Proceedings of the International Conference of Islamic Economics and Business (ICONIES)
About ICONIES Internasional Conference of Islamic Economics & Business (ICONIES) is a conference involving participants from various countries or regions that aims to share knowledge, establish discussions, and advance understanding of a particular topic. ICONIES is organized by the Faculty of Economics, Maulana Malik Ibrahim State Islamic University Malang every year to discuss relevant global, scientific, technical, or social issues. ICONIES focuses on topics related to Islamic Economics, Islamic Banking and Finance, Halal Industry, Accounting, Auditing, Taxation, Business Management, Digital Economics, Corporate Governance, Financial Inclusion. ICONIES participants come from various backgrounds, including academics, researchers, practitioners, activists, and other stakeholders working in the field of Islamic economics and business. They come together to share ideas, present the latest findings from their research, and network. ICONIES activities include workshops, seminars, paper submissions, presentations, panel discussions, and Q&A sessions designed to enhance interaction between participants. ICONIES proceedings are published online at http://conferences.uin-malang.ac.id/index.php/iconies with P-ISSN: 2476-9851 or E-ISSN: 2541-3333.
Faculty of Economics Maulana Malik Ibrahim State Islamic University of Malang
HALAL MARKETING DYNAMICS: HOW CERTIFICATION, BRAND IMAGE, AND RELIGIOSITY INFLUENCE CONSUMER PURCHASE DECISIONS
The halal cosmetic industry has gained increasing attention as consumer demand for products that align with Islamic values continues to rise. This study aims to analyze the influence of halal certification, brand image, and religiosity on consumer purchase decisions, with a focus on Wardah cosmetic users in Salatiga, Indonesia. Primary data were collected through an online survey distributed via Google Form, with 384 respondents selected using purposive sampling and the Lemeshow formula at a 5% margin of error. Data were analyzed using SPSS 25 through multiple linear regression, supported by validity, reliability, normality, multicollinearity, and heteroscedasticity tests, as well as partial (t), simultaneous (F), and determination coefficient tests. The findings reveal that halal certification, brand image, and religiosity each have a positive and significant effect on purchase decisions. These results emphasize the importance of integrating halal assurance and brand positioning with consumers’ religious values to strengthen purchasing behavior in the halal cosmetic industry. This study contributes to the understanding of consumer behavior in the halal industry and offers strategic insights for policymakers and practitioners to enhance competitiveness and sustainability in both domestic and global halal markets.
##submission.copyrightStatement## http://creativecommons.org/licenses/by-sa/4.0
THE EFFECT OF SYSTEMATIC RISK AND IDIOSYNCRATIC RISK ON INVESTMENT RETURNS WITH ESG DISCLOSURE AS A MODERATING VARIABLE IN INDONESIAN AGRO-INDUSTRIAL COMPANIES
In the face of complex market dynamics, companies are required to effectively manage investment risks while simultaneously implementing responsible sustainability practices. This study aims to analyze the effects of systematic risk and idiosyncratic risk on investment returns, as well as the moderating role of Environmental, Social, and Governance (ESG) disclosure in the relationship between these two types of risk and investment returns in Indonesian agro-industrial companies. Using a quantitative approach, the results reveal that systematic risk has a significant negative effect on investment returns, while idiosyncratic risk has a significant positive effect. Furthermore, ESG disclosure is found to reduce the negative impact of systematic risk and strengthen the positive impact of idiosyncratic risk on investment returns. These findings indicate that risk management integrated with sustainability strategies is a key factor in enhancing investment performance. Therefore, agro-industrial companies are encouraged to improve the quality and transparency of ESG disclosures as part of their risk mitigation strategies and efforts to create long-term value for investors.
THE CAPITAL CITY OF EAST KALIMANTAN: ASSESSING CUSTOMER SERVICE QUALITY AND CUSTOMER SATISFACTION IN ISLAMIC BANKS
The increasing number of Islamic financial institutions in Indonesia has intensified competition, particularly in the aspect of service quality to ensure customer satisfaction. This study aims to analyze the impact of customer service quality on customer satisfaction at a Sharia bank in Samarinda by applying the SERVQUAL dimensions: assurance, reliability, tangibles, empathy, and responsiveness. The research uses a quantitative descriptive method with 98 respondents selected through accidental sampling. Data were analyzed using multiple linear regression with SPSS 21. The results show that reliability, assurance, and empathy significantly influence customer satisfaction, while tangibles and responsiveness do not. Simultaneously, all SERVQUAL dimensions have a significant effect on customer satisfaction. This implies that service quality plays a crucial role in maintaining customer trust and loyalty in Islamic banking.
THE MEDIATING ROLE OF EMPLOYEE RETENTION ON THE INFLUENCE OF LEADERSHIP STYLE AND TALENT MANAGEMENT ON EMPLOYEE PERFORMANCE AT PT PLN (PERSERO) UNIT INDUK DISTRIBUSI EAST JAVA
This study aims to analyze the influence of leadership style and talent management on employee performance with employee retention as a mediating variable at PT. PLN (Persero) Unit Induk Distribusi Jawa Timur. A quantitative approach with explanatory research design was employed. Data were collected through questionnaires distributed to 160 employees using a saturated sampling technique. Data analysis was conducted using SEM-PLS. The results show that (1) leadership style has a positive and significant effect on employee performance, (2) talent management has a positive and significant effect on employee performance, (3) employee retention significantly improves performance, (4) leadership positively affects employee retention, (5) talent management positively affects employee retention, (6) retention mediates the relationship between leadership and performance, and (7) retention mediates the relationship between talent management and performance. The study provides theoretical implications regarding the mediating role of retention and practical recommendations for PLN’s management to strengthen leadership effectiveness and talent strategies.
GEN Z'S INTENTION TO SHARIA BANKING : THE ROLE OF FINANCIAL LITERACY, RELIGIOSITY, AND DEMOGRAPHICS
The Islamic banking sector in Malang City shows strong growth potential due to its large youth population. However, Generation Z’s adoption remains low, influenced by financial literacy, religiosity, and demographic factors. This study examines how these variables affect Generation Z’s interest in Islamic banking, using a survey of 204 respondents and multiple linear regression analysis in SPSS 26. Results reveal that financial literacy, religiosity, and demographics positively influence interest, offering insights for banks to develop youth-focused marketing strategies.
DIGITALIZATION OF AGRICULTURAL LAND UTILIZATION FOR FOOD AND ENERGY SECURITY AS A DRIVER OF THE SHARIA ECONOMY
The development of digital technology has opened up new opportunities for more effective and sustainable agricultural land use, thus addressing the challenges of food and energy security in Indonesia. This study aims to explore a model for implementing digitalization in the agricultural sector that not only focuses on increasing productivity but also integrates renewable energy management as part of the sharia economic ecosystem. The research method used is a qualitative approach with literature studies and descriptive analysis of digital technology implementation models, such as the Internet of Things (IoT), big data analytics, and digital-based sharia financing platforms, in agricultural land use. The results of the study indicate that technology can increase the efficiency of agricultural production and strengthen the position of farmers in the sharia economic value chain. To support national food security, BNI implements agricultural digitalization through various services, such as the Farmer Card for fertilizer, empowerment of Fertilizer Kiosks, and digital People's Business Credit (KUR) facilities, which aim to increase farmer productivity. With the right strategy, state revenue can be increased without sacrificing long-term social and economic stability, and support sustainable digitalization in the agricultural sector. The implications of this study indicate that agricultural digitalization, when integrated with the sharia economic ecosystem, can be a key driver in creating an inclusive and sustainable food system.
SHARIA INVESTMENT FUNDS: IS IT TRULY BOOSTING THE PROFITABILITY OF SHARIA INSURANCE?
Sharia insurance revenue has decreased precisely during the COVID-19 pandemic. It is recorded that Sharia insurance has decreased in 2019-2020, decreasing by around 10%. The gross distribution at that time experienced a significant increase. Meanwhile, funds in sharia investments fluctuated in sharia stocks, sukuk, National Sharia Securities (SBSN), sharia mutual funds, and sharia deposits. This research aims to find out which Sharia investment instruments are the most optimal in providing profits to companies, so that they can help companies increase profitability. The research method used in this study is the quantitative method. The population in this study uses all Sharia insurance companies in Indonesia using saturated sampling techniques. The data used in this study is secondary data taken from monthly reports at the OJK (Financial Services Authority), which is then processed into an annual report for 2018-2022. The analysis of this study used the multiple linear regression method with Eviews 13. The study results show that the variables of Sharia stocks partially affect the profitability of Sharia insurance. Then the sukuk variable does not affect the profitability of sharia insurance. As well as SBSN variables, sharia mutual funds and sharia deposits hurt the profitability of sharia insurance. Meanwhile, simultaneously, the variables of sharia stocks, sukuk, SBSN, sharia mutual funds, and sharia deposits affect the profitability of sharia insurance.
THE INFLUENCE OF RELIGIOSITY, KNOWLEDGE, AND INCOME ON INDIVIDUALS' DECISIONS TO PAY ZAKAT, INFAQ, AND SADAQAH (ZIS)
This study aims to determine the influence of religiosity, knowledge, and income on the decision of muzaki to pay zakat, infaq, and sadaqah (ZIS) at BAZNAS Malang City. The research method is quantitative, using a survey approach and multiple linear regression analysis. Primary data were collected through questionnaires from 112 muzaki respondents of BAZNAS Malang City in 2023–2024. The results show that only the religiosity variable has a significant partial effect on the decision to pay ZIS. Meanwhile, knowledge and income do not show significant effects. However, simultaneously, all three variables influence the decision of muzaki to fulfill ZIS obligations. These findings emphasize the importance of spiritual aspects in encouraging zakat compliance through official institutions, as well as the need to optimize educational efforts and fundraising strategies that consider income factors.
INTEGRATING ESG AND MAQASHID SHARIAH IN ISLAMIC INVESTMENT FOR ECONOMIC SUSTAINABILITY: A SYSTEMS APPROACH BY JASSER AUDA
This study aims to examine the integration of Environmental, Social, and Governance (ESG) principles with the maqashid sharia in Sharia investment practices and their contribution to economic sustainability. The method employed is a Systematic Literature Review (SLR) utilizing Jasser Auda’s systemic approach, which facilitates multidimensional, contextual, and adaptive analysis of global challenges. The research process was conducted through the stages of formulating research questions, searching literature from various international and national databases, selecting articles using inclusion criteria, and analyzing using the PRISMA 2020 flowchart. Of the total 109 articles searched, 5 were chosen as relevant primary data for further analysis. The results show that the integration of ESG and maqashid sharia provides a strong conceptual foundation for realizing sustainable sharia investment. ESG provides technical standards that emphasize environmental preservation, social responsibility, and good governance, while maqashid sharia presents normative and spiritual legitimacy oriented towards human welfare. The impact of this integration includes the formation of an inclusive, resilient, and long-term investment ecosystem, as well as the development of relevant instruments, such as green sukuk, increased transparency of governance, and strengthened distributional justice and environmental protection.
BIBLIOMETRIC ANALYSIS OF MSME PERFORMANCE: TRENDS, VARIABLE RELATIONSHIPS, AND RESEARCH GAPS
This study aims to analyze the factors influencing the performance of Small and Medium Enterprises (SMEs) through a bibliometric approach, exploring the relationships between variables such as financial literacy, access to finance, business innovation, and risk management. The research methodology involves bibliometric analysis using VOSviewer to map research trends and the relationships between variables affecting SME performance. Data analyzed were sourced from articles published in the Scopus database between 2000 and 2024, using the keywords “SMEs Performance” and “SMEs Financial Performance”. The findings reveal that financial literacy and access to finance significantly impact the financial performance of SMEs, while product and business model innovation play a crucial role in enhancing competitiveness and sustainability. Additionally, effective risk management enhances the resilience of SMEs in times of crisis. The research trends indicate a shift in focus from financial performance to non-financial dimensions such as sustainability and social innovation. Future research is recommended to explore social innovation, risk management in the context of pandemics, and the interplay between social and financial capital in SMEs through longitudinal studies to better understand their long-term impact on SME performance.
REDEFINING ESG DISCLOSURE THROUGH THE FRAMEWORK OF MAQASID SHARIAH: A STUDY ON PTPN
This study aims to interpret Environmental, Social, and Governance (ESG) disclosures using the Maqasid al-Shariah framework. The selected research object is PT Perkebunan Nusantara (PTPN). PTPN is a state-owned enterprise with sustainability programs, such as Social and Environmental Responsibility (TJSL) and Corporate Social Responsibility (CSR), which are designed to empower communities, protect the environment, and support economic development. ESG disclosure in Indonesia is regulated by the Financial Services Authority (POJK 51/2017) and international sustainability standards such as GRI Standards. However, existing government regulations and international standards still have limitations in relating them to Islamic values, especially maqashid syariah. The gap in this research lies in the lack of integration of the sharia perspective in ESG literature, even though maqasid syariah offers a more holistic ethical, spiritual, and sustainability dimension. This study uses a qualitative approach with a case study design, where data is collected through document analysis (annual reports, sustainability reports, ESG policies) and semi-structured interviews with managers in the TJSL PTPN field. Data analysis was conducted using thematic analysis to map the alignment between ESG indicators and the principles of Sharia maqasid, namely hifz al-din (preserving religion), hifz al-nafs (soul), hifz al-'aql (mind), hifz al-nasl (progeny), and hifz al-mal (wealth). The results of this study are expected to broaden the understanding of ESG disclosure from an Islamic perspective, contribute theoretically to the development of shariah enterprise theory, and provide practical implications for the formulation of shariah-based sustainability reporting standards in Indonesia.
SUSTAINABLE AQUACULTURE: BRIDGING ESG PRACTICES WITH ISLAMIC VALUES IN THE DIGITAL ERA
Tuban Regency is one of the regencies in East Java Province, located on the north coast of Java Island. Tuban has various local potentials such as agriculture, plantations, fisheries, and marine resources. Tuban Regency has a long coastline covering several subdistricts, such as Palang, Tuban, Jenu, Tambakboyo, and Bancar. According to the 2020 Performance Report of the Tuban Regency Fisheries Service (LKjIP), the total fishery production increased from 53,677.36 tons in 2018 to 58,608.75 tons in 2019 and then to 63,311.93 tons in 2020. Although the production value is relatively high, limited marketing patterns prevent the community from reaping the maximum benefits. The majority of fishermen only sell raw shrimp to collectors who then manage distribution and determine market prices. This results in fishermen having very little bargaining power, and the community does not obtain added value from post-harvest processes, such as processing or packaging shrimp-based products. Empowerment efforts through aquaculture development are a strategic step. This program will not only provide new skills to the community but also open up home business opportunities and promote collective and sustainable welfare improvement by collaborating with various parties.
BEYOND RELIGIOUS BOUNDARIES: EXPRESSING THE ATTRACTION OF HALAL PRODUCTS FOR NON-MUSLIM
This study explores the shifting meaning of halal products beyond their religious dimension, highlighting their growing appeal to non-Muslim consumers in Indonesia and other Asian nations, including Japan and South Korea. Halal is no longer perceived solely as a marker of Islamic religiosity but increasingly as a symbol of quality assurance, hygiene, and food safety. Through a qualitative approach, complemented by literature review, surveys, and case studies, the results indicate reveal that non-Muslim consumers associate halal with strict production standards, transparency in supply chains, and assurance of safe ingredients. The segmentation of non-Muslim consumers shows diverse motivations, including quality, health consciousness, lifestyle trends, solidarity, and accessibility. Empirical data and global reports demonstrate that halal is now positioned alongside international labels such as organic, eco-friendly, and non-GMO, making it a universal value proposition. However, challenges remain, such as the perception of halal as an exclusive religious label, limited consumer literacy, and the high cost of certification. This study concludes that halal has the potential to serve as both an inclusive market strategy and a form of cross-cultural economic diplomacy, bridging religious boundaries while reinforcing consumer trust in the global market.
THE MEANING OF BUSINESS SUSTAINABILITY IN TOURISM COMPANIES FOR PT. KUSUMA AGROWISATA, BATU CITY
The principle of sustainability in business is often overlooked, with companies focusing solely on profit without considering the social and environmental impacts. However, it is a known fact that companies will be able to operate for a longer period of time if they pay attention to social and environmental aspects without neglecting the profit aspect. Similarly, tourism companies are inseparable from these three aspects: social, environmental, and profit. One company that researchers found has begun implementing sustainable business principles is PT. Kusuma Agrowisata Kota Batu, a company located in a city known as a tourist city. As explained above, this study aims to improve the understanding of the meaning of sustainable business, especially in tourism companies, for stakeholders, so they can act properly and correctly in all company activities. This study uses a phenomenological approach to generate accurate meanings for eight respondents: one person from within the company, one from the government, three from the local community, and three from tourists. The results of this study obtained five meanings of sustainable business through an in-depth interview process based on the experiences of the respondents of this study. Namely sustainable business is a form of long-term benefits, empowered and independent, educational and environmentally friendly, a form of commitment to social, and a form of cultural preservation in business innovation.
HALAL GO DIGITAL: HALAL LITERACY INNOVATION TO ENCOURAGE ISLAMIC ETHICS FOR THE YOUNGER MUSLIM GENERATION
The rapid development of digital technology has transformed the way young Muslims interact with religious values, including halal literacy. As digital natives, young Muslims are highly connected to social media, applications, and internet-based platforms, making them a strategic group in strengthening halal awareness. This study aims to analyze how digital-based halal literacy innovations can encourage the internalization of Islamic ethics among young Muslims in Indonesia. Using a descriptive qualitative approach through literature review, this study examined journals, policy documents, and official reports published between 2022 and 2025. The results indicate that digital innovations, including gamification and interactive platforms, are effective in increasing halal awareness, shaping ethical consumer behavior, and supporting Indonesia's vision as a global halal hub. However, several challenges remain, such as limited digital infrastructure, low literacy in halal contracts, and the need for stronger integration between digital innovation and national halal regulations. This study emphasizes the urgency of strengthening digital halal literacy as a religious and ethical framework, with practical implications for halal industry development, youth empowerment, and Islamic ethics education in the digital era.
