JIFA (Journal of Islamic Finance and Accounting)
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.
Articles
87 Documents
<![CDATA[What drives the disclosure of corporate philantrophy? An Indonesian context ]]>
<![CDATA[Rizki Rahma, Kamila]]>;
<![CDATA[Gusti Anugerah, Eza]]>;
<![CDATA[Maharani, Bunga]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 1 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i1.5352
<![CDATA[Corporate philantrophy activities have become an important factor for corporate management. Drawing on this issue, this research intends to disclose the effect of profitability, firm size, and audit committee on corporate philanthropy (CSR donations) in manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2020. The population in this study were manufacturing companies listed on the Indonesian stock exchange. The sample included 352 data sets from 174 companies. Secondary data utilized in this study were derived from the www.idx.co.id. Multiple linear regression for data analysis employed SPSS. This study uncovers that profitability and firm size have a positive effect on corporate philanthropy, while the audit committee has no significant effect on corporate philanthropy. This study provides implications for corporate management that increasing profitability will increase corporate philantrophy.]]>
<![CDATA[Financial performance of sharia and non-sharia life insurance: A comparative analysis ]]>
<![CDATA[Firdausi Mustofa, Ardyan]]>;
<![CDATA[Sri Janatin, Anisa]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 1 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i1.5353
<![CDATA[The emergence of Islamic insurance as a financial solution for Muslim communities, especially in Muslim-majority countries, is an intriguing topic. This study aims to evaluate the financial performance of Sharia-compliant life insurance in Indonesia and its market presence. Specifically, it compares the financial performance of non-Sharia and Sharia life insurance companies using the Early Warning System (EWS) and Risk-Based Capital (RBC). The EWS evaluation measures capital adequacy ratio, claim expense ratio, liquidity ratio, and own retention ratio, while RBC measures solvency ratio. The results of hypothesis testing, using the Mann-Whitney U test, reveal a significant difference between the financial performance of non-Sharia and Sharia life insurance companies based on EWS. However, there is no significant difference between their financial performance based on RBC's solvency ratio. The findings of this study imply that, as a whole, sharia-compliant insurance outperforms its non-sharia counterparts. Despite the relatively small sample size, these results offer a ray of hope for Islamic financial institutions to pursue further growth and development.]]>
<![CDATA[How do Baitul Maal Wat Tamwil empower Micro, Small and Medium Enterprises amidst COVID-19 pandemic? A case of Indonesia ]]>
<![CDATA[Ma'ruf, Aminudin]]>;
<![CDATA[Elmi Nur Azizah]]>;
<![CDATA[Jannah Arrum Sari]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 1 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i1.5357
<![CDATA[During the COVID-19 pandemic, Baitul Maal Wat Tamwil (BMT) in Sukoharjo, a region of Indonesia is consistently contributing to the empowerment of Micro, Small and Medium Enterprises (MSMEs). Hence, how the BMT empowers the MSMEs is a worthy attribute to explore. The current study delves into an in-depth exploration on the strategies and policy innovations carried out by the BMTs as well as to analyse the impact or influence caused by the existence of these strategies. The method used in this research is field research with a qualitative approach. Data collection techniques were carried out through observation with interviews with various related parties. The results showed that the empowerment strategy carried out by BMT Dana Mulia and BMT Makmur Mandiri was by implementing a restructuring policy in an effort to maintain the stability of the institution's operations. Meanwhile, BMT Bina Ummah Sejahtera has tightened risk mitigation by making efforts to be more careful in conducting financing and deposit transactions, using online media and the three BMTs providing business assistance. The influences that arise with this strategy are providing ease of capital assistance during the COVID-19 pandemic, assisting business development of MSMEs, minimizing the risks faced by MSMEs, and encouraging the spirit of MSMEs in marketing their businesses.]]>
<![CDATA[Agricultural financing risk and ib agricultural financing: A long relationship ]]>
<![CDATA[Alan Nur, Muhammad]]>;
<![CDATA[Honesty Nur Firdaus]]>;
<![CDATA[Armanto, Andre]]>;
<![CDATA[Herianingrum, Sri]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 2 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i2.5518
<![CDATA[Indonesia is destined to be an agrarian country because of its location on the equator, unfortunately not all farmers are able to access capital for their agricultural businesses while the contribution of the agricultural sector to employment is very high. It is also important to consider that Indonesia is also a country with the largest Muslim population in the world, so there should be a financing scheme in the agricultural sector that is in accordance with sharia compliance. Therefore, Islamic banking should be present to provide capital to farmers who need agricultural financing without violating sharia provisions. Identifying variables that affect Islamic bank financing in the agricultural sector in the long run is the aim of this study so that our findings can be one of the considerations for policy makers for future policies. To reveal the purpose of our research, we consider the factors affecting the agricultural financing of Islamic banks which consist of the risk of agricultural financing, farmer welfare, inflation and economic growth with observations for a decade from 2012 to 2021 on a quarterly basis. By using ARDL estimation, our findings find that in the long run relationship the welfare of farmers has no effect, while the other remaining variables have a significant effect. This study offers valuable implications indicating that the presence of Islamic banking can be considered as a viable financial solution within the agricultural sector.]]>
