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Journal Markcount Finance
Published by Yayasan Adra Karima Hubbi
ISSN : 29870925     EISSN : 29869455     DOI : 10.70177/jmf
Core Subject :
Journal Markcount Finance, established in 2023 by Yayasan Adra Karima Hubbi, has become a leading platform for economic research that connects financial innovation, sustainability, and digital transformation within the evolving economic ecosystem. In 2026, the journal introduced a change in its publication frequency to a bimonthly schedule, publishing issues in February, April, June, August, October, and December. The journal covers a broad spectrum of topics reflecting significant changes in finance, business, and accounting industries in the age of technology-driven economies. Its focus encompasses research on fintech, sustainable finance, digital transformation in accounting and auditing, behavioral economics in capital markets, regulatory technology (RegTech), digital taxation, and Islamic digital finance. Research published in this journal offers insights into technological innovations such as blockchain and AI-driven investment strategies, alongside the regulatory challenges emerging with the rise of digital financial systems. Studies on sustainable finance and ESG investments highlight efforts to tackle climate change and support circular economy practices. Other key topics include behavioral analysis in capital markets, focusing on investor psychology and risk management, as well as the application of technology in auditing and financial decision-making processes. Special attention is also given to the role of regulatory technology in ensuring compliance with regulations in the rapidly evolving digital financial landscape. Overall, Journal Markcount Finance continues to make significant contributions to researchers and policymakers in various countries, presenting relevant and applied research to address the challenges faced by modern financial and economic systems.
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Articles 10 Documents
 1 
Search results for , issue "vol. 3 no. 2 (2025)" : 10 Documents clear
The Influence of Personalized Marketing on Customer Engagement and Customer Lifetime Value Atkhmad Fauzi Sayuti; Kiran Iqbal; Zainab Ali
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2064

Abstract

Personalized marketing has emerged as a critical strategy for enhancing customer engagement and customer lifetime value (CLV) in today’s competitive business environment. By leveraging customer data and advanced analytics, businesses can deliver tailored experiences that resonate with individual preferences and behaviors. This study examines the influence of personalized marketing on customer engagement and CLV, focusing on its impact on customer satisfaction, loyalty, and long-term profitability. The research aims to identify effective strategies for implementing personalized marketing and propose recommendations for maximizing its impact on customer relationships. Using a mixed-methods approach, this study combines quantitative analysis of customer data with qualitative interviews with marketing professionals and customers. Data were analyzed to assess the relationship between personalized marketing, customer engagement, and CLV. The findings reveal that personalized marketing significantly enhances customer engagement, leading to higher satisfaction and loyalty. However, challenges such as data privacy concerns and implementation costs can hinder its effectiveness. The study concludes that businesses must balance personalization with ethical data practices to maximize the impact of personalized marketing on CLV. This research contributes to the discourse on marketing strategy by providing practical recommendations for businesses to enhance customer relationships and drive long-term profitability through personalized marketing.
The Influence of Maqasid Sharia on the Financial Performance of Sharia Financial Institutions Agus Zainul Arifin; Daiki Nishida; Ren Suzuki
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2134

Abstract

Maqasid Sharia, which refers to the objectives of Islamic law, plays a central role in ensuring that Sharia financial institutions operate in alignment with Islamic principles. These objectives include preserving faith, life, intellect, progeny, and wealth. While Sharia compliance is a cornerstone of Islamic finance, the extent to which Maqasid Sharia influences the financial performance of Sharia financial institutions remains underexplored. Understanding this relationship is critical for enhancing the sustainability and competitiveness of Islamic financial institutions. This study aims to examine the influence of Maqasid Sharia on the financial performance of Sharia financial institutions, providing insights into how adherence to Islamic principles can drive financial success. A quantitative research design was employed, utilizing data from 50 Sharia financial institutions in Indonesia. Multiple regression analysis was used to analyze the relationship between Maqasid Sharia compliance and financial performance indicators, such as return on assets (ROA) and return on equity (ROE). The findings reveal that higher levels of Maqasid Sharia compliance significantly improve financial performance, with institutions demonstrating strong adherence to Islamic principles reporting higher ROA and ROE. The preservation of wealth and faith emerged as the most influential dimensions of Maqasid Sharia in driving financial success. This study highlights the importance of Maqasid Sharia in enhancing the financial performance of Sharia financial institutions. The results suggest that institutions should prioritize adherence to Islamic principles to achieve sustainable growth and maintain competitiveness in the financial sector.
Green Accounting and Sustainable Finance: The Role of Tax Incentives Nia Kurniati; Luis Santos; Maria Clara Reyes
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2136