IBN KHALDUN’S SOCIO-ECONOMIC DYNAMICS MODEL: CORRUPTION AS DETERMINANT OF POVERTY IN JAVA
In Islamic history, one of the scholars who discussed the problem of poverty was Ibnu Khaldun. In his analysis, the phenomenon of the rise and fall of a civilization is not only caused by economic variables, but also by a number of non-economic factors. Therefore, in his book entitled "Muqaddimah", he tries to determine interrelated factors such as the role of moral, psychological, political, economic, social and demographic factors. Ibnu Khaldun's explanation shows that poverty is a classic problem and has broad and complex dimensions, so that policy strategies in efforts to eradicate it cannot have one role. Ibn Khaldun's social dynamics model, which is still abstract, is then proxyed into several economic and non-economic variables. Some of these variables are poverty level, Government Expenditures (in the field of social protection), Corruption Crimes, Human Development Index (HDI), Gross Regional Domestic Product (GRDP), Government Investment and Gini Ratio. Sharia parameters are one of the non-economic parameters (moral approach) that are interesting and differentiate between Ibn Khaldun's social dynamics model and the poverty measurement model that has been widely used by researchers. The aim of this research is that with Ibnu Khaldun's dynamic model approach, it is hoped that it will be able to provide solutions in terms of alleviating poverty in various regions, including the island of Java. The data used in this research is panel data, which is a combination of cross-section and time-series data. The panel data in this research uses 6 provinces starting from 2018-2022 using the Panel Data Regression method. The research results show that Government Expenditures (in the field of social protection), Human Development Index (HDI), Gross Regional Domestic Product (GRDP), Government Investment and the Gini Ratio have a significant effect on the number of poor people on the island of Java. Meanwhile, the number of corruption cases has an insignificant effect on the number of poor people on the island of Java
THE INFLUENCE OF LEARNING ORGANIZATION ON WORK EFFECTIVENESS WITH KNOWLEDGE SHARING MEDIATION IN PROCUREMENT OF GOODS/SERVICES
This study analyzes the impact of Artificial Intelligence (AI) adoption on the performance of Islamic banks in Indonesia, with a focus on the moderating role of economic uncertainty. Using panel data from 12 Islamic commercial banks from 2021 to 2024, AI adoption is measured through a composite index evaluating the scope and depth of technology implementation across four dimensions: customer service, operations and compliance, credit and risk analysis, and strategic investment. The analysis employs a random effects regression model. The findings reveal a nuanced perspective AI adoption does not yet have a significant effect on Return on Assets (ROA). Similarly, economic uncertainty and its interaction with AI are found to be insignificant. These results indicate that AI integration in Indonesian Islamic banking remains preliminary and lacks strategic depth. The primary determinant of bank performance remains operational efficiency (OE). This study provides critical empirical evidence that AI investment does not automatically translate into profitability in this specific context. The findings enrich the discourse on fintech implementation in emerging markets and offer a foundation for developing more effective digital strategies for Islamic banking.
IMPLEMENTATION OF SUSTAINABLE PERFORMANCE THROUGH THE GREEN RELATIONAL CAPITAL AND GREEN INNOVATION MODELS
The purpose of this study is to explore the influence of green relational capital and green innovation on sustainable performance, developed within a single model and explained through the Resource-Based Theory (RBT) as the main theoretical framework. The research sample consisted of 193 micro, small, and medium enterprises (MSMEs). Data were analyzed using the structural equation model with Partial Least Squares (PLS). The findings indicate that both green relational capital and green innovation significantly affect sustainable performance. This research contributes to the Resource-Based Theory by demonstrating that MSMEs are able to transform their resources into capabilities that foster green relational capital, such as two-way communication with customers, suppliers, networks, and partners regarding environmental management, as well as eco-friendly innovations. These practices enable businesses to generate profit and sustain a competitive advantage
REPOSITIONING ISLAMIC BANKS AS WAQF NAZHIR FOR STRENGTHENING THE PRODUCTIVE WAQF ECOSYSTEM IN INDONESIA’S HALAL INDUSTRIAL DEVELOPMENT
This study aims to analyze the repositioning of Islamic banks’ role as nazhir (waqf managers) in strengthening the productive waqf ecosystem to support the development of halal hubs and halal industrial parks as part of the national Islamic economic acceleration strategy. The research employs a qualitative-explorative method using a case study approach focused on Bank Muamalat Indonesia and Bank Syariah Indonesia (BSI), both of which have been officially designated as nazhir under the supervision of the Indonesian Waqf Board (BWI). The findings reveal that the role of Islamic banks as nazhir has not been systematically optimized to support the financing of productive waqf assets oriented toward the development of the halal sector. According to BWI data (2024), of the total waqf asset value amounting to IDR 1,065 trillion, only 4.39% has been utilized productively. Meanwhile, the development of halal industrial zones such as the Modern Halal Valley in Banten and the Bintan Inti Halal Hub in the Riau Archipelago still faces challenges in accessing inclusive sharia-based financing. As financial institutions and nazhir, Islamic banks hold a strategic position in managing waqf funds through mechanisms such as Cash Waqf Linked Sukuk, venture waqf capital, and the Halal Endowment Fund to finance halal industrial infrastructure development. The repositioning of Islamic banks as nazhir requires synergy and integration among Bank Indonesia (BI), the Financial Services Authority (OJK), the Indonesian Waqf Board (BWI), the National Committee for Islamic Economy and Finance (KNEKS), and the National Sharia Council–Indonesian Ulema Council (DSN-MUI) to regulate the governance of Islamic banking as professional nazhir capable of managing high-value economic waqf assets transparently and accountably. This study recommends a digitally-based collaborative model involving Islamic banks, BWI, and halal industry stakeholders to accelerate the realization of national halal hub development based on productive waqf. The policy implication of this research highlights the need to amend regulations in the Islamic Banking Law, the Waqf Law, and other related legal frameworks to enhance the institutional capacity of Islamic banks in fulfilling their socio-productive function.
DIGITAL DEVOTION AND ECONOMIC PRACTICES: HOW BTS ARMY NAVIGATES CAPITALISM IN THE ATTENTION ECONOMY
This study explores the digital consumption practices of the global BTS ARMY fandom within the framework of the attention economy and postmodern cultural theory. Drawing on a qualitative case study of ARMY communities in Indonesia, the research investigates how fans collectively organize streaming, voting, and merchandise purchasing through digital platforms. These activities are not merely economic transactions but serve as socially meaningful practices that construct symbolic identity and community solidarity. Utilizing theoretical frameworks from Goldhaber’s attention economy, Baudrillard’s simulacra and hyperreality, Bourdieu’s cultural and symbolic capital, and Jenkins’ participatory culture, the study demonstrates that fandom products function as hyperreal symbols that mediate social relations and reproduce status hierarchies within the fan community. The findings show that ARMY operates as an active agent in the digital cultural economy, converting attention and symbolic participation into real economic and social value. This research contributes to economic sociology and digital cultural studies by highlighting how transnational fandom operates as a strategic and organized force within the global digital marketplace, reshaping conventional understandings of cultural consumption and identity.
THE ROLE OF FOMO, E-WOM, AND LIFESTYLE IN INFLUENCING PURCHASE DECISIONS THROUGH SHOPEE
This study aims to analyze the influence of FOMO, E-WOM, and Lifestyle on the purchasing decisions of FEBI UIN Sayyid Ali Rahmatullah Tulungagung students through Shopee. The research method used is quantitative with an associative approach. The sample in this study amounted to 92 respondents obtained using the proportionate stratified random sampling technique. Data analysis was carried out using SPSS 27. Simultaneously, the variables FOMO, E-WOM, and Lifestyle have a positive and significant effect on students' purchase decisions through Shopee. However, partially, only the variables E-WOM and Lifestyle have a positive and significant effect on purchase decisions, while the FOMO variable does not have a significant effect. E-WOM is the primary factor because it provides relevant and trustworthy information from other consumers. Lifestyle has a strong influence due to students' practical and digital shopping habits. Business actors can optimize digital communication strategies and adapt their products to consumer lifestyles to enhance purchase decisions.
CAPTURE OF IMPLEMENTATION GOLD TAX IN INDONESIA FACT: HOW IS THE EFFECT FOR GOVERNMENT REVENUE AND INVESTOR GOLD BEHAVIOR
Gold taxation in Indonesia has experienced regulatory dynamics in recent years. These regulatory changes aim to manage state revenue and govern public behavior in investment. This study seeks to analyze the impact of gold tax implementation on state revenue and investor behavior patterns, such as Income Tax Article 22 of 0.25% on gold trading transactions and Value-Added Tax (VAT) ranging from 1.1% to 1.65% on gold jewelry. The research method employed is qualitative descriptive using secondary data and an empirical analysis approach. Secondary data sources include tax regulations, state revenue reports, global and domestic gold price trends, as well as international gold demand reports. The findings indicate that gold taxation can increase state revenue through improved payment compliance due to simplified regulations and moderate rates, while still being influenced by market mechanisms, gold price cycles, and purchasing power. From the perspective of investor behavior, the tax policy tends not to significantly reduce investment interest, though it does put some pressure on short-term investors. Ultimately, investor behavior continues to position gold as a long-term hedging asset.
THE INFLUENCE OF ATTITUDE, SUBJECTIVE NORMS, AND PERCEIVED BEHAVIORAL CONTROL ON THE INTENTION TO ADOPT ISLAMIC BANKING IN SAMARINDA CITY WITH RELIGIOSITY AS A MODERATING VARIABLE
This study is motivated by the significant growth of Islamic banking in Indonesia; however, the level of usage of Islamic banking services remains relatively low compared to conventional banks, including in Samarinda City. The Theory of Planned Behavior (TPB) is employed in this research to analyze the influence of attitude, subjective norms, and perceived behavioral control on the intention to adopt banking services. Additionally, religiosity, as a personal value that plays a crucial role in the financial decisions of the Muslim community, is tested as a moderating variable to strengthen the relationship between these independent variables and the dependent variable. This study aims to determine the significant and simultaneous effects of attitude, subjective norms, and perceived behavioral control on the intention to adopt Islamic banking in Samarinda City, with religiosity as a moderating variable. The research method used in this study is an associative quantitative research design, utilizing primary data obtained from direct responses to questions posed through a questionnaire to respondents. The sample in this study is determined using non-probability sampling techniques. The population of this research consists of the residents of Samarinda City aged 17-60 years. The data analysis techniques employed in this study include instrument testing, classical assumption testing, t-tests, F-tests, coefficient of determination (R²) tests, multiple linear regression analysis, and Moderated Regression Analysis (MRA)
SYNERGY OF DIGITAL BRANDING AND INFORMATION TECHNOLOGY IN INCREASING THE COMPETITIVENESS OF ISLAMIC-BASED MSMEs
In the context of accelerating digital transformation, this article highlights the strategic potential of synergy between digital branding and information technology (IT) as a lever for the competitiveness of Islamic-based Micro, Small, and Medium Enterprises (MSMEs). Data from the Ministry of Cooperatives and SMEs (2024) reveals that only 38% of the 65 million MSMEs in Indonesia have been digitized, leaving a significant gap in exploiting digital market opportunities. Digital branding serves as a strategic tool for building a strong brand identity, while information technology provides the necessary infrastructure for efficient operations. In the context of Islamic economics, MSMEs have great potential to utilize sharia principles in their business strategies, which not only enhances competitiveness but also contributes to societal welfare. The results of this study indicate that collaboration between digital branding and information technology can strengthen brand image, improve operational efficiency, and expand market reach.
ANALYZING THE POTENTIALS AND CHALLENGES OF DANANTARA IN ADVANCING INDONESIA’S ISLAMIC ECONOMY AND FINANCE
This article examines the potentials and challenges of Danantara Indonesia (Badan Pengelola Investasi Daya Anagata Nusantara), a newly established sovereign wealth fund designed by the government to manage state-owned strategic assets and promote national economic development, including the strengthening of the Islamic finance ecosystem. With consolidated assets exceeding IDR 14,000 trillion, Danantara is expected to expand access to Islamic financing, support halal infrastructure projects, foster sustainable energy development, and strengthen the agricultural sector. These opportunities are reinforced by Indonesia’s majority Muslim population and the positive growth of the Islamic finance market, which accounted for 10.9% of total national financial assets in 2023. Nevertheless, Danantara’s strategic role faces several obstacles, including regulatory limitations, low levels of Islamic financial literacy, governance risks, and competition with more liquid conventional financial instruments. This study employs a qualitative descriptive approach using library research to explore the dynamics of Danantara’s opportunities and challenges. The findings highlight that Danantara’s success largely depends on transparent governance, the innovation of Islamic investment instruments such as green sukuk, and effective collaboration with Islamic banks and private sector stakeholders. With these strategies, Danantara holds significant potential to enhance the contribution of Islamic finance to the national economy while positioning Indonesia as a global hub for Islamic economic development.
ESG PRACTICES AND SIMPLE AI ADOPTION IN ISLAMIC-VALUE-BASED MSMES
This study investigates the role of simple Artificial Intelligence (AI) adoption, Environmental, Social, and Governance (ESG) practices, and Islamic value internalization in enhancing the sustainability performance of Micro, Small, and Medium Enterprises (MSMEs) in Tulungagung Regency, Indonesia. Using a quantitative explanatory research design, data were collected from 96 MSME owners or managers through structured questionnaires and analyzed with Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that all three variables have a positive and significant effect on sustainability performance, with ESG practices exerting the strongest influence. Simple AI adoption improves operational efficiency, decision-making transparency, and governance compliance, while Islamic values reinforce ethical conduct and stakeholder trust. Moreover, ESG practices mediate the relationship between AI adoption and sustainability performance, indicating that technological tools can effectively drive sustainable outcomes when aligned with ESG principles. This research contributes theoretically by integrating ESG, Islamic ethics, and technology adoption in the MSME context a combination rarely examined in prior studies. Practically, the study offers strategic guidance for policymakers, Islamic financial institutions, and MSME actors to promote ethical, technology-enabled, and sustainability-oriented business models. The results also align with the Sustainable Development Goals, particularly Goals 8, 9, and 12, supporting Indonesia’s commitment to inclusive and responsible economic growth.
THE INFLUENCE OF INCOME AND LIFESTYLE ON CONSUMPTIVE BEHAVIOR: THE ROLE OF FINANCIAL LITERACY
This study is driven by the fact that people's consuming habits are changing due to the availability of increasingly advanced digital technologies, particularly in terms of shopping becoming more consumptive. All groups, even teens from generation Z, are susceptible to this consumptive habit. With financial literacy serving as a moderating variable, the aim of this study was to examine how generation Z's consumption patterns in Tulungagung Regency were impacted by lifestyle and income level. This study employs a quantitative methodology and an associative research design. Up to 100 respondents from generation Z in Tulungagung Regency completed questionnaires, which served as the major data source. The Slovin formula and proportionate stratified random sampling are the sampling methods employed. Using the SEM-PLS approach and the SmartPLS 4.0 program, questionnaire data were examined. 1) Income level has a favorable and considerable impact on consumption behavior, according to the study's findings. 2) Lifestyle significantly and favorably influences consumer behavior.3) The influence that income level has on consumer behavior can be mitigated (increased) by financial literacy. 4) Financial literacy can mitigate the impact of lifestyle choices on consumer behavior. 5) Lifestyle and income level have an impact on consumer behavior, whereas financial literacy acts as a moderating factor.
EVALUATING THE TRIAD OF ECONOMIC DRIVERS: HOUSEHOLD CONSUMPTION, INVESTMENT, AND GOVERNMENT EXPENDITURE IN INDONESIA'S GROWTH TRAJECTORY (2016-2024) – AN ISLAMIC ECONOMICS PERSPECTIVE
This study analyzes the influence of household consumption, investment, and government spending on Indonesia's economic growth from 2016 to 2024, by integrating an Islamic economic perspective. Quarterly secondary data from the Central Statistics Agency and the Financial Services Authority are used in multiple linear regression analysis, which is validated through classical assumption tests. The results show that household consumption and government spending have a positive and significant effect on economic growth, in line with Keynesian theory. However, investments, measured through Islamic mutual funds, show negative impacts, contrary to conventional economic expectations. This phenomenon is caused by the dominance of non-productive financial instruments, such as money market and fixed income mutual funds, which divert funds from productive sectors such as infrastructure and MSMEs. From the perspective of Islamic economics, these findings underscore the importance of investments that are not only sharia-compliant but also productive and socially beneficial, as emphasized by Umer Chapra in the concept of ethical and equitable growth. The research also underscores the crucial role of household consumption, supported by government stimulus during the COVID-19 pandemic, in maintaining Indonesia's economic resilience. Therefore, policy reforms are needed to improve the efficiency of government spending and direct investment to sectors that support long-term growth. By incorporating Islamic principles, this research offers a new approach to understanding Indonesia's economic dynamics, contributing to the literature on development economics and Islamic finance. These findings provide valuable insights for policymakers to design balanced economic strategies, which not only drive growth but also social well-being.
OMNI-CHANNEL BEAUTY ECOSYSTEM AND MUSLIM CONSUMER BEHAVIOR: INSIGHT FROM INDONESIA’S BEAUTY RETAIL MARKET
The beauty retail industry in Indonesia has experienced rapid growth, driven by the increasing adoption of omni-channel strategies that integrate online and offline shopping experiences. Sociolla, as a leading beauty retailer, has pioneered the Omni-Channel Beauty Ecosystem, allowing consumers to seamlessly explore, evaluate, and purchase products across platforms. This study aims to analyze the influence of brand awareness, price, electronic word of mouth (e-WOM), and customer loyalty programs on Muslim consumers’ purchase intention, with a case study at Sociolla Big Mall Samarinda. A quantitative method was employed using Structural Equation Modeling-Partial Least Square (SEM-PLS) with 90 respondents selected according to Hair’s guideline. Data were collected through questionnaires distributed to Muslim consumers who had visited at Sociolla. The findings reveal that brand awareness, e-WOM, and loyalty programs have a significant positive effect on purchase intention, while price does not show a significant influence. These results highlight the importance of brand equity, digital engagement, and loyalty strategies over pricing in shaping consumer decisions within a non-metropolitan omni-channel beauty ecosystem.
