As-Syirkah: Islamic Economic & Financial Journal
As-Syirkah: Islamic Economic & Financial Journal is a scientific journal published by Ikatan Da'i Indonesia (IKADI) in collaboration with Masyarakat Ekonomi Syariah (MES) and Intellectual Association for Islamic Studies (IAFORIS) . This journal contains scientific papers from academics, researchers and practitioners in economics, Islamic economics, financial, Islamic financial, business, industries, management, and others related issues. E-ISSN 2962-1585. DOI: 10.56672. Accredited by Sinta 6 based on the Decree of the Director General of Higher Education, Research and Technology, Ministry of Education and Culture, No 79/E/KPT/2023 (page 172) starting from Vol 1 No 1 2022 to Vol 5 No 2 2026. Published four times a year every February, May, August, November. Following re-accreditation, SK Surat Keputusan Direktur Jenderal Sains dan Teknologi Kemdikti Saintek No 355/DST/D.D1/HM.01.01/2026 page 235, this journal has been upgraded to Sinta 5, effective from Vol. 4, No. 3 (2025) through Vol. 9, No. 2 (2030).
Kualitas Audit pada KAP di Kota Malang: Peran Independensi, Kompetensi, dan Budaya Organisasi
This study aims to obtain empirical evidence that independence, competence, and organizational culture have a positive effect on audit quality. This quantitative study uses primary data obtained from questionnaires distributed to respondents selected through convenience sampling from the population of auditors at public accounting firms in Malang City. Data analysis and hypothesis testing were conducted using SEM-PLS. This study finds that independence and competence have a positive effect on audit quality at public accounting firms in Malang City, while organizational culture has no significant effect. These findings are expected to provide empirical evidence supporting attribution theory, which highlights the influence of auditors’ internal and external factors on audit quality.
audit quality, independence, competence, organizational culture, auditor
Copyright (c) 2026 Aprillia Dwi Lestari, Muhammad Dimar Alam (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Penetapan Ujrah dalam Akad Rahn Tasjily Perspektif Fatwa DSN-MUI No. 68/DSN-MUI/III/2008 dan Ekonomi Syariah
Salam and Istisna' contracts are two order-based sale-purchase financing instruments within the Islamic financial system that have received legal legitimacy through DSN-MUI Fatwa No. 05/DSN-MUI/IV/2000 on Salam Sale-Purchase, Fatwa No. 06/DSN-MUI/IV/2000 on Istisna' Sale-Purchase, and Fatwa No. 22/DSN-MUI/III/2002 on Parallel Istisna'. Although both have been formally issued as fatwas for more than two decades, their utilization in the practice of Islamic financial institutions in Indonesia remains limited and has not been optimized. This study aims to analyze the substance of DSN-MUI fatwas concerning Salam and Istisna' contracts, to identify their characteristics, pillars, conditions ,and fundamental differences as Islamic financing instruments, and to formulate strategies for strengthening their implementation. The method employed is library research with a normative-juridical qualitative approach, examining DSN-MUI fatwas, classical and contemporary muamalah fiqh literature, Islamic banking regulations, and relevant scientific journals. The findings indicate that the Salam contract functions effectively as a financing instrument for the agricultural and commodity sectors, with a payment-in-advance and later-delivery mechanism, whereas the Istisna' contract is more suitable for financing the construction, property, and production-order-based manufacturing sectors. The differences between the two lie in the object of the contract, the payment mechanism, and the timing of goods delivery. This study also reveals that the weak implementation of both contracts is caused by practitioners' limited understanding, the risk of delivery default, moral hazard, and the lack of optimal synchronization between DSN-MUI fatwas and the technical regulations of the Financial Services Authority. This research recommends a risk mitigation scheme in the form of integrating Islamic agricultural insurance for Salam and third-party bank guarantees for Istisna', which is expected to contribute to strengthening the conceptual foundation for the development of Islamic financing products that favor the real and productive sectors.
DSN-MUI Fatwa; Salam Contract; Istisna' Contract; Islamic Financing; Library Research
Copyright (c) 2026 Moh. Asep Zakariya Ansori, Siti Nurhalizah, Nailah Ahada Pramitha, Muhammad Najmi Nurul Hadi, Muhammad Fathir Musta’wan (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
This study aims to analyze the mechanism for determining ujrah (rental fee) in the Rahn Tasjily contract based on the provisions of DSN-MUI Fatwa No. 68/DSN-MUI/III/2008 and the perspective of Islamic economics. The main issue examined is the practice of determining ujrah in some Islamic financial institutions, which is still linked to the amount of the loan (marhun bih), rather than being based on service benefits or actual storage costs as regulated in DSN-MUI Fatwa No. 68/DSN-MUI/III/2008, thereby potentially deviating from the principles of ijarah in Islamic economics. This study employs a qualitative method based on library research with a juridical-normative approach and content analysis. Primary data sources include DSN-MUI fatwas, PSAK (Indonesian Financial Accounting Standards), and related sharia provisions, while secondary data are obtained from academic journals, books, and relevant regulations. The findings show that: (1) DSN-MUI Fatwa No. 68/2008 explicitly prohibits determining ujrah based on the amount of the loan; (2) ujrah must be determined based on service benefits, storage costs, and actual maintenance costs, rather than the loan amount; and (3) practices that base ujrah on marhun bih contradict the principle of justice (‘adl) in Islamic economics and may contain hidden riba nasi’ah. This study strengthens the normative argument regarding the mechanism of determining ujrah in accordance with DSN-MUI Fatwa and Islamic economic principles as a reference for Islamic financial institutions.