Abstract

Green accounting and sustainable finance have emerged as critical tools for promoting environmental sustainability and economic growth. Tax incentives are increasingly recognized as a key mechanism to encourage businesses to adopt green accounting practices and invest in sustainable projects. However, the effectiveness of tax incentives in driving sustainable finance remains underexplored, particularly in developing economies where environmental regulations are still evolving. This study aims to examine the role of tax incentives in promoting green accounting and sustainable finance, providing insights into how fiscal policies can support environmental sustainability. A quantitative research design was employed, utilizing data from 200 companies in Indonesia. Multiple regression analysis was used to analyze the relationship between tax incentives, green accounting practices, and sustainable finance indicators, such as green investments and carbon footprint reduction. The findings reveal that tax incentives significantly enhance green accounting practices and sustainable finance. Companies benefiting from tax incentives reported higher levels of green investments and greater reductions in carbon emissions. The study also found that firm size and industry type moderate this relationship, with larger firms and those in environmentally sensitive industries showing stronger responses to tax incentives. This study highlights the importance of tax incentives in driving green accounting and sustainable finance. The results suggest that policymakers should design targeted tax policies to encourage businesses to adopt environmentally sustainable practices and contribute to global sustainability goals.
Islamic Business Ethics in E-Commerce Trading: A Study of Fiqh Muamalah Regarding Contracts and Ownership Dallah Dallah
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2261

Abstract

Digital commerce through e-commerce has changed the business landscape worldwide, including in Muslim societies. Although e-commerce is easy and efficient, there are still issues of fiqh muamalah, especially regarding ownership and sale transactions. Islamic business transactions are evaluated from the perspective of ethics and sharia compliance as well as technical aspects. Uncertainty, or gharar, can arise because many online transactions do not follow the principles of valid contracts and do not clearly state the ownership of goods. Therefore, it is important to learn how the principles of Islamic business ethics can be applied to e-commerce, especially in terms of ownership and contract relationships. This study aims to see how e-commerce practices are in line with the principles of Islamic business ethics, especially from the perspective of fiqh muamalah on contracts and ownership. In addition, this study also wants to provide suggestions to ensure that digital transactions are in accordance with sharia values. This study uses a qualitative approach with a library research method. Data were collected by analyzing classical and contemporary literature on fiqh muamalah, e-commerce, and case studies of online transactions. A descriptive-analytical approach was used to analyze the principles of contracts and ownership in Islam. The results show that many e-commerce transactions do not meet the requirements for a valid contract such as clarity of object, price, and ijab kabul. In addition, ownership of goods is often not legally transferred when the transaction is made, especially in a dropship system where the seller does not physically own the goods.
Big Data Analytics for Corporate Financial Decision-Making: Evidence from ASEAN Capital Markets Gogor Christmass Setyawan; Rina Farah; Rashid Rahman; Ii Sopiandi
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2493

Abstract

The increasing availability and complexity of big data have revolutionized decision-making in various sectors, including corporate finance. In the context of ASEAN capital markets, companies are facing pressure to adopt data-driven strategies to enhance their financial decision-making processes. Big data analytics offers the potential to improve the accuracy of predictions, optimize investment strategies, and manage risks more effectively. This study aims to explore the impact of big data analytics on corporate financial decision-making in ASEAN capital markets, focusing on how organizations utilize data-driven insights to enhance decision-making efficiency and profitability. The research employs a mixed-methods approach, combining quantitative analysis of financial data from publicly listed companies in ASEAN with qualitative interviews from financial executives. The results indicate a positive relationship between big data analytics adoption and improved financial decision-making, particularly in areas of market forecasting, risk management, and asset allocation. Companies that have integrated big data analytics into their financial strategies report better performance in terms of profitability and shareholder value. The study concludes that big data analytics can significantly enhance corporate financial decision-making in ASEAN markets, offering a competitive edge in a rapidly evolving global economy.
Green Accounting and Corporate Disclosure: Enhancing ESG Transparency in the Digital Age Erniyati Caronge; Rahma Nurzianti; Rachel Chan; Izzul Ashlah; Ryan Teo
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2498

Abstract

The increasing importance of environmental, social, and governance (ESG) factors has driven corporations to adopt green accounting practices and enhance corporate disclosure, particularly in the digital age where transparency is critical for stakeholder trust. Traditional financial reporting often overlooks environmental and social impacts, limiting investors' ability to assess sustainability performance. Green accounting integrates environmental costs and benefits into financial statements, while digital platforms facilitate real-time disclosure and broader stakeholder engagement. This study investigates the role of green accounting and digital corporate disclosure in enhancing ESG transparency. A mixed-methods research design was employed, combining quantitative analysis of corporate ESG reports from 120 publicly listed firms with qualitative interviews of accounting and sustainability professionals. Data were analyzed to evaluate disclosure quality, stakeholder accessibility, and alignment with ESG reporting standards. Findings indicate that firms implementing green accounting and leveraging digital disclosure tools demonstrate higher ESG transparency, improved stakeholder trust, and more informed investment decisions. Challenges include standardization of reporting metrics, data reliability, and integration of digital reporting systems. The study concludes that the integration of green accounting with digital disclosure mechanisms is essential for promoting ESG accountability and sustainability performance. Policymakers and corporate leaders should prioritize standardized frameworks and digital tools to ensure consistent, accurate, and transparent ESG reporting in the evolving business landscape.
Management of Zakat, Infak and Alms (Zis) Funds in Improving the Welfare of Mustahik (Study of the Laz Sidogiri Program, Pasuruan, East Java) A Jamali; Abdul Wahid Al-Faizin; Muhyiddin Muhyiddin
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2521