THE EFFECT OF SERVICE, PRICE, DELIVERY AND PRODUCT QUALITY ON CUSTOMER SATISFACTION AT PT. DISTRINDO JEMBER
This study aims to analyze the influence of service quality, price, on-time delivery, and product quality on customer satisfaction at PT. Panahmas Dwitama Distrindo in Jember. This research is quantitative with a causal approach. The study population was all customers of PT. Panahmas Dwitama Distrindo, with a sample size of 100 respondents determined using accidental sampling. Data analysis techniques used were multiple linear regression, t-test, F-test, and the coefficient of determination (R²). The results indicate that partially, service quality, price, on-time delivery, and product quality have a positive and significant effect on customer satisfaction. Simultaneously, these four variables also significantly influence customer satisfaction with an R² value of 0.813, meaning that 81.3% of the variation in customer satisfaction can be explained by the independent variables, while the remaining 18.7% is influenced by other factors outside the study. These findings emphasize the need for companies to improve service quality, competitive pricing, maintain on-time delivery, and consistent product quality to maintain and enhance customer satisfaction.
THE ROLE OF BANKING SYARIAH IMAGE IN MEDIATING THE EFFECT OF CORPORATE SOCIAL RESPONSIBILITY ON CUSTOMER LOYALTY
This study aims to examine the mediating role of Banking Syariah Image in the relationship between Corporate Social Responsibility (CSR) and customer loyalty at Bank Riau Kepri Syariah. Using purposive sampling, a total of 100 participants were selected based on the criteria of being at least 17 years old and having been customers for a minimum of one year. Data analysis was conducted using the SmartPLS 4 software, applying the Structural Equation Modeling–Partial Least Squares (SEM–PLS) approach. The results indicate that both CSR and Islamic Banking Image have a direct positive effect on customer loyalty. Additionally, Islamic Banking Image significantly mediates the relationship between CSR and customer loyalty. These findings suggest that effective implementation of CSR programs not only directly enhances customer loyalty but also strengthens the positive image of Islamic banks in the eyes of the public. The image of Islamic banks serves as a significant mediator in fostering customer loyalty, emphasizing the importance of CSR strategies that are aligned with sharia values and social needs. Therefore, Islamic banks should prioritize CSR programs as a long-term strategic tool to build reputation and sustain customer loyalty
UTILIZATION OF THE AL-BASED ISLAMIC ACCOUNTING INFORMATION SYSTEM AS A SOLUTION FOR TRANSPARENCY AND EFFECTIVENESS IN FINANCIAL MANAGEMENT OF MSMES
Micro, Small, and Medium Enterprises (MSMEs) play a strategic role in the Indonesian economy, but they still face challenges in financial management, particularly related to transparency and effectiveness of financial reporting. The purpose of this study is to examine the use of an Artificial Intelligence (AI)-based Accounting Information System (AIS) with a sharia approach as a solution to increase transparency and effectiveness of MSME financial management. The research method used is a literature study by conducting an in-depth analysis of relevant literature and sources. The results of the study indicate that the implementation of an AI-based AIS can automate recording, improve the quality of financial reports, and support more appropriate decision-making, while the integration of sharia accounting principles ensures the alignment of financial governance with Islamic values. The main obstacles identified are limited human resources, implementation costs, and uneven technological infrastructure. The AI-Based Islamic Accounting System is presented as an innovative solution that supports MSMEs in increasing transparency and effectiveness of financial management in a sustainable manner, while still prioritizing sharia accounting principles.
SUSTAINABILITY REPORTING, LEVERAGE, AND FIRM SIZE: IMPACT ON FINANCIAL PERFORMANCE OF ISSI MANUFACTURING FIRMS
Financial performance is a crucial indicator reflecting a company’s operational health and efficiency. Therefore, strong financial performance can boost investor and stakeholder confidence, supporting a company’s growth and sustainability in a competitive marketplace. The focus of this research is: 1) Does sustainability reporting significantly impact financial performance? 2) Does leverage significantly impact financial performance? 3) Does company size significantly impact financial performance? 4) Which has a greater impact on financial performance: sustainability reporting, leverage, or company size? This research employed purposive sampling with a quantitative approach. Data collection utilized secondary data and documentation. Data analysis employed multiple linear regression using IBM SPSS Statistics version 25, with a sample of 21 companies.The results of this study indicate that 1) Sustainability reporting disclosure has neither a positive nor significant effect on financial performance. This is evident from the multiple linear regression results, which obtained a significance value of 0.071 > 0.05. 2) Leverage has neither a positive nor significant effect on financial performance. This can be seen from the results of multiple linear regression which obtained a significance value of 0.323 > 0.05. 3) Company size has a positive and significant effect on financial performance. This can be seen from the multiple linear regression which obtained a significance value of 0.031 < 0.05. 4) Sustainability report disclosure, leverage, and company size simultaneously influence financial performance. This is evident from the F-test results, which obtained a significance value of 0.048 <0.05
ANALYSIS OF ZIS PAYMENT METHOD PREFERENCES AMONG INDONESIANS
The use of digital platforms for collecting ZIS funds in Indonesia positively influences the payment method choices of muzakki and munfiq. This study aims to analyze how internal and external factors affect the preferences of muzakki and munfiq for three payment methods: directly to mustahik, through institutions, and via digital or online platforms. It employs an associative quantitative approach with a multinomial logistic regression model to compare the preferences of muzakki and munfiq. The research involved 318 respondents chosen through purposive sampling based on previous ZIS payment experience, with data collected via an online questionnaire and analyzed using SPSS. The results indicate that income, gender, trust, accessibility, and social influence are significant predictors of online payment choices. This study is expected to deepen the understanding of ZIS payment behavior, providing valuable insights for parties aiming to develop effective strategies.
DETERMINING THE PROFITABILITY OF ISLAMIC BANKS WORLDWIDE: NET PROFIT MARGIN, NON-PERFORMING FINANCING, DEBT-TO-ASSET RATIO, AND THIRD-PARTY FUNDS
This study investigates the determinants of profitability in Islamic banks worldwide by examining the influence of Net Profit Margin (NPM), Non-Performing Financing (NPF), Debt-to-Asset Ratio (DAR), and Third-Party Funds (DPK) on Return on Assets (ROA). Using a quantitative descriptive approach, secondary data were collected from 20 Islamic banks across 12 countries, selected from The 100 Strongest Islamic Banks in the World by The Asian Banker for the period 2019–2023. Panel data regression with the Random Effect Model (REM) was employed after conducting Chow, Hausman, and Lagrange Multiplier tests to determine the most appropriate model. The results reveal that NPM and DAR have a significant partial effect on ROA, while NPF and DPK do not show a significant impact individually. However, collectively, the four variables significantly influence the profitability of Islamic banks, with an Adjusted R-squared of 36.24%. These findings highlight the importance for Islamic banks to enhance efficiency, manage debt structures prudently, and optimize fund allocation through productive financing in order to strengthen profitability at the global level.
ANALYSIS OF FACTORS INFLUENCING THE RATIO OF HOUSING NON-PERFORMING LOAN FOR THE 2015-2024 PERIOD
This study aims to analyze the internal and external factors influencing the non-performing financing (NPF) ratio of home ownership financing in Islamic commercial banks in Indonesia during the period 2015–2024. Internal factors analyzed include the BOPO ratio, and Capital Adequacy Ratio (CAR), while external factors consist of exchange rate, and money supply. The study employs secondary data and the Error Correction Model (ECM) method to examine both short-term and long-term effects of these variables on NPF. The results indicate that both internal and external factors simultaneously have a significant impact on the NPF of home ownership financing. These findings provide important implications for risk management in Islamic banks to maintain financing quality and support the stability of the Islamic banking sector in Indonesia.
DETERMINANTS OF GREEN SUKUK INVESTMENT IN INDONESIA
The Green Sukuk program has facilitated money flows for sustainable future development. Green Sukuk represents a successful national collaborative initiative aimed at combating climate change. Since the sukuk offering period, conditions have demonstrated heightened demand, reflecting significant investor interest in the Green Sukuk market. This article aims to examine the significance of environmental incentive in investing decisions within the Indonesian Green Sukuk market. A literature analysis revealed that while investors in the Green Sukuk market regard the attributes of Green Sukuk as significant, they do not disregard profit considerations.
THE EFFECT OF PROFITABILITY, LIQUIDITY, SOLVENCY, AND MARKET CAPITALIZATION ON THE COMPANY’S VALUE (A STUDY OF BASIC MATERIALS SECTOR STOCKS ISSI-INDEXED PERIOD 2019-2023)
Using the ISSI-indexed stocks in the basic materials sector, this study seeks to ascertain how market capitalization, profitability, solvency, and liquidity affect company value as measured by PBV (price to book value) while making investment decisions. The performance of basic materials sector stocks showed an increase in 2020-2021, but a decline in performance in 2022-2023. This study employs a quantitative panel data regression technique with 245 data points from 49 businesses that fit the research sample requirements for the 2019–2023 timeframe. This study indicates that the variables ROA and Market Capitalization partially have a significant positive effect on firm value. Conversely, other variables do not significantly affect firm value. Simultaneously, the variables have a significant effect on the company. The adjusted R-squared value is 4.57%, indicating that the model cannot fully explain firm value. This study recommends additional analysis considering factors beyond the variables used to improve model accuracy.
THE INFLUENCE OF WAQF LITERACY, RELIGIOSITY, AND TRUST IN WAQF MANAGEMENT INSTITUTIONS ON WAQF DECISIONS
This study examines the impact of Islamic financial literacy, religiosity, and trust in waqf institutions on waqif decisions to endow funds. Using decision theory, this study uses quantitative methods with the Partial Least Squares-Structural Equation Model (PLS-SEM) approach. This study involved 182 graduate students of the State Islamic University of Malang as respondents. Data were collected through an online questionnaire and analyzed using SmartPLS software. The results showed that Islamic financial literacy significantly positively affects waqf decisions, emphasizing the role of understanding in encouraging waqf contributions. Religiosity also positively affects waqf decisions, reflecting the importance of spiritual motivation. In addition, trust in waqf institutions plays the most dominant role, where transparency and accountability increase public trust and encourage participation. The findings highlight the need for strategic efforts to improve waqf literacy, strengthen religiosity, and build trust to optimize waqf potential. This research provides input to waqf regulators and nazirs to continuously improve literacy and education on waqf as well as transparency of managed waqf funds, to increase public trust in waqf institutions.
ANALYSIS OF THE INFLUENCE OF EDUCATION AND PRACTICUM EXPERIENCE ON ECONOMICS STUDENTS’ READINESS TO USE SHARIA BANKING PRODUCTS
The Islamic finance industry in Indonesia has shown significant growth; however, literacy and inclusion of Islamic finance among young generations, particularly university students, remain relatively low. This study aims to analyze the influence of education and practicum experience on economics students’ readiness to use Sharia banking products. The research sample consisted of 70 Economics students from UIN Malang. A quantitative approach was employed, combining surveys and practicum experience studies. The results indicate that education plays a crucial role in establishing foundational understanding, while practicum experience enhances students’ readiness and interest in using Sharia banking products through direct interaction and hands-on experience. These findings underscore the necessity of integrating digital-based education with practical experience as a strategy to improve literacy, exposure, and adoption of Sharia banking products among young generations. The practical implications of this study include the development of literacy programs and practice-based learning initiatives to sustainably strengthen Islamic financial inclusion.
TECHNOLOGICAL INNOVATION AND HUMAN CAPITAL: UNVEILING ITS ROLE IN ENHANCING ISLAMIC BANK PERFORMANCE
This study aims to examine how technological capital affects financial performance and investigate the moderating role of human capital efficiency in this relationship. This study is analyzed using panel data estimation techniques obtained from the financial statements of Islamic banks in Indonesia for 2013-2024. We also performed a robustness check using alternative control variable. The results indicate that technological capital does not significantly enhance the performance of Islamic banks. In the moderating relationship, human capital efficiency moderates the relationship between technological capital and financial performance. Islamic banks should focus on optimizing the use of technological innovations to provide easier public access to services. Furthermore, Islamic banks must position their human resources as the driving force, ensuring that the adaptation, development, and implementation of technology remain in line with sharia principles.
REFLECTION ON ACCOUNTABILITY IN NYADRAN CULTURE
This study aims to explore the understanding of accountability within the Nyadran tradition in Karangsari Village, Ngawi District, East Java Province. The research adopts a qualitative approach with a phenomenological method, focusing on gaining a deep understanding of the subjective experiences of the participants involved in Nyadran. Data were collected through in-depth interviews, participatory observation, and document analysis, involving eight informants, including traditional leaders, religious figures, and active participants in the Nyadran ceremony. The findings reveal that accountability in Nyadran is reflected in the transparency of resource management, active participation, and collective responsibility throughout the ritual process. Additionally, the concept of accountability in Nyadran encompasses social, cultural, and spiritual dimensions, where the community feels responsible not only to one another but also to their ancestors and God. The study also highlights the importance of open communication, collaboration, and deliberation in ensuring the smooth execution of Nyadran. Suggestions for future research include expanding the study of accountability in other traditional cultures and exploring the role of technology in enhancing transparency and participation in cultural practices in the modern era. Future studies may also examine the younger generation's understanding of accountability in local traditions and their adaptation to changing times.
THE ROLE OF SUSTAINABLE INNOVATION IN BUSINESS TRANSFORMATION (STUDY SMeS Superheru Factory)
Innovation management is about how a country manages innovation within the country, encompassing planning, processes, and implementation. A country's innovation management will pave the way for a country's future growth and competitive success. Innovation is the generation of new and profitable ideas. In the context of economic growth, innovation can stimulate economic growth through the creation of new products and services, increased investment, and the creation of new jobs. This can improve the quality of life.
ACHIEVING ENVIRONMENTAL PERFORMANCE THROUGH ENVIRONMENTAL MANAGEMENT ACCOUNTING AND INDIVIDUAL FACTORS: A LITERATURE BASED VIEW
This study reviews the recent literature on the relationship between Environmental Management Accounting (EMA), Organizational Citizenship Behavior for the Environment (OCBE), and Environmental Performance (EP). Using the literature review approach, empirical peer-reviewed articles published between 2020 and 2025 were systematically identified, screened, and analyzed. A qualitative synthesis was conducted focusing on research objectives, methodologies, variables studied, contexts, and key findings. The review reveals that EMA functions not only as an accounting tool but also as a strategic enabler that, particularly when combined with human resource and managerial practices, stimulates OCBE and thereby improves EP. OCBE consistently emerges as a mediating mechanism that translates organizational systems into pro-environmental behaviors and performance outcomes, while EP contributes to corporate reputation, social legitimacy, and competitive advantage.
PHILANTHROPY BEHAVIORAL AND ARTIFICIAL INTELLIGENCE: ADVANCING GREEN SPIRITUAL RESPONSIBILITY IN STRATEGIC SHARI’AH ACCOUNTING
This study interprets the role of philanthropy behavioral and artificial intelligence as drivers of green spiritual responsibility in strategic shari’ah accounting practices based on digital - halal in Indonesia’s food and beverage industry. Using a quantitative causality approach with a sample of 25 companies listed on the Indonesia Stock Exchange, the study finds that strategic shari’ah accounting grounded in green spiritual responsibility with Digital-Halal Green Aplication Model strengthens consumer value and builds a competitive core advantage. The findings highlight that transparency, utility, and product safety are the pillars of green spiritual responsibility in halal marketing, while the novelty of this study lies in integrating strategic shari’ah accounting, digital-halal, and consumer value as a foundation for reinforcing sustainable competitiveness.
THE ROLE OF WORK PROTECTION PROGRAMS, REWARD SYSTEMS, AND JOB SATISFACTION ON EMPLOYEE PERFORMANCE
Advances in technology and increasingly intense industrial competition require companies to continuously improve their management practices. In addition to ongoing innovation and efficiency, the management of human resources demands serious and competitive attention. One of the main challenges faced by companies in the logistics and manufacturing sectors is creating a work environment that can support employees in achieving optimal performance. This study aims to analyze the influence of Work Protection Programs, Reward Systems, and Job Satisfaction on Employee Performance. The research was designed using a quantitative approach, with data collected through a five-point Likert scale questionnaire distributed to 100 employees systematically selected from a total population of 254. Data analysis was conducted using multiple linear regression with the assistance of SPSS version 26.0, along with classical assumption testing. The results indicate that work protection, reward systems, and job satisfaction simultaneously have a significant effect on employee performance. Partially, job satisfaction has the most dominant and significant influence, followed by work protection programs and reward systems. These findings highlight that enhancing job satisfaction, along with strengthening protection and reward systems for employees, are crucial strategies to improve performance. The practical implication of this study suggests that integrated human resource policies oriented toward employee well-being are highly relevant to be implemented in the logistics and manufacturing sectors to foster organizational productivity and effectiveness. Keywords: work protection, reward system, job satisfaction, employee performance
INCLUSIVE ZAKAT GOVERNANCE LEGAL-THEOLOGICAL PERSPECTIVES AND POLICY INSIGHTS FROM INDONESIA AND MALAYSIA
This study examines inclusive zakat governance in plural societies, focusing on Indonesia and Malaysia, to explore how governance frameworks address the inclusion or exclusion of non-Muslims, the theological and legal arguments that support or resist such inclusivity, and the influence of governance structures on policy outcomes. It specifically addresses three research questions: (1) How do Indonesia and Malaysia’s zakat governance frameworks address the inclusion or exclusion of non-Muslims? (2) What theological and legal arguments support or resist inclusive zakat practices? and (3) How do governance structures influence inclusivity outcomes and policy implementation? Employing a qualitative comparative approach, the study analyzes legal documents, fatwas, policy reports, and scholarly literature through inductive thematic analysis to identify governance patterns, theological debates, and practical challenges. Findings indicate that Indonesia’s hybrid model, combining government oversight with private sector and community participation, shows greater adaptability but faces coordination and trust challenges, while Malaysia’s centralized system ensures procedural consistency yet limits localized innovation and non-Muslim inclusion. Theological and legal interpretations remain divided, with reformist perspectives advocating broader eligibility and traditionalist views emphasizing classical restrictions. Governance mechanisms, including transparency, accountability, and stakeholder engagement, significantly shape inclusivity outcomes. This research contributes to Islamic social finance scholarship by offering a conceptual framework for inclusive and adaptive zakat governance and suggests further exploration of technological integration and interfaith zakat distribution.
THE EFFECT OF COMPETENCE OF ZAKAT MANAGERS AND TRANSPARENCY ON FINANCIAL REPORT ACCOUNTABILITY (STUDY AT LAZISMU CENTRAL JAVA)
Zakat management institutions play a strategic role in collecting and distributing zakat funds effectively, accountably, and in accordance with Islamic principles. To maintain public trust, such institutions must demonstrate accountability in their financial reporting. This accountability is largely influenced by the competence of zakat administrators and the transparency of the institution. This study aims to examine the influence of zakat administrators’ competence and organisational transparency on the financial accountability of Lazismu, a zakat institution operating in Central Java. The competence variable includes dimensions of knowledge, skills, and professional attitudes, while transparency refers to information disclosure, openness, and clarity. A quantitative approach was employed using a survey method, with data collected from 100 muzakki (zakat givers) respondents. The data were analysed using Structural Equation Modelling (SEM) with the SmartPLS 4 software. The results reveal that both competence and transparency have a positive and significant influence on financial accountability. These findings support the signalling theory, which suggests that professional competence and transparent practices serve as positive signals that enhance public trust in the credibility of zakat institutions’ financial reports.
EVALUATING TECHNOLOGY-BASED DRUG INVENTORY FRAMEWORK IN HOSPITALS VIA COBIT 2019 AND REGULATIONS
Globalization has accelerated technological advancements, intensifying competition in business and industry. In healthcare, effective management of medical supplies, particularly through information systems, is crucial. This study evaluates the strengths, weaknesses, and challenges of drug inventory management at RSI Aminah Blitar, focusing on data accuracy, operational efficiency, and regulatory compliance in implementing a computerized Accounting Information System (AIS). The research employs a qualitative case study approach, analyzing both computerized (Khanza Application) and manual (stock cards) systems. Data was collected through direct observation, interviews with key personnel (Pharmacy Head, Logistics, and Finance), and document analysis. Framed by COBIT 2019 and hospital regulations, the findings highlight significant improvements in accuracy and efficiency through computerization. However, challenges persist, including manual-computerized system synchronization, human resource limitations, delivery delays, and invoice discrepancies. RSI Aminah Blitar aims to enhance integration and collaboration with IT to optimize drug inventory management and regulatory compliance.
THE ROLE OF THE KOLOMAN TRADITION TOWARDS THE ECONOMIC EMPOWERMENT OF MADURA WOMEN IMAM ALGHAZALI'S PERSPECTIVE IN BLUMBUNGAN VILLAGE, LARANGAN SUBDISTRICT, PAMEKASAN REGENCY
This study focuses on the role of the column tradition in the economic empowerment of Madurese women in Blumbungan Village, Larangan District, Pamekasan Regency from the perspective of Imam al-Ghazali's thoughts. The columnan tradition is a social practice based on mutual cooperation that has developed into a means of capital and economic strengthening for women through group savings and loan activities. This research uses a qualitative approach with observation and interview methods with community leaders, NU Muslimat members and female business actors involved in columnist activities. The research results show that the column tradition not only functions as a social mechanism, but as an instrument of economic empowerment that increases women's independence, participation and position in household decision making. In Imam al-Ghazali's perspective, economic activities carried out in an honest, trustworthy manner and aimed at fulfilling the halal needs of life are part of worship. Therefore, the columns implemented by Blumbungan Village reflect spiritual values such as honesty (shidq), responsibility (amanah) and appropriateness (zuhud) which are in line with Islamic economic ethics. This tradition has been proven to have a positive social and economic impact on women as well as strengthening the social structure based on local wisdom which has religious value for Madurese women, especially in Blumbungan Village, Pamekasan
A MODERATION INSTITUTIONAL OWNERSHIP IMPACT ON FRAUDULENT FINANCIAL REPORTING: FRAUD PENTAGON THEORY PERSPECTIVE
This study aims to evaluate the effect of the elements in the Fraud Pentagon theory, namely pressure, opportunity, rationalization, capability, and arrogance, on fraudulent financial reporting. This research method uses the F-score model to identify potential fraud in financial statements. The research data were obtained from the annual reports of companies engaged in the financial sector and listed on the Indonesia Stock Exchange (IDX) in the 2019-2023 period. By using a purposive sampling technique, 104 samples were obtained. Data analysis was carried out using the panel data analysis method through Eviews software version 12. The results of the analysis show that pressure has a significant effect on fraudulent financial reporting. However, the opportunity, rationalization, capability, and arrogance variables do not show a significant effect. In addition, institutional ownership is not proven to moderate the relationship between the elements of the Fraud Pentagon and fraudulent financial reporting. This study reveals that financial sector companies listed on the IDX tend to face the risk of fraud in financial reporting when under pressure to manipulate. limitations in this study, limited in its population, which only focuses on financial sector companies in Indonesia.
AI IN THE HALAL INDUSTRY: A BIBLIOMETRIC ANALYSIS OF RESEARCH TRENDS AND ESG COMPLIANCE
ABSTRACT This study conducts a bibliometric analysis to map the development of Artificial Intelligence (AI) research in the halal industry, with particular attention to emerging trends and thematic evolution. Using the Scopus database, a total of 736 publications were retrieved and analyzed through VOSviewer to identify publication trends, prolific authors, influential works, leading journals, contributing institutions, and keyword networks. The findings reveal a significant growth in publications over the past three years, particularly in 2024 and 2025, reflecting the increasing interest of academics, practitioners, and policymakers in integrating AI into the halal industry. The Journal of Cleaner Production emerged as the leading publication outlet, while China and India dominated in terms of research output, followed by the United States, the United Kingdom, and Malaysia. The most prominent keywords include artificial intelligence, sustainability, big data, machine learning, and ESG, with emerging topics such as green economy, green innovation, blockchain, and supply chain management. These findings suggest that AI adoption in the halal industry is increasingly linked to sustainability, governance, and transparency objectives. However, topics such as halal cosmetics, religiosity, and regional variations remain underexplored, presenting opportunities for future research. The study contributes to the literature by providing a comprehensive overview of the research landscape, offering insights for scholars, industry practitioners, and policymakers to advance innovation and sustainable development in the halal sector.
BEYOND DIRECT EFFECTS: HOW MANAGEMENT ACCOUNTING INFORMATION SYSTEMS AND DIFFERENTIATION STRATEGIES ENHANCE MICRO-ENTERPRISE PERFORMANCE
This study aims to examine the mediating effect of differentiation as a competitive advantage of micro-entreprises on the relationship between management accounting information systems and performance. This is a quantitative study, with data collected using a self-administered survey. The respondents were owners and managers of micro-enterprises in Malang City. The sample consisted of 129 respondents, and the data were subsequently processed using the Structural Equation Model - Partial Least Squares (SEM-PLS) method. The results of this study show that management accounting information systems have a significant effect on the performance of micro-enterprises. Furthermore, the study also indicates that differentiation partially mediates the relationship between management accounting information systems and micro-enterprise performance. The findings imply that MAIS has not only a direct effect but also an indirect effect through the differentiation variable. In addition, this research suggests that to optimize micro-enterprise performance, it is necessary to consider the integrative adoption of both management accounting information systems and differentiation strategies. Practically, the results of this study demonstrate the importance of micro-entreprises to encourage the use of MAIS and foster a data-driven decision-making culture to maximize the potential of differentiation, which will ultimately improve their business performance in a competitive market.
EFFICIENCY AND EFFECTIVENESS OF NON-CASH PAYMENT METHOD USING QRIS ON FINANCIAL MANAGEMENT FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) A CASE STUDY IN MERJOSARI SUB-DISTRICT, LOWOKWARU, MALANG
The development of financial technology has driven changes in transaction behavior, particularly in the Micro, Small, and Medium Enterprises (MSMEs) sector. The Quick Response Code Indonesian Standard (QRIS) is a non-cash payment instrument introduced by Bank Indonesia to facilitate, streamline, and improve the effectiveness of financial transactions. This study aims to analyze the impact of QRIS usage on the efficiency and effectiveness of financial management among MSMEs in Merjosari Sub-district, Lowokwaru, Malang. The research employs a qualitative descriptive approach through interviews, observation, and documentation from 50 MSMEs respondents in Kelurahan Merjosari: The findings indicate that QRIS implementation improves transaction efficiency, reduces operational costs, and simplifies cash flow recording. However, limited digital literacy and internet access remain challenges in its application. This study is expected to contribute to the development of digitalization strategies for MSMEs at the local level.
WHAT DRIVES STUDENTS TO ORDER IN? A TAM-MODIFIED MODEL AT FOOD DELIVERY SERVICE PLATFORMS
This study aims to analyze the factors that influence the use of Food Delivery Service (FDS) platforms by students of the Faculty of Economics, UIN Maulana Malik Ibrahim Malang, using a modified Technology Acceptance Model (TAM) framework. The variables examined include Perceived Ease of Use, Perceived Usefulness, Social Influence, and Service Quality, as well as their influence on Attitude Toward Using, Behavioral Intention to Use, and Actual Use. This study employs a quantitative approach using the SEM-PLS method. The analysis results indicate that Service Quality significantly influences Attitude Toward Using, which in turn affects Behavioral Intention to Use and Actual Use. Meanwhile, Perceived Ease of Use, Perceived Usefulness, and Social Influence do not show significant direct effects. These findings emphasize the importance of service quality and user attitude as key factors in driving intention and actual behavior in using the FDS platform.
UNDERSTANDING STOCK PRICE DYNAMICS: THE ROLE OF BOPO, NPL, INSTITUSIONAL OWNERSHIP AND MACROECONOMIC FACTORS
This study analyzes the impact of financial indicators (BOPO and NPL), non-financial factors (institutional ownership), and macroeconomic variables (inflation and interest rates) on stock prices. Using a quantitative approach, the research employed panel data regression analysis on a sample of 47 banking companies, selected via purposive sampling from 2021 to 2023, resulting in 141 observations. Data from financial reports were analyzed with EViews 12 software, encompassing model selection tests, classical assumption tests, and hypothesis testing. The findings reveal that NPL, institutional ownership, and interest rates significantly influence stock prices, whereas BOPO and inflation do not show a significant effect. These results suggest that investors prioritize long-term growth indicators like profitability, business expansion, and innovation over short-term operational efficiency metrics such as BOPO. Additionally, the insignificant impact of inflation may be attributed to its relative stability during the observation period. This research offers investors and corporate management crucial insights in making well-informed investment and strategic decisions.
UNDERSTANDING THE DRIVERS OF QRIS ADOPTION IN ISLAMIC BANKS: THE MODERATING ROLE OF KNOWLEDGE
This study aims to analyze the influence of Perceived Usefulness, Perceived Ease of Use, and Habit on the Decision to Use QRIS on Micro, Small and Medium Enterprises (MSME) consumers in Malang City, and to evaluate the role of Knowledge as a moderating variable in this relationship. This study uses a quantitative approach with data collection techniques through questionnaires to 384 respondents who are users of QRIS of Islamic Banks. Data analysis was conducted using the Structural Equation Modeling-Partial Least Square (SEM-PLS) method. The results of the study showed that Perceived Usefulness, Perceived Ease of Use, and Habit had a significant effect on the Decision to Use QRIS. In addition, Knowledge was proven to significantly moderate the entire relationship between Perceived Usefulness, and Habit on the Decision to Use. Meanwhile, Knowledge did not moderate the influence of Perceived Ease of Use on the Decision to Use QRIS Islamic Banks. This study provides implications for Islamic banking and MSME actors to improve consumer understanding of the benefits and ease of use of QRIS, as well as to know the Habits in adopting Islamic-based financial technology.
ANALYSIS OF ARTIFICIAL INTELLIGENCE IMPLEMENTATION IN ISLAMIC BANKING DURING AN ERA OF UNCERTAINTY
FRUGAL LIVING LIFESTYLE AND DIGITAL MARKETING ON SAVING INTEREST: ISLAMIC CONSUMPTION ETHICS' PERSPECTIVE
This study analyzes the influence of frugal living and digital marketing on students' saving interest, with Islamic consumption ethics as the evaluative framework. The research uses a qualitative approach with a case study design, and data were collected through interviews with students from several Islamic universities in Malang City. The findings reveal that frugal living helps students manage their finances, limit spending, and increase their tendency to save. However, the strong influence of digital marketing often leads to impulsive buying behavior, which disrupts saving intentions. While most students are familiar with Islamic ethical concepts such as zuhud, israf, and tabdzir, these values are not yet fully internalized in their consumption habits. The study concludes that integrating frugal living with Islamic consumption ethics can effectively overcome digital consumerism challenges and promote a saving culture among young people.
THE IMPACT OF GOOD CORPORATE GOVERNANCE AND ENTERPRISE RESOURCE PLANNING ON FINANCIAL PERFORMANCE
This study examines how Good Corporate Governance (GCG) and the implementations of Enterprise Resource Planning (ERP) system affect financial performance (NPM, OPM). The analysis concentrated on manufacturing firms in the food and beverage subsector that were listed between 2020 and 2024 on the Indonesian Stock Exchange (IDX). Using purposive sampling, 41 companies being selected as samples, with a total of 205 observations. Secondary data was analyzed using panel data regression in Eviews 10. The results showed that GCG had no positive significant effect on NPM, GCG had no positive significant effect on OPM, the implementation of ERP had a positive significant effect on NPM, the implementation of ERP had a positive significant effect on OPM and simultaneously GCG and ERP use had a significant effect on NPM and OPM.
ANALYSIS OF THE IMPACT OF FINANCIAL LITERACY, PERCEIVED EASE OF USE AND PERCEIVED USEFULNESS ON THE EFFECTIVENESS OF PERSONAL FINANCIAL MANAGEMENT WITH TRUST AS A MEDIATING VARIABLE
The current digital era has brought various innovations that have transformed the way personal finances are managed, especially through fintech platforms. The effectiveness of personal finance management plays a vital role in achieving financial well-being. This study aims to examine the relationship between financial literacy, perceived ease of use, perceived benefits, and trust in the effectiveness of personal finance management of MSMEs through the use of fintech e-wallets. This study applies a quantitative approach with an explanatory research type. The population in this study is MSMEs in the Malang city area by taking a sample of 150 respondents of MSMEs in Malang city who use fintech in the form of e-wallets in their business transactions. Data analysis in this study uses the Structural Equation Modeling approach with the Partial Least Square (SEM-PLS) method operated through SmartPLS 4 software. The results of this study indicate; First, Financial literacy has a significant positive effect on the effectiveness of personal finance management; Second, Ease of use has a significant positive effect on the effectiveness of personal finance management; Third, Perceived benefits have a significant positive effect on the effectiveness of personal finance management; Fourth, Trust is able to mediate the influence between financial literacy and the effectiveness of personal finance management; Fifth, Trust is able to mediate the influence between ease of use on the effectiveness of personal financial management; Sixth, Trust is able to mediate the influence between perceived benefits on the effectiveness of personal financial management.
ISLAMIC FINANCE, GREEN INNOVATION AND FINTECH: A TRIPLE BOOST FOR MSME FINANCIAL GROWTH
Indonesia has a large number of MSMEs but does not have good financial performance, thus hindering its development. This research focuses on the analysis of the determinants of MSME financial performance through Islamic financial literacy and inclusion, green innovation with financial technology as a moderator. The research was conducted in Demak Regency through a quantitative approach. The population is aimed at Food and Beverage MSMEs in Demak district. The data source was obtained through primary data with questionnaire instruments. To obtain a representative sample, samples will be taken using purposive sampling techniques so that 100 respondents are obtained. The findings through PLS's Structural Equation Modelling (SEM) explained that Islamic financial literacy and green innovation have a significant contribution to improving positive financial performance in MSMEs. Islamic financial inclusion has a positive influence on the performance of MSMEs but is not significant. Fintech cannot strengthen Islamic financial literacy and inclusion in financial performance. The use of financial technology can strengthen the influence of green innovation on the financial performance of MSMEs. These findings contribute to improving the financial performance of MSMEs involving sharia finance factors and the ability to innovate.
SHARIA RURAL BANK’S PERFORMANCE: CAPITAL, FINTECH, FUNDS AND CREDIT RISK
This research examines the interrelationship among capital adequacy ratio, financial technology, and third-party funds on financial performance, focusing on the moderating role of credit risk. The sample consisted of twenty-five Islamic Rural Banks in Indonesia, selected through purposive sampling from those listed in the Financial Services Authority (OJK) from 2019 to 2024 and cooperating with PT Komunal Indonesia. The research employed panel data regression analysis conducted with E-Views 12 software, with quarterly financial statements as the primary data source. The findings reveal that while the capital adequacy ratio partially does not determine financial performance, it significantly impacts when credit risk is considered a moderator. Additionally, financial technology partially affects financial performance, and credit risk enhances the relationship between financial technology and performance. Conversely, third-party funds did not significantly affect financial performance, and credit risk did not moderate the two variables. According to the study's findings, Sharia Rural Bank management should be able to make informed decisions regarding business strategy and the utilization of productive assets by considering the evolving technological landscape to maintain public trust.
BEFORE AND AFTER M&A: FINANCIAL ANALYSIS OF IDX COMPANIES
Mergers and acquisitions are strategies often used by companies to strengthen their business position and improve financial performance. This study focuses on identifying differences in corporate financial performance that may arise before and after mergers and acquisitions. using various financial ratios as measurement tools. This study adopts a quantitative approach with a descriptive focus. The data source is from the Indonesia Stock Exchange (IDX), and the research object includes companies involved in mergers and acquisitions during the period 2015–2020. Sample selection was carried out using purposive sampling based on specific criteria, resulting in 21 companies as samples. Data analysis was conducted using the Paired Sample T-Test and Wilcoxon Signed Rank Test with the assistance of SPSS version 25. The findings of this study reveal that there has been a significant change in CR, DER, TATO, EPS, NPM, ROA, and ROE ratios after mergers and acquisitions, while the DAR ratio did not experience significant changes. Based on these findings, mergers and acquisitions can be concluded as an effective strategy in improving a company's financial performance.
SPIRITUALIZING HALAL COSMETIC CONSUMPTION: SUFISM PERSPECTIVE ON MILLENNIAL BUYING BEHAVIOR
This paper aims to elaborate the spiritualizing of halal cosmetic buying decision for Islamic millennial. Using descriptive qualitative from many sources in several areas of Indonesia about millennial and halal product decision especially halal cosmetic. After that analytically of that information to give some suggestion. Base on the research found that there are weaknesses in knowledge and religiosity for millennial buyers. They more give attention to fulfill their want and no think the product will give useful for their need and no opposite with the religion. In order to avoid their blind costumer activity so it required classic ascetic religious (sufism approach) to protect. There are takhally, tahalli and tajally in their life. By that way to give them knowledge and well religious for in the future not only to be wise buyers and producers also, they will be creative, innovative, productive, smart and religious.
ENTREPRENEURIAL INTEREST: FINANCIAL LITERACY AND NON-FINANCIAL FACTORS
This study aims to analyze the influence of financial literacy, entrepreneurial knowledge, and Locus of Control on entrepreneurial interest in Generation Z, with Self-efficacy as a moderating variable. The background of this study is based on the important role of the younger generation, especially students, in developing entrepreneurial potential to face future economic challenges. This study uses a quantitative approach with a survey method. The sample in this study were 84 accounting students in Lamongan Regency, selected through a purposive sampling technique. Data were collected using a questionnaire and analyzed using the Partial Least Square Structural Equation Modeling (PLS-SEM) method with the help of SmartPLS software. The results show that entrepreneurial knowledge and Locus of Control have a significant positive effect on entrepreneurial interest. Conversely, financial literacy and self-efficacy do not affect entrepreneurial interest. In addition, Self-efficacy is unable to moderate the relationship between the three independent variables on entrepreneurial interest. This finding underscores the importance of strengthening aspects of knowledge and self-control in shaping entrepreneurial interest, rather than merely financial understanding. The implications of this research are expected to be used as consideration in designing entrepreneurship development programs in higher education environments.
THE IMPACT OF FACILITY AVAILABILITY ON TOURISTS’ REVISIT INTENTION: THE MEDIATING ROLE OF PERCEIVED RISK IN COASTAL TOURISM
A tourist attraction's viability is influenced by both its popularity and the number of return visitors. Unsatisfactory visitor experiences, especially with regard to perceived risk and facility availability, are believed to have contributed to the drop in visitation. The low intention of tourists to return is a result of both causes. The link between these factors is explained theoretically by the Theory of Planned Behavior. This study uses the Theory of Planned Behavior method to examine how risk perception and facility availability affect visitors' intentions to return to beach tourist destinations. This study employs a quantitative, associative research methodology. The major data sources for this quantitative data type are surveys completed by 120 respondents. The study's population consists of visitors to Tulungagung's Gemah Beach. Non-probability sampling of the accidental sampling kind is the method employed. Structural Equation Modelling (SEM)-PLS was used to map the connections between variables in the data. This study found that (1) the availability of facilities significantly affects risk perception, (2) the availability of facilities significantly affects revisit intention, (3) risk perception affects revisit intention through, and (4) risk perception mediates the effect of facility availability on revisit intention. Based on these findings, it is recommended to improve the availability and quality of facilities to reduce risk perception, thereby effectively encouraging revisit intentions.
FROM CASH TO DIGITAL: CHANGES IN SHARIA MONEY AND THEIR IMPACT ON INDONESIA'S MONETARY STABILITY
The development of digital payment systems in Indonesia, particularly through QRIS, electronic money (e-money), and BI-FAST, has changed people's transaction behavior and has the potential to influence monetary policy transmission. From an Islamic economic perspective, the digitization of sharia money must ensure compliance with sharia principles, consumer protection, and distributive justice. This study aims to explain how the transition from cash to digital payments impacts Indonesia's monetary stability through the money demand channel, money velocity, inflation, and interest rate transmission. The method used is qualitative explanatory research based on secondary data from the period 2019–2025 (official releases from Bank Indonesia, BPS, BIS, IMF, and the latest academic literature). The results of the study show that the digitalization of sharia money through the implementation of QRIS and sharia mobile banking services has expanded financial inclusion and strengthened the transparency and efficiency of the payment system. The Indonesian Monetary Stability Index for the 2019–2025 period tends to be stable, despite facing pressure due to the COVID-19 pandemic and other external shocks. The findings also indicate a positive relationship between the level of adoption of digital sharia money and increased monetary stability, through inflation control, exchange rate strengthening, and smooth monetary policy transmission. Thus, the transformation from cash to digital in the Islamic finance sector has the potential to become a strategic instrument for strengthening national economic resilience, provided it is supported by adaptive regulations, strict sharia compliance, and widespread digital financial literacy across all levels of society.
HARNESSING ARTIFICIAL INTELLIGENCE TO STRENGTHEN CUSTOMER TRUST AND ISLAMIC VALUES FOR SUSTAINABLE REPURCHASE BEHAVIOR IN SHARIA BANKING
This study aims to examine the influence of AI-based service personalization and halal labeling on customers’ purchase intention, with customer trust as a moderating variable, in the context of Islamic banking in Tuban, Indonesia. This research employs a quantitative method. The study population consists of customers of Bank Syariah Indonesia (BSI) and BRI Syariah, with a total of 130 respondents obtained through accidental sampling. Data were collected using questionnaires and analyzed with Structural Equation Modeling (SEM) using the Partial Least Square (PLS) approach. The findings reveal that AI personalization has a positive effect on customer trust, and customer trust positively affects purchase intention. Moreover, customer trust is proven to moderate the relationship between AI personalization and purchase intention. However, halal labeling does not significantly influence purchase intention, as it is perceived as a standard attribute inherently attached to every Islamic banking product. This study concludes that, in the context of Islamic banking, purchase intention is more strongly shaped by customer trust and AI-based personalized services rather than halal labeling.
CUSTOMER SATISFACTION, PRICING STRATEGY, AND MARKETING PERFORMANCE IN SELF-SERVICE LAUNDRY BUSINESS
The global laundry industry is experiencing significant growth in line with urbanization and changes in modern lifestyles, with a market value of USD 180.6 billion in 2022. In Indonesia, the coin-based independent laundry model is increasingly relevant, especially in big cities like Surabaya because it offers a practical and efficient solution for urban communities. However, academic studies examining the influence of customer satisfaction and price on marketing performance in the selfservice laundry model are still very limited, causing research gaps that need to be filled. This study aims to partially or simultaneously analyze the role of customer satisfaction and price in improving the marketing performance of laundry services, with a case study on Prime Express Coin Laundry Surabaya. The research method used a quantitative approach through a questionnaire survey to 36 regular customers. Data were analyzed by validity, reliability, multiple linear regression tests, as well as t-tests, F tests, and determination coefficients using SPSS. The results showed that customer satisfaction had a positive and significant effect on marketing performance (B = 0.467; Sig. = 0.001), price had a significant effect but with a smaller contribution (B = 0.387; Sig. = 0.019). Simultaneous tests of customer satisfaction and price together had a strong effect (F = 52.218; Sig. = 0.000), with the ability to explain 74.5% of variations in marketing performance. These findings confirm that quality of service is more dominant than price, although the two need to be strategically integrated to create a sustainable competitive advantage. In conclusion, the marketing strategy of independent laundry should focus on improving service quality to strengthen customer satisfaction while maintaining price competitiveness. Further research recommendations include digital promotion, machine technology innovation, and crosscontextual comparative studies to expand the understanding of the modern laundry industry.
IMPLEMENTATION FINTECH ON THE NUMBER AND SATISFACTION OF BMT UGT NUSANTARA MEMBERS
Financial Technology (Fintech) is an innovation in the financial sector that utilizes modern technology to simplify services, such as payments, investments, transfers, and financing. This study aims to describe the implementation of fintech in increasing the number and satisfaction of members of BMT UGT Nusantara Pasirian Branch, and analyze its impact on the institution's performance. The study used a descriptive qualitative method with a case study approach. Data were collected through interviews, observations, and documentation, then analyzed by comparing theory and practice in the field. The results show that the implementation of the Mobile UGT application has made a significant contribution to simplifying transactions, increasing trust, and expanding the reach of services. The positive impacts felt are an increase in the number of members, better service quality, and increased member satisfaction
PEOPLE'S BUSINESS CREDIT MEDIATES THE QUALITY OF FINANCIAL REPORTS, FINANCIAL INCLUSION, AND DIGITAL BANKING ON THE PERFORMANCE AND RESILIENCE
The background of this paper highlights that Micro, Small, and Medium Enterprises (MSMEs) play a key role in the Indonesian economy. They contribute 61.9% to the Gross Domestic Product and support over 64.2 million business units. However, MSMEs still struggle with access to financing, the quality of financial reports, and the use of digital technology. This study aims to explore how People's Business Credit (KUR) mediates the relationship between the quality of financial reports, financial inclusion, digital banking, and the performance and resilience of MSMEs in Malang City. The research uses a descriptive quantitative approach with the Structural Equation Modeling-Partial Least Squares (SEM-PLS) version 4 method. The sample consisted of 384 MSMEs in Malang City, selected through purposive sampling. Data were gathered using a structured questionnaire with a Likert scale of 1-5. The SEM-PLS analysis reveals the following results: (1) the quality of financial reports positively and significantly affects KUR access (β=0.742, p<0.001), (2) financial inclusion positively affects KUR access (β=0.681, p<0.001), (3) digital banking positively affects KUR access (β=0.723, p<0.001), (4) KUR positively affects MSME performance (β=0.765, p<0.001), and (5) KUR positively affects MSME resilience (β=0.698, p<0.001). The model shows an R-square value of 0.689 for MSME performance and 0.612 for MSME resilience. The findings confirm that KUR effectively mediates the improvement of MSME performance and resilience through the quality of financial reports, financial inclusion, and digital banking. These results have significant implications for the development of sustainable MSME financing policies.
THE INFLUENCE OF COMPETENCE, CAREER DEVELOPMENT, AND WORK MOTIVATION ON EMPLOYEE PERFORMANCE IN SUKUN DISTRICT
The purpose of this research is to examine and analyze the influence of competence, career development, and work motivation on employee performance; to examine and analyze the influence of competence on employee performance; to examine and analyze the influence of career development on employee performance; and to examine and analyze the influence of work motivation on employee performance. This study employs an explanatory research method. The sample consists of 62 employees, using a census sampling technique. The statistical analysis used is multiple regression analysis. The results show that competence, career development, and motivation significantly influence performance. This indicates that the higher the level of competence possessed by civil servants, the better their performance will be in carrying out their duties and functions. A structured and clear career development program improves employee performance. Motivated employees demonstrate higher dedication, commitment, and work spirit in completing their tasks, thereby resulting in better performance. Competence has a significant effect on employee performance, meaning that employees with strong competencies are proven to deliver better performance in terms of both quality and quantity of work. Career development significantly affects employee performance, indicating that a clear, structured, and fair career development system in Sukun District successfully creates positive perceptions and provides direction for employees in planning their professional future. The clarity of career paths and transparency in the promotion process encourage employees to demonstrate optimal performance and continuously develop their potential. Work motivation has a significant effect on employee performance, meaning that employees with high work motivation are able to create strong drive to work optimally and achieve the set performance targets.
THE INFLUENCE OF HUMAN RESOURCE COMPETENCIES AND ACCOUNTING SYSTEMS ON REPORT QUALITY FINANCE WITH INTERNAL CONTROL AS A MODERATING VARIABLE
The purpose of this study is to determine the direct influence of human resources (HR) and accounting systems on the quality of financial reports. The influence of human resources and accounting systems with the role of internal control as a moderating variable in the Malang Regency Government environment. This study uses a quantitative approach by distributing questionnaires to 90 respondents from 25 Regional Apparatus Organizations (OPD), two sections, two agencies, and one inspectorate directly related to the preparation of financial reports. The analysis techniques used include multiple linear regression and moderated regression analysis (MRA). The results of the study indicate that HR competency does not significantly influence the quality of financial reports. The accounting system influences the quality of financial reports. In addition, internal control does not significantly moderate the influence of human resource competency on the accounting system. Finally, internal control moderates the influence of the accounting system on the accounting system.
THE INFLUENCE OF GREEN ACCOUNTING ON COMPANY VALUE WITH PROFITABILITY AS A MEDIATING VARIABLE
This study aims to determine and analyze the effect of green accounting on firm value, to determine and analyze the effect of green accounting on profitability, to determine and analyze the effect of profitability on firm value, to determine and analyze the effect of green accounting on firm value with profitability as a mediating variable. The population in this study were manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2024 period with a population of 233 companies. The sampling technique used was purposive sampling with a total sample of 51 companies used in this study with a total of 204 observations. A panel data regression model was used in this study as a data analysis method. The results showed that green accounting had a positive effect on firm value, green accounting had no positive effect on profitability, profitability had no positive effect on firm value, and profitability was unable to mediate the effect of green accounting on firm value.
PERCEPTIONS OF ACCOUNTING STUDENTS ON INFORMATION TECHNOLOGY KNOWLEDGE REQUIRED BY ACCOUNTANTS
The rapid development of information technology has significantly transformed the accounting profession, making information technology skills essential for future accountants. This study aims to analyze differences in accounting students’ perceptions of information technology knowledge required by accountants based on gender, Grade Point Average (GPA), and working status. This research employed a quantitative comparative method with a survey approach using questionnaires. The population consisted of 1,809 accounting students at the University of Jember and Muhammadiyah University of Jember, with 190 respondents selected through purposive sampling. Data were analyzed using validity and reliability tests, independent sample t-tests, and one-way ANOVA. The findings reveal that there are no significant differences in students’ perceptions based on gender and GPA. However, significant differences were found between working and not working students. These results imply that work experience influences students’ perceptions of the importance of information technology literacy in accounting. The study recommends that higher education institutions strengthen technology-based accounting curricula to better prepare students for the digital transformation of the accounting profession.
IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON BRAND LOYALTY: MEDIATING EFFECT OF BRAND ATTITUDE IN BANKING SECTOR
This study investigates the effects of two dimensions of Corporate Social Responsibility (CSR) i.e., ethical and economic on Brand Loyalty (BL) in banking industry of Pakistan. The author tested how the brand attitude work as a mediator between the two dimensions of CSR (ethical and economic) and Brand Loyalty. This research provides valuable insight into the complex dynamics of brand loyalty through Corporate Social Responsibility, which has significant implications for banking industry. The result confirms that brand attitude mediates the relationship of CSR and Brand Loyalty. The study's conclusions are helpful to assists the banking industry to develop effective marketing strategy and take decision regarding the investment in corporate social responsibility relevant factors to create brand loyalty, which will ultimately result in a competitive edge. This study is unique kind of study to conduct with respect to prescribed hypothesized model/framework. Many studies have discussed the issue of CSR, but very few are found in the Pakistan, particularly in the banking sector. The author includes the brand attitude between the CSR dimensions (ethical and economic) and Brand loyalty as a mediator.
IMPACT OF CONSUMER DECISION MAKING: THE ROLE OF LOCATION, PRICE, AND PRODUCT COMPLETENESS IN A RURAL RETAIL CONTEXT
Indonesia is a developing country with great potential in business and trade, including the retail sector such as department stores (toserba). The success of retail businesses is influenced by several factors, including location, price, and product availability. This study aims to analyze the influence of these three factors on consumer purchasing decisions at Toserba Al-Ikhwan Banyuputih Kidul (Bakid). The approach used is quantitative, with location, price, and product availability as independent variables, and purchasing decisions as the dependent variable. Because the population size is unknown, the sampling technique used is quota sampling with the Lemeshow formula. Data were obtained through observation and questionnaires. The results of the study indicate that all three variables have a significant effect on purchasing decisions, both simultaneously and partially. Store location has a t-value of 2.071 (significance 0.041), product availability 2.294 (significance 0.024), and product price is the most dominant factor with a t-value of 10.129 (significance 0.001). Simultaneously, the three variables had a significant influence with a calculated F value of 113.272 and a significance level of 0.000. These findings can serve as a reference for convenience store managers in developing effective marketing strategies to increase consumer satisfaction and loyalty.
IMPACT OF PESANTREN ECONOMIC DEVELOPMENT THROUGH GOVERNANCE, PRODUCT COMPETITIVENESS, DIGITAL MARKETING AND ENTREPRENEURIAL INNOVATION
In the modern era, Islamic boarding schools are required to not only serve as religious educational institutions, but also as independent and competitive economic entities. This study aims to analyze the impact of governance, product competitiveness, digital marketing, and entrepreneurial innovation on the economic development of Islamic boarding schools. This study is quantitative in nature. The population in this study included all 425 students of the Kyai Syarifuddin Asrama Pusat Islamic Boarding School. To determine the sample size from the population, the Slovin formula was used, resulting in a sample size of 81 respondents. Sampling was conducted using propositional sampling. The data analysis used in this study was multiple regression testing. The results of the study show that pesantren management (p = 0.000), product competitiveness (p = 0.000), digital marketing (p = 0.000), and entrepreneurial innovation (p = 0.007) have an effect on the economic development of the Kyai Syarifuddin Islamic Boarding School.