Copyright (c) 2026 Moh. Asep Zakariya Ansori, Anisa Husnul Khatimah, Siti Alamatul Kamilah, Rival Alvarizi, Daffyana Eka Nugraha, Naufal Budaeri A, Dimas Adi Saputra (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Pengaruh Reward dan Punishment Terhadap Disiplin Kerja Karyawan Di Hotel Radisson Blu Bali Uluwatu
This study aims to analyze the effect of Reward and Punishment on Employee Work Discipline at Radisson Blu Bali Uluwatu Hotel. The study was motivated by the importance of employee work discipline in supporting the achievement of organizational goals. This research employed a quantitative approach using an associative method. The population consisted of 152 permanent employees of Radisson Blu Bali Uluwatu Hotel, with a sample of 61 respondents selected using a purposive sampling technique. Data were collected through questionnaires and analyzed using multiple linear regression with the assistance of SPSS version 27. The results showed that Reward had a positive and significant effect on Employee Work Discipline, with a t-value of 4.573 and a significance value of 0.000. Punishment also had a positive and significant effect on Employee Work Discipline, with a t-value of 11.654 and a significance value of 0.000. Simultaneously, Reward and Punishment had a positive and significant effect on Employee Work Discipline, with an f-value of 638.154 and a significance value of < 0.001. The coefficient of determination (R²) of 0.955 indicated that Reward and Punishment explained 95.5% of the variation in Employee Work Discipline, while the remaining 4.5% was influenced by other factors outside this study. The findings indicate that the proper and consistent implementation of Reward and Punishment can improve Employee Work Discipline. Therefore, the company is expected to maintain the consistent implementation of Reward and Punishment to enhance Employee Work Discipline.
Copyright (c) 2026 Ni Komang Erlinda Junika Swari, I Gusti Ngurah Sanjaya, I Gusti Ketut Gede (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Implementasi Akad Mudharabah dan Musyarakah pada Perbankan Syariah dalam Perspektif Fatwa DSN-MUI: A Systematic Literature Review
This study examines the implementation of mudharabah and musyarakah contracts in Islamic banking in Indonesia, based on DSN-MUI Fatwa No. 07 and No. 08 of 2000. This study uses the Systematic Literature Review (SLR) method following PRISMA guidelines, searching the Garuda and Google Scholar databases. From 50 articles found, 13 scientific journal articles were analyzed (2019–2025), supported by 9 reference books and 1 official data source (OJK, 2024). Data were analyzed using thematic synthesis to identify patterns and differences between studies. Four main themes were found: fatwa compliance, moral hazard, sharia financial literacy, and risk supervision. Mudharabah generally complies with the fatwa but still faces challenges such as side streaming and limited human resources. Musyarakah still shows inconsistencies in profit-sharing mechanisms and bank involvement. This study offers a thematic synthesis and a conceptual framework on compliance factors not widely found in previous research. This study recommends strengthening the Sharia Supervisory Board's role, improving human resource competence, and developing more detailed technical guidelines.
mudharabah, musyarakah, Fatwa DSN-MUI, systematic literature review, kepatuhan syariah
Copyright (c) 2026 Moh. Asep Zakariyah Ansori, Roisiyatin Roisiyatin, Dhio Novriyansa Gunawan, Reva Mardiana, Rizkia Rahmadianti, Viri Alviorita (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Strategi Komunikasi Berjenjang Dalam Optimalisasi Penatausahaan Barang Milik Negara (BMN) Berbasis Digital: Studi Implementasi PMK 181/2016
This study aims to analyze the role of hierarchical communication strategies in optimizing the management of State Property (BMN) in accordance with PMK 181/2016 within the Ministry of Immigration and Correctional Services. Despite full digital transformation through the Mon-SAKTI system, the high number of uncompleted administrative tasks (To-Do List) indicates a significant operational execution gap at the working unit level. Utilizing a quantitative explanatory survey approach, this study evaluates how vertical communication flows (including coordination, clarity of instruction, and feedback mechanisms) between the central Bureau of BMN and working units affect asset management compliance and reporting accuracy. The regression analysis results reveal a significance value of 0.000 (<0.05), proving that effective hierarchical communication significantl reduces administrative errors and reinforces compliance. The coefficient of determination (R2) of 0.649 demonstrates that 64.9% of the variance in BMN management performance is explained by the hierarchical communication quality. These findings confirm that digital monitoring systems serve only as technological enablers, and their strategic success remains heavily contingent upon structured internal communication and cohesive procedural understanding across all institutional tiers.
