to adjustments in funding composition like increased debt or equity restructuring. Overall, M&A has not fully managed to enhance short-term efficiency and profitability, but it significantly impacts the capital structure and contributes to long-term financial stability.
Pengaruh Literasi Keuangan, Teknologi Keuangan, dan Kompetensi Manajerial Terhadap Pengelolaan Keuangan UMKM di Kabupaten Seleman Yogyakarta Cindy Theresia Br Karo; Astuti Yuli Styani
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10094

Abstract

                This study aims to analyze the influence of financial literacy, financial technology, and managerial competence on the financial management of MSMEs in Sleman Regency, Yogyakarta. This research employs a quantitative approach using a survey method, with questionnaires distributed to 126 MSME respondents. Data were analyzed using multiple linear regression with the assistance of SPSS software. The results indicate that financial literacy has no significant effect on MSME financial management. In contrast, financial technology and managerial competence have a positive and significant influence. Simultaneously, all three variables significantly affect financial management. The coefficient of determination (R²) of 0.113 implies that the independent variables explain 11.3% of the variation in financial management, while the remaining 88.7% is influenced by other factors beyond this study. These findings highlight the importance of technology utilization and managerial capability in improving MSME financial governance.
Pengaruh Kompetensi Sumber Daya Manusia, Teknologi Informasi, dan Sistem Pengendalian Intern terhadap Kualitas Laporan Keuangan pada POLRESTA Pontianak Kota Monika Agustina; Haryono Haryono; Juanda Astarani; Rusliyawati Rusliyawati
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10130

Abstract

This study aims to analyze the influence of human resource (HR) competence, the use of information technology, and internal control systems on the quality of financial statements at Polresta Pontianak Kota. The research employed an associative approach using a survey method through questionnaires distributed to 35 respondents from divisions directly involved in financial management. Data analysis techniques included validity and reliability tests, classical assumption tests, multiple linear regression, as well as partial (t-test) and simultaneous (F-test) hypothesis testing. The results indicate that HR competence in accounting and internal control systems have a positive and significant effect on the quality of financial statements, while the use of information technology does not have a significant effect. Simultaneously, the three independent variables significantly affect the quality of financial statements, with a contribution of 41.9%, while the remaining 58.1% is explained by other factors outside this study. These findings emphasize the importance of improving HR competence and strengthening internal control systems to produce reliable, transparent, and accountable financial statements within Polresta Pontianak Kota.
Brand Positioning Media Sosial Terhadap 2 Merek Fashion Muslim Digital Branding Pendekatan UU Perlindungan Konsumen Nia Puspita Hapsari; Joko Rurianto; Endang Ruswanti; Dewi Sari Sumitro
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10141

Abstract

The development of Muslim Fashion in Indonesia, and abroad shows significant growth, especially in the Muslim Fashion sub sector utilizing social media as the main means of digital branding. This study aims to analyze brand positioning through social media to strengthen brand image, and protect consumer rights based on Law No.8/1999 concerning Consumer Protection. The research method uses a descriptive qualitative approach with case studies on local Muslim Fashion brands such az Zashi, and Buttonscarves. The results show that brand positioning marketing strategies on social media have succeeded in fostering consumer trust through the values of product authenticity, emotional engagement, and information transparency. However, challenges arise in aspects of digital consumer protection such as product authenticity, misuse of personal data, and misleading promotional claims. The implications of the study emphasize that the effectiveness of digital brand positioning must be integrated with compliance with the principles of consumer protection, information transparency, and digital communication ethics to maintain the sustainability of the Muslim Fashion creative industry in the era of the digital economy 5.0.
"The Role of Sustainable Performance in SMEs: Bibliometric Analysis and Future Research" Agil Mumtaz Ramadhan; Syarifa Hanoum; Gogor Arif Handiwibowo
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10158

Abstract

In an increasingly competitive business era, the SME sector faces challenges in maintaining sustainable performance, including in social, economic, and environmental aspects. This study was conducted to explore how research on this topic develops in the scientific literature and to identify collaboration patterns among authors and academic institutions. This study used bibliometric analysis from the Scopus database combined with content analysis of the most influential publications. The results show an increase in the number of publications related to sustainable performance in SMEs in recent years. Several key themes that frequently emerge in this research include sustainable business strategies in enhancing SME competitiveness. Furthermore, a collaborative network analysis indicates that research in this field is still dominated by certain institutions and academic groups. This study confirms that sustainable performance is a crucial aspect for the sustainability of SMEs amidst global challenges. These findings provide insights for academics and practitioners to develop more effective sustainability strategies.
The Relationship Between Environmental, Social, Governance (ESG) Factors and Retail Investors’ Investment Decisions: Evidence From PT Bank Central Asia Tbk (BBCA) Tjokorda Istri Intan Paramithasari; Yudo Anggoro
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10185

Abstract

This study investigates the influence of Environmental, Social, and Governance (ESG) factors on retail investors’ investment decisions in PT Bank Central Asia Tbk (BBCA), Indonesia’s largest private bank. The research aims to analyze the effect of each ESG dimension on investment decision-making and to test the moderating role of investment horizon. A quantitative explanatory approach was employed using a structured questionnaire distributed to 175 retail investors who own BBCA shares. The collected data were analyzed using multiple regression and moderated regression with 2,000-sample bias-corrected and accelerated (BCa) bootstrapping to ensure the robustness of the results. The findings show that ESG factors collectively have a positive and significant effect on investment decisions. Among the three dimensions, Governance is the only significant factor, emphasizing the importance of transparency, accountability, and ethical management in building investor trust. Environmental and Social dimensions have positive but insignificant effects, while investment horizon does not significantly moderate the relationship. The study concludes that credible governance practices serve as the strongest ESG signal influencing investor behavior and recommends that BCA enhance ESG communication through interactive portals and social media to strengthen transparency and investor engagement.
Kajian terhadap Perbankan Syariah dalam Konsep Fiqih Ekonomi Fuja Dastiana; Ahmad Wira; Duhriah Duhriah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10203

Abstract

This study aims to examine the relationship between the concept of economic jurisprudence and Islamic banking practices in Indonesia. Economic jurisprudence, as part of Islamic teachings, emphasizes the principles of justice, benefit, and honesty in economic activities, which serve as the normative basis for Islamic financial management. With the rapid development of the Islamic banking industry in Indonesia, it is important to examine the extent to which the principles of economic jurisprudence have been consistently implemented in the operations of Islamic financial institutions. This study used a literature study method (library research) by analyzing various sources, such as books on Islamic jurisprudence (fiqh muamalah), scientific journals, fatwas from the National Sharia Council (DSN-MUI), and regulations from the Financial Services Authority (OJK). The results of the study indicate that Islamic banking in Indonesia has implemented the principles of economic jurisprudence through contracts such as mudharabah, musyarakah, murabahah, and ijarah. However, challenges remain in the form of low public literacy and the need to align the theoretical concepts of economic jurisprudence with modern financial practices. Therefore, strengthening the understanding and application of the values ​​of Islamic economic jurisprudence is necessary to ensure the sustainability and integrity of the Islamic banking system in Indonesia.
Peran Mediasi Digital Marketing dalam Pengaruh Brand image dan Brand Trust Terhadap Purchase Intention Pusat Oleh-Oleh Gudange Tahu Takwa Isma Ulfaturrosida; Dien Mardhiyah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 6 No. 12 (2025): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v6i12.10215

Abstract

This study aims to analyze the effect of brand image and brand trust on purchase intention, mediated by digital marketing, among consumers of Gudange Tahu Takwa (GTT) Souvenir Center. The main issue addressed is the suboptimal digital marketing strategy, which has impacted customer purchase intention, especially among out-of-town visitors. A quantitative approach using explanatory research methodology was employed. A total of 75 respondents were selected, consisting of active social media users and marketplace platform users. Data analysis was performed using the Structural Equation Modeling (SEM) method based on Partial Least Square (PLS). The results indicate that brand image and brand trust significantly influence purchase intention, both directly and indirectly through digital marketing. Digital marketing has been proven to play a significant mediating role in strengthening the relationship between brand image and brand trust with purchase intention. The findings highlight the importance of developing an integrated digital marketing strategy to enhance customer loyalty and purchase intention.

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