Sharia Economic and Management Business Journal (SEMBJ)

Entrepreneurial Marketing, Innovation, and Halal SME Performance: An Islamic Business Perspective

Wed, 03 Jun 2026 01:03:42 +0700

Background: This study examines the role of entrepreneurial marketing in enhancing halal-oriented manufacturing SME performance in Indonesia from an Islamic business perspective. In increasingly uncertain and competitive business environments, halal-oriented SMEs are expected not only to achieve financial performance but also to maintain ethical integrity, transparency, and stakeholder trust in accordance with Islamic business principles. Despite the growing importance of halal business practices, limited research has explored how entrepreneurial marketing contributes to SME performance within an Islamic ethical context.

Method: This study employed a quantitative research approach using survey data collected from 75 manufacturing SMEs in Surabaya, East Java, Indonesia. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the direct effect of entrepreneurial marketing on SME performance, the impact of entrepreneurial marketing on innovation, and the mediating role of innovation in the relationship between entrepreneurial marketing and SME performance.

Results: The findings reveal that entrepreneurial marketing has a positive and significant effect on both innovation and SME performance. Furthermore, innovation partially mediates the relationship between entrepreneurial marketing and SME performance, indicating that SMEs with stronger entrepreneurial marketing capabilities are better positioned to enhance innovation and achieve superior organizational outcomes. These findings also suggest that ethical innovation and proactive market orientation contribute significantly to strengthening halal SME competitiveness.

Conclusion: Entrepreneurial marketing represents an important strategic capability for improving halal-oriented SME performance while remaining aligned with Islamic business ethics. The integration of entrepreneurial initiatives and innovation enables SMEs to strengthen competitiveness, enhance stakeholder trust, and generate sustainable organizational value. These outcomes are consistent with Islamic principles emphasizing amanah (trustworthiness), adl (fairness), and maslahah(social benefit), highlighting the relevance of ethical business practices in achieving long-term performance.

Integrating Tam and Islamic Work Ethics to Explain AI Adoption in Digital Marketing of Halal Msmes in Indonesia

Ricka Handayani, Ahmad Afandi — Wed, 03 Jun 2026 01:34:17 +0700

Background: This study aims to analyze the factors influencing the Adoption of Artificial Intelligence (AI) in digital marketing in halal MSMEs in Indonesia. The research focuses on understanding how perceptions of Usability, Islamic work ethics, market pressures, and technological readiness shape attitudes toward adoption, which in turn influence intentions to adopt AI.

Method: The research approach is a quantitative, descriptive study involving 280 halal MSMEs active in digital marketing. The analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the direct and indirect relationships between variables, including the mediating role of attitudes towards adoption.

Results: The study found that all tested factors had a positive effect on attitudes towards AI adoption. Attitudes toward adoption have been shown to mediate the relationship between these factors and adoption intentions. These findings confirm that fostering a positive attitude is key to encouraging MSMEs' intention to adopt AI. The study's results emphasize the importance of increasing perceptions of benefits, ease of use, alignment with ethical values, responsiveness to the market, and technological readiness to drive AI adoption. Governments, technology providers, and religious institutions can support MSMEs by providing user-friendly AI training, guidance, and solutions to strengthen adoption-readiness.

Conclusion: This study contributes to the literature on technology adoption in MSMEs by integrating cultural, ethical, and market pressure factors, as well as emphasizing the role of attitude mediation in shaping AI adoption intentions in the context of halal business.

Halal Fashion Purchase Decision Model: Product Quality and Modern Digital Tekhnology

Nurul Jannah, Nurhayati, Zuhrinal M. Nawawi — Wed, 03 Jun 2026 00:00:00 +0700

Background: Indonesia has achieved first place in the global modest fashion sector with halal fashion consumption projected to reach USD 330.5 billion by 2025. However, there is a gap between the size of the market potential and consumer purchasing behavior, especially among urban Muslim millennials and Generation Z, who have unique characteristics and preferences in the digital era. This study aims to analyze the halal fashion purchase decision model by integrating product quality and modern digital technology factors among urban Muslim millennial and Generation Z consumers in Indonesia

Method: This study uses a quantitative approach with an explanatory design through the Partial Least Squares (PLS)-based Structural Equation Modeling (SEM) method. Data were collected from 300 urban Muslim millennial and Generation Z respondents using purposive sampling technique. The measurement instrument used a Likert scale questionnaire to measure product quality, modern digital technology, and halal fashion purchase decisions.

Results: The results show that the structural model developed has strong predictive power with an R-Square value of 0.626, meaning that 62.6% of the variation in halal fashion purchase decisions can be explained by product quality and modern digital technology variables. Modern digital technology emerged as the dominant factor most significantly influencing halal fashion purchase decisions with a t-statistic value of 8.512 and p-value 0.000, categorized as having a strong influence with f-square value of 0.381. Meanwhile, product quality has a significant but relatively weak influence with t-statistic 3.246, p-value 0.001, and f-square value of 0.074.

Conclusion: The findings indicate a paradigm shift in urban Muslim consumer priorities from traditional product quality orientation toward digital accessibility and experience. This research contributes theoretically to the development of consumer behavior theory in the context of Islamic economics by integrating Theory of Planned Behavior from an Islamic perspective and Maqashid Syariah theory.

A Purchase Decision Behavior Model by Generation Z: The Mediating Role of Consumer Motivation

Wed, 03 Jun 2026 00:00:00 +0700

Background: Given Generation Z’s significant dependence on e-commerce platforms, it is crucial to understand how they shop in the digital economy. However, limited studies have examined how affiliate marketing and advertising influence actual purchase decisions, particularly when mediated by consumer motivation.

Method: A quantitative explanatory design was employed using a survey of 200 Generation Z respondents aged 18 to 26 who actively make online purchases. Data were collected through a structured questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. A bootstrapping approach was applied to test the mediation effect.

Results: The findings indicate that advertising has a significant influence on consumers’ purchase decisions (β = 0.578, p < 0.05), whereas affiliate marketing does not. Both affiliate marketing and advertising positively influence consumer motivation; however, motivation does not significantly affect purchase decisions

Conclusion: These findings advance motivation theory by highlighting the greater influence of external digital stimuli over intrinsic drivers in shaping Generation Z’s purchasing behavior. Practically, the study suggests that Indonesian e-commerce platforms, such as Shopee and Tokopedia, should prioritize interactive and storytelling-based advertising combined with urgency-driven strategies (e.g., flash sales and exclusive promotions) to enhance purchase effectiveness

Integration of Artificial Intelligence and Human Communication in Managerial Decision Making

Lilis Yuningsih, Dadang Hermawan, I Made Darsana — Thu, 04 Jun 2026 09:44:36 +0700

Background: The development of digital transformation has encouraged modern organizations to utilize artificial intelligence to improve decision-making effectiveness. However, the implementation of AI in organizations still requires the support of human communication to ensure effective information interpretation, organizational coordination, and the quality of managerial decisions. This study aims to analyze the effect of the integration of artificial intelligence and organizational communication on managerial decision-making in hospitality companies in Java and Bali.

Method: This study employed a quantitative approach with an explanatory research design. Data collection involved distributing questionnaires to 182 respondents, consisting of managers, supervisors, and professional staff in service, hospitality, education, and digital companies in Java and Bali. Data analysis used multiple linear regression with SPSS.

Results: The results of the study indicate that Artificial Intelligence has a positive and significant effect on managerial decision-making with a significance value of 0.000 < 0.05. Human communication also has a positive and significant effect on managerial decision-making with a significance value of 0.001 < 0.05. Simultaneously, artificial intelligence and human communication have a significant effect on managerial decision-making with a coefficient of determination of 64.8%. The results of the study indicate that the integration of AI and human communication is the most appropriate approach in creating an effective decision-making system based on human-centered management in the era of digital transformation.

Conclusion: This research provides theoretical contributions to the development of technology communication and digital management studies and provides practical implications for organizations in optimizing the use of AI by strengthening organizational communication.

The Meaning of Artificial Intelligence (AI) Utilization in Business: A Phenomenological Study from the Perspective of Muslim Entrepreneurs in Indonesia

Purnama Putra, Sudana Sudana, Solihah Sari Rahayu — Mon, 08 Jun 2026 00:00:00 +0700

Background: The development of Artificial Intelligence (AI) has brought significant changes to the business world, including among Muslim entrepreneurs. However, this advancement raises questions about how such technology can be utilized without neglecting Islamic values. This study aims to understand how Muslim entrepreneurs interpret spiritual values, apply Islamic ethics, and perceive the economic and efficiency functions of AI usage.
Method: A qualitative method with a phenomenological approach was employed to explore the experiences of Muslim entrepreneurs in Indonesia, selected through purposive sampling. Data were analyzed using NVivo software.
Results: The findings reveal that the meaning of AI usage encompasses five core values: tawhid (monotheism), amanah (trustworthiness), sharia compliance, efficiency, and gratitude. The application of Islamic ethics is reflected in honesty, justice, social responsibility, trust, and ihsan (excellence) in the utilization of technology. The interpretation of AI’s economic and efficiency functions is viewed as part of human effort (ikhtiar) to enhance productivity and competitiveness while maintaining spiritual balance and social welfare.
Conclusion: The implications of this study highlight the potential for developing AI usage guidelines that align with Islamic ethics, ensuring efficiency and competitiveness while upholding justice and social responsibility.

Beyond Financial Metrics: A Systematic Review of Maqasid Based Performance Measurement in Islamic Banking

Mahfuz, Moh Asmawi, Nanda Khairiyah — Tue, 09 Jun 2026 14:11:38 +0700

Background: This study examines the development of maqasid al-shariah-based performance measurement in Islamic banking and addresses the limitations of existing approaches. Despite the rapid growth of Islamic banking, performance evaluation remains largely dominated by conventional financial indicators, which fail to capture the broader ethical and socio-economic objectives embedded in maqasid al-shariah. In response, various studies have proposed maqasid-based models; however, these approaches often reduce maqasid into static and fragmented indicators, limiting their conceptual and practical relevance.

Method: This study employs a systematic literature review (SLR) approach, guided by the PRISMA framework, to analyze 15 selected studies published between 2015 and 2025.

Results: The findings reveal that the existing literature is characterized by three major issues: the dominance of indicator-based measurement, the lack of interconnectedness among maqasid dimensions, and the absence of process-oriented evaluation. Additionally, the literature remains fragmented across multiple domains, including banking performance, socio-economic development, governance, and financial innovation. To address these limitations, this study proposes a reconstruction of maqasid-based performance measurement using a systems approach inspired by Jasser Auda. This approach conceptualizes maqasid as a dynamic and interconnected framework, emphasizing the relationships between inputs, processes, outputs, and outcomes.

Conclusion: The study contributes to bridging the gap between normative maqasid theory and empirical application, offering a more holistic and integrative framework for evaluating Islamic banking performance. The findings also provide practical implications for regulators and practitioners in developing performance measurement systems that align with the ethical and socio-economic objectives of Islamic finance.

Budget Participation and Managerial Performance in Local Government: Leader–Member Exchange as Relational Governance Mediator

Sri Widodo, Wiyasto Dwi Handono, Vidya Devia Ardania, Tri Siwi Nugrahani — Tue, 09 Jun 2026 16:07:55 +0700

Background: Managerial performance in local government organizations remains a persistent governance challenge, as formal administrative reforms and participatory budgeting mechanisms have demonstrated limited and inconsistent capacity to produce effective organizational outcomes. Existing literature has predominantly conceptualized budget participation and information asymmetry as isolated technical variables, leaving the relational governance mechanisms connecting these constructs to managerial effectiveness substantially underexplored.

Method: This study employs a quantitative explanatory design using cross-sectional survey data collected from 178 officials within Local Government Organizations (Organisasi Perangkat Daerah/OPD) in Bantul Regency, Indonesia. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS 4, with Leader–Member Exchange (LMX) positioned as a relational governance mediator.

Results: Budget participation positively affects managerial performance (β = 0.210) and LMX quality (β = 0.675), while information asymmetry exerts significant negative effects on both managerial performance (β = −0.179) and LMX (β = −0.536). LMX strongly influences managerial performance (β = 0.650) and significantly mediates both relationships, confirming its role as a primary relational governance mechanism.

Conclusion: Governance effectiveness in local government is fundamentally relational rather than procedural. The findings resonate with Islamic governance principles of shura, amanah, and adalah, suggesting that participatory, transparent, and trust-based governance practices are essential for sustained managerial effectiveness in public sector institutions.

The Mediating Role of Destination Image on the Effect of Smart Tourism Applications on Behavioral Intentions of Tourists to Aceh: Moderated by Information Search

Mon, 08 Jun 2026 00:00:00 +0700

Background: This research examines the influence of Smart Tourism Applications on tourists' Behavioral Intentions in Aceh, with Destination Image as a mediating factor and Information Search Behavior as a moderating variable.

Method: Using a quantitative approach, the research surveyed tourists who used smart tourism applications during their visit to Aceh.

Results: The results reveal that the Smart Tourism Application significantly influences Destination Image, positively affecting tourists' intention to visit or revisit the destination. Furthermore, the destination image is a key mediator that links the Smart Tourism Application to tourists' behavioral intentions. However, Information Search Behavior did not significantly enhance the connection between the application and tourists' behavioral intentions. This indicates that the quality of information offered by the application plays a more critical role in influencing tourists' perceptions and building their confidence. The practical implication of this study is the need to optimize smart tourism applications to support Aceh's Syariah-based tourism by providing comprehensive information about local culture, halal facilities, and religiously guided tourism.

Conclusion: This research contributes to the literature on technology in tourism, particularly in religious and cultural destination contexts, and offers insights for developing more effective destination marketing strategies.

Strengthening Micro, Small, and Medium Enterprise (MSMES) in Response to the Policies on the Use of Domestic Products: A Case Study in Bekasi City

M. Ikhsan, Taufik Akbar, Abdi Sugiarto — Tue, 09 Jun 2026 19:20:33 +0700

The study aimed to describe the strengthening of MSMEs carried out by the Bekasi City government in terms of capital, products, and marketing in response to policies on using domestic products within the Bekasi City government. The research used a qualitative approach. Primary data were collected using in-depth interviews with selected informants from local governments, MSMEs, and academia. This research found that the Bekasi City government has made various efforts to strengthen MSMEs in Bekasi through the Dinas Koperasi dan UKM Kota Bekasi (DKUKM Bekasi City), namely 1) socialization and training on home industry food and Pangan-Industri Rumah Tangga (P-IRT) certification are given to the MSMEs; 2) training to improve packaging management capabilities and socialize halal certificates; 3) preparing funds for capital through Bank Syariah Patriot; 4) holding various promotions such as exhibitions, Ramadhan bazaars; and 5) training on making Business Identification Numbers (Nomor Induk Berusaha/NIB), digital marketing, entrepreneurship training or workshops, Home Industry Food Certification (P-IRT), using Shopee for MSMEs, and curation of the MSME products.

Reciprocal Influence of Liquidity and Capital Structure on Profitability in Electronic Retail Companies on the Indonesian Stock Exchange 2021-2023

Tue, 09 Jun 2026 00:00:00 +0700

Background: Profitability is the company's ability to earn profits in a certain period. Profitability can be used as a reference for investors when they want to make an investment, and is important information for other related parties. The company's profitability will be assessed as having good performance so that it can survive and compete. Companies that produce high profitability will be able to survive and have high competitiveness. For management, profitability is important information for making better and profitable decisions. Profitability is influenced by many variables, including capital structure and liquidity. The analysis of capital structure and liquidity in relation to profitability is a good thing if it is linked to strategic decision-making.

Method: In this research, the data used is secondary data in the form of annual financial reports published on the IDX and the company's official website during the 2021-2023 period. The type of research used is explanatory research. The research carried out in this study used a quantitative approach. The population comprised 8 retail companies. The sampling technique was purposive sampling. The analysis technique used was descriptive statistical analysis, with data processing using Microsoft Excel and SPSS Version 21.

Results: The findings show that liquidity significantly and positively affects profitability, with a t-test significance value of 0.031. Capital structure also has a significant positive effect on profitability, with a significance value of 0.030. Reciprocally, liquidity and profitability influence each other positively, where the effect of profitability on liquidity shows a t-test significance of 0.011.

Conclusion: This study concludes that liquidity has a higher significance level than capital structure; therefore, companies should pay greater attention to liquidity because it contributes to increased profitability. Reciprocally, the effect of capital structure on profitability is significantly positive, but profitability does not affect capital structure, indicating that companies tend to rely on internal funding in line with the Pecking Order Theory.

The Role of Islamic Banking in Economic Growth: Financial Deepening and Bank Efficiency

Nurul Inayah, Azhari Akmal Tarigan, Isnaini Harahap — Tue, 09 Jun 2026 00:00:00 +0700

Background: The success of economic development is reflected in the level of welfare experienced by the society. According to data from the Financial Services Authority (OJK), the Islamic economy has become one of the largest contributors to the national economy, accounting for 46 percent of the total GDP. This study aims to analyze the role of Islamic banking in supporting economic growth in Indonesia.

Method: A quantitative approach is employed using secondary monthly time series data covering the period from January 2018 to December 2023. The research applies the Vector Autoregressive (VAR) method in its restricted form, known as the Vector Error Correction Model (VECM), using EViews 12 software. The variables used include total financing (TP) as a proxy for financial deepening, BOPO as a proxy for banking efficiency, FDR as a proxy for risk management, the number of bank offices (JK) as a proxy for financial inclusion, and Gross Domestic Product (GDP) as a proxy for economic growth.

Results: The results reveal that the role of the Islamic banking sector in Indonesia’s economic growth is stronger and more significant in the long run than in the short run. In the short term, total financing (TP) has not shown a significant effect on GDP, while banking efficiency (BOPO) exerts a direct and significant influence. In the long term, however, total financing and banking efficiency exhibit a more stable and significant relationship with economic growth, with Islamic banking efficiency (BOPO) contributing the most to GDP, at around 20–21%.

Conclusion: These findings indicate that Islamic banking plays a pivotal role in sustaining Indonesia’s long-term economic growth, aligning with the objectives of maqāṣid al-sharī‘ah in realizing economic welfare (ḥifẓ al-māl and ḥifẓ al-nafs) and contributing to the achievement of the Sustainable Development Goals (SDGs), particularly in promoting inclusive and sustainable economic growth.

Unraveling the Employability Paradox: The Impact of Compensation and Training on Turnover Intention in the Airline Catering Industry

Rina Syafitri, Nidya Dudija — Tue, 09 Jun 2026 00:00:00 +0700

Background: Retaining skilled employees in the high-pressure airline catering sector remains a critical organizational challenge, particularly in labor-intensive environments characterized by operational demands, strict service standards, and limited career mobility. Compensation and training are commonly recognized as strategic human resource practices to reduce turnover intention and strengthen employee attachment. However, empirical findings remain inconsistent, especially regarding the mediating role of employee engagement in explaining employee retention behavior across hierarchical organizational levels.
Method: This study employed a quantitative cross-sectional research design. Primary data were collected through systematic random sampling involving 175 permanent employees from various hierarchical levels at an Indonesian airline catering company. Data were analyzed using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) to examine the direct and indirect relationships among compensation, training, employee engagement, and turnover intention.
Results: The findings demonstrate that fair compensation significantly reduces turnover intention while simultaneously enhancing employee engagement across organizational departments. In contrast, training programs positively influence employee engagement but fail to significantly suppress turnover intention. The results further reveal an employability paradox, where extensive training investments increase employees’ external marketability when not accompanied by clear internal career advancement opportunities. Moreover, employee engagement does not mediate the relationship between training and turnover intention, indicating the collapse of engagement as a psychological retention mechanism within the organizational context studied.
Conclusion: The study concludes that for mature employees operating across multiple organizational layers, retention is driven more strongly by direct economic exchange mechanisms than by affective emotional attachment. Compensation remains the most effective retention instrument, whereas training initiatives without structured career pathways may unintentionally encourage employee mobility toward external opportunities. These findings highlight the importance of aligning organizational development programs with long-term internal career strategies to strengthen workforce retention in the airline catering industry.