BMN, Communication Strategy, Digital System, PMK 181/2016, Public Management
Copyright (c) 2026 Nikita Wijaya, Easter Tobing (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Pengaruh Program Training dan Pengembangan Karier terhadap Kinerja Karyawan pada Legian Beach Hotel
This study aims to examine the influence of Training Programs and Career Development on Employee Performance at Legian Beach Hotel. The study was motivated by the importance of improving employee performance in the hospitality industry, where service quality plays a vital role. This research employed a quantitative approach using an associative method. The population consisted of 293 employees of Legian Beach Hotel, while the sample included 75 respondents determined using the Slovin formula. Data were collected through questionnaires and analyzed using multiple linear regression with the assistance of the Statistical Package for the Social Sciences (SPSS). The results showed that Training Programs had a positive and significant effect on Employee Performance, with a t-value of 6.324 and a significance value of 0.000. Career Development also had a positive and significant effect on Employee Performance, with a t-value of 2.062 and a significance value of 0.043. Simultaneously, Training Programs and Career Development had a positive and significant effect on Employee Performance, with an F-value of 76.815 and a significance value of 0.000. The coefficient of determination (R²) was 0.681, indicating that Training Programs and Career Development explained 68.1% of the variation in Employee Performance, while the remaining 31.9% was influenced by other factors outside the scope of this study. The findings indicate that employee performance can be improved through effective training programs and well-structured career development opportunities. Therefore, Legian Beach Hotel is recommended to continuously improve the quality of its training programs and provide a clear career development system to support optimal employee performance.
Training Programs, Career Development, Employee Performance
Copyright (c) 2026 Putu Melani, I Gusti Ngurah Sanjaya, Yulia Tria Hapsari (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Strategi Pemasaran Digital dalam Meningkatkan Keunggulan Bersaing UMKM Baso Aci Nyerenteng
This study aims to analyze digital marketing strategies for enhancing the competitive advantage of Baso Aci Nyerenteng Micro, Small, and Medium Enterprise (MSME) using a SWOT analysis approach. The research employed a qualitative method with a case study approach to gain an in-depth understanding of the implementation of digital marketing strategies within the enterprise. Data were collected through observation, documentation, and literature review, supported by scientific journals, books, and official publications. Data analysis was conducted descriptively using the SWOT matrix by identifying internal factors, including strengths and weaknesses, as well as external factors consisting of opportunities and threats, to formulate appropriate marketing strategies. The findings indicate that Baso Aci Nyerenteng possesses several competitive strengths, including its authentic Garut flavor, diverse product offerings, competitive pricing, and the utilization of digital platforms such as Shopee, Instagram, TikTok, and Google Business Profile for marketing activities. However, the business also faces several challenges, including limited brand awareness, constrained capital and production capacity, and inconsistent digital promotional activities. The SWOT analysis resulted in four strategic alternatives: optimizing social media content marketing, strengthening brand awareness, developing reseller and affiliate marketing programs, enhancing customer service through digital platforms, and improving operational efficiency and business legality. The implementation of these strategies is expected to increase product visibility, expand market reach, strengthen customer loyalty, and create a sustainable competitive advantage for Baso Aci Nyerenteng.
Copyright (c) 2026 Nur Diansyah, Arie Hendra Saputro (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Kompetensi, Beban Kerja, dan Etika Auditor Terhadap Kualitas Audit
This study aims to examine and analyze the effect of auditor competence, workload, and ethics on audit quality. The sample of the study consists of auditors working at Public Accounting Firms (KAP) in the Jakarta area. The sampling method used is purposive sampling, resulting in 300 respondents. The data used is primary data, obtained through the distribution of questionnaires using Google Forms. The data analysis method employed is multiple linear regression. The results of the study indicate that both auditor competence and ethics have a positive effect on audit quality, while workload has a negative effect on audit quality.
Copyright (c) 2026 Muhammad Ihsan Randa, Yvonne Augustine Sudibyo (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Sustainability Report terhadap Kinerja Keuangan Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2021–2025
This study aims to analyze the effect of Sustainability Report disclosure on the financial performance of banking sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The population consists of banking sector companies listed on the IDX. Using the purposive sampling method, a sample of 27 companies was obtained, resulting in 116 observations after the removal of outlier data. The independent variables are Sustainability Report disclosures, consisting of the economic dimension (Economic Disclosure Index/EcDI), the environmental dimension (Environmental Disclosure Index/EnDI), and the social dimension (Social Disclosure Index/SoDI). The dependent variable is financial performance, proxied by the profitability ratio Return on Assets (ROA). In addition, firm size (SIZE) and leverage (LEV) are used as control variables. This study employs a quantitative approach using panel data regression analysis. Based on the Chow Test, Hausman Test, and Lagrange Multiplier Test conducted using EViews 12, the Random Effect Model (REM) was selected as the most appropriate model. The results show that EcDI disclosure has a negative and significant effect on ROA, while firm size (SIZE) has a positive and significant effect on ROA. Meanwhile, EnDI, SoDI, and leverage (LEV) have no significant effect on ROA.
Copyright (c) 2026 Rachmaudina Digna Fadhilah, Elsa Imelda (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Transformasi Ekosistem Non-Tunai Berbasis Qris Sebagai Strategi Peningkatan Daya Saing UMKM di Era 5.0
The current digital era 5.0 has led to a shift in people's transaction patterns, shifting from cash to non-cash payments. This situation presents an opportunity for MSMEs to utilize digital payments as a strategy to increase competitiveness and sales. This article was written to analyze the transaction strategy used by Warung Sate Bu Murkam to increase sales through the implementation of a digital payment system using non-cash payments. The method used is a descriptive approach by examining the implementation of digital payments and their impact on service and increasing business sales. The results of the discussion indicate that the use of non-cash payments, such as QRIS, can provide convenience in transactions, speed up the payment process, increase customer convenience, and help make financial records more effective and accurate. Although there are obstacles such as dependence on internet networks and unequal understanding of digital payments among customers, the benefits obtained outweigh the challenges faced. Thus, the implementation of digital payments is an effective strategy for Warung Sate Bu Murkam in boosting sales and strengthening business competitiveness in the digital era 5.0.
Digital payments, MSMEs, QRIS, marketing strategies, increasing sales
Copyright (c) 2026 Desta Dinda Lestary, Normanda Domeyro Latief, Ida Ayu Nuh Kartini (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Implementasi Pembiayaan Murabahah Berdasarkan Fatwa DSN-MUI pada PT. Bank Syariah Indonesia Tbk Periode 2023-2025
This study aims to analyze the trend of sharia compliance in the implementation of murabahah financing based on the DSN-MUI Fatwa No: 04/DSN-MUI/IV/2000 and evaluate the effectiveness of the Sharia Supervisory Board (DPS) supervision at PT. Bank Syariah Indonesia Tbk (BSI) during the period 2023–2025. The methodology used is descriptive qualitative with a comparative approach through literature meta-analysis of 10 empirical studies, which are analyzed in stages at the macro (headquarters), meso (branch offices), and micro (sub-branch offices) levels. The results of the study indicate a dynamic fluctuation in compliance trends. In 2023, the implementation of murabahah in consumer products (such as KPR BSI Griya Simuda) shows very high sharia compliance and margin transparency thanks to the preventive supervision of the central DPS through standardization of legal contracts. However, significant structural challenges were identified in 2024–2025, including the practice of signing dual contracts (murabahah and wakalah simultaneously) at the branch branch level, the recognition of late fees (ta'zir) as bank income, and information asymmetry due to low public literacy. On the other hand, BSI successfully demonstrated ethical compliance in resolving problem financing through fair collateral auction procedures. This study concluded that the effectiveness of DPS supervision is significantly influenced by the disciplined integration of Sharia compliance into the bank's digital governance system.
Murabahah Financing, DSN-MUI Fatwa No. 04, Bank Syariah Indonesia, Dewan pengawas syariah (DPS), Sharia Compliance.
Copyright (c) 2026 Moh. Asep Zakariya Ansori, Roisyatin Roisyatin, Widya Yulia Nabila, Sintia Najwaludin, Siti Nuraeni Siva, Azi Febrian, Darma Trianggoro, Fajar Cahya Gumilar (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Dominasi Pembiayaan Murabahah di Koperasi Syariah: Analisis Berdasarkan Fatwa Dewan Syariah Nasional (DSN-MUI)
Murabahah financing is one of the most common types of agreements used in Islamic financial institutions, including Islamic cooperatives. The dominant use of murabahah contracts indicates that this type of contract is considered easier to implement, has a relatively lower risk, and provides certainty of profit for cooperatives. This study aims to analyze the factors causing the dominance of murabahah financing at Koperasi Syariah Ummul Quro Al-Islami and to test its alignment with DSN-MUI Fatwa No. 04/DSN-MUI/IV/2000 on Murabahah. A qualitative method with a case study approach was employed. Primary data were obtained through interviews with the cooperative, while secondary data came from DSN-MUI fatwas, books, and scientific journals. Results indicate that the dominance of murabahah is influenced by the ease of transaction mechanisms, relatively lower risk, profit margin certainty, and high member interest in fixed-installment schemes. The implementation at this cooperative is generally in accordance with DSN-MUI Fatwa No. 04/DSN-MUI/IV/2000, as demonstrated through price transparency, clear margins, and mutual consent in contract execution.
Murabahah; Sharia Cooperatives; DSN-MUI Fatwa; Sharia Financing; Islamic Economics
Copyright (c) 2026 Moh. Asep Zakariya Ansori, Abdul Husenudin, Salsabila Nurapipah, Saevina, M. Erga Firmansyah, Rocky Bayu Kamajaya (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Kemampuan Negosiasi, Kompetensi, dan Independensi Terhadap Kualitas Audit: Studi Empiris pada Auditor Internal Inspektorat Kota Tual Provinsi Maluku
This study aims to determine the effects of: (1) Negotiation Skills on Audit Quality, (2) Competence on Audit Quality, and (3) Independence on Audit Quality. This research is classified as associative research. The population in this study consisted of 32 internal auditors working at the Inspectorate of Tual City, Maluku Province. The data analysis techniques used were simple linear regression analysis and multiple linear regression analysis. The statistical tool used was SPSS 16.0 for Windows. The results of this study indicate that Negotiation Skills, Competence, and Independence have a positive effect on Audit Quality.
Copyright (c) 2026 Muhammad Iman Fatardha, Murtanto Murtanto (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Implementasi Fatwa DSN-MUI NO.02/DSN-MUI/IV/2000 terhadap Akad Wadiah pada Produk Tabungan Easy Wadiah di Bank Syariah Indonesia
The growth of Islamic banking in Indonesia reflects the public’s need for an alternative financial system based on Sharia principles. One concrete example of the implementation of the Islamic banking system is the existence of BSI (Bank Syariah Indonesia). Bank Syariah Indonesia (BSI) offers various savings products, including the Easy Wadiah Savings Account. The objective is to analyze the implementation of the Wadiah contract in the Easy Wadiah savings product at Bank Syariah Indonesia and to ensure the compliance of the Wadiah contract in the Easy Wadiah savings product with the DSN-MUI fatwa based on the DPS supervision report. This study employs a qualitative descriptive method to gain a comprehensive understanding of the implementation of the Easy Wadiah savings product at Bank Syariah Indonesia. Based on the research results, the implementation of the BSI Easy Wadiah Savings Account at Bank Syariah Indonesia (BSI) indicates that this product has been implemented in accordance with Islamic banking principles through the use of the Wadiah (deposit) contract, wherein Bank Syariah Indonesia acts as the party receiving and safeguarding customer funds in a trustworthy manner in accordance with Sharia provisions. Based on the official 2025 DPS report, all supervisory duties and responsibilities are assessed to have been carried out well and effectively in ensuring Sharia compliance across all lines of banking activity. The results of this study indicate that the application of the Wadiah contract in BSI Easy Wadiah Savings product is in accordance with Sharia principles as set forth in DSN-MUI Fatwa No. 02/DSN-MUI/IV/2000 on Savings.
Copyright (c) 2026 Risya Amanda Kusmana, Dzakwan Naufal Aziz, Muhamad Ibrahim, Estu Rahayu, Marsaadina Rizkillah Sa’diyyah, Asep Zakaria Anshori, Abdul Husenudin (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Social Media Marketing dan Kualitas Produk Terhadap Keputusan Pembelian pada UMKM Fashion Traguardo
This study aims to analyze the influence of Social Media Marketing and Product Quality on Purchase Decisions at Traguardo Fashion MSME. The study was motivated by the company's inability to achieve its sales targets despite utilizing social media as a digital marketing platform and maintaining product quality. This research employed a quantitative method with descriptive and verificative approaches. The population consisted of Traguardo Fashion consumers, with a sample of 104 respondents selected using purposive sampling. Data were collected through questionnaires and analyzed using multiple linear regression with SPSS version 26. The results indicate that Social Media Marketing has a positive and significant effect on Purchase Decisions, with a t-value of 7.261 and a significance level of 0.000. Product Quality also has a positive and significant effect on Purchase Decisions, with a t-value of 6.102 and a significance level of 0.000. Simultaneously, Social Media Marketing and Product Quality significantly affect Purchase Decisions, as indicated by an F-value of 62.333 and a significance level of 0.000. The Adjusted R Square value of 0.544 indicates that 54.4% of the variation in Purchase Decisions can be explained by the independent variables, while the remaining 45.6% is influenced by other factors outside the research model. The findings reveal that Social Media Marketing is the most dominant factor influencing consumer Purchase Decisions. Therefore, Traguardo Fashion MSME should optimize its social media marketing activities and consistently maintain product quality to enhance consumer purchase decisions
Social Media Marketing, Product Quality, Purchase Decision, Fashion MSME, Traguardo.
Copyright (c) 2026 Rido Ihsan, Ramadhan Rafael Azzra, Erna Herlinawati (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Pengungkapan CSR Terhadap Nilai Perusahaan dengan Profitabilitas, Leverage, dan Likuiditas Sebagai Moderasi pada Sektor Perbankan di BEI Tahun 2020-2024
This inquiry aims to empirically examine the leverage of Corporate Social Responsibility (CSR) disclosure on corporate worth, while positioning profitability, leverage, and liquidity as potential moderating metrics. Focusing on the banking firms registered on the Indonesia Stock Exchange (IDX) spanning 2020–2024, this empirical study gathered 15 banks as research samples. The structural parameters were calculated using Moderated Regression Analysis (MRA). The empirical insights indicate that CSR disclosure exerts no meaningful effect on firm value. Furthermore, internal financial attributes—namely profitability, leverage, and liquidity—fail to significantly moderate the interaction between CSR reporting and the market valuation of banking firms.
Copyright (c) 2026 Shankisma Bela Negara, Djeni Indrajati Widjaja (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh TATO dan DER Terhadap ROA dengan Nilai Impor Bahan Baku Obat Sebagai Variabel Moderasi Pada Perusahaan Farmasi di Bursa Efek Indonesia Periode 2021-2025
This study aims to examine and analyze the effect of Total Asset Turnover (TATO) and Debt to Equity Ratio (DER) on profitability, measured by Return on Assets (ROA), in pharmaceutical companies listed on the Indonesia Stock Exchange during the 2021–2025 period. Furthermore, this study incorporates Import as a moderating variable to determine its impact on these relationships. The analysis was conducted using panel data regression via EViews software. The results show that TATO has a positive and significant effect on ROA, indicating efficient asset utilization in generating profit. Conversely, DER has a negative and significant effect, reflecting the financial risk burdening corporate profitability. Moderation analysis proves that Import significantly strengthens the influence of TATO and DER on ROA. The Adjusted R-squared value of 0.7687 demonstrates that the model explains 76.87% of the variance in ROA, while the remainder is attributed to factors outside the model. These findings provide strategic implications for pharmaceutical financial managers in optimizing asset structures and debt policies amidst the volatility of raw material import reliance. This research underscores the importance of operational efficiency and funding risk management in enhancing corporate financial performance.
Total Asset Turnover (TATO), Debt to Equity Ratio (DER), pharmaceutical raw material import value, Return on Assets (ROA), pharmaceutical companies
Copyright (c) 2026 Leni Nuraeni, Nabilla Nurjannah, Nur Diansyah, Muhamad Nunu, Dinda Nurizka Putri, Erna Herlinawati (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Determinan Harga Saham: Peran RasioPasar dan Nilai Buku Ekuitas pada Sektor Pertambangan 2021–2024Analisis Determinan Harga Saham: Peran RasioPasar dan Nilai Buku Ekuitas pada Sektor Pertambangan 2021–2024
Fundamental analysis through financial ratios remains a critical tool for investors navigating the high-volatility environment of commodity-based equity markets. This study investigates the extent to which Earnings Per Share (EPS) and Book Value Per Share (BVPS) contribute to stock price formation among mining companies listed on the Indonesia Stock Exchange (IDX) over the 2021–2024 observation period. Employing a causal-quantitative design with multiple linear regression, this study analyzed 72 firm-year observations drawn from 18 selected companies through purposive sampling. Statistical estimation confirms that EPS exerts a positive and significant influence on stock prices (t = 6.101; p = 0.001), and BVPS similarly demonstrates a positive and significant effect (t = 3.097; p = 0.003). The joint significance test further validates that both variables collectively explain stock price movements. These results reinforce the signaling role of fundamental financial information in commodity equity valuation, underscoring the importance of earnings quality and net asset strength as investor decision drivers.
Copyright (c) 2026 Rachmat Rinaldi, Djeni Indrajati Widjaja (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Manajemen Strategis Untuk Meningkatkan Daya Saing UMKM di Era Transformasi Digital
Advances in digital technology have led to significant changes in the way businesses operate and increased competition in various sectors, including Micro, Small, and Medium Enterprises (MSMEs). This situation forces MSMEs to implement efficient strategic management to survive and increase their competitiveness in the digital era. This study aims to explore the role of strategic management in strengthening MSME competitiveness using the Systematic Literature Review (SLR) method. Data were obtained from 20 national scientific articles published between 2021 and 2025 and selected through Google Scholar based on predetermined inclusion criteria. The study findings indicate that the implementation of digital strategies, business innovation, digital marketing, and the regular use of information technology have a positive effect on increasing MSME competitiveness. However, low digital literacy and limited human resources remain major obstacles in the digital transformation process. This study concludes that strategic management is a crucial framework that not only supports technology adoption but also influences the extent to which technology can drive the sustainability and optimal growth of MSMEs.
Strategic Management, MSMEs, Competitiveness, Digitalization Transformation
Copyright (c) 2026 Shofia Nawang Hayyuni, Tina Dwi Sri Martiani, Abdul Wahid Al Farizi (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Profitabilitas, Ukuran Perusahaan, dan Leverage Terhadap Audit Delay
This think about points to look at the impact of benefit, firm estimate, and use on review delay in genuine bequest and property companies recorded on the Indonesia Stock Exchange (IDX) during the period 2022–2024. Convenient budgetary detailing is basic for keeping up the significance and unwavering quality of bookkeeping data, whereas review delay may decrease the convenience of money related explanations for partners. This investigate utilized a quantitative approach utilizing auxiliary information gotten from yearly reports and examined monetary explanations. The test was chosen employing a purposive inspecting strategy, and the information were analyzed utilizing board information relapse with EViews. The results indicate that productivity incorporates a negative impact on review delay, proposing that companies with higher profitability tend to total the review handle more rapidly. Firm estimate moreover incorporates a negative impact on review delay since bigger companies for the most part have way better inside control frameworks and detailing capabilities. In the interim, use incorporates a positive impact on review delay due to the expanded complexity and review chance related with higher obligation levels. These discoveries give suggestions for company administration, evaluators, speculators, and controllers in progressing the convenience of money related announcing.
audit delay; firm size; leverage; profitability; real estate
Copyright (c) 2026 Karel Miroslav Jacob Vieira, Ayu Aulia Oktaviani (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pesantren are Islamic educational institutions that play a strategic role in character building, the development of Islamic knowledge, and community empowerment. In efforts to improve the quality of pesantren education, supervision serves as an important instrument implemented by the Ministry of Religious Affairs through the Directorate of Pesantren. This study aims to analyze the implementation of pesantren supervision in Indonesia, the institutional relationship between pesantren and the Ministry of Religious Affairs, as well as the duties and functions of the Directorate of Pesantren in guiding and supervising the administration of pesantren education. The research employed a literature review method by collecting and analyzing various scholarly sources, regulations, and relevant research findings. The results indicate that pesantren supervision encompasses both managerial and academic aspects aimed at improving governance quality, learning processes, educators’ competencies, and students’ welfare. The relationship between pesantren and the Ministry of Religious Affairs is synergistic within the framework of the national education system, whereby the government provides recognition, guidance, and facilitation for the implementation of pesantren education. The Directorate of Pesantren plays a strategic role in policy formulation, supervision implementation, monitoring, evaluation, and the development of educational quality and institutional capacity within pesantren. Therefore, pesantren supervision constitutes an essential instrument for fostering high-quality, accountable pesantren while preserving their distinctive characteristics as Islamic educational institutions in Indonesia.
Copyright (c) 2026 Devan Atha Dewangga Setiawan, Moh Hasan Romadhoni, Muhammad Nur Afdholun Mukarim (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Inflasi, Kurs Rupiah dan Suku Bunga Terhadap Indeks Harga Saham Gabungan Dimoderasi Harga Emas
This study aims to analyze the effect of inflation, exchange rate, and interest rate on the Indonesia Composite Index (IHSG) with gold prices as a moderating variable. The data used in this study are monthly time series data from January 2021 to December 2025, analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that inflation has a positive and significant effect on IHSG, while the exchange rate has no significant effect. Interest rates are found to have a negative and significant effect on IHSG. Gold prices strengthen the relationship between inflation and IHSG, but weaken the relationship between exchange rates and IHSG. However, gold prices are not able to moderate the effect of interest rates on IHSG. These findings indicate that the role of gold as a moderating variable is contextual and more effective under conditions of economic uncertainty caused by inflation and exchange rate fluctuations rather than monetary policy changes. This study contributes to the literature by highlighting the role of gold as a safe haven asset in influencing the relationship between macroeconomic variables and stock market performance. This study highlights the contextual role of gold as a moderating variable in emerging stock markets.
Inflation, Exchange Rate, Interest Rate, Gold Price
Copyright (c) 2026 Noviana Azhar Azizah, Ratnaningrum Ratnaningrum (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Risiko dan Tingkat Pengembalian Terhadap Investasi Bitcoin di Indonesia
This study aims to analyze the risk level and rate of return of Bitcoin investment in Indonesia during the period 2020–2024. Bitcoin was selected as the research object due to its high volatility and its position as the cryptocurrency with the largest market capitalization. This research employs a quantitative descriptive approach using secondary data in the form of monthly closing prices obtained from CoinMarketCap and Investing.com. Data analysis was conducted by calculating monthly returns, standard deviation as a measure of risk, and coefficient of variation to assess investment efficiency. The results show that Bitcoin has a risk level of 19.79%, indicating high price volatility. However, Bitcoin generated significant returns in several periods, particularly in 2020, 2021, and 2024. These findings confirm that Bitcoin is characterized as a high-risk, high-return investment. Thus, Bitcoin investment is more suitable for aggressive investors with high risk tolerance rather than conservative investors.
Risk, Return, Bitcoin Investment, Volatility, Cryptocurrency
Copyright (c) 2026 Septiana Nur Anggraeni, Vega Anismadiyah (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pemetaan Kinerja Finansial Pt Hutama Karya (Persero) Periode 2023–2025
This study aims to examine the financial condition of PT Hutama Karya (Persero) over a three-year period, from 2023 to 2025, using a financial ratio analysis approach. The research employed a quantitative descriptive method utilizing secondary data in the form of independently audited consolidated financial statements. The analysis covered four dimensions of financial ratios: liquidity (current ratio and quick ratio), solvency (debt-to-equity ratio, debt-to-assets ratio, equity ratio, and interest coverage ratio), profitability (gross profit margin, operating profit margin, net profit margin, return on assets, and return on equity), and activity (total asset turnover). The results indicate that liquidity experienced pressure in 2025, as reflected by a decline in the current ratio to 1.71 times, mainly due to reduced cash balances resulting from the accelerated completion of the Trans-Sumatra Toll Road project. On the other hand, the company’s capital structure continued to improve, as evidenced by a decrease in the debt-to-equity ratio from 0.46 times to 0.34 times. Profitability also demonstrated consistent growth, with the net profit margin increasing from 6.95% in 2023 to 12.29% in 2025. These findings suggest that although short-term liquidity management still requires attention, the overall financial performance of PT Hutama Karya (Persero) has been on a steadily improving trajectory.
financial ratios; financial performance; state-owned enterprise; PT Hutama Karya; toll roads
Copyright (c) 2026 Rayan Akhsan Ramadhan, Iyan Ramadhan Putra, Muhammad Faiz, Rifan Ardiansyah, Arif Rakhman (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Green Intellectual Capital, Komisaris Independen, dan Kepemilikan Manajerial Terhadap Nilai Perusahaan
This study aims to examine and analyze the effect of Green Intellectual Capital, Independent Commissioners, and Managerial Ownership on Firm Value in real estate and property companies listed on the Indonesia Stock Exchange during 2022–2024. This research used a quantitative method with secondary data obtained from annual reports and financial statements. The data were analyzed using panel data regression analysis. The results show that Green Intellectual Capital, Managerial Ownership, and Independent Commissioners have a positive and significant effect on Firm Value. This study is expected to provide references for companies and investors in improving firm value through environmental-based intellectual capital management and the implementation of good corporate governance.
