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Frank Aligarh
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UIN Raden Mas Said Surakarta, Central Java, Indonesia, Jl. Pandawa, Dusun IV, Pucangan, Kartasura, Sukoharjo, Central Java Province, Postal Code 57168.
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JIFA (Journal of Islamic Finance and Accounting)
Published by Universitas Islam Negeri Raden Mas Said Surakarta
ISSN : 26151774     EISSN : 26151782     DOI : https://doi.org/10.22515/jifa
Core Subject : Economy,
Economics, Econometrics & Finance
JIFA (Journal of Islamic Finance and Accounting) openly welcomes scholars, academicians, researchers, policyholders, lecturers, and practitioners to submit their high-quality research articles that correspond to the focus and scopes. This journal concerns on two primary areas, Islamic Finance and Accounting. The topic of Islamic finance limits its discussion on financial matters such as sharia capital market, sharia banking, financial technology, Islamic philanthropy (Zakat, Waqf, Sadaqah, etc.) and behavioral finance. The theme of accounting directs the discourses about development of accounting concepts, Islamic accounting, behavioural accounting, auditing, taxation, accounting information system, and public sector accounting. Papers on accounting issues relating to developing in other fields such as finance, small-medium enterprises, and government operations are also welcome. By promoting the current issues of these areas, JIFA represents an excellent forum for highlighting the profile of Islamic finance and accounting research on both national and international levels.
Arjuna Subject : Bisnis, Menejemen, dan Akutansi (semua kategori) - Akuntansi
Articles 96 Documents
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Assessing bank stability through earnings capability and asset quality: Moderating impacts of institutions and taxation in Southeast Asia Reni Listyawati; Fandi Galang Wicaksana; Prihatnolo Gandhi Amidjaya
JIFA (Journal of Islamic Finance and Accounting) Vol. 9 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jifa.v9i1.13201

Abstract

This study collects empirical information about the effect of Board of Directors (BOD) characteristics—specifically board size, age, tenure, and meeting frequency—on the timeliness of financial reporting, indicated by Audit Report Delay (ARD). We utilize a purposive sample of 430 firm-year observations from consumer-cyclical companies listed on the Indonesia Stock Exchange from 2018 to 2022. We analyze data from multiple years, using agency theory to look at relationships while considering factors like profitability, auditor reputation (Big Four versus non-Big Four), and the effects of the COVID-19 pandemic. The findings reveal that larger boards are associated with longer audit report delays, indicating that coordination inefficiencies may outweigh monitoring benefits. Conversely, more frequent board meetings are associated with shorter reporting delays, underscoring the role of active board engagement in enhancing reporting timeliness. Meanwhile, the average age of directors and the tenure of board membership had no significant impact on the timeliness of reporting. The research elucidates the specific board characteristics that most significantly influence disclosure efficiency, thereby informing directors and investors about optimal governance procedures. These insights enhance corporate governance literature by differentiating the roles of structural and demographic board aspects in expediting disclosures. Regulators and corporations in emerging markets should prioritize appropriate board composition—specifically size and meeting frequency—to enhance reporting timeliness, transparency, and stakeholder confidence during unpredictable economic conditions.
When do environmental disclosure and environmental performance improve financial performance? The moderating effect of environmental costs Deavita Kholisna; Ida Nur Aeni
JIFA (Journal of Islamic Finance and Accounting) Vol. 8 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jifa.v8i2.14567

Abstract

This study aims to examine the effects of environmental disclosure and environmental performance on financial performance, with environmental costs serving as a moderating variable. A quantitative approach was employed using panel data regression on basic materials sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period, resulting in a total of 253 observations selected through purposive sampling. Financial performance was measured using Earnings per Share (EPS), environmental disclosure was assessed based on the Global Reporting Initiative (GRI) standards, and environmental performance was evaluated using the PROPER rating. The findings indicate that environmental disclosure has a significant effect on financial performance, whereas environmental performance does not. Environmental costs were found to moderate the relationship between environmental disclosure and financial performance but were unable to moderate the relationship between environmental performance and financial performance. These results suggest that transparent environmental information, when supported by a strong commitment to environmental expenditure, can enhance a company's financial performance.
Do governance mechanisms promote informative earnings management? Evidence from a two-tier board system Adhitya Agri Putra
JIFA (Journal of Islamic Finance and Accounting) Vol. 8 No. 2 (2025)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jifa.v8i2.14630

Abstract

This study examines whether corporate governance mechanisms promote informative earnings management within a two-tier board system, addressing the ongoing debate on whether earnings management is beneficial or opportunistic. While prior studies largely focus on developed markets and treat earnings management as detrimental, limited evidence explores its informative role in emerging economies. Using a sample of 516 firm-year observations of manufacturing firms listed on the Indonesia Stock Exchange during 2016–2021, this study employs logistic regression analysis to test the effect of ownership concentration, board independence, and audit committee expertise on informative earnings management. The findings show that ownership concentration and board independence significantly enhance the likelihood of informative earnings management, suggesting that effective monitoring mechanisms reduce information asymmetry and encourage managers to communicate firm prospects more transparently. However, audit committee expertise does not show a significant effect, indicating potential limitations in its monitoring effectiveness. This study concludes that certain governance mechanisms can support more informative financial reporting rather than merely constraining managerial behavior. The results contribute to the literature by distinguishing between different motivations behind earnings management and provide practical implications for regulators and investors in strengthening governance structures to improve the informativeness of reported earnings.
Board of commissioners, ownership structure, firm performance, and COVID-19 Ferdy Putra; Doddy Setiawan
JIFA (Journal of Islamic Finance and Accounting) Vol. 9 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jifa.v9i1.14649