Abstract

This study aims to analyze the management of Zakat, Infaq, and Alms (ZIS) funds by the Sidogiri Zakat Collection Institution (LAZ) in improving the welfare of those entitled to receive Zakat (mustahik) in Pasuruan, East Java. This study used a qualitative approach with a case study method. Data were collected through in-depth interviews, observations, and documentation studies. The results indicate that LAZ Sidogiri has implemented an integrated ZIS management system through various flagship programs such as productive economic programs, education, health, and da'wah (Islamic outreach). The ZIS distribution system is implemented through a consumptive and productive approach with a transparent and accountable distribution mechanism. However, obstacles remain in terms of limited human resources, technological infrastructure, and coordination between programs. Possible optimization strategies include developing an integrated information system, increasing human resource capacity, diversifying programs, and strengthening strategic partnerships. This research contributes to the development of an effective ZIS management model to improve the welfare of those entitled to receive Zakat (mustahik) in Indonesia
Ahmadi & Co. Syirkah Pattern on Midai Island: A Study of Islamic Economic Concept Based on Partnership And Profit Sharing Kartubi Kartubi; Rahimin Rahimin; Dahlia Dahlia
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2554

Abstract

This study aims to examine the syirkah pattern implemented by the Ahmadi & Co Union on Midai Island from its founding in 1906 until its decline at the end of the 20th century. The partnership pattern between capital owners and plantation managers reflects the implementation of syirkah al-muzara'ah and syirkah al-musaqah in classical Islamic economic practices. This study uses a descriptive qualitative approach with a case study method. The results show that the Ahmadi & Co Union successfully implemented an Islamic economic system based on profit sharing and kinship, but experienced decline due to weak legal documentation and internal conflicts between heir families. This study contributes to the study of cooperative revitalization based on sharia values in Indonesia's border regions.
ESG Integration in Investment Portfolios: A Comparative Study Between Developed and Emerging Markets Dessy Evianti; Muhammad Yusuf; Lisdawati Lisdawati; Teddy Oswari; Ahmed Al-Fahad
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2575

Abstract

The growing prominence of Environmental, Social, and Governance (ESG) principles has reshaped investment decision-making across global financial markets. While ESG integration is well established in developed economies, its adoption in emerging markets remains uneven due to institutional, regulatory, and data transparency disparities. This study aims to compare the performance, risk characteristics, and strategic integration of ESG factors within investment portfolios across developed and emerging markets. A mixed-method approach was applied, combining quantitative analysis of ESG-indexed equity portfolios from 2015 to 2023 with qualitative evaluation of policy frameworks and investor behavior. The findings reveal that portfolios in developed markets consistently demonstrate superior risk-adjusted returns, attributed to stronger ESG disclosure standards and regulatory enforcement. Conversely, emerging markets exhibit higher return volatility and weaker ESG score correlations with financial performance, primarily due to inconsistent reporting and limited corporate accountability. The study concludes that while ESG integration enhances portfolio resilience and long-term sustainability, its impact is significantly conditioned by market maturity, governance quality, and institutional capacity. These results highlight the necessity for harmonized ESG frameworks and capacity-building initiatives to bridge the performance gap between developed and emerging economies.
Cryptocurrency Taxation Frameworks: Comparative Analysis Between the EU, US, and Southeast Asia Loso Judijanto; Aung Myint; Nandar Hlaing
Journal Markcount Finance Vol. 3 No. 2 (2025)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/jmf.v3i2.2578

Abstract

The rapid growth of cryptocurrency markets has created unprecedented challenges for tax authorities worldwide, particularly in defining ownership, valuation, and jurisdictional liability for digital assets. Divergent taxation policies among major economies have produced inconsistencies in compliance, enforcement, and fiscal fairness. This study aims to conduct a comparative analysis of cryptocurrency taxation frameworks in the European Union (EU), the United States (US), and Southeast Asia, emphasizing their legal classifications, regulatory mechanisms, and fiscal implications. A qualitative comparative method was employed, combining policy document analysis, case law review, and secondary data synthesis from governmental and institutional reports. The findings reveal that the EU prioritizes harmonization through the Markets in Crypto-Assets (MiCA) regulation, the US applies a capital gains taxation model based on asset categorization, while Southeast Asian countries exhibit fragmented and evolving approaches influenced by institutional maturity. The analysis highlights that effective cryptocurrency taxation depends on transparency, interagency coordination, and digital infrastructure readiness. The study concludes that global policy coherence is essential to prevent tax arbitrage and ensure equitable fiscal governance in the digital economy. These results contribute to the development of a unified conceptual framework for cross-border digital asset taxation.

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