<![CDATA[Corporate governance, political connection, and foreign ownership control: The property rights theory perspective ]]>
<![CDATA[Pranesti, Arin]]>;
<![CDATA[Fajar, Muhammad Andryzal]]>;
<![CDATA[Larasati, Kharisma Saski]]>;
<![CDATA[Widiyanti, Arsy]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 1 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i1.5575
<![CDATA[Over time, the reduction in foreign ownership in Indonesia has prompted questions about its causes. The country is still perceived to have low corporate governance standards and a high level of political connections. The aim of this study is to investigate whether corporate governance and political connections have an impact on foreign ownership. The study utilized manufacturing company data from 2018 to 2021, comprising 48 companies with 192 observations. The findings of the study indicate that foreign investors tend to decrease their investment in companies with strong corporate governance. The study reveals that a firm with robust corporate governance becomes an attractive target for local investors to acquire ownership. The findings provide evidence of a decrease in the proportion of foreign investors in such companies. Instead, foreign investors continue to view companies with political connections as potential concern for surveillance. This study uses another argument to explain how the structure of foreign ownership in Indonesia uses the property right theory. Policy-making authorities can make policies to support corporate governance arrangements and support to reduce the level of corruption so as to support the investment climate in Indonesia. This research can be used as a new insight to understand how the investment climate is, but has not considered aspects related to environmental and social issues]]>
<![CDATA[Accounting conservatism, Islamic social reporting, and earning responses coefficient: An empirical analysis ]]>
<![CDATA[Embuningtyas, Sandra Sukma]]>;
<![CDATA[Anggraeni , Rani]]>;
<![CDATA[Puspasari, Oktaviani Rita]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 2 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i2.5651
<![CDATA[This research aims to determine the influence of accounting conservatism, sharia-based social performance disclosure and company size both partially and simultaneously against earnings response (earnings response coefficient). Empirical study of Sub- sector property and Real Estate companies registered in ISSI on Indonesia Stock Exchange period 2015-2018. The method used is descriptive and verification method with quantitative data. The data collection technique used non-participating observation. The results concluded that partially accounting conservatism was positively and significantly influential on the earnings response, sharia-based social performance disclosure has a positive and significant effect on earnings response, company size positively and significantly affects the earnings response and the simultaneous conservatism of accounting, sharia-based social performance disclosure and company size together have a positive and significant impact on the earnings response.]]>
<![CDATA[Do the characteristics of sharia supervisory board affect the disclosure of Islamic social reporting? ]]>
<![CDATA[Ratna Sari, Wulan]]>;
<![CDATA[Pratama, Bima Cinintya]]>;
<![CDATA[Fakhruddin, Iwan]]>;
<![CDATA[Wibowo, Hardiyanto]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 6 No. 1 (2023) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v6i1.5684
<![CDATA[The realm of Islamic accounting research places significant importance on Islamic Social Reporting (ISR), recognizing its indispensable role and considerable impact. The objective of this study is to assess the extent of disclosure in ISR by examining the impact of various factors such as the frequency of Sharia Supervisory Board (SSB) meetings, the presence of multiple positions held by the SSB members, the educational background of the SSB members, and the Islamicity Performance Index (IPI). This study uses a sample of Islamic banks in Indonesia with selected through purposive sampling method and obtained 154 samples that met the criteria. To test the research hypothesis, panel data regression model analysis was used. The results show that the frequency of SSB Meetings and Zakat Performance Ratio (ZPR) has a positive impact on the disclosure of ISR. The concurrent position of the SSB has no effect on the disclosure of ISR. The educational background of the SSB has no effect on the disclosure of ISR. Several other variables in the IPI also do not affect the disclosure of ISR because high and low financing, income distribution, comparison of director and employee salaries, and income and investment channels are considered not to affect the disclosure of ISR. The findings of this study offer valuable insights suggesting that augmenting the frequency of meetings conducted by the SSB and increasing zakat contributions made by Islamic commercial banks in Indonesia can result in an improved level of disclosure pertaining to ISR by the respective companies.]]>