Abstract

This study analyzes how board of commissioners characteristics and ownership structure affect firm performance and whether COVID-19 moderates the relationship between board of commissioners characteristics and ownership structure on firm performance in Indonesian manufacturing companies adopting a two-tier system. Using 606 observations of manufacturing company annual reports for 2019-2021, we found that most board of commissioners' characteristics and ownership structure significantly affect firm performance, and COVID-19 moderates this effect negatively, except for board of commissioners member gender, where it positively moderates the relationship. Robustness tests using alternative firm performance measures and endogeneity tests also confirm these results. Overall, the results of this study suggest that companies should be aware that the COVID-19 crisis can change their corporate governance structure. These results also support agency theory and resource dependence theory, which suggest that effective monitoring and resources can improve firm performance. This study provides theoretical implications, especially agency theory and resource dependency theory, and practical implications for companies, investors, and regulators to pay attention to corporate governance, especially during times of crisis such as Covid-19.
The ecological legacy of Ngayu Ayu: Bridging indigenous wisdom, Islamic accountability, and sustainability Bayu Tri Cahya; Muhammad Qoes Atieq; Jadzil Baihaqi; Nor Aishah Mohd Ali
JIFA (Journal of Islamic Finance and Accounting) Vol. 9 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jifa.v9i1.12846

Abstract

The Ngayu Ayu ritual represents an indigenous socio-cultural institution that embodies Islamic values of gratitude (shukr), stewardship (khalifah), and collective responsibility in managing natural resources. Beyond its cultural significance, the ritual provides insights into how local communities integrate religious values, environmental ethics, and socio-economic sustainability. This study examines the Ngayu Ayu tradition among the Sasak community in Sembalun, Lombok, to explore how Islamic values and local wisdom contribute to sustainable community development from the perspective of Islamic accountability and sustainability. Using an ethnomethodological approach, data were collected through in-depth interviews with traditional leaders, religious leaders, village elders, and community members. The findings reveal three interrelated dimensions. First, Ngayu Ayu serves as a manifestation of Islamic faith and gratitude to Allah for the blessings of nature, expressed through communal worship, buffalo sacrifice, and collective prayers that reinforce environmental stewardship and social solidarity. Second, the ritual functions as a mechanism for preserving social cohesion, strengthening mutual cooperation, and fostering collective responsibility for safeguarding natural resources. Third, the growing commercialization of the tradition through tourism creates challenges in maintaining its sacred values and balancing economic opportunities with religious and cultural integrity. From an Islamic accounting perspective, these findings demonstrate that accountability extends beyond financial reporting to encompass moral, social, and environmental responsibilities (amanah) toward Allah, society, and nature. The study contributes to the growing literature on Islamic accounting and sustainability by illustrating how indigenous religious traditions provide ethical foundations for accountability, environmental stewardship, and sustainable socio-economic development.
Moral hazard in mudarabah financing: Drivers, mitigation strategies, and implications for the welfare of the ummah Muh. Sajjaj Sudirman; Hasnidar
JIFA (Journal of Islamic Finance and Accounting) Vol. 9 No. 1 (2026)
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/jifa.v9i1.10298

Abstract

Mudarabah financing is particularly vulnerable to moral hazard because it relies heavily on trust while separating fund ownership from business management. This study examines the drivers of moral hazard in mudarabah financing and identifies mechanisms through which Islamic financial institutions can mitigate such risks while supporting the broader welfare objectives of Islamic finance. A descriptive qualitative approach was employed through a structured review of 44 relevant sources published between 2014 and 2024, selected using predefined search terms and eligibility criteria. The findings show that moral hazard may arise from both parties to the mudarabah contract: the fund owner (shahibul maal) and the fund manager (mudharib). Its principal drivers include weak monitoring and evaluation, conflicts of interest, information asymmetry, inadequate due diligence, and an understanding of accountability that remains limited to human relationships while overlooking responsibility to God, society, and the natural environment. The review identifies several complementary mitigation mechanisms, including signaling and screening, enhanced transparency and supervision, rigorous due diligence, clear and incentive-compatible contracts, balanced incentives and sanctions, continuous education and training, periodic reporting in accordance with applicable accounting standards, and regular Sharia audits. The study contributes by integrating economic, institutional, and ethical perspectives to explain moral hazard as a two-sided problem in mudarabah financing. The findings provide practical guidance for developing stronger monitoring systems and digital oversight mechanisms, while highlighting the need for more robust governance and supervisory standards. Effective mitigation may ultimately strengthen public trust, broaden financial inclusion, and enhance the contribution of Sharia-compliant financing to the welfare of the ummah.

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