THE MEDIATING ROLE OF FLEXIBLE WORK IN THE RELATIONSHIP BETWEEN ADAPTIVE LEADERSHIP AND EMPLOYEE PRODUCTIVITY
In today’s dynamic and competitive work environment, adaptive leadership has emerged as a key driver for enhancing employee productivity by enabling organizations to effectively respond to rapid change. However, the effectiveness of adaptive leadership is often influenced by workplace practices, particularly those that provide autonomy and flexibility. This study investigates the mediating role of flexible work in the relationship between adaptive leadership and employee productivity in a media company in Malang, Indonesia. A quantitative research design was employed, using survey data collected from 34 employees, analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings demonstrate that adaptive leadership significantly and positively affects employee productivity, both directly and indirectly, through flexible work arrangements. Flexible work partially mediates this relationship, indicating that adaptive leaders can enhance productivity more effectively when supported by flexible work practices. This study contributes to the literature on leadership and organizational behavior by integrating adaptive leadership theory with flexible work to predict productivity outcomes. Practical implications are offered for organizations aiming to align leadership practices with flexible work to maximize performance.
SHARIA MARKETING STRATEGY FOR MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) IN THE RELIGIOUS TOURISM SECTOR
Sharia marketing is not merely a theoretical concept, but rather a business practice based on Islamic values, emphasizing theistic, ethical, and humanistic principles. In its application, Sharia marketing focuses on Islamic values to prevent business actors from prohibited practices, such as usury and other transactions that can undermine market morality. This concept emphasizes the importance of ethics, honesty, transparency, and fairness in every transaction. Furthermore, Sharia marketing also provides new insights for the public regarding the application of Islamic values in the business world, thereby creating a more moral, fair, and beneficial trading system for all parties. The focus of this research is how the Sharia marketing strategies of MSMEs in religious tourism increase revenue. The purpose of this paper is to provide an understanding of the Sharia marketing strategies of MSMEs in the religious tourism sector to increase revenue. This research uses a descriptive qualitative method with a case study approach. The results show that MSMEs apply Sharia principles through honesty in transactions, friendly service, and maintaining product quality. The marketing strategies employed include a personal approach through word-of-mouth communication, social media utilization, and the use of digital payment systems. Implementing these principles and strategies has been proven to increase consumer trust and directly impact business revenue.
ENHANCING CORPORATE SOCIAL RESPONSIBILITY ACCOUNTABILITY AND TRANSPARENCY THROUGH THE ISLAMIC BASED DIGITAL PLATFORM CSR POINT
Corporate Social Responsibility (CSR) is a strategic instrument for enhancing a company's image and competitiveness, while simultaneously fulfilling its legal obligations as stipulated in Law Number 40 of 2007 concerning Limited Liability Companies. However, the implementation of CSR in Indonesia still faces various obstacles, including a lack of transparency, equitable distribution, and accountability. These problems are reflected in cases of misuse of CSR funds, weak oversight, and the large number of companies that have not optimally reported their CSR obligations. To address these challenges, this study proposes CSR Point, a digital platform based on Islamic values designed to improve the accountability and transparency of CSR programs. This platform provides real-time data upload features, a digital tracking system, and a mechanism for submitting proposals by the public to ensure a more equitable and documented program distribution. By integrating with the Sustainable Development Goals (SDGs) and engaging with communities, CSR Point has the potential to transform CSR from a philanthropic activity into an innovative, efficient, and collaborative sustainable development strategy.
ONLINE IMPULSIVE BUYING IN THE DIGITAL ERA: INSIGHTS FROM PRICE, E-WOM, AND PURCHASE INTENTION UNDER ISLAMIC ECONOMICS PERSPECTIVE
This research is motivated by the rapid development of the internet, which has significantly impacted daily life particularly in shifting consumer behavior toward online shopping. While online shopping offers convenience and attractive promotions, it also contributes to a rise in impulsive buying. From the perspective of Islamic economics, impulsive buying is viewed as a negative behavior, reflecting excessive consumption that contradicts the principles of wise and ethical wealth management. This study aims to examine the influence of price and electronic word of mouth (e-WOM) on impulsive buying, with purchase intention as an intervening variable, within the context of Islamic economic values. The research adopts a quantitative approach, collecting data from 100 undergraduate students at Sultan Aji Muhammad Idris State Islamic University Samarinda through questionnaires using simple random sampling. The findings reveal that both price and e-WOM have a significant effect on purchase intention in online shopping. Furthermore, price, e-WOM, and purchase intention each significantly influence impulsive buying. Additionally, purchase intention is found to mediate the relationship between price and impulsive buying, as well as between e-WOM and impulsive buying.
THE ROLE OF COMPANY SIZE IN MODERATING RELATED PARTY TRANSACTIONS AND EARNINGS MANAGEMENT ON TAX AVOIDANCE IN MANUFACTURING COMPANIES FROM 2020 TO 2024
This study aims to investigate the influence of Related Party Transactions (RPT) and earnings management on tax avoidance, with firm size as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. A quantitative descriptive approach was employed, using a sample of 26 manufacturing companies, and the data were analyzed through multiple regression and Moderated Regression Analysis (MRA). The results reveal that RPT has a positive and significant effect on tax avoidance, whereas earnings management does not exhibit a significant impact. Additionally, firm size appears to weaken the relationship between RPT and tax avoidance, though not significantly, and does not moderate the relationship between earnings management and tax avoidance. These findings indicate that tax avoidance in manufacturing companies is more strongly influenced by related party transactions than by earnings management, while firm size does not consistently act as a moderating factor.
ANALYSIS OF BPKH FUND PLACEMENT AND INTERNAL FACTORS IMPACT ON ISLAMIC BANK PROFITABILITY (2010–2023)
This study examines the impact of BPKH (Hajj Fund Management Agency) placements on the profitability of Islamic Commercial Banks in the period of 2010–2023. Profitability is measured using the Return on Assets (ROA) variable, while the independent variables consist of BPKH fund placement (dummy), along with other financial ratios such as Third Party Funds (DPK), Financing to Deposit Ratio (FDR), Operating Expenses to Operating Income (BOPO), Non-Performing Financing (NPF), and Capital Adequacy Ratio (CAR). Control variables include macroeconomic factors: inflation and the Bank Indonesia interest rate. This research employs a quantitative approach using panel data and finds that the Fixed Effect Model (FEM) is the most appropriate, based on the results of Chow and Hausman tests. The findings show that BPKH fund placements do not have a significant impact on ROA. Similarly, NPF, CAR, inflation, and interest rate variables also show no significant influence. Meanwhile, the variables FDR, DPK, and BOPO have a significant negative impact on ROA. Conversely, total assets have a significant positive effect on ROA. This study concludes that operational efficiency and effective fund management are crucial in enhancing profitability, and that optimization of fund placements—including Hajj funds—is necessary
NURTURING PERFORMANCE THROUGH ISLAMIC WORK VALUES: THE ROLE OF ETHICS, CULTURE, AND MOTIVATION
The role of Islamic values in the workplace is an important aspect in improving performance and the quality of human resources. In this context, Islamic work ethics, Islamic work culture, and Islamic work motivation are believed to contribute to shaping productive work behavior. This study aims to analyze the influence of Islamic work ethics, Islamic work culture, and Islamic work motivation on employee performance. The method used is a quantitative approach with multiple linear regression analysis. Data were obtained through the distribution of questionnaires to respondents who met the research criteria. The results
CULTURAL COLLABORATION STRATEGY AND DIGITAL CONSISTENCY
This study aims to examine cultural collaboration strategies and digital consistency in the management of MSMEs based on local creativity, with a case study on Kedaily Coffee in Malang City. Using a descriptive qualitative approach and case study methods, data were obtained through direct observation, semi-structural interviews, and visual documentation. The results of the study show that Kedaily Coffee has succeeded in integrating batik cultural activities with the coffee experience as a differentiation strategy. In addition, the use of coffee skin waste (cascara) as an innovative beverage strengthens the sustainability value of the product. Digital strategies carried out through social media and delivery services are still inconsistent, so it needs to be strengthened in terms of content and digital management. Collaboration with local batik galleries opens up new market segmentation opportunities and supports cultural preservation. This study concludes that the synergy between cultural values and digital strategies is a potential approach in increasing the competitiveness of MSMEs in the creative economy era.
THE EFFECT OF GREEN INNOVATION AND GREEN ACCOUNTING ON THE PERFORMANCE OF STAR-UP COMPANIES IN MALANG CITY
The development of the start-up industry in Indonesia has shown rapid growth over the past decade, including in Malang City, known as a student and tourist city. Amidst increasing awareness of environmental issues, green innovation and green accounting have become key concerns in creating sustainable businesses. This study aims to analyze the influence of green innovation and green accounting on the performance of start-up companies in Malang City. This study uses a quantitative approach with a survey method of start-up companies that have been operating for at least three years. Data analysis was conducted using multiple linear regression. The results of this study are expected to show that both green innovation and green accounting have a positive influence on company performance, both partially and simultaneously. These findings can provide theoretical contributions to the development of sustainability literature and business practices, as well as practical benefits for start-up entrepreneurs in improving efficiency, competitiveness, and company reputation through an environmentally friendly approach.
FROM HYPE TO PURCHASE: THE ROLE OF TRENDS, QUALITY, AND SOCIAL MEDIA IN SHAPING CONSUMER INTENTION TOWARD ORTUSEIGHT RUNNING SHOES
This study aims to examine the influence of trend, product quality, social media marketing, and brand awareness on purchase interest of Ortuseight running shoes among running communities in Malang City. This research employed a quantitative approach with a causal research design. A total of 130 respondents were selected using purposive sampling, consisting of active members of running communities who had purchased Ortuseight shoes. Data were collected through an online questionnaire and analyzed using Structural Equation Modeling (SEM) with Partial Least Squares (PLS) through SmartPLS 3.0 software. The findings reveal that all four variables—trend, product quality, social media marketing, and brand awareness—have a significant effect on purchase interest. Among them, brand awareness has the most dominant effect, while social media marketing, although significant, has the smallest impact. These findings highlight the importance of strengthening brand identity and credibility of digital communication to increase consumer purchase interest.
THE EFFECT OF CREDIT AND SAVINGS ON POVERTY REDUCTION, ECONOMIC GROWTH AS A MODERATING VARIABLE : EVIDENCE IN INDONESIA
This study analyzes the role of economic growth as a moderating variable in the influence of credit and savings on poverty reduction in Indonesia. Using panel data from 34 provinces over the period 2015–2024 and employing the Moderated Regression Analysis (MRA) method, the findings indicate that credit has a significant negative effect on poverty, both directly and through interaction with economic growth. In contrast, savings alone do not significantly affect poverty, suggesting that savings behavior among the poor may function more as precautionary saving rather than productive investment. However, when interacting with economic growth, savings become significant in reducing poverty. Economic growth itself does not directly reduce poverty, reflecting a weak trickle-down effect and uneven distribution of benefits. Nevertheless, it strengthens the impact of both credit and savings on poverty alleviation. The study concludes that integrated policies promoting financial inclusion and equitable economic growth are essential for sustainable poverty reduction.
AI-DRIVEN OVERSIGHT OF RELIGIOUS PHILANTHROPY: A PREVENTIVE APPROACH TO TERRORISM FINANCING IN INDONESIA
Terrorism financing through religious philanthropic institutions poses a serious challenge in Indonesia, as evidenced by Jemaah Islamiyah's (JI) exploitation of Baitul Maal Abdurrahman Bin Auf (BM ABA) and Syam Organizer (SO) as "funding machines" (Nugroho et al., 2025). Globally, faith-based charities are vulnerable to misuse as a cover for terrorist activities, with terrorist groups adaptively shifting to more sophisticated funding methods, including the exploitation of unregistered non-profit organizations (NPOs) (Mardiansyah, 2022; Wardhana, 2023). Artificial Intelligence (AI) holds transformative potential to assist governments and oversight bodies in detecting anomalous donation patterns, flagging high-risk transactions, and disrupting funding chains before they can be used for violent acts (Bank for International Settlements, n.d.; Infosys BPM, n.d.). This research has examined the patterns of religious philanthropy misuse in terrorism financing in Indonesia, analyzed how AI can be implemented to detect and prevent such misuse at the fundraising stage, and identified the ethical, technical, and legal challenges in its application. Using case studies of BM ABA and SO, this study analyzed financial transactions, donation reports, and relevant open-source intelligence (OSINT) (Nugroho et al., 2025). The potential AI applications discussed include Natural Language Processing (NLP) for analyzing donation campaign content, anomaly detection for fund flows, and network analysis to identify donor-operator relationships (Irwanto et al., 2025). The research findings indicate that both institutions, despite having similar charitable goals, employed different methods (charity boxes vs. Tabligh Akbar) and were both exploited for terrorism financing (Nugroho et al., 2025). Recurring transaction patterns and donor clustering were identified as potential predictive features for AI models, while regulatory oversight in Indonesia was found to have minimal utilization of data-driven tools (Indonesia Business Post, 2022; Mardiansyah, 2022). This paper contributes academically by providing an interdisciplinary framework spanning security studies, philanthropy, and AI technology; practically by proposing an AI-based monitoring system; and ethically by recommending human-rights-compliant AI implementation to avoid discrimination against religious communities.
A LOCAL WISDOM-BASED INNOVATION MODEL IN THE DEVELOPMENT OF THE HALAL INDUSTRY IN MAKASSAR: AN EXPLORATORY STUDY OF MSMES
This research aims to explore the innovation model based on local wisdom applied by Micro, Small, and Medium Enterprises (MSMEs) in the development of the halal industry in Makassar City. In the context of increasing global attention to the halal economy, this study offers an interdisciplinary approach that blends the perspectives of cultural anthropology, community economics, and religious studies. Qualitative methods were used through in-depth interviews, participatory observations, and document analysis on selected MSMEs in the culinary, fashion, and herbal products sectors. Preliminary results show that innovative practices are heavily influenced by local values such as siri' na pacce, community solidarity, and contextual religious interpretations. This study concludes that local wisdom is not only a source of business ethics but also a strategic framework in building sustainable halal competitiveness. These findings are expected to enrich the literature on the halal industry from a non-hegemonic perspective and contribute to regional economic development policies based on local values.
FUTURE SERENITY: EMBRACING ZAKAT IN THE FURNITURE INDUSTRY
The furniture industry is at a turning point in its history, where ethical business practices and social responsibility are becoming more and more important. Furniture producers and merchants can fit with consumer values and improve their social effect by adopting zakat, the Islamic concept of charitable giving. The incorporation of zakat into the furniture industry is examined in this essay, with an emphasis on how it could lessen social inequities and promote communal growth. The lives of impoverished families in Jepara can be improved and poverty can be reduced by creating zakat funds and increasing awareness. This study emphasises zakat's function as a catalyst for social justice and economic equity using Islamic qualitative research methods. With its defined routes for zakat donations that guarantee businesses obtain the right tax deductions, the Integrated Zakat Advantage (IZA) framework promotes cooperation between BAZNAS, Mustahiq communities, the Directorate General of Taxation, and business owners. Through this collaboration, BAZNAS is able to provide zakat to local communities in an efficient manner, creating a mutually beneficial relationship that benefits both enterprises and the communities they serve. Businesses can position themselves as leaders in corporate social responsibility and improve customer loyalty and brand reputation by fostering a culture of giving through zakat. This will ultimately help create a society that is more compassionate and just.
THE EFFECT OF FINANCIAL PERFORMANCE AND GOOD CORPORATE GOVERNANCE ON SUSTAINABILITY REPORT DISCLOSURE
Many social and environmental problems are caused by the operational activities of companies, especially those in the mining sector. Therefore, companies must be responsible for the environment in which they operate and then disclose this in their sustainability reports. This study aims to determine the effect of profitability, leverage, company size, board of commissioners, and institutional ownership on sustainability report disclosure. This research is a quantitative research. The population of this study is mining sector companies listed on the Indonesia Stock Exchange for the period 2020-2022, with a total population of 63 companies. The sampling technique for this study used a purposive sampling method and obtained 18 companies multiplied by the research period of 3 years, resulting in a total sample of 54 sample data. This study uses secondary data obtained from the annual reports and sustainability reports of mining sector companies listed on the Indonesia Stock Exchange for the period 2020-2022. The analytical model used in this study is multiple linear regression analysis. The results of this study indicate that company size has a significant positive effect on sustainability report disclosure. Meanwhile, profitability, leverage, board of commissioners, and institutional ownership do not have a significant effect on sustainability report disclosure.
THE EFFECT OF ESG, ICD, AND PROFITABILITY ON FIRM VALUE WITH CORPORATE GOVERNANCE INDEX MODERATION
Transformation paradigm business from orientation profit going to sustainability put Environmental Social Governance (ESG), Intellectual Capital Disclosure (ICD), and profitability as indicator important in evaluate firm value. This study aims For analyze the influence of ESG, ICD, and profitability to firm value, as well as role Corporate Governance Index (CGI) as variables moderation in companies sector energy listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This study uses approach quantitative with method Partial Least Squares–Structural Equation Modeling (PLS-SEM). Research result show that ESG and profitability influential positive and significant to firm value, while ICD does not influential to firm value. CGI is also proven can strengthen connection between profitability to firm value whereas for ESG and ICD variables that are influenced by CGI not influential to firm vs. firm vs. firm. These findings underscore the importance of non-financial disclosure and corporate governance in shaping investor perceptions and improving market performance. The practical implications of this research are that companies need to strategically integrate ESG and ICD into their sustainability reports, while investors and regulators can utilize these indicators for more informed, sustainability-based decision-making.
TIMELINESS OF FINANCIAL REPORTING: ROLES OF EXECUTIVE COMPENSATION, BOARD EDUCATION, AND AUDIT COMMITTEE
The purpose of this research is to examine the influence of executive compensation, the educational background of the board of commissioners, and the audit committee on the timeliness of financial reporting. The research population includes consumer cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 period. The research employs purposive sampling and selects 145 observations as the research sample. The data analysis applies panel data regression using EViews 12 software. The results show that the educational background of the board of commissioners significantly influences the timeliness of financial reporting. Companies with commissioners who hold higher educational qualifications tend to deliver financial reports more promptly. In contrast executive compensation and the audit committee do not demonstrate a significant effect on the timeliness of financial reporting. These findings emphasize the importance of commissioners’ educational qualifications as a key factor in improving reporting timeliness compared to compensation incentives or audit committee meeting mechanisms.
LINKING EMOTIONAL INTELLIGENCE AND CAREER DEVELOPMENT TO EMPLOYEE PERFORMANCE: THE ROLE OF EMPLOYEE ENGAGEMENT
This study analyzes the influence of emotional intelligence and career development on employee performance, with employee engagement as a mediating variable at the Office of Cooperatives, SMEs, and Manpower in Pamekasan Regency. A quantitative approach was employed with a sample of 76 respondents, selected using purposive sampling. Data were collected through questionnaires and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4.1. The results indicate that career development has a significant positive effect on employee performance and engagement. Emotional intelligence significantly influences employee engagement but does not directly affect employee performance. Employee engagement plays a mediating role between career development and employee performance. This research contributes to human resource management literature, emphasizing the importance of emotional intelligence and career development in enhancing employee performance through engagement.
ENHANCING SUSTAINABILITY AND COMPETITIVENESS IN INDONESIA’S MINING SECTOR: A SYSTEMATIC LITERATURE REVIEW OF ESG IMPLEMENTATION
The mining sector plays a pivotal role in Indonesia’s economic development, yet it also faces increasing scrutiny regarding its environmental, social, and governance (ESG) performance. Integrating ESG principles into mining practices, particularly within downstream policies, is essential to ensure both sustainability and global competitiveness. This study aims to (i) assess the importance of ESG implementation within Indonesia’s downstream mining policy, (ii) evaluate the current level of ESG adoption in industrial practices, and (iii) formulate strategies to enhance sustainability and competitiveness based on ESG principles. To achieve these objectives, a Systematic Literature Review (SLR) was employed, synthesizing evidence from academic research, policy documents, and industry reports. The review was conducted in three stages: five articles were analyzed to assess the policy importance of ESG, another five to evaluate adoption in industrial practices, and ten to generate strategic recommendations. Artificial intelligence tools were used to support the review process, ensuring transparency, rigor, and efficiency in screening and synthesizing literature. The findings highlight that while ESG has gained recognition in Indonesia’s mining sector, challenges remain in consistent adoption, stakeholder engagement, and disclosure quality. The study proposes context-specific strategies such as strengthening governance frameworks, improving community participation, and integrating ESG into enterprise risk management. These insights contribute to advancing sustainable mining practices and provide strategic directions for policymakers, industry leaders, and stakeholders seeking to align Indonesia’s mining sector with global ESG standards
THE INFLUENCE OF RELIGIOSITY, HALAL CERTIFICATION, AND PRODUCT QUALITY ON THE PURCHASE INTENTION OF PT PARAGON TECHNOLOGY AND INNOVATION’S COSMETIC PRODUCTS AMONG FEBI UIN JAMBI STUDENTS
This study aims to analyze the influence of religiosity, halal certification, and product quality on the purchase intention of cosmetic produk from PT. Paragon technology and innovation among students of the faculty pf Islamic economics and business, UIN Sultan Thaha Saifuddin Jambi. The reserch employed a quantitative method with an associative approach. Data were collected through questionnaires distributed to respondents, with the sample determined using purposive sampling. The data analysis, t-test, and the coefficient of determination. The results indicate that product quality has a positive and significant effect on purchase intention. Meanwhile, religiosity and halalcerfication, when tested partially, show no significant effect. However, simultaneously, the there variables significantly influence the purchase intention of PT Paragon’s cosmetic products.
THE INFLUENCE OF E-SERVICE QUALITY AND ELECTRONIC WORD OF MOUTH (E-WOM) ON CUSTOMER SATISFACTION IN USING THE BRKS MOBILE APPLICATION IN PEKANBARU
Advances in information technology have driven significant transformation in the banking industry, including in the provision of Sharia-based mobile banking services. This study aims to empirically analyze the effect of e-service quality and electronic word of mouth (E-WOM) on the satisfaction of BRKS Mobile app users in Pekanbaru. This study uses a quantitative approach with a survey method and involves 100 respondents selected through purposive sampling. The research instruments were validated through validity and reliability tests, while hypothesis testing was conducted using multiple linear regression through SPSS software version 27. The results show that both variables have a positive and significant effect on customer satisfaction, both partially and simultaneously. The R² value of 0.255 indicates that 25.5% of customer satisfaction variation is explained by these two variables. These findings emphasize the importance of digital service quality and electronic word of mouth in enhancing user experience, and provide strategic implications for the development of technology-based Islamic banking services and social trust.
THE INFLUENCE OF SOCIAL MEDIA IN INCREASING BRAND LOYALTY OF ISLAMIC BANKS WITH BRAND TRUST AS A MEDIATOR AMONG GENERATION Z
This study aims to analyze the influence of social media on brand loyalty with brand trust as a mediating variable in Islamic financial institutions. The background of this study is grounded in the increasing intensity of social media use among young people, particularly Generation Z, who have become a potential segment for Islamic banking. The research method used is quantitative with Partial Least Squares–Structural Equation Modeling (PLS-SEM) analysis through the SmartPLS software. A sample of 120 respondents was obtained using purposive sampling. Data were collected through a Likert-scale questionnaire that included indicators of social media, brand trust, and brand loyalty. The results show that social media has a positive effect on brand trust and brand loyalty, and that brand trust is able to mediate the relationship between them significantly. These findings confirm that optimizing social media can be an effective strategy in building customer trust and loyalty, thereby supporting the sustainability of Islamic financial institutions in facing competition in the modern banking industry.
COMMUNITY WELFARE IN THE ASPECTS OF GOVERNMENT ADMINISTRATION AND SUPPORT FOR THE VILLAGE ECONOMY
This study aims to explore the determinants of community welfare by focusing on village governance and the supporting elements of the local economy. The dependent variable in this study is the level of community welfare, while the independent variables include village fund allocation, village-owned enterprises (BUMDes), and the three pillars of governance: transparency, accountability, and community participation. The data collection method was conducted through distributing questionnaires to 100 respondents in Kabupaten Jepara, with statistical analysis using multiple linear regression based on SPSS version 29 software. The results of the analysis revealed that the allocation of village funds and BUMDes had a significant positive influence on community welfare. In the context of governance, accountability shows a significant positive contribution, while transparency shows a significant negative correlation. Community participation has no statistically relevant influence. The policy implications of these findings emphasize the need to optimize the allocation of village funds, strengthen accountability, and increase the role of BUMDes as the main strategies for improving welfare. In addition, this study recommends a thorough evaluation of the implementation of the transparency principle as well as an increase in the collective awareness of the community to actively participate in the oversight of village financial management, in order to create synergy between top-down policies and community participation.
ANALYSIS OF PROFIT-SHARING-BASED FINANCING INSTRUMENTS UTILIZATION FOR SUSTAINABLE GROWTH IN ISLAMIC MICROFINANCE INSTITUTIONS: EMPIRICAL EVIDENCE FROM KSPPS BMT UGT NUSANTARA
This study analyzes the utilization of profit-sharing-based financing instruments on the sustainable growth of KSPPS BMT UGT Nusantara. Employing a qualitative method with case study approach and literature review analysis, this research involves key informants from BMT UGT Nusantara's organizational structure. The findings demonstrate that profit-sharing-based financing has a significant impact on the sustainable growth of KSPPS BMT UGT Nusantara, as evidenced by the growth in assets, third-party funds, and capital structure. However, it also faces challenges including default risk, accounting system weaknesses, and limited member understanding of profit-sharing-based Mudharabah and Musyarakah contracts. This study reveals the importance of enhancing risk management systems, member education through Islamic financial literacy, and product innovation to optimize the positive impact of profit-sharing-based financing instruments on BMT UGT's sustainable growth. This research contributes to Islamic economics literature by highlighting the specific dynamics of profit-sharing-based financing within the context of BMT in Indonesia.
THE INFLUENCE OF BRAND AWARENESS AND BRAND IMAGE ON PURCHASE INTENTION IN ISLAMIC BANKS
This study investigates the influence of Brand Awareness and Brand Image on Purchase Intention in Islamic Banks. The research is motivated by the need for Islamic financial institutions to strengthen their brand positioning as a strategy to attract potential customers in today’s competitive banking industry.The study employed a quantitative approach with multiple linear regression analysis using SPSS software. A total of 100 respondents were selected through probability sampling with a simple random sampling method. Data were collected through a Likert-scale questionnaire consisting of items measuring Brand Awareness, Brand Image, and Purchase Intention.The findings reveal that Brand Awareness has a positive and significant effect on Purchase Intention, while Brand Image also exerts a positive and significant effect on Purchase Intention. These results suggest that customers who are more aware of and hold a positive perception of a brand are more likely to choose Islamic banking products. Strengthening brand awareness and brand image can therefore serve as a competitive advantage, enabling Islamic Banks to increase customer interest, maintain growth, and ensure long-term sustainability in the financial sector.
THE INFLUENCE OF USER-GENERATED CONTENT ON BRAND EQUITY AND PURCHASE INTENTION OF THE LAFIYE BRAND AMONG GENERATION Z
The rise of Muslim fashion has prompted local brands to innovate in terms of design and marketing in order to meet the diverse preferences of consumers. User-generated content is a marketing strategy that aims to increase credibility and consumer trust through content created by users. This study aims to determine the effect of user-generated content on brand equity and purchase intention of the Lafiye brand among Generation Z women in the Greater Jakarta area. The research uses a quantitative approach by distributing questionnaires from May to June 2025 in a hybrid manner. The sample in this study consisted of 130 respondents determined using purposive sampling techniques. The data was then analyzed using validity tests, reliability tests, descriptive analysis, and SEM-PLS using Microsoft Excel 2010, SPSS 26, and SmartPLS 4.0 software. The results showed that user-generated content had a positive and significant effect on brand equity and user-generated content had a positive and significant effect on purchase intention. Content that contains positive values and provides benefits to consumers is highly recommended to strengthen brand equity and increase purchase intention.
BEYOND TRANSACTION: A CONCEPTUAL FRAMEWORK FOR MARKETING MANAGEMENT THROUGH THE ETHICAL LENS OF TASAWWUF
Contemporary marketing management, often predicated on the stimulation of limitless consumer desire, presents a fundamental tension with the principles of Tasawwuf (Sufism), an Islamic spiritual discipline aimed at the purification of the self and the cultivation of virtue. This paper addresses a significant gap in the literature by developing a novel conceptual framework that integrates the ethical-spiritual tenets of Tasawwuf into the core strategic and tactical domains of marketing. Employing a qualitative systematic literature review, this study first synthesizes the foundational concepts of modern marketing management and the key socio-economic virtues of Tasawwuf. The subsequent analysis reveals a profound ontological conflict between the marketing paradigm's definition of the human as a 'consumer' and Tasawwuf's conception of the human as a servant of God ('abd) and steward (khalifah). Building on this, the paper proposes a reconstructed marketing mix (7Ps) where each element is re-envisioned through guiding Sufi principles. 'Product' is reconceptualized as a trust (Amanah) demanding excellence (Ihsan); 'Price' is governed by justice ('Adl); 'Promotion' is guided by truthfulness (Sidq); and 'People' are viewed as a community of service (Khidmah). The framework posits that the cultivation of spiritual consciousness (ruhaniyah) within the organization is the mediating factor that enables the authentic application of these principles. This study contributes a new, holistic paradigm for marketing that shifts the objective from transactional value-exchange to the facilitation of holistic human well-being (falah), offering a robust, ethically grounded alternative to conventional models that is relevant not only within Islamic contexts but also to the global discourse on purpose-driven and sustainable business.
OPTIMAL STRATEGY FOR INDONESIAN SHARIA STOCKS: BACKTESTING BUY-HOLD, DCA, TRADING (2014-2024)
This study provides a comprehensive comparative analysis of three distinct investment strategies—Buy-and-Hold (B&H), Dollar-Cost Averaging (DCA), and an active trading model based on Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators—applied to the universe of Sharia-compliant stocks listed on the Jakarta Islamic Index (JII) in Indonesia. Utilizing a survivorship-bias-free methodology, this research conducts a rigorous backtesting simulation over an 11-year period from January 2014 to December 2024, with an initial capital of IDR 100 million. The quantitative analysis is uniquely integrated with a qualitative jurisprudential (fiqh) assessment, evaluating each strategy's adherence to core Islamic financial principles, particularly the prohibitions of excessive uncertainty (gharar) and speculation (maysir), and its alignment with the higher objective of wealth preservation (hifz al-mal). The empirical results indicate that while the Active Trading strategy generated the highest cumulative return, the passive Buy-and-Hold strategy achieved a superior risk-adjusted performance, evidenced by the highest Sharpe Ratio. The jurisprudential analysis reveals that passive strategies exhibit the highest degree of Sharia compliance, being free from concerns of speculation and ambiguity of ownership inherent in high-frequency trading. By synthesizing these dual perspectives, the study concludes that the Buy-and-Hold strategy represents the optimal approach for the Sharia-conscious investor in the Indonesian market, balancing robust financial performance with steadfast adherence to Islamic ethical principles. This research contributes to the literature by offering a long- term empirical test on a key emerging Islamic market and by bridging the gap between quantitative financial analysis and classical Islamic commercial jurisprudence.
THE TWIN REVOLUTIONS: A SYSTEMATIC REVIEW OF HUMAN CAPITAL MANAGEMENT AT THE NEXUS OF DIGITAL TRANSFORMATION AND SUSTAINABILITY
Human Capital Management (HCM) is undergoing a fundamental transformation, driven by the concurrent and deeply interconnected forces of rapid digitalization and the escalating demand for corporate accountability on Environmental, Social, and Governance (ESG) imperatives. This systematic literature review maps, synthesizes, and critically analyzes the scholarly literature on HCM published between 2020 and 2025 to understand this paradigm shift. Adopting a qualitative systematic literature review (SLR) approach, guided by PRISMA protocols, this study analyzes peer-reviewed articles from the Scopus database. The results identify three core thematic pillars shaping contemporary HCM: (1) the algorithmic reshaping of the workforce through AI and automation, which enhances efficiency but introduces significant implementation and skill-gap challenges; (2) the critical ethical imperative to govern AI-driven HCM, focusing on mitigating algorithmic bias, ensuring data privacy, and maintaining transparency; and (3) the sustainability mandate, which integrates ESG principles into HCM through practices like Green HRM and a focus on employee well-being and diversity. The discussion synthesizes these themes, arguing that the future of HCM lies at the integrated nexus of technology and sustainability, where "algorithmic legitimacy" and an "HCM-ESG Flywheel" emerge as new sources of competitive advantage. The review identifies critical research gaps, including a lack of cross-national studies and robust metrics for sustainable HCM, and proposes a forward-looking research agenda. This paper contributes an integrated framework for understanding how organizations can navigate the twin revolutions to build a workforce that is not only productive and innovative but also equitable, ethical, and sustainable.
THE NEED FOR A STRATEGIC FRAMEWORK FOR SUSTAINABLE WAQF DEVELOPMENT IN ADDRESSING THE CLIMATE CRISIS
Malaysia faces challenges in balancing economic growth with environmental protection, and waqf holds strong potential for long-term, community-based climate action. However, the potential of waqf to contribute to environmental initiatives, ranging from green technologies and renewable energy to wildlife and marine conservation, sustainable agriculture, reforestation, and waste management, remains largely underexamined in the Malaysian context. Existing green waqf models from other countries, like Indonesia, are not directly applicable due to Malaysia’s unique regulatory, institutional, and socio-economic context. Moreover, there is a limited understanding of the awareness, readiness, and capacity of waqf institutions to engage in climate protection. This paper aims to highlight why Malaysia urgently needs innovative and inclusive financing mechanisms to address climate change and support its sustainability agenda. It reviews the existing literature and identifies significant research gaps that justify further exploration. In particular, the study points to the necessity of developing a strategic framework for sustainable waqf development as a means of strengthening national efforts in responding to the climate crisis.
LINKING HALAL INDUSTRY TO SUSTAINABLE DEVELOPMENT GOALS
This study examines the intersection between the Halal industry and the United Nations’ Sustainable Development Goals (SDGs), highlighting the sector’s potential to advance global sustainability agendas. Employing literature review of recent scholarly works, the paper synthesizes insights across Halal tourism, gastronomy, logistics, certification, and supply chain management. Findings reveal that Halal practices—anchored in the principles of Halal and Tayyiban—not only ensure religious compliance but also contribute to responsible consumption (SDG 12), public health and well-being (SDG 3), and inclusive economic growth (SDG 8). Empirical evidence underscores the role of Halal industries in fostering local economic resilience, generating employment, reducing waste, and strengthening cultural identity. At the same time, challenges persist, particularly in certification processes, regulatory fragmentation, and the capacity of micro- and small enterprises (MSEs) to meet compliance standards. Emerging technologies such as blockchain, IoT, and traceability systems are identified as critical enablers for transparency and sustainability in Halal supply chains. The study concludes that the Halal sector, when supported by effective governance, Islamic finance, and multi-stakeholder collaboration, can function as a strategic driver of equitable and sustainable development. It calls for future research on integrating Halal standards with green finance, refining supply chain governance, and scaling inclusive certification models to strengthen the sector’s alignment with the 2030 SDG agenda.