<![CDATA[Tax education and tax compliance: A multi-ethnic analysis ]]>
<![CDATA[Hidayati, Berlina]]>;
<![CDATA[Hermanto, Febrika Yogie]]>;
<![CDATA[Nnamdi, Anthony Ogbolu]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 6 No. 1 (2023) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v6i1.6231
<![CDATA[For an emerging economy such as Indonesia, income taxes significantly contribute to her revenue generation profile. The efficacy of tax education during taxpayers' educational trajectory stands as a pivotal factor in achieving successful tax revenue collection. The primary objective of this study is to examine the impact of tax education on tax compliance among students from diverse ethnic backgrounds. This is a descriptive study with a quantitative approach. Open-ended questionnaires were developed, tested, and distributed to students. A total of 372 valid responses were returned and the data was analyzed using the Smart PLS tool. Findings from the analysis revealed a significant effect of tax education on tax compliance across all ethnic groups (Javanese, Sundanese, Batak, Minang, Malay, and Others) with the maximum and minimum effect recorded in the Sundanese (73.5%) and Batak (47.2%) respectively. This study contributes to bridging the research gap in tax education and tax compliance from a multi-ethnic approach in Indonesia. It is recommended that public tax awareness campaigns, targeted at both students and the public in Indonesia be sustained, as this drives an increase in tax compliance across all ethnicities in the medium to long term. This research makes a theoretical contribution by highlighting the significance of tax education as a determining factor. From a policy perspective, this study offers valuable insights to education policymakers, emphasizing the necessity for regular enhancements and adaptations in tax education practices.]]>
<![CDATA[Mosque capital accounting practices: A local wisdom perspective of Indonesia ]]>
<![CDATA[Thalib, Mohamad Anwar]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 6 No. 1 (2023) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v6i1.6253
<![CDATA[This research departs from the problem of adopting and implementing capital accounting that was born from modernity, which impacts the increasingly marginalized local cultural values of capital accounting practices. In addition, studies on capital accounting based on local wisdom in the context of places of worship (mosques) are rare. This study aims to reveal the local cultural values behind the practice of mosque capital accounting in Gorontalo Indonesia. This study uses an Islamic paradigm with an Islamic ethnomethodological approach. There are five data analysis stages: analysis of charity, knowledge, science, revelation information, and good deeds. The results of the study found that there were three capital accounting practices, namely capital accounting practices sourced from the community, capital accounting practices sourced from the government, and capital accounting practices sourced from private companies. Local cultural values drive the practice of capital accounting in the form of paracaya. This paracaya value is reflected through the actions of mosque administrators who report the income and expenses of the mosque's capital every week. This action is an effort to maintain a sense of trust between donors, worshipers, and the community in managing the mosque capital. The value of paracaya is often expressed by parents in Gorontalo through lumadu "dahayi moputu dila" which means to keep your tongue from breaking. This study concludes that mosque administrators practice capital accounting based on local cultural values in the form of paracaya. This research contributes to presenting capital accounting practices based on the local Gorontalo culture.]]>
<![CDATA[Auditor reputation and sharia bond ratings: Evidence from Indonesia ]]>
<![CDATA[Pandansari, Tiara]]>
<![CDATA[ JIFA (Journal of Islamic Finance and Accounting) Vol. 5 No. 2 (2022) ]]>
Publisher : <![CDATA[IAIN Surakarta ]]>
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DOI: 10.22515/jifa.v5i2.6393
<![CDATA[Sharia bonds, a segment within the realm of Islamic finance, has demonstrated significant growth over the last decade, emerging as one of the fastest-growing sectors in the industry. This study aimed to analyze the effect of liquidity, profitability, leverage, maturity, and auditor's reputation on sharia bonds ratings. The data collection method used is secondary data sourced from the company's financial statements. The population in this study are companies that issue sharia bonds on the Indonesia Stock Exchange. Sampling using the purposive sampling method with 17 with certain criteria. The data were analyzed using SPSS version 22. The analysis used is ordinal logistic regression analysis. The results showed that liquidity and leverage had no effect on the sharia bond's rating. The profitability, maturity, and reputation of auditors negatively affect the rating of sharia bonds. Sharia-compliant bonds, also known as Sukuk, have a substantial impact on the Islamic finance sector and contribute to the advancement of the global Islamic banking and finance industry. These bonds serve as a means for governments, corporations, and institutions to secure capital while adhering to the principles of Sharia law. They attract investors who prioritize investments that align with their religious beliefs and ethical values.]]>