Archival Storage Model in The Business Administration Department of Politeknik Negeri Medan

Jumjuma, Nursiah Fitri, Lily Maryam Nasution, Aulia Benazira, Pitono — Tue, 09 Jun 2026 00:00:00 +0700

Background: This study develops an electronic archival storage model for the Business Administration Department of Politeknik Negeri Medan to overcome issues of unsystematic filing, slow retrieval, limited digital adoption, and the absence of standardized procedures.

Method: Using a ten-stage Research and Development (R&D) design, data were collected through observations and structured interviews with departmental leaders, staff, lecturers, and students. Thematic qualitative analysis guided the design of a four-cabinet archival system integrated with cloud-based digital processes.

Results: The study identifies four key issues: the diversity of physical and electronic archives, inconsistent classification and indexing, limited digital infrastructure and training, and both advantages and challenges of digital management. Although digitalization improves retrieval efficiency, physical archives remain dominant and gaps persist in cybersecurity, metadata standards, and organizational readiness. The proposed model enables document retrieval in less than one minute and supports more systematic and secure archival practices.

Conclusion: This research offers a holistic, context-specific archival model that integrates digital transformation, cloud storage, and data governance extending beyond conventional filing systems and providing a scalable framework for broader institutional use.

Financial Deepening on Sharia Finance Perspective: Analysis in Indonesia and Malaysia

Wed, 10 Jun 2026 12:23:48 +0700

This study examines the dynamic relationship between the Islamic financial sector and financial deepening in Indonesia and Malaysia by integrating two key components of the sharia financial system: the sharia capital market and Islamic banking. Using monthly pooled data from 2014-2024 and employing the Autoregressive Distributed Lag approach, the research investigates both short-term and long-term effects of corporate sukuk, sharia stocks, third-party funds, total assets, interest rates, and exchange rates on financial deepening. The findings reveal that corporate sukuk exert a negative influence on financial deepening in the short run, primarily due to their illiquidity and dominance by institutional buy-and-hold investors, while showing no significant long-term effect in either country. Sharia stocks positively affect financial deepening only in the short run, whereas long-term effects remain insignificant because of market volatility, limited liquidity, and structural constraints within the sharia capital market. Third-party funds demonstrate a contrasting pattern, showing negative short-run effects but a strong and positive long-run impact, indicating their growing role in supporting Islamic banking intermediation. Total asset contributes positively to financial deepening in the short term; however, their long-term effect becomes negative, reflecting inefficiency in translating asset growth into real-sector financing. Robustness test using Malaysia support the main model’s conclusion. The study underscores the importance of enhancing liquidity, strengthening intermediation efficiency, and improving cross-sector sharia financial integration to maximize the contribution of Islamic finance toward sustainable financial deepening in dual banking systems.

Does Income Matter? Moderating Effect on Financial Literacy and Financial Behavior

Sunarmi Sunarmi, Vivi Hapsari, Syiriac Nellikunnel Devashia — Wed, 03 Jun 2026 00:00:00 +0700

Background: Financial management behavior is essential for individual well-being, particularly among private school teachers in Indonesia with fixed incomes who still face financial challenges. This study is based on the Theory of Planned Behavior, which explains behavior through cognitive, social, and psychological factors. Financial literacy, financial socialization, and self-control are proposed as key determinants, while income is examined as a moderating variable to capture the role of economic capacity.

Method: Participants in this study were private teachers with fixed incomes in Indonesia. A total of 150 valid questionnaires were collected and analyzed using a Structural Equation Modeling (SEM) approach based on Partial Least Squares (PLS) using Smart PLS.

Results: These findings indicate that the effectiveness of financial knowledge, social environmental influences, and self-control in shaping financial behavior is highly dependent on an individual's economic capacity.

Conclusion: This study has two main implications. First, the results provide important insights for educational institutions and policymakers in designing programs to improve financial literacy and well-being, particularly for educators. These two studies contribute to the development of the financial behavior literature by expanding the application of the Theory of Planned Behavior through the integration of the moderating variable of income as a contextual factor in explaining individual financial management behavior.

Digital Zakat Literacy: Synergy of Religious Values and Technology from the Utaut Perspective

Khansa Shabihah, Dedi Rusdi, Amnisuhailah Abarahan, Tazkiya Nafsa Ramadhani — Tue, 09 Jun 2026 00:00:00 +0700

Background: As digital technology becomes increasingly embedded in daily life, its influence extends into faith-based and philanthropic activities among Muslim communities, particularly through the development of digital zakat services. This study investigates whether technology-related factors (performance expectancy, effort expectancy, social influence, facilitating conditions) and institutional as well as personal factors (transparency, accountability, religiosity) affect the intention to participate in digital zakat systems.

Method: The findings show that transparency (B = 0.156; p = 0.007) and accountability (B = 0.416; p < 0.001) have a positive and significant effect on the intention to use digital zakat services. Meanwhile, religiosity (B = -0.001; p = 0.977) does not have a significant effect.

Conclusion: Institutional trust, reflected through transparency and accountability, plays a more important role in encouraging the use of digital zakat platforms than individual religiosity. Therefore, zakat management institutions should focus on improving transparency, accountability, and system reliability to increase public participation.

The Effect of Return on Assets (ROA) and Return on Equity (ROE) on the Movement of Sharia Stock Prices of PT. Bank Syariah Indonesia Tbk for the Period 2021-2024

Paisal Rahmat, Ainun Nisa Brt, Enni Sari Siregar, Afriadi Sanusi — Thu, 11 Jun 2026 14:43:51 +0700

The number of stock investors in 2024 reached 6.37 million stock investors out of a total of 14.84 million capital market investors. This share price is determined based on transactions that occur on the stock exchange market, namely in the form of investor demand and supply, so it is very important for investors to have the expertise to determine which company and when is the right time to buy shares. It can also be seen through how much the company is profitable, Return On Asset (ROA) and Return On Equity (ROE) are indicators that can measure the company's ability to generate profits. This study aims to determine the effect of Return On Asset (ROA) and Return On Equity (ROE) on stock price movements at PT Bank Syariah Indonesia Tbk for the 2021-2024 period. By using Quantitative research methods. The test t results on the Return On Asset (ROA) variable Probability value <0.005, which is equal to 0.0144, Ha is accepted, meaning that Return On Asset (ROA) has an influence on the movement of the share price of PT Bank Syariah Indonesia Tbk, and Return On Equity (ROE) with a Probability value> 0.05, which is equal to 0.4803 Ha is rejected, meaning that Return On Equity (ROE) has no influence on stock price movements at PT Bank Syariah Indonesia Tbk. Meanwhile, the Return On Asset (ROA) and Return On Equity (ROE) variables simultaneously produce a Probability value <0.05, namely 0.0009, so Ha is accepted, meaning that there is a simultaneous influence between the Return On Asset (ROA) and Return On Equity (ROE) variables on the share price movement of PT Bank Syariah Indonesia Tbk for the 2021-2024 period

Formulation, Integration, and Impact of Vision and Mission in Hospital Strategic Management a Systematic Review

Jodii Arlan Kurnia, Diah Prawesti, Aryo Dewanto — Tue, 09 Jun 2026 00:00:00 +0700

Background: In the face of increasingly complex healthcare systems, vision and mission statements play a crucial role in hospital strategic management. However, their formulation and integration often remain underutilized, leading to gaps between organizational goals and actual performance.

Method: A systematic review was conducted following the PRISMA 2020 guidelines. A total of 15 peer-reviewed articles published between 2010 and 2024 were analyzed to explore patterns, strategies, and outcomes related to vision–mission formulation and integration in hospital management.

Results: Findings show that participatory formulation of vision and mission fosters organizational ownership and commitment. Strong integration into managerial systems enhances strategic effectiveness, inter-unit coordination, and overall hospital governance. A well-internalized vision–mission is associated with enhanced operational efficiency, employee engagement, and patient satisfaction. Conversely, insufficient stakeholder involvement and weak internalization may cause organizational disorientation and performance decline.

Conclusion: The study underscores the importance of strengthening the continuous cycle of formulation, integration, and evaluation of vision and mission statements. This process serves as a strategic foundation for building adaptive, quality-oriented, and sustainable hospital transformation.

Organizational Culture and HR Management in Public Sector

Ikhwan Ridwan, Oman Sukmana, Rachmad Kristiono Dwi Susilo, Junaidi Junaidi — Tue, 09 Jun 2026 00:00:00 +0700

Background: Organizational culture and HR management in public bureaucracy face a structural paradox when formal merit systems operate alongside deeply embedded socio-cultural norms. Riau Province's Civil Service Merit Index rose from 227.5 (2019) to 325.5 (2024), yet the "Promotion & Mutation" sub-componentthe direct measure of appointment integrityscored only 37.5% in the critical 2020 mass selection year. Simultaneously, 54.2% of appointments went to candidates ranked 2nd or 3rd rather than to the highest-scorer, signaling systematic non-merit intervention.

Method: Qualitative case study design (Yin, 2022) examining the 2020 open selection of 24 Senior Civil Service (JPT Pratama) positions in Riau Provincial Government. Data from in-depth interviews (n=17 key informants), participant observation (8 months), and document analysis were analyzed through a thematic-dialectical procedure framed within social exchange theory (Homans, 1961; Blau, 1964; Emerson, 1976; Molm, 2003), Ekeh's Two Publics (1974), and Riau Malay organizational culture (Effendy, 2013).

Results: Three simultaneous exchange layers structure the HR appointment process: (1) an administrative layer where competency scores are exchanged for procedural legitimacy; (2) a substantive back-stage layer in the governor's discretionary space where political loyalty displaces merit as the decisive currency; and (3) a cultural legitimation layer where Malay values of Berbalas Budi (reciprocal kindness), Amanah (trust), and Marwah (dignity/honor) are strategically renarrated as moral cover (Selubung Moral) to normalize patronage.

Conclusion: The study proposes a Culturally Contextualized Social Exchange Model (CCSEM)a Hybrid Bureaucracy Frameworkwherein formal merit functions as institutional legitimacy scaffolding, patronage serves as the substantive appointment driver, and local culture acts as the moral adhesive sustaining this hybrid equilibrium. This contributes novel theoretical ground to organizational sociology and Islamic corporate governance, calling for reforms that reclaim authentic Islamic-Malay values against their appropriated, patronage-justifying distortions.

Digital Payment Integration and Financial Control in Large Educational Institutions: A Qualitative Case Study of an Islamic Boarding School Ecosystem

Fri, 05 Jun 2026 00:00:00 +0700

Background: The financial management of large educational institutions often faces challenges related to payment accuracy, data reconciliation, and administrative efficiency, particularly when transactions are conducted manually or through semi-digital systems. This study examines the transformation of financial management through the implementation of an integrated digital payment system in a large Islamic boarding school ecosystem serving approximately 11,000 students across multiple educational units.

Method: Using a qualitative case study approach, data were collected through in-depth interviews with financial administrators, information technology staff, and customer service personnel, as well as through document analysis and process observation. The findings reveal that the adoption of an integrated digital payment application significantly improves transaction accuracy, financial recording reliability, and billing transparency by eliminating manual confirmation and reducing human error. Moreover, the establishment of dedicated customer service teams at each educational unit plays a critical role in facilitating digital payment adoption, particularly in addressing limitations related to banking access and digital literacy among students’ guardians.

Results: This study contributes to the financial management and digital finance literature by highlighting the importance of organizational support mechanisms in ensuring the effectiveness of digital payment systems within large, non-profit educational institutions. The findings offer practical insights for policymakers and educational managers seeking to enhance financial control and accountability through digital transformation.

Conclusion: The study reveals that technological integration alone is insufficient to ensure effective financial transformation. Organizational support mechanisms particularly dedicated customer service units played a critical role in facilitating system adoption and sustaining daily financial operations.

Algorithmic Governance, Market Inequality, and MSME Resilience in Indonesia’s Digital Platform Economy: A Qualitative Study

Mohammad Nurul Ulin Nuha, Dana Azizah Rahmat — Mon, 16 Feb 2026 00:00:00 +0700

Background: Indonesia’s digital platform economy has expanded market access for micro, small, and medium enterprises (MSMEs), yet prior studies have not sufficiently examined how algorithmic opacity interacts with capital constraints to produce differential visibility outcomes for MSMEs. Purpose: This study explores how algorithmic governance shapes MSME fragility and resilience in Indonesia’s digital platform economy by examining visibility dependence, unequal platform literacy, capital-based exposure, and collaborative adaptation.

Method: Using a qualitative exploratory case-study design, this study draws on semi-structured interviews with MSME owners/managers operating on major Indonesian e-commerce platforms. The data were analyzed through iterative thematic coding, constant comparison, and source triangulation across participant accounts and supporting contextual documents.

Results: The findings reveal five major themes: algorithmic opacity as a source of visibility fragility, cognitive stratification in MSME adaptation, capital fragility and unequal platform exposure, collaboration as collective resilience, and the need for fair platform governance and inclusive digital policy. These findings indicate that MSME resilience is not determined merely by access to digital platforms, but by sellers’ capacity to interpret algorithmic signals, mobilize resources, participate in collaborative networks, and operate within transparent and accountable platform ecosystems.

Conclusion: The study shows that MSME resilience is shaped not only by digital adoption but also by sellers’ capacity to interpret algorithmic signals, mobilize resources, and participate in collaborative networks. This study contributes by positioning cognitive stratification as an analytical lens explaining how unequal platform literacy mediates algorithmic governance and MSME vulnerability.

Reconfiguration of the Banking Intermediation Model in the Era of Digital Disruption: A Modern Financial Economics Perspective

Rukiah, Riny Viri Insy Sinaga, Erpiana Siregar — Tue, 16 Jun 2026 00:00:00 +0700

Background: Background: Digital transformation has driven fundamental changes in the banking intermediation model, moving from a conventional, institution-based system to a more open and integrated digital financial ecosystem. The emergence of financial technology, big data, artificial intelligence, and blockchain has shifted the traditional role of banking toward platform-based models, raising important questions about how intermediation functions are being reconfigured and what implications this holds for the financial system.

Method: This study employs a qualitative approach with a descriptive-analytical design using library research. Data were collected through documentation studies and systematic literature reviews of scientific journals, industry reports, and policy documents from the Financial Services Authority (OJK) and Bank Indonesia. Data analysis was conducted using interactive qualitative analysis techniques including data reduction, data presentation, and conclusion drawing, supported by thematic and conceptual comparative analysis.

Results: The findings reveal a shift from bank-based intermediation to platform-based intermediation, where banks are transforming into orchestrators in the digital financial ecosystem through the integration of open banking and embedded finance concepts. Four driving factors were identified: technological development, changing customer behavior, fintech emergence, and regulatory policies. This transformation improves operational efficiency and financial inclusion but also presents new risks such as cyber risk, regulatory complexity, and potential systemic risk.

Conclusion: The reconfiguration of banking intermediation represents a paradigm shift from centralized institution-based systems to hybrid network-based financial ecosystems. Adaptive strategies from banks and responsive policies from regulators are essential to balance innovation with financial system stability.

Determinants of Investment Decision Quality in Village-Owned Enterprises: The Role of Digital Literacy, Behavioral Factors, and Social Environment

Hendrik Suhendri, Agnes Quartina Pudjiastuti — Wed, 17 Jun 2026 01:15:21 +0700

Background: This study examines the role of digital literacy knowledge, decision-making behavior, and social environment in shaping the quality of investment decisions within Village-Owned Enterprises (BUMDes) in Malang Raya. Guided by bounded rationality theory, the research argues that limitations in information processing, cognitive capacity, and social pressures influence how BUMDes managers evaluate and select investment alternatives.

Method: Using a quantitative descriptive–correlational design, data were collected through a survey of 66 BUMDes managers who met the criteria of active involvement in investment decision-making. The structural model was tested using PLS-SEM (WarpPLS).

Results: Results of the measurement model confirm that all constructs meet the reliability and validity criteria. The structural findings show that digital literacy knowledge does not significantly influence decision-making behavior, yet it has a significant effect on the social environment. Both decision-making behavior and social environment demonstrate significant positive effects on the quality of BUMDes investment decisions.

Conclusion: These results highlight that beyond individual cognitive capability, social norms and community expectations shape managerial investment judgment. The study contributes to the limited empirical literature on investment decision quality in BUMDes and underscores the need for strengthening digital competence and supportive social structures to enhance investment governance at the village level

Humanism Investment Decisions: The Role Of Financial Attitude Through Financial Behavior Among Academics

Yusri Karmila, Eny Suprapti, Dina Amalya Putri — Tue, 16 Jun 2026 00:00:00 +0700

Background: Investment decisions in the modern era no longer focus solely on financial gains but also require consideration of ethical, social, and humanitarian values. Although financial literacy continues to improve, there remains a gap in understanding how humanistic values rooted in religion are internalized in investment decisions, particularly among academics who play a strategic role as agents of social change. The suboptimal role of financial attitudes and behaviors in bridging these values highlights the need to examine deeper mechanisms. Therefore, this research is important to contribute to the development of an investment decision-making model that is not only economically rational but also ethical and oriented toward social welfare.

Method: This quantitative study examines the influence of humanism on academics’ investment decisions, with financial attitudes and financial behavior serving as mediating variables. Data were collected via a questionnaire from academics in Makassar who have investment experience. The sampling technique used was purposive sampling. This study employed a quantitative method using a survey approach involving 99 respondents who were lecturers at private universities in Makassar. Data were collected using a questionnaire with a 1–5 Likert scale and analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method via SmartPLS version 4.0 software and a structural model to test the research hypotheses.

Results: 1) Financial attitudes have a significant positive effect on humanism in investment decision-making (p-value 0.000 < 0.10). 2) Financial attitudes have a significant positive effect on financial behavior (p-value 0.000 < 0.10). 3) Financial behavior has a significant positive effect on humanism in investment decision-making (p-value 0.092 < 0.10). 4) Financial attitude has a positive but insignificant effect on humanism in investment decision-making through financial behavior (p-value 0.121 > 0.10).

Conclusion: Research shows that financial attitudes play a significant role in shaping humanistic investment decisions among academics. Positive financial attitudes were found not only to have a direct impact on humanistic investment orientation but also to encourage more disciplined and planned financial behavior. Sound financial behavior involves selecting investments that take into account humanistic values, ethics, and sustainability. However, the lack of significance does not directly indicate that the process of transformation from financial attitudes to behavior, and ultimately to humanistic investment decisions, is not yet consistent or optimal.

The Impact of Service Quality and Sharia Governance on Cooperative Members’ Loyalty of Post Conversion as Mediated by Brand Image

Wed, 17 Jun 2026 23:19:42 +0700

Background: The growth of sharia cooperatives in Aceh following the implementation of Qanun No. 11/2018 Aceh has intensified competition and highlighted the importance of maintaining member loyalty. Factors such as service quality, sharia governance, and institutional image are crucial in influencing satisfaction and sustaining cooperative member loyalty.

Method: This study utilized primary data by distributing questionnaires to 113 respondents through cluster sampling, namely sharia cooperatives located in the West, East, and Central Aceh regions. We tested the seven proposed hypotheses using the Structural Equation Modeling (SEM) technique.

Results: The findings of this study indicate that service quality and sharia governance have an effect on the institution's ideals. Likewise, service quality has an effect on member loyalty. However, sharia governance and brand image do not have an effect on member loyalty. The indirect effect also reveals that the brand image cannot influence service quality or sharia governance's effect on member loyalty. The study investigates the mediated effect of sharia governance and service quality on member loyalty.

Conclusion: This empirical evidence demonstrates that sharia cooperatives need to improve the quality of their services in order to preserve member loyalty

Neo-Sufistic Economic Empowerment: Reconstruction of the Islamic Economic Paradigm Through the Qadiriyyah Wa Naqsyabandiyyah Order of Berjan Purworejo

Sahlan, Ahmad Rofiq, Mahsun — Fri, 19 Jun 2026 00:33:27 +0700

This study examines the role of neo-Sufism in reconstructing the paradigm of Islamic economics through the economic empowerment practices of the Qadiriyyah wa Naqsyabandiyyah Order in Berjan Purworejo, Indonesia. Using a qualitative case-study approach, data were collected through in-depth interviews, participant observation, and documentation involving four imams, twenty badal tarekat, and fifty active members of the order. The findings reveal that spiritual practices within the congregation function not only as religious rituals but also as productive social forces shaping economic behavior, collective ethics, and community resilience. Żikr, tawakkal, ukhuwah, and barakah orientation were found to generate work discipline, trust-based economic relations, anti-consumerist attitudes, and solidarity-driven economic networks among members. The study further demonstrates that the congregation operates as a community-based economic ecosystem grounded in spiritual trust and moral commitment. This research formulates the Neo-Sufistic Economic Empowerment Theory, which positions spirituality as productive spiritual capital capable of strengthening economic resilience and communal empowerment. The study also critiques the contemporary Islamic economic paradigm for being overly formalistic, finance-oriented, and lacking spiritual dimensions, while proposing a more humanistic, solidarity-based, and transformative model of Islamic economic development.

Determinants of Consumer Satisfaction in Increasing Electric Car Purchase Decisions: The Role of Technology Adoption as a Moderating Variable in Jakarta

Gibson Manalu, Slamet Riyadi, Sukesi, Bambang Raditya Purnomo — Fri, 19 Jun 2026 01:04:37 +0700

Background: The electric vehicle (EV) market in Jakarta has grown rapidly, with BEV sales increasing significantly between 2020 and 2025. However, the factors influencing consumer satisfaction and purchase decisions remain unclear, particularly regarding service quality, product innovation, price, and technology adoption in the EV market context.

Method: This study employed a quantitative approach with an explanatory research design. A total of 224 respondents were selected using purposive sampling from BEV users in Jakarta. Data were collected through structured online questionnaires consisting of 65 items. Data analysis was conducted using Moderated Regression Analysis (MRA) and the Sobel Test to examine mediation and moderation effectsare.

Results: The findings reveal that service quality (β = 0.411; p = 0.000), product innovation (β = 0.280; p = 0.019), and price (β = 0.188; p = 0.048) have significant positive effects on consumer satisfaction. Furthermore, service quality (p = 0.035), product innovation (p = 0.049), and price (p = 0.000) significantly influence purchase decisions. Consumer satisfaction significantly mediates the relationship between service quality and purchase decisions (p = 0.029), as well as product innovation and purchase decisions (p = 0.090). Technology adoption was found to significantly moderate the relationships between service quality, product innovation, price, and purchase decisions (p < 0.05). The model demonstrated strong explanatory power with an Adjusted R² value of 0.617, indicating that 61.7% of the variance in purchase decisions is explained by the proposed model.

Conclusion: The study concludes that service quality, product innovation, and price significantly influence consumer satisfaction and EV purchase decisions in Jakarta. Consumer satisfaction mediates these relationships, while technology adoption strengthens the influence of marketing factors on purchase decisions. The novelty of this study lies in the role of technology adoption as a moderating variable in the EV market context.

Adoption of Digital Micro Wakaf Bank by Ultra-Micro and Micro Businesses in Indonesia

Dewi sartika Nasution, Intan Kusuma Pratiwi, Dahruji — Fri, 19 Jun 2026 00:00:00 +0700

Background: Micro, small, and medium enterprises (MSMEs) are the backbone of the economy of Indonesia. Despite that fact, ultra-micro and micro entrepreneurs still face several constraints. Micro Waqf Bank (MWB) is one solution that utilizes Islamic social funds. This solution develops digital financial services to expand access to financing, efficiency of services, and business development. The limited study of ultra-micro and micro-entrepreneurs’ adoption of MWB’s digitalization makes this research important.

Method: This research uses a mixed-methods approach, combining quantitative and qualitative methods. In this research, a sequential/stepwise mixed-methods strategy was used, with a sequential exploratory design. The analysis technique used in this research is a qualitative descriptive analysis technique, or what is usually called explanation making, namely, by using data analysis methods and describing the results of interview observations to find out in depth about the adoption of digital MWBs in the 5 MWBs. The quantitative method data analysis technique used by researchers uses the Partial Least Squares (PLS) method with SmartPLS software.

Results: The research results show that there are several obstacles that prevent the use of the MWB mobile from being used comprehensively. However, the intention of ultramicro and micro business actors who are BMW customers to use and adopt the BMW application or other digital BMWs as a means of payment transactions and personal and business development for business actors is quite good.

Conclusion: This study shows that the use of mobile MWB has not yet reached its full potential due to various challenges in its implementation and adoption. However, ultra-micro and micro business owners as MWB customers demonstrate a strong interest in using MWB’s digital services for transactions, business development, and capacity building. These findings highlight the importance of enhancing usability, aligning with the needs of MSMEs, and ensuring transaction security to increase the adoption of MWB’s digital services.

ESG Performance and Firm Value: Evidence from Agribusiness Companies Listed on Indonesia Stock Exchange

Sudarsono — Fri, 19 Jun 2026 07:23:41 +0700

ABSTRACT. This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and firm value among agribusiness companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Drawing on Stakeholder Theory, Agency Theory, and Signaling Theory, we hypothesize that ESG performance both in aggregate and across individual pillars positively influences firm value, and that this relationship is amplified by firm-level profitability. Using a balanced panel of 90 firm-year observations across 18 listed agribusiness companies, we employ Fixed Effects panel regression with cluster-robust standard errors and Moderated Regression Analysis (MRA) to test five hypotheses. The results confirm that aggregate ESG performance is positively and significantly associated with Tobin's Q (β = 0.018, p < 0.01). Decomposing ESG into its constituent pillars reveals that Governance exerts the strongest valuation effect (β = 0.021, p < 0.01), followed by Social (β = 0.014, p < 0.05) and Environmental performance (β = 0.011, p < 0.05). Furthermore, profitability significantly moderates the ESG–firm value relationship (β = 0.004, p < 0.05), indicating that financially stronger firms generate larger valuation premiums from equivalent ESG commitments. Findings are robust to alternative firm value proxies, lagged ESG specifications, and restricted high-disclosure subsamples. This study contributes rare sector-specific evidence from an emerging market context and offers actionable implications for corporate managers, ESG investors, and regulators seeking to strengthen sustainability frameworks within the Indonesian agribusiness industry

The Sustainable Development Model Based on Zakat According to Antonio Gramsci and Hassan Hanafi Perspectives

Nikmatul Masruroh, Gita Pamudji, Muhammad Darul Ulum — Fri, 19 Jun 2026 00:00:00 +0700

Background: Zakat management in Indonesia faces significant challenges despite its potential as a powerful instrument for poverty alleviation and sustainable development. Low community awareness in channeling zakat through official institutions, coupled with the persistence of traditional distribution models such as personal giving and 'kyai kampung' practices, has hindered the optimal utilization of zakat as a socio-economic tool. This study aims to describe zakat management patterns in Indonesia, map sustainable development models through zakat management, and analyze these models from the perspectives of Antonio Gramsci and Hassan Hanafi.

Method: This research employs a literature review approach with secondary data sources. Data analysis utilizes Gramsci's hegemony theory and Hassan Hanafi's At-Turats wa At-Tajdid framework to critically examine zakat management practices and their potential for sustainable development.

Results: The findings reveal three key results. First, zakat management by official institutions remains suboptimal due to low public awareness, with personal distribution and local religious leader models still prevailing. Second, sustainable development models have not positioned zakat as a primary instrument, remaining largely conceptual rather than fully implemented. Third, Gramsci's hegemony theory suggests that sustainable development through zakat requires cultural and ideological struggle to transform zakat into a societal way of life, while Hanafi's reform framework emphasizes the need to reinterpret zakat's role beyond religious obligation toward economic self-reliance.

Conclusion: Zakat-based sustainable development must be pursued through cultural and ideological transformation, positioning zakat not merely as a religious duty but as a strategic social and economic instrument for building a just and sustainable society.

Analysis of the Effectiveness of Halal Tourism Fatwas: A Study on Awareness, Implementation, and Impact in the Tourism Industry

Rahmatullah, Abdul Mujib — Fri, 19 Jun 2026 00:00:00 +0700

Background: This research aims to analyze the effectiveness of DSN-MUI Fatwa No. 108/DSN-MUI/X/2016 as a guideline for organizing tourism based on sharia principles, emphasizing three dimensions: (i) awareness among stakeholders, (ii) implementation in destination/industry practices, and (iii) economic and social impacts within the tourism industry. The analysis is situated within the context of Indonesia’s halal industry ecosystem, where halal certification is often understood as an instrument for enhancing consumer trust and competitive advantage, including in the tourism and culinary sectors. The research questions include: (1) to what extent is stakeholder awareness of fatwas and halal tourism indicators established; (2) what are the patterns of implementation and the barriers to implementation; and (3) what are the observed impacts on well-being, destination performance, and public acceptance.

Method: The research method employs a qualitative-descriptive literature review based on thematic synthesis of empirical/conceptual studies related to fatwas, derivative regulations, halal certification, marketing, financing, and case studies of destination implementation across various regions.

Results: The synthesis results indicate that the effectiveness of fatwas is uneven: fatwas generally function as normative references and ethical-service standards; however, the effectiveness of their implementation is influenced by the strength of positive regulations, institutional capacity, halal literacy/education, facility readiness, and social acceptance within the context of a diverse society.

Conclusion: The study’s implications emphasize the need to strengthen governance (stakeholder collaboration), performance measurement based on indices/indicators, and education-communication strategies so that fatwa guidelines can be more operational and have a sustainable impact.

The The Crisis of Paper Money and the Prospects for Cryptocurrency: An Analysis of the Maqashid al-Shariah Regarding Digital Monetary Instruments

Muh. Baihaqi, M. Andika Yuda Pratama, Dahlia Bonang, Azizi Abu Bakar — Sat, 20 Jun 2026 16:34:34 +0700

Background: The development of digital monetary systems has posed serious challenges to Islamic financial principles, particularly in the context of the use of fiat money and the emergence of crypto assets. Paper money without real value backing tends to cause economic instability and violations of maqashid al-shariah, particularly in the aspect of hifz al-mal (protection of wealth). On the other hand, cryptocurrencies and Central Bank Digital Currencies (CBDCs) offer potential as alternative instruments, yet they still pose significant Shariah risks. This study aims to evaluate contemporary monetary instruments within the framework of maqashid al-shariah to assess the extent to which they fulfill the principles of justice, public interest, and the protection of the economic value of the ummah.

Method: The method employed is qualitative research with a normative-theoretical approach. Data were collected through a literature review of classical maqashid texts (al-Ghazali, al-Shatibi, Ibn Ashur), DSN-MUI fatwas, central bank reports, and digital asset whitepapers. The analytical techniques employed include content analysis of primary and secondary documents, as well as critical discourse analysis to examine dominant narratives within the current financial system.

Results: The research findings indicate that the fiat money system possesses structural weaknesses that potentially violate the maqashid. Cryptocurrencies and CBDCs have the potential to fill this gap if designed in accordance with Shariah principles. However, this revised article emphasizes the need for criticism regarding the potential for abuse of state power and mass surveillance in the implementation of CBDCs, which may conflict with other maqashid such as hifz al-nafs (protection of life) and hifz al-hurriyah (protection of freedom). A maqashid-based evaluation has proven effective in assessing the alignment of digital monetary instruments with Islamic values.

Conclusion: This study contributes to the development of a maqashid-based evaluative framework for digital financial innovations. Collective ijtihad and synergy between scholars and technologists are required to establish a just and sustainable Islamic monetary system.

Investor Attention, Market Anomalies, and Listing Board Effects: Evidence from Indonesian Technology Stocks

Heraeni Tanuatmodjo, Vena Melliyani, Yusuf Murtadlo, Imas Purnamasari — Sat, 20 Jun 2026 22:29:27 +0700

Background: The persistent underperformance of Indonesian technology stocks between 2022–2024, marked by the dominance of negative abnormal returns, raises a compelling question about behavioral forces shaping price dynamics that deviate from fundamental values. This study examines the effect of digital investor attention on stock returns with the stock listing board as a moderating variable among technology-sector companies listed on the Indonesia Stock Exchange over 2020–2025.

Method: Using purposive sampling, 29 technology firms were selected from 47 listed companies, yielding an unbalanced panel of 1,218 monthly observations. Investor attention was measured via the Search Volume Index (SVI) from Google Trends, while stock return was proxied by abnormal return computed using the Capital Asset Pricing Model. Moderated Regression Analysis was conducted using PROCESS Macro Hayes Model 1 in IBM SPSS Statistics 27.

Results: Digital investor attention positively and significantly affects stock returns (β = 0.9610; t = 5.797; p < 0.05). The listing board does not independently affect returns but significantly weakens the investor attention–return relationship (β = −0.2326; t = −4.014; p < 0.05), with the strongest moderation on the Development Board (R² = 9.4%).

Conclusion: These findings demonstrate that a stock exchange's board classification architecture shapes the degree to which attention-driven anomalies translate into abnormal returns. This study contributes novel empirical evidence on listing board classification as a moderating variable in the behavioral finance literature.

Integrating Sustainable Business Through The Implementation of Environment, Social, and Governance (ESG) in Accelerating the Realization of a Green Economy

Anggit Dyah Kusumastuti, Destina Paningrum, Locita Dara Rasendriya — Sat, 20 Jun 2026 23:46:18 +0700

Background: In facing increasingly complex global challenges, the integration of Environment, Social, and Governance (ESG) and sustainable business plays an important role as a strategic approach not only to generate profits but also as a force to create sustainable positive impact. This research aims to determine the influence of ESG disclosure on the Green Economy with Sustainable Business as a moderating variable.

Method: This study employs a descriptive research design with a quantitative approach. Operational measurement of variables is carried out through data on environmental, economic, and social aspects. Secondary data is sourced from BPS (Central Bureau of Statistics) data and the Annual Report of the Ministry of Environment and Forestry (KLHK). Data analysis utilizes Structural Equation Modeling (SEM) based on Partial Least Squares (PLS) using SmartPLS 4.0 software.

Results: The results show that the disclosure of environmental and social aspects has a positive and significant impact on the realization of a green economy. Meanwhile, the disclosure of governance does not have a positive and significant impact on the green economy. Additionally, Sustainable Business strengthens the influence of Environment, Social, and Governance on the green economy. The R Square value indicates that the dependent variable (Green Economy) is 0.605, meaning that approximately 60.5% of the variability can be explained by the independent variables.

Conclusion: The disclosure of environment and social aspects has a positive and significant effect on the realization of the green economy, while the disclosure of governance does not have a significant effect. Positive information about ESG practices sends good signals to investors about long-term prospects and commitment to sustainability.

Analysis of Interregional Development Disparities in Banten Province

Putri Aqidatul Fadhilah, Dedi Budiman Hakim, Sugeng Budiharsono — Sat, 20 Jun 2026 00:00:00 +0700

Background: Regional development disparities remain a persistent challenge in Indonesia's decentralization era. Banten Province, as one of the country's most industrialized regions, exhibits a dual economic structure where advanced industrial zones coexist with agrarian lagging areas. This study analyzes the level of economic development disparity among districts and cities in Banten Province during the 2015–2024 period.

Method: This study employs a descriptive quantitative approach using secondary data from the Central Statistics Agency (BPS) of Banten Province. The data consist of Gross Regional Domestic Product (GRDP) per capita at constant prices and population figures for each of the eight regencies/cities in Banten Province from 2015 to 2024. The Williamson Index was calculated to measure the level of interregional development disparity.

Results: The findings reveal that the level of development disparity in Banten Province is relatively high and stable throughout the observation period, with the Williamson Index ranging from 0.627 in 2017 and 2019 to 0.636 in 2024. Cilegon City is the largest contributor to regional disparities (Williamson Index 0.47–0.48), supported by its high GRDP per capita which increased from Rp145,551,706.92 in 2015 to Rp194,522,001.91 in 2024. Pandeglang and Lebak Regencies consistently exhibit the lowest per capita GRDP, indicating persistent economic lag. Tangerang City and South Tangerang City recorded the lowest index values (0.02–0.10).

Conclusion: The persistent high disparity reflects a structural concentration of economic activity in northern Banten. From an Islamic economic perspective, this condition contradicts the principles of al-'adalah (distributive justice) and falah (holistic well-being). Policy recommendations include fiscal redistribution, infrastructure investment in lagging regions, and optimization of Islamic social finance instruments (zakat, waqf) to promote inclusive growth.

The Effect Of Financial Literacy and Digital Financial Inclusion on Business Sustainability in the MSMEs Agribusiness Sector with Financial Performance as an Intervening Variable

Pasmai Denta, Muhamad Mustopa Romdhon, Nurna Aziza — Sat, 20 Jun 2026 00:00:00 +0700

Background: Downstream agribusiness MSMEs play a crucial role in generating added value for agricultural products and improving regional economic development. However, these businesses face significant challenges in financial management and the utilization of digital financial technology, which can threaten their long-term sustainability. This study examines the effect of financial literacy and digital financial inclusion on business sustainability in the downstream agribusiness sector, with financial performance as an intervening variable.

Method: This research employs a quantitative approach using a survey method targeting business actors in the downstream agribusiness sector in Bengkulu City. A sample of 100 respondents was selected using purposive sampling, with criteria of at least two years of business operation, direct involvement in financial management, and utilization of digital financial services such as QRIS. Data were analyzed using SEM-PLS with SmartPLS software.

Results: The findings reveal that digital financial inclusion has a positive effect on financial performance and business sustainability, both directly and through financial performance mediation. Financial performance positively influences business sustainability. Financial literacy positively affects financial performance but does not directly influence business sustainability, nor does financial performance mediate the relationship between financial literacy and business sustainability.

Conclusion: Digital financial inclusion plays a stronger role in improving financial performance and business sustainability compared to financial literacy alone. Strengthening the digital financial ecosystem and integrating financial literacy with practical financial management training are essential strategies for enhancing MSME sustainability in the downstream agribusiness sector.

Fossil Fuel Subsidies in the Sustainable Urban Transport Agenda: A Maqaṣid al-Shari‘ah Approach

Sat, 20 Jun 2026 00:00:00 +0700

Background: Urban transport systems in many Muslim-majority countries face persistent challenges from rapid motorization, underinvestment in public transport, and long-standing fossil fuel subsidies. Although politically popular, these subsidies distort price signals, encourage excessive private vehicle use, and contribute to congestion, air pollution, public health risks, and limited fiscal space for sustainable mobility investments.

Method: This qualitative conceptual study reviewed Islamic jurisprudence, Islamic ethics, fossil fuel subsidies, transport externalities, and sustainable urban transport. It applies maqasid al-shariah, maslahah, khilafah, and la darar wa la diror to evaluate fossil fuel subsidies and sustainable urban transport from an Islamic ethical policy perspective.

Results: Fossil fuel subsidies are found to generate ethical and socio-policy concerns when they encourage excessive private vehicle use, intensify negative transport externalities, and constrain public transport investment. From an Islamic ethical perspective, these effects may undermine life, wealth, public welfare, and environmental stewardship, whereas sustainable urban transport reflects harm prevention, public interest, moderation, and responsible stewardship better.

Research limitations: This conceptual-normative paper develops an Islamic ethical-policy framework. Future research should empirically validate it through city-level case studies, stakeholder interviews, and behavioral studies on sustainable mobility acceptance.

Originality/value: This study frames sustainable urban transport as an Islamic ethical policy imperative when mobility-related harm threatens the public welfare. Its originality lies in applying maqasid al-shariah, maslahah, khilafah, and la darar wa la diror to reassess fossil fuel subsidies and support sustainable mobility transitions, thus offering an ethical basis for subsidy reform, public transport investment, and policy acceptance.

User Satisfaction Classification of Tiktok Shop Skincare Products Using C4.5 and Random Forest for Recommendation Strategy

Nursalim Nursalim, Muhamad Ziaul Haq, A. Nurul Hidayat, Budi Mulyono — Sat, 20 Jun 2026 00:00:00 +0700

Background: TikTok Shop has become an important social commerce platform for skincare purchases; however, product recommendations are not always perceived as relevant by users. A data-driven satisfaction classification model is therefore needed to support more targeted recommendation strategies.

Method: This study used a quantitative approach involving 150 TikTok Shop users who had purchased skincare products. Data were collected through an online questionnaire containing 14 Likert-scale items and three recommendation-preference items. Instrument quality was evaluated using corrected item-total correlation and Cronbach Alpha. The C4.5 decision tree and Random Forest models were evaluated using stratified 10-fold cross-validation.

Results: All 14 items were valid, with item-total correlations ranging from 0.619 to 0.881, and the overall Cronbach Alpha was 0.969. The satisfaction classes were balanced, consisting of 75 satisfied and 75 unsatisfied respondents. Information gain analysis identified product delivery as the most influential attribute, with a gain value of 0.4551. C4.5 achieved 85.33% accuracy, while Random Forest achieved 83.33% accuracy.

Conclusion: C4.5 provided competitive performance and stronger interpretability than Random Forest for this dataset. The resulting classification rules can be used to prioritize delivery reliability, application usability, and product quality in skincare recommendation strategies.

The Impact of Employer Branding and Social Media on Employer of Choice on Islamic Bank in Attracting Generation Z in Indonesia

Anwar Mattawappe, Ryan Saputra Alam, ⁠Salahuddin Alam, Abdul Awim — Wed, 01 Jul 2026 20:20:41 +0700

Background: Islamic banks in Indonesia face challenges in attracting Generation Z talent despite being the largest Muslim-majority country with a growing Islamic banking industry. Generation Z has different characteristics from previous generations, and Islamic banks must compete with conventional banks and other industries for the best talent. This study examines the effect of employer branding dimensions and social media on employer of choice for Islamic banks among Generation Z in Indonesia.

Method: This quantitative study surveyed 355 undergraduate Muslim students from both Islamic and general universities in East Java, Indonesia, representing Generation Z (born 1995–2010). Data were collected through online questionnaires distributed via Google Classroom. Structural Equation Modeling (SEM) with LISREL 8.80 was used to analyze the relationships between employer branding dimensions (work culture, ethics & CSR, salary, diversity), social media, person-organization fit, organizational attractiveness, and employer of choice.

Results: The findings reveal that only two employer branding dimensions salary and ethics & CSR positively influence person-organization fit and organizational attractiveness. Social media significantly affects person-organization fit and organizational attractiveness but does not directly influence employer of choice. Work culture and diversity show no significant effects. Person-organization fit and organizational attractiveness positively influence employer of choice.

Conclusion: Islamic banks should emphasize salary competitiveness and ethics & CSR communication while optimizing social media to build organizational attractiveness. However, social media alone is insufficient to convert attraction into application decisions. Islamic banks need comprehensive strategies beyond social media promotion to successfully attract Generation Z talent.

The Mediating Role of Work Environment in the Relationship between Visionary Leadership and Employee Performance: Evidence from Public Health Offices in West Java, Indonesia

Abdulah Mubarok Dadang, Imas Purnamasari, Disman Disman, Janah Sojanah — Sun, 21 Jun 2026 13:59:33 +0700

Background: Digital transformation in Indonesian public health governance has placed new demands on employee performance at District/City Health Offices. Despite growing evidence on leadership-performance linkages, the specific mechanism through which visionary leadership shapes employee performance via work environment in Indonesian public health organizations remains empirically underexplored. This study investigates the mediating role of work environment in the relationship between visionary leadership and employee performance.

Method: This quantitative cross-sectional study surveyed 180 Standard Minimum Service program managers across 27 District/City Health Offices in West Java Province using proportionate stratified random sampling. Data were collected through structured questionnaires and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 3.0, testing three hypotheses regarding visionary leadership, work environment, and employee performance relationships.

Results: All three hypotheses were supported. Visionary leadership demonstrated a very strong direct effect on work environment (β=0.916, t=43.512, p=0.000), and work environment significantly influenced employee performance (β=0.439, t=2.854, p=0.016). The indirect mediation path was significant (β=0.402, t=2.798, p=0.005), confirming full mediation. The direct effect of visionary leadership on performance was not significant (β=0.183, p=0.239), establishing that work environment is the necessary conduit for leadership's performance impact.

Conclusion: Visionary leadership increases employee performance exclusively through the creation of a conducive work environment, not through direct supervision. Health office leaders should prioritize investments in technology infrastructure, collaborative organizational climate, and supervisor support systems. These findings align with Islamic management principles of amanah (trustworthiness), tabligh (communicative vision), and ta'awun (mutual cooperation).

Moderating Effect of Religiosity on Islamic Green Banking Interest as a Supporting Factor for Sustainable Finance

Fauzani, Anisah, Yeni Oktaviani — Mon, 22 Jun 2026 00:00:00 +0700

Background: Sustainable finance has gained global attention, with ESG principles becoming increasingly important in the Islamic banking sector. However, public ESG literacy and bank reputation remain limited, influencing interest in Islamic green banking. This study analyzes the influence of ESG literacy and bank reputation on interest in Sharia green banking, with religiosity as a moderating variable.

Method: This quantitative study employed a moderated regression analysis (MRA) using SPSS to test both direct and moderating effects. Data were collected through questionnaires distributed to 200 respondents selected via purposive sampling in Sarolangun Regency, with criteria of being at least 18 years old, aware of Islamic banks, and familiar with sustainability or green banking issues.

Results: The findings indicate that ESG literacy and bank reputation have a positive and significant influence on interest in Sharia green banking, both partially and simultaneously. The t-test results show ESG literacy (t=2.283, p=0.023) and bank reputation (t=2.521, p=0.036) significantly affect interest. The F-test confirms joint significance (F=23.061, p=0.000). Religiosity was found to amplify the influence of both ESG literacy (p=0.021) and bank reputation (p=0.011) on interest. The adjusted R² value of 0.354 indicates that the independent variables explain 35.4% of the variation in interest.

Conclusion: ESG literacy and bank reputation positively influence interest in Islamic green banking, with religiosity strengthening this relationship. These findings provide an empirical basis for strengthening Islamic banks' educational and reputational strategies to encourage public participation in a just and sustainable green economy.

Blockchain Technology Integration in Halal Supply Chain Management: Examining Trust and Transparency Mechanisms through Institutional Theory Perspective in North Sulawesi

Noho Ulidam, Nur Fitry Latief — Mon, 22 Jun 2026 20:26:54 +0700

Background: The halal industry in Indonesia continues to expand, yet supply chain integrity faces critical challenges related to trust, transparency, and verification of Islamic compliance throughout complex distribution networks. Objective: This study examines how blockchain technology can address institutional trust deficits and transparency gaps in halal supply chain management (HSCM) within the North Sulawesi context, grounded in Institutional Theory.

Methods: Employing a mixed-methods approach combining quantitative structural equation modeling (SEM-PLS) with 287 respondents from halal-certified enterprises, logistics operators, and certification bodies, alongside qualitative interviews with 24 key informants, this study tests a conceptual framework integrating blockchain's coercive, mimetic, and normative isomorphism mechanisms on supply chain trust and transparency outcomes.

Results: Findings demonstrate that blockchain adoption significantly enhances supply chain transparency (β=0.671, p<0.001) and institutional trust (β=0.589, p<0.001), with normative isomorphism emerging as the strongest isomorphic pressure (β=0.542). Smart contract deployment reduced halal verification time by an average of 67% compared to conventional processes. Digital traceability systems improved consumer confidence scores by 43.2%.

Conclusion: The study proposes a Blockchain-Enabled Halal Institutional Trust (BEHIT) framework as a novel theoretical contribution, demonstrating that technology-mediated transparency mechanisms function as institutional bridges between religious governance requirements and modern supply chain operations. Practical implications extend to BAZNAS zakat institutions, Islamic banking compliance, and regional halal ecosystem development in Eastern Indonesia.

The Influence of Competence, Training, and Emotional Intelligence on Performance: Mediation of Productivity at Dinas Tenaga Kerja and Transmigrasi off Bantul Regency

Muhammad Fatkhurohman Albashori, Sri Wahyuning, Himawan Agung Nugroho — Mon, 22 Jun 2026 20:44:41 +0700

Background: Employee performance is a critical determinant of organizational success, influenced by various factors including competence, training, and emotional intelligence. However, the mechanisms through which these factors affect performance, particularly the mediating role of productivity, remain underexplored in the context of Indonesian government institutions. This study examines the influences of competency, training, and emotional intelligence on employee performance with productivity as a mediating variable at Dinas Tenaga Kerja dan Transmigrasi Kabupaten Bantul.

Method: This quantitative study employed a causal associative design with a survey approach. Data were collected from 50 respondents selected using purposive sampling. The analysis utilized path analysis with SmartPLS 3 software to examine both direct and indirect effects among the variables.

Results: The findings demonstrate that competency, training, and emotional intelligence each have significant positive effects on both employee productivity and performance. Competency showed the strongest direct effect on productivity (β = 0.45), followed by emotional intelligence (β = 0.40) and training (β = 0.37). Productivity significantly influences performance (β = 0.50). Furthermore, productivity partially mediates the relationships between competency, training, and emotional intelligence on performance, with indirect effects of 0.225, 0.185, and 0.200 respectively.

Conclusion: Enhancing employee performance requires a comprehensive approach that develops competencies, provides relevant training, and fosters emotional intelligence, all of which work through productivity improvements. Organizations should prioritize competency development programs, quality training initiatives, and emotional intelligence training to maximize employee performance outcomes.

Consumer Preference Model for Safe and Healthy Halal Culinary Zones in Indonesia: Integration of Functional Factors and Religious Values

Nursantri, Chuzaimah Batubara, Muhammad Arif — Tue, 23 Jun 2026 02:53:28 +0700

Background: The development of the halal industry in Indonesia reflects a shift in consumer behavior from merely emphasizing halal compliance toward broader considerations of safety and health. In response, the government introduced the Halal, Safe, and Healthy Culinary Zone (KHAS) to provide a standardized consumption environment. However, the KHAS concept has not been fully integrated into consumers’ daily preferences, creating the need to examine the factors influencing consumer preferences toward KHAS zones. Therefore, this study analyzes the effects of halal awareness, perceived safety, perceived health, and perceived price on consumer preferences, with religiosity as a moderating variable.

Method: This study employed a quantitative approach with explanatory design. Data were collected through a survey of 255 urban Muslim respondents from generations X, Y, and Z in various regions of Indonesia that already have KHAS zones (Banda Aceh, Medan, Pekanbaru, Padang, Jakarta, Bandung, Yogyakarta, Semarang, and Samarinda). Data analysis utilized Structural Equation Modeling based on Partial Least Squares (PLS) using SmartPLS 4.0 software.

Results: The results showed that halal awareness, health perception, and price perception had a positive and significant effect on consumer preferences in choosing KHAS zones. Conversely, safety perception was not found to have a significant effect on consumer preferences (p-value < 0.05). The model showed good goodness of fit with SRMR 0.061 and NFI 0.797.

Conclusion: This study confirms that consumer preferences for the KHAS Zone are shaped by a combination of rational, psychological, and religious factors. The research model indicates that the halal consumption behavior of modern Muslim communities is no longer solely oriented toward normative compliance with product halal standards, but has evolved into a consumption pattern that takes into account health quality, convenience, economic value, and alignment with the principles of maqashid al-sharia

The Role of Social Media Algorithms in Improving Islamic Financial Literacy: A Systematic Literature Review

Hafifuddin Hafifuddin, Ujang Sumarwan, Popy Novita Pasaribu — Tue, 23 Jun 2026 00:00:00 +0700

Background: Indonesia is one of the countries with resident Muslim the largest in the world. According to 2025 data there are as many as 249.82 million soul residents who are Muslim and this equivalent with 87.14% of the total number Indonesian population with social media usage in 2026 will be 180 million people, which is equivalent to with 62.9% of the total population . With amount social media users as big as That so potential use of social media For development industry finance in Indonesia is very big and includes How increase literacy public to Islamic finance . Social media algorithms is technique or the process used social media companies For filter and analyze the displayed data to users in accordance with interactions , preferences , and information other with objective For increase interaction and engagement users with the platform. The main goal from study This is understand How method Work social media algorithms in literacy Islamic finance and what only what is necessary be noticed so that you can impact maximum to literacy Islamic finance

Method: This study employed the systematic literature review approach in exploring the link that connects social media algorithms and Islamic Financial Literacy. The systematic literature review approach was carried out based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. Articles were collected from several academic databases, including Scopus, ScienceDirect, and Google Scholar, using keywords such as algorithm, social media, and Islamic financial literacy .

Results: In context literacy finance , algorithms ( such as on YouTube or TikTok platforms) can paired with content educative For reach specific audience . With phenomenon Filter Bubble & Echo Chamber Phenomenon algorithm Can strengthen narrative finance Islam in a way more Exclusive . Priority on Content Sensational can also be done Because algorithm often prioritize triggering content response emotional strong or which is of a nature sensational in order to increase engagement. However so also necessary made into attention about distribution misinformation. Without strict supervision , algorithm can speed up distribution information finances that are not accurate or investment illegal wrapped in with religious narrative

Conclusion: The role of social media algorithms in increase literacy Islamic finance relies heavily on design ethical algorithms , transparency system recommendations , as well as ability authority religious and academic For produce content quality competitive height in the digital space . Without accompanied by with literacy powerful algorithmic from side users For filter information in a way critical , algorithm risky become tool manipulation eroding discourse authority science traditional and worsening inequality knowledge religious

Religiosity, Poverty, Health, and Education Effects on Islamic Human Development through Economic Growth in West Java

Dede Nurwahidah, Mustofa Mustofa, Moh. Najib, Mohamad Anton Athoillah — Tue, 23 Jun 2026 00:00:00 +0700

Background: This article analyzes the effects of religiosity, poverty, health, and education on the Islamic Human Development Index (I-HDI) in West Java during 2020-2024, with economic growth positioned as an intervening variable.

Method: Using a quantitative descriptive-verificative design, the study employs secondary panel data from 21 regencies/cities over five years, resulting in 105 observations. Fixed Effect Model regression, path analysis, and the Sobel test were processed with EViews 10.

Results: Religiosity and poverty have negative significant effects on I-HDI, with coefficients of -0.3421 (p=0.0002) and -0.5123 (p=0.0000). Health, education, and economic growth have positive significant effects, with coefficients of 0.6789, 0.3891, and 0.4123. Economic growth partially mediates health and education but does not mediate religiosity and poverty. The model explains 81.23 percent of I-HDI variation.

Conclusion: West Java recovered economically, but maqasid-based human development remained low. In 2024, I-HDI reached 52.72, below conventional HDI of 74.92, indicating the need for moral-security strengthening, spatial poverty reduction, health protection, and education reform.

Islamic Business Ethics in Student Start-Up Development

Muhammad Umar Maya Putra, Muhammad Habibi Siregar, Nurhayati Nurhayati — Wed, 24 Jun 2026 03:00:19 +0700

Background: The Student Creativity Program in Entrepreneurship (SCP) initiated by the Indonesian Ministry of Education, Culture, Research, and Technology aims to strengthen student entrepreneurship through innovation, market analysis, and ethical business practices. This study examines how Islamic business ethics contribute to strengthening marketing, operational, financial, and business planning aspects within the SCP framework.

Method: This research employs a qualitative descriptive approach using a literature review method. Data were collected from books, scientific articles, national journals, and official SCP program documents, and analyzed through descriptive qualitative techniques with triangulation to ensure validity.

Results: The findings indicate that SCP encourages evidence-based entrepreneurial decision-making through systematic market research, product innovation, and digital-based business development. From the perspective of Islamic business ethics, entrepreneurial practices must align with the principles of fiqh al-mu'amalah, emphasizing honesty, fairness, transparency, and accountability. Marketing activities should reflect ethical conduct consistent with Islamic legal and moral principles. Operational decisions integrate rational analysis with maqasid al-shariah through tahqiq al-manath. Financial practices prohibit gharar (uncertainty), unjust enrichment, and deceptive transactions, while business planning emphasizes accountability and transparency as reflected in the Qur'anic concept of al-tijarah.

Conclusion: The integration of Islamic business ethics within the SCP framework demonstrates that student entrepreneurship can simultaneously pursue economic viability, ethical responsibility, and social benefit. By aligning entrepreneurial activities with Sharia-based ethical values, the program contributes to developing innovative start-ups and morally grounded, socially responsible entrepreneurs in Indonesia.

Waste Management Capacity of Micro and Small Enterprises: Case Study at Panjang Beach, Bengkulu, Indonesia

Titi Darmi, Iqbal Miftakhul Mujtahid, Dwi Kristanti — Fri, 26 Jun 2026 00:00:00 +0700

Background: Micro and small enterprises (MSEs) operating in the coastal area of Panjang Beach, Bengkulu, Indonesia, generate waste that significantly disrupts visitors' experiences and negatively impacts the environment and the area's appeal. This study aimed to analyze the capacity of MSE owners to manage waste in this region.

Method: This research employed a qualitative approach with content analysis. Purposive sampling was used to select ten informants, with data sources categorized as primary and secondary. Data were analyzed using qualitative methods to examine waste management practices and the challenges faced by MSE owners in the coastal tourism area.

Results: The findings reveal that MSE owners' waste management capacity needs to be improved, as they struggle to separate organic from non-organic waste and often resort to burning to address waste accumulation. The study also highlights a lack of empowerment and guidance from stakeholders, emphasizing the urgent need for interventions and support mechanisms to improve waste management practices among MSE owners. The research underscores the critical role of institutional capacity at the local government level in fostering collaborative governance and effective waste management strategies.

Conclusion: This research contributes to the literature on environmental management and small business sustainability by applying the ecological balance model within the context of coastal tourism areas. By exploring the reciprocal relationship between MSEs and their environment, this study highlights the importance of building institutional capacities to address complex socio-environmental challenges, ultimately supporting sustainable tourism development in coastal regions.