THE EFFECT OF WORK LIFE BALANCE AND EMPLOYEE ENGAGEMENT ON PERFORMANCE THROUGH WORK DISCIPLINE
This study aims to analyze the effect of Work Life Balance and Employee Engagement on the Performance of Employees of PT Kereta Api Indonesia (Persero) Operational Area 8 Surabaya, as well as the role of Work Discipline as an intervening variable. This study uses a quantitative \approach with explanatory analysis methods to explain the relationship between the variables studied. The population in this study was all employees of PT KAI DAOP 8 Surabaya, with certain criteria adjusted to the research objectives. Sampling was carried out using methods relevant to the quantitative research approach. Data were collected through questionnaires and analyzed using SmartPLS 3.0 software to test the relationship between variables. The results show that Work-Life Balance does not have a significant effect on Employee Performance, but Employee Engagement has a positive and significant effect on Employee Performance. In addition, the Work Discipline variable is able to mediate the positive and significant effect of Work-Life Balance and Employee Engagement on Employee Performance. These findings indicate that increasing employee engagement and implementing good discipline can be effective strategies for improving performance in the work environment of PT KAI DAOP 8 Surabaya.
THE INFLUENCE OF PROMOTION, SERVICE QUALITY AND PRODUCT QUALITY ON PURCHASE DECISIONS AT KARUNGJANTAN
This study analyzes the influence of promotion, service quality, and product quality on consumer purchase decisions at Karungjantan Store. The research was motivated by a decline in sales performance, which is presumed to be caused by ineffective promotional strategies, inconsistent service delivery, and unsatisfactory product quality. A quantitative method was employed, involving a survey of 100 consumers selected through purposive sampling. The data were analyzed using multiple linear regression to determine both the simultaneous and partial effects of the independent variables on purchase decisions. The results reveal that promotion, service quality, and product quality simultaneously have a significant influence on purchase decisions. Partially, promotion and product quality have a positive and significant impact, whereas service quality does not show a significant effect. These findings suggest that the management of Karungjantan Store should optimize their promotional efforts across various platforms, improve service delivery through staff training, and maintain consistent product quality to enhance consumer satisfaction and encourage purchasing behavior.
DIGITAL TRANSFORMATION OF BUDGETING AND ACCOUNTING IN ISLAMIC PRIMARY EDUCATION
This study aims to analyze the preparation of budgets (Budgeting) and bookkeeping (Accounting) based on the electronic application of the madrasah budget work plan (e-RKAM) at Madrasah Ibtidaiyah Muhammadiyah 2 Pendil. This study uses a qualitative descriptive analysis method with a case study approach. Data collection techniques use interviews and documentation. The results of this study indicate that budgeting and accounting have been implemented according to their stages. stages of budget preparation (planning, preparing, managing implementation, and assessing the budget). With e-RKAM, the effectiveness of managing the madrasah budget and allocated according to the needs and priorities that have been planned, monitoring and evaluation activities are more systematic, so that budget adjustments are made in real time based on the implementation of activities. Stages of bookkeeping (summary, recording, reporting), the e-RKAM system can improve accountability and transparency in madrasah financial management. With this system, all financial transactions are recorded electronically and transparently, allowing for tighter supervision and easier audits.
DIGITALIZATION AND INDONESIA'S MACROECONOMI RESILIENCE: AN EMPIRICAL VAR STUDY OF EXCHANGE RATE, INFLATION, FOREIGN DIRECT INVESTMENT AND DIGITAL ADOPTION
This study examines the relationship between digitalization and Indonesia's macroeconomic resilience, utilizing Fixed Broadband Subscriptions (FBS) and FBS per 100 people as indicators. Based on endogenous growth theory, which emphasizes the role of technology as a driver of long-term growth, this study uses the Vector Error Correction Model (VECM) approach, developed from the VAR concept by Sims (1980), to address endogeneity issues and examine short- and long-term relationships between variables. The research procedures include stationarity, cointegration, Granger causality, Impulse Response Function (IRF), and Variance Decomposition (VD) tests. The estimation results show that digitalization significantly impacts the exchange rate, inflation, and Foreign Direct Investment (FDI). In the short term, increased FBS encourages exchange rate appreciation but tends to weaken with increasing imports of digital devices, while the adoption of FBS per capita has a more stable positive impact. Digitalization also suppresses inflation by increasing distribution and production efficiency, although its contribution is relatively small compared to FDI. The impact of digitalization on FDI is twofold: FBS expansion attracts initial investment, but the sustainability of capital flows is heavily influenced by the quality of the digital ecosystem, regulations, and workforce readiness. Overall, these findings confirm that inclusive digitalization is a strategic tool for strengthening Indonesia's economic resilience to external shocks and building a foundation for more sustainable growth.
THE EFFECT OF ENVIRONMENTAL SOCIAL GOVERNANCE DISCLOSURE AND SUSTAINABILITY REPORTING ASSURANCE ON FIRM VALUE
The objective of this study is to examine the impact of environmental social governance disclosure and sustainability reporting assurance on firm value. The population of this research includes all companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2023. This study employs a purposive sampling method and selects 163 observations as the research sample. Data analysis is conducted using panel data regression with EViews 13 software. The results indicate that governance disclosure has a significant effect on firm value, suggesting that investors tend to respond positively to companies with sound governance systems, as this reflects greater transparency, accountability, and risk mitigation. In contrast, disclosures of environmental and social aspects, as well as sustainability reporting assurance, do not show a significant positive effect on firm value. These findings underscore the importance of governance disclosure as a signal that a company possesses an effective and responsible management structure, ultimately bolstering investor confidence in the company’s business sustainability.
THE EFFECT OF REPUTATION, STORAGE SECURITY AND TRUST ON CUSTOMERS' PREFERENCES IN CHOOSING SHARIA GOLD PAWNING
This study aims to determine the influence of Islamic bank reputation, gold storage security, and customer trust on customer preferences in choosing Islamic gold pawn products at BSI KCP Lawang. The background of this study is based on the increasing public interest in Islamic-based gold pawn services as a halal and safe short-term financial solution. The method used was a quantitative approach with a questionnaire distributed to 57 respondents who were gold pawn customers at BSI KCP Lawang. The data was analysed using multiple linear regression with the help of SPSS software. The results showed that the variables of reputation and storage security had a positive and significant effect on customer preferences, while the variable of trust had a positive but insignificant effect. These findings indicate that customers give more consideration to the image and security system of an institution when choosing sharia gold pawn services. This study is expected to contribute to the development of Islamic banking service strategies, particularly in increasing customer trust and loyalty.
UNLOCKING DIGITAL BANKING ADOPTION: THE ROLE OF EASE OF USE, SECURITY, AND TRUST IN GENERATION Z
This study aims to examine the influence of perceived ease of use, security, and trust on the interest in using digital banking among Generation Z in Lamongan Regency. This research was conducted among Generation Z in Lamongan Regency. This study used quantitative research. The population in this study was Generation Z in Lamongan Regency. Sampling used the Slovin formula, resulting in a sample of 100 respondents. The data collection technique used a questionnaire. From the results of the analysis, there are t-test results for the perceived ease of use variable greater than the t-table value (3,802 > 1.98498) and a significance value of (0.000 < 0.05), so that Perceived Ease Of Use has a positive and significant effect on Intention to Use, the t-test results of the security variable t count and t table are (8.345 > 1.98498) and a significance value of (0.000 < 0.05), so it can be concluded that Security has a positive and significant effect on Intention to Use, the t count and t table values on the perceived trust variable are (3.593 > 1.98498) and a significance value of (0.001 < 0.05), so it can be concluded that Perceived Trust has a positive and significant effect on Intention to Use. While the adjusted R square value is 0.800 or 80%. This indicates that the variable of Intention to Use (Y) that can be influenced by the variables Perceived Ease of Use, Security, and Perceived Trust is 80%. Meanwhile, the remaining 0.200 or 20% is influenced by other variables not examined in this study Keywords: Perceived Ease of Use, Security, Perceived Trust and Interest in Use
UNDERSTANDING MUSLIM MILLENNIALS' FINANCIAL WELL-BEING THROUGH DAILY BEHAVIOR AND ISLAMIC ECONOMIC VALUES
This qualitative study examines how everyday financial behaviors and Islamic economic values jointly shape the financial well-being (FWB) of Muslim millennials in the Special Region of Yogyakarta (DIY), Indonesia. Thirty participants (ages 25–44) completed semi-structured interviews supported by a closing checklist of 20 a priori indicators (daily behaviors and Islamic values) and the CFPB 10-item FWB scale. Data were analyzed using reflexive thematic analysis with a hybrid deductive–inductive codebook and descriptive matrices (e.g., BNPL × Present Security; Investing × Emergency Fund × Future Security). Findings indicate three reinforcing mechanisms. First, a “discipline bundle” (budgeting, regular saving, purchase delay, price comparison, thrifty promo use) intertwined with value-congruent practices (planned ZIS, amanah, prudence/iḥtiyāṭ, riba avoidance) strengthens current control and present security, aided by governed e-wallet/QRIS use (logs, caps, reminders). Second, capacity to absorb shock and future security are highest when regular investing coexists with ≥3-month emergency funds and is framed by tawakkul after prudent planning. Third, recurring active BNPL is consistently narrated with cash-flow strain and lower present security unless buffered by strong budgeting norms. Activation of syariah features is associated with psychological comfort and long-horizon commitment. Implications include value-aligned digital nudges (cooling-off timers, spending caps, goal-based saving, automated ZIS) and integrated Islamic/conventional financial-literacy programs for households, campuses, mosques, fintechs, and regulators. Limitations include a single-region, self-report, cross-sectional design; future work should adopt mixed-methods and longitudinal/experimental approaches.
THE ANALYSIS OF THE IMPACT OF HALAL LITERACY AND HALAL AND HALAL CERTIFICATION COSTS ON INTEREST IN CONDUCTING HALAL CERTIFICTION IN THE CULINARY MSME SECTOR
This study aims to analyze the influence of halal literacy and halal certification costs on the intention of culinary MSME actors in Malang City to pursue halal certification. Halal certification is an important factor in ensuring that products consumed by the Muslim community meet Islamic requirements while also enhancing business competitiveness. However, low levels of halal literacy and perceptions regarding certification costs remain major obstacles, particularly among MSMEs. This research adopts a quantitative approach using multiple linear regression to examine the relationship between halal literacy (X₁), halal certification costs (X₂), and the intention to obtain halal certification (Y). The sample consisted of 105 culinary MSME actors selected using purposive sampling. The results indicate that simultaneously, halal literacy and certification costs have a significant effect on business actors’ intention to pursue halal certification. Partially, both halal literacy and halal certification costs show a positive and significant influence on the intention to certify. These findings suggest that improving MSMEs’ understanding of the importance of halal products can encourage greater participation in the certification process. At the same time, perceptions regarding costs can be addressed through outreach and subsidy programs. This study provides strategic implications for government bodies and relevant institutions in formulating supportive policies that strengthen the national halal industry.
FINTECH AND FINANCIAL INCLUSION FINTECH AND FINANCIAL INCLUSION: OPPORTUNITIES AND CHALLENGES IN THE DIGITAL ECONOMY
The rapid growth of financial technology (fintech) has significantly reshaped the landscape of the global digital economy, particularly in expanding access to financial services. Fintech innovations such as mobile banking, peer to-peer lending, and digital payment systems have created new opportunities for individuals and small businesses that were previously excluded from the formal financial sector. By lowering transaction costs, increasing efficiency, and offering user-friendly platforms, fintech has the potential to drive financial inclusion and stimulate broader economic participation. However, alongside these opportunities, several challenges persist. Regulatory gaps, cybersecurity threats, and unequal access to digital infrastructure pose risks that may limit the benefits of fintech adoption. In developing economies, digital literacy and trust in online financial systems remain key barriers to inclusive growth. Moreover, the rapid pace of innovation often outpaces existing policy frameworks, raising concerns over consumer protection and financial stability. This paper examines the dual role of fintech in advancing financial inclusion while highlighting the challenges that must be addressed to ensure equitable and sustainable growth. Drawing from global trends and case studies, it emphasizes the need for collaborative strategies involving governments, private sectors, and international institutions. The findings suggest that a balanced approach combining innovation, regulation, and education is essential to maximize the opportunities of fintech while mitigating its risks. Ultimately, fintech has the potential to serve as a transformative tool in the digital economy if inclusivity and resilience are placed at the center of its development.
THE EFFECT OF LIFESTYLE, HALAL LABELING AND RELIGIOSITY ON STUDENTS’ COSMETIC BUYING INTEREST IN MALANG CITY
This study aims to examine the influence of lifestyle, halal labeling, and religiosity on the purchase intention of cosmetics among university students in Malang City. This research uses a quantitative approach with an explanatory method. Data were collected through questionnaires distributed to 154 student respondents who use cosmetics. The analysis techniques used include validity, reliability, normality, multicollinearity, heteroscedasticity, multiple linear regression, t-test, F-test, and coefficient of determination. The results show that simultaneously, lifestyle halal labeling, and religiosity have a positive and significant effect on purchase intention. Partially, each of the three variables also has a positive and significant influence. The adjusted R square value of 49.5% indicates that purchase intention can be explained by these three variables, while the remaining percentage is influenced by other factors outside the model.
THE INFLUENCE OF ISLAMIC BANKING KNOWLEDGE AND JOB OPPORTUNITY PERCEPTIONS ON CAREER INTEREST IN ISLAMIC BANKING (A Case Study Of Islamic Banking Students At Universitas Islam Malang)
This study aims to analyze the influence of Islamic banking knowledge and job opportunity perception on students’ career interest in Islamic banking. The research was conducted among active students of the Islamic Banking Study Program at the Islamic University of Malang, using a correlational quantitative approach. The sampling technique used was purposive sampling, involving 106 respondents who had taken courses related to Islamic banking. Data were collected through questionnaires and analyzed using multiple linear regression with the help of SPSS software. The results show that both Islamic banking knowledge and job opportunity perception have a positive and significant effect on career interest in Islamic banking, both simultaneously and partially. These findings indicate that enhancing students’ understanding of Islamic banking principles and practices, along with their perception of promising career prospects in the industry, can encourage their interest in pursuing careers in this sector.
MANAGEMENT THOUGHT FROM A JAPANESE PERSPECTIVE SLR STUDY OF CONTRIBUTION
This study aims to explore the contributions of W. Edwards Deming and Joseph M. Juran to the evolution of Japanese management philosophy through a Systematic Literature Review (SLR) approach. Employing the PRISMA method, 54 peer-reviewed scientific articles published between 2005 and 2025 were analyzed to assess the influence of these two quality pioneers on the implementation of Total Quality Management (TQM), Kaizen, and the Toyota Production System (TPS). The findings indicate that Deming’s data-driven PDCA cycle and Juran’s Quality Trilogy (planning, control, and improvement) provided a theoretical and practical foundation for Japan’s participative and continuous improvement work culture. The integration of their philosophies shaped a management system that prioritizes quality, operational efficiency, and employee empowerment. The study also reveals how these principles contributed to Japan’s industrial success and global competitiveness, while highlighting the cultural and structural challenges faced in applying such models outside Japan. This review underscores the relevance of Deming and Juran’s thoughts for modern organizations seeking sustainable competitive advantage through quality-driven, culturally grounded management systems.
BEYOND EASE OF USE: TRUST AND SERVICE FEATURES AS KEY DRIVERS OF E-WALLET ADOPTION IN THE HALAL DIGITAL ECONOMY
The expansion of financial technology has accelerated the transition toward a cashless society in Indonesia, where digital wallets and QRIS have become increasingly popular among consumers. For Halal Micro, Small, and Medium Enterprises (MSMEs), adopting digital wallet services is not only a matter of efficiency but also of maintaining consumer trust and ensuring compliance with sharia principles. Despite its potential, adoption remains uneven, requiring further investigation into the key determinants that shape halal MSME owners’ decisions.This study aims to analyze the influence of ease of use, trust, and service features on the decision of halal MSME owners to provide digital wallet services. A quantitative approach was employed, with data collected from 60 halal MSME owners in Samarinda through purposive sampling. Structural Equation Modeling–Partial Least Squares (SEM-PLS) was applied to test the hypothesized relationships. A quantitative approach was employed using purposive sampling, involving 60 halal MSME owners in Samarinda. Data were collected through questionnaires and analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS). The results reveal that perceived ease of use does not significantly affect decisions, whereas trust and service features have a significant positive influence. The study highlights a novel insight that, within the halal digital ecosystem, trust and superior service features outweigh ease of use as critical determinants of e-wallet adoption among MSMEs in emerging markets
DETERMINANTS OF FINANCIAL REPORTING FRAUD IN INDONESIAN FINANCIAL SECTOR: A FRAUD HEXAGON PERSPECTIVE
This study was conducted to identify and analyze several factors that contribute to financial reporting fraud by applying the Fraud Hexagon Theory perspective. The influence of the independent variables on the dependent variable is explained through an explanatory quantitative approach. The research sample includes companies listed in the financial sector on the IDX from 2019 to 2023 and was determined through a purposive sampling technique. The research data processing was analyzed using the logistic regression method. The findings indicate that the financial target variable, proxied as a pressure factor, has a positive influence on financial reporting fraud. Then the audit fees variable, proxied as a collusion factor, shows a negative influence on financial reporting fraud. While the CEO education variable proxied as a capability factor, the percentage of independent audit committee variable proxied as an opportunity factor, the external auditor switching variable proxied as a rationalization factor, and the family firm variable proxied as an ego factor, have no impact on financial reporting fraud. This study offers theoretical implications for the development of literature on financial reporting fraud based on the Fraud Hexagon Theory, and provides practical implications for all stakeholders to prevent factors that can trigger financial reporting fraud.
THE SