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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 1,888 Documents
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Analisis Prediksi Financial Distress Menggunakan Model Altman Z-Score Modifikasi dengan Pendekatan Benchmarking pada PT Gudang Garam Tbk Wilda Komala Viani; Ariati Anomsari; Dwi Eko Waluyo; Yenny Ernitawati
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): 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.v7i6.12078

Abstract

The purpose of this study is to evaluate PT Gudang Garam Tbk's financial situation and use the Modified Altman Z-Score model to forecast future financial difficulties. In addition, this study conducts a benchmarking analysis with peer companies in the tobacco industry listed on the Indonesia Stock Exchange (IDX) to determine the company’s relative position. Using financial statement data from 2019 to 2025, this study uses a quantitative descriptive methodology. To strengthen the analysis, a difference test was conducted using the Wilcoxon Signed Rank Test due to the non-normal distribution of the data. The results indicate that PT Gudang Garam Tbk consistently remains in the “healthy” category, with Z-Score values above the safe threshold (>2.6), suggesting no indication of financial distress. The difference test results show no significant difference between PT Gudang Garam Tbk and PT HM Sampoerna Tbk as well as PT Wismilak Inti Makmur Tbk, while a significant difference is found when compared to PT Indonesian Tobacco Tbk. These findings suggest that PT Gudang Garam Tbk maintains a relatively stable and competitive financial position within the tobacco industry.
Analisis Pengaruh Pembiayaan Mikro Terhadap Peningkatan Pendapatan Pelaku Usaha UMKM di Bank Syariah Indonesia KCP Pandaan A Yani Pasuruan Wirda Isti’anatuz Zulfa; Sukamto Sukamto; Aslikhah Aslikhah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

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Abstract

This study aims to analyze the effect of microfinance on increasing the income of MSMEs at Bank Syariah Indonesia (BSI) Pandaan A Yani Branch, Pasuruan. Islamic banking plays a crucial role as an intermediary institution that collects and distributes funds to the public, particularly in supporting the development of the Micro, Small, and Medium Enterprises (MSMEs) sector, which forms the backbone of the national economy. However, limited capital remains a major obstacle for MSMEs in developing their businesses. This study employed a quantitative approach using a survey method through the distribution of questionnaires to microfinance customers. The data obtained were then analyzed using simple linear regression to determine the relationship between microfinance and income growth. The analysis results indicate that microfinance has a positive and significant impact on increasing the income of MSMEs. This demonstrates that microfinance disbursed by Bank Syariah Indonesia can help entrepreneurs increase their business capacity and income. Therefore, microfinance serves not only as a source of funding but also as an instrument for improving the economic welfare of the community. This research is expected to contribute to the development of Islamic banking, particularly in optimizing microfinance for MSMEs.
Strategi Peningkatan Inklusi Keuangan Syariah Melalui Platform Digital di Kalangan Pendidik Perempuan SMK Kabupaten Pati Winarno Suryo Edi Subroto; Yayat Sujatna
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

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Abstract

This study aims to analyze strategies for improving Islamic financial inclusion through the utilization of digital platforms among female teachers at Vocational High Schools (SMK) in Pati Regency. This research employs a descriptive qualitative approach supported by simple quantitative data (mixed method), involving 90 respondents obtained through interviews, questionnaires, and documentation. The results indicate that the level of Islamic financial literacy is still dominated by the moderate category (47.8%), followed by the low category (27.8%) and the high category (24.4%). Meanwhile, 64.4% of respondents have utilized digital platforms, although 35.6% have not used them optimally. These findings suggest that digital platforms play a strategic role in enhancing Islamic financial inclusion, although their utilization is not yet evenly distributed. Therefore, integrated strategies are required, including strengthening digital-based Islamic financial literacy, practical training in the use of digital financial services, integration of financial literacy into Vocational High Schools (SMK) learning, collaboration with Islamic financial institutions and fintech, and strengthening digital literacy. Thus, the utilization of digital platforms can serve as an effective solution to improve Islamic financial literacy and inclusion sustainably while reinforcing the role of teachers as literacy agents within educational and community environments.
Determinan Struktur Modal pada Perusahaan Sub Sektor Makanan dan Minuman di BEI 2020-2024 Pingkan Mulyani; Bara Zaretta; Agus Prayitno; Amalia Nur Chasanah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

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Abstract

This study aims to analyze the influence of company characteristics on capital structure, as proxied by short-term leverage, long-term leverage, and total leverage. The independent variables used include company size, profitability as proxied by ROA, tangible assets (tangibility), company growth (growth), and company risk (risk). This study uses panel data with 150 company observations during the study period and is analyzed using a panel data regression method with the Fixed Effect Model (FEM) approach as the best model. The results show that company size has a negative and significant effect on all capital structure proxies, namely short-term leverage, long-term leverage, and total leverage. Tangible assets have a significant negative effect on short-term leverage and total leverage, but have no significant effect on long-term leverage. Company risk has a significant positive effect on short-term leverage and total leverage, but has no significant effect on long-term leverage. Meanwhile, profitability and company growth do not show a significant effect on all capital structure proxies. The adjusted R-squared value indicates that the model has a fairly good ability to explain variations in company capital structure. These findings indicate that a company's capital structure decisions are more influenced by company size, risk, and asset characteristics than by profitability and company growth factors.
Analisis Determinan Tingkat Pengangguran Terbuka di Pulau Jawa: Tinjauan dari Sisi Perekonomian dan SDM Desi Dwi Liana; Nurjannah Rahayu Kistanti
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

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Abstract

The purpose of this research is to analyze the effects of economic growth, micro and small industries human development index, and populations on the open unemployment rate in Java Island over the period 2015 to 2024. This study employs a quantitative approach using panel data regression analysis with the Fixed Effect Model (FEM) as the selected estimation method. The data were sourced from Central Statistic Agency (BPS). The results indicate a simultaneous effect of all four independent variables on the dependent variable. The panel data estimation findings reveal that economic growth and the human development index have a significant negative effect on the open unemployment rate in Java Island. Meanwhile, populations demonstrate a significant positive effect on the open unemployment rate. In contrast, the micro and small industries variable shows no significant effect on the open unemployment rate in Java Island. This study contributes to the advancement of labor economics literature, particularly in understanding the dynamics of open unemployment at the regional level, and provides practical recommendations for regional governments in formulating more effective and targeted employment policies.
Innovative Work Behavior of Employees in The Government of West Tanjung Jabung District: The Effect of Organizational Support and Work Involvement, Mediated By Job Satisfaction Juhandi Juhandi; Arthur Sitaniapessy; Neuneung Ratna Hayati
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 6 (2026): 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.v7i6.12220

Abstract

This study aims to analyze the effect of organizational support and work involvement on employees' innovative work behavior, with job satisfaction as a mediating variable, at Regional Government Organizations in the Government of West Tanjung Jabung Regency. This study employed a quantitative approach involving 290 respondents. Data were collected through questionnaires that had experienced validity, reliability, comprehension testing, and instrument revision. The results showed that work involvement had a positive and significant effect on innovative work behavior, while organizational support and job satisfaction had no significant effect. In addition, organizational support and work involvement positively affected job satisfaction, but job satisfaction was unable to mediate the relationship among the variables. These findings indicate that improving employees' innovative work behavior is more effectively achieved through strengthening work involvement rather than increasing job satisfaction.
Issues & Challenges of Baitul Maal Wa Tamwil (BMT) In Financing the Poor During Pandemic Covid-19: A Systematic Literature Review of Evidence Andri Martiana; Richa Angkita Mulyawisdawati; Muhammad Shivalingga Hero Pratama
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 5 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

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Abstract

COVID-19 is a virus that attacks Islamic non-bank financial institutions, such as Islamic microfinance institutions (IMFI). BMT's presence is useful for freeing people from the usury system and promoting justice; it is also meant to act as a link between Islamic beliefs and poverty alleviation. A systematic review aims to provide a detailed, unbiased synthesis of multiple relevant studies. Conventional literature review felt lacks a formal methodology for monitoring the impact of a therapy, a far more methodical approach is necessary. This article aims to discover Pandemic covid-19 impact to BMT by means of a systematic literature review. The advancement of BMT literature during the COVID-19 pandemic may be divided into four categories namely by year of study, kind of published document, based on the research approach, and based on the type of research. Result of the study explained that COVID-19 pandemic has an impact on BMT activities such as the fluctuating level of development in the number of Non-Performing Financing. The phenomenon of non-performing financing is also found in several BMTs. The role of BMT in the economic empowerment of the lower economic community includes the role in the development of MSMEs and its impact on business development (total assets, income, profits, and business stability) and decrease unemployment through employee recruitment. Future study can use a quantitative and/or mixed method approach. The study's object can be expanded by expanding the research object and/or do content analysis/library research/conceptual research.
Integrasi Asuransi Syariah, Maqasid al-Shariah, dan Circular Economy Dalam Mewujudkan Keuangan Islam Berkelanjutan Soeharjoto Soeharjoto; Debbie Aryani Tribudhi; Dewi Nurri Setiawati; Ria Arni Fajriah
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 7 (2026): 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.v7i7.11449

Abstract

Sustainable development is global agenda for right now. This is in line with the increasing environmental crisis, social inequality, and economic instability. Concept of a circular economy was developed to improve resource efficiency, reduce waste, and promote economic and environmental sustainability. From Islamic economic perspective, principles of sustainability, justice, and public interest have become part of the development goals formulated in the maqasid al-shariah. The novelty of this research lies in its integrative conceptual framework, which positions sharia insurance as a link between the normative values of maqasid al-shariah and the practical implementation of a circular economy. Aims of this research is to analyze the conceptual link between Islamic insurance, maqasid al-shariah, and the circular economy in building a sustainable Islamic financial framework. Research method uses a literature study with a normative conceptual approach to Islamic economic theory, sustainable finance, and the circular economy. The analysis was conducted by examining the main principles of Islamic insurance, particularly ta'āwun, justice, and collective risk management, and their relevance to the goals of maqasid al-shariah and the circular economy. Research findings indicate a strong alignment between the principles of Islamic insurance and the values of the circular economy and maqasid al-shariah. The integration of the three has the potential to strengthen social and economic resilience, promote the development of green investment, and expand the role of Islamic finance in supporting sustainable development. Therefore, sharia insurance can be used as an instrument to support economic sustainability based on Islamic values.
Pengaruh Literasi Keuangan, Gaya Hidup, dan Cashback Terhadap Impulse Buying Mahasiswa Pengguna Shopee di Kota Malang Zainal Abidin; Tin Agustina Karnawati
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 7 (2026): 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.v7i7.11563

Abstract

                The purpose of this study is to examine the influence of financial literacy, lifestyle, and cashback on impulse buying. This study uses a quantitative approach with multiple linear regression analysis methods. This study obtained data by administering questionnaires to 100 student respondents who use Shopee in Malang City. The data was then analyzed using the SPSS application. The results of this study indicate that financial literacy das no significant effect on impulse buying in student users of Shopee in Malang City, Lifestyle has no significant effect on impulse buying in student users of Shopee in Malang City, Cashback has a positive and significant effect on impulse buying in student users of Shopee in Malang City.
Implementasi Strategi Marketing Mix pada Pusa Street Coffee Kabupaten Pinrang dalam Menarik Minat Konsumen Serliyana Serliyana
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 7 (2026): 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.v7i7.11756

Abstract

With the increasing competition in business in Indonesia, many entrepreneurs must consider the importance of marketing communication strategies in promoting their products and services. Pusa Street Coffee is a coffee shop located in Pinrang Regency, which has to compete in a highly competitive market to attract consumers through strategies and appeal that differentiate it from other coffee shops. Pusa Street Coffee implements appropriate strategies in its efforts to attract and increase the number of consumers. Therefore, Pusa Street Coffee has applied several communication strategies to promote and introduce its products to the public. This study aims to examine the implementation of the marketing mix strategies at Pusa Street Coffee in attracting consumer interest. This research uses a descriptive qualitative approach by observing existing phenomena in the field through direct observation. The study was conducted at Pusa Street Coffee in Pinrang Regency. Data collection techniques involved observations and interviews with the owners and consumers of Pusa Street Coffee in Pinrang Regency. Based on the research findings, Pusa Street Coffee in Pinrang Regency applies marketing mix strategies, including product, price, place, promotion, people, and process. This study emphasizes data in-depth analysis to achieve high-quality research results. In a Street Coffee business, the marketing mix strategy is crucial in sales to achieve sales targets.

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