Copyright (c) 2026 Trisna Putri Wijayaning Suri, Titik Aryati (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Etika Konsumen Islami, Religiusitas, dan Paparan Kampanye Boikot Terhadap Keputusan Menikmati Film yang Terafiliasi Israel Dengan Niat Menikmati Film Sebagai Variabel Intervening: Studi Kasus pada Komunitas Pengguna Letterboxd di Indonesia
This study aims to analyze the effect of Islamic consumer ethics, religiosity, and exposure to boycott campaigns on the decision to enjoy Israel-affiliated films, with the intention to enjoy films as an intervening variable, within the Letterboxd user community in Indonesia. The growing awareness among Muslim consumers regarding the geopolitical affiliations of entertainment products, particularly amid the Palestinian-Israeli conflict increasingly discussed on digital platforms, serves as the background of this research. This study employed a quantitative approach using an online survey questionnaire distributed to 159 respondents who are active Letterboxd users, Muslim, and residing in Indonesia. The independent variables include Islamic consumer ethics (X1), religiosity (X2), and exposure to boycott campaigns (X3), while the dependent variable is the decision to enjoy Israel-affiliated films (Y), with the intention to enjoy films (Z) as the intervening variable. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS 4 software, grounded in the Theory of Planned Behavior (TPB) by Ajzen (1991).The findings indicate that the intention to enjoy films significantly mediates the effect of Islamic consumer ethics on the decision to enjoy Israel-affiliated films through a full mediation mechanism. Conversely, the intention to enjoy films does not significantly mediate the effect of religiosity on the decision to enjoy Israel-affiliated films, suggesting that general religiosity alone is insufficient to directly drive avoidance of specific digital entertainment content. Boycott campaign exposure demonstrated the strongest mediating influence among all variables, establishing it as the most powerful predictor in shaping the intention and decision to enjoy Israel-affiliated films within the Letterboxd user community in Indonesia.
Copyright (c) 2026 Ahsan Zanky Fikry Al Hamidy, Yan Putra Timur (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Analisis Pengaruh Kawasan Ekonomi Khisus (KEK) Mandalika Terhadap Pertumbuhan Ekonomi di Kabupaten Lombok Tengah
This study aims to analyze the effect of the Mandalika Special Economic Zone (SEZ) on economic growth in Central Lombok Regency by examining the influence of Foreign Direct Investment (FDI), road infrastructure, and Regional Original Revenue (PAD) on Gross Regional Domestic Product (GRDP). This research employs a quantitative method using multiple linear regression analysis with time series data from 2015 to 2024 obtained from the Central Bureau of Statistics (BPS). The results show that partially, road infrastructure has a positive and significant effect on GRDP, while FDI and PAD do not have a significant effect despite showing a positive relationship. Simultaneously, FDI, road infrastructure, and PAD have a significant effect on GRDP, with a coefficient of determination (R²) of 0.842682, indicating that the model has strong explanatory power. These findings suggest that the existence of the Mandalika SEZ has not yet fully provided a direct impact through foreign investment and regional revenue, but is more influenced by the role of infrastructure in driving regional economic activities. Therefore, it is necessary to optimize the linkage between investment, infrastructure, and local economic sectors to ensure that the benefits of the Mandalika SEZ can be more widely and evenly distributed.
Copyright (c) 2026 Marsha Ayu Safitri, Hj Emi Salmah (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Motivasi Kerja, dan Lingkungan Kerja Terhadap Kinerja Karyawan CV. Har Gorden Palembang
This research aims to determine the influence of work motivation and work environment on CV employee performance. Har Gorden Palembang simultaneously and partially. The sample used was 62 respondents taken using Cluster Sampling. The analysis technique uses multiple linear regression, F and t hypothesis testing and the coefficient of determination. The results of research from multiple linear regression show that work motivation and work environment have a positive effect on CV employee performance. Har Gorden Palembang. The results of simultaneous hypothesis testing show that work motivation and work environment affect employee performance at CV. Har Gorden Palembang. Partially, it shows that work motivation significantly influences employee performance and the work environment significantly influences CV employee performance. Har Gorden Palembang. The results of the coefficient of determination show that the Work Motivation and Work Environment variables are able to contribute to the rise and fall of employee performance by 46.5%.
Copyright (c) 2026 Ira Mutiara Ramadhani, Maftuhah Nurrahmi, Lesi Agusria (Author) https://creativecommons.org/licenses/by-nc-sa/4.0
Pengaruh Profitabilitas dan Leverage Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Sektor Basic Materials yang Terdaftar di BEI Periode 2020 – 2024
This study aims to empirically analyze the effect of profitability and leverage on firm value with dividend policy as a moderating variable in manufacturing companies within the basic materials subsector listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. The population of this study consists of 108 companies, with a sample of 16 companies selected using purposive sampling, resulting in 80 observations. This research employs a quantitative approach using secondary data in the form of companies’ annual financial statements. Data analysis techniques include descriptive statistics, classical assumption tests, and hypothesis testing, which consist of Moderated Regression Analysis (MRA), t-test, F-test, and coefficient of determination (R² test). The results show that profitability has no significant effect on firm value, with a significance value of 0.9710 > 0.05. Leverage also has no significant effect on firm value, with a significance value of 0.1277 > 0.05. Dividend policy is able to moderate the effect of profitability on firm value, with a significance value of 0.0139 < 0.05. However, dividend policy is not able to moderate the effect of leverage on firm value, with a significance value of 0.3641 > 0.05.
Profitability; Leverage; Firm Value; Dividend Policy; Indonesia Stock Exchange (IDX)
Copyright (c) 2026 Cesar Diaz Pratama, G. A. Sri Oktaryani (Author) https://creativecommons.org/licenses/by-nc-sa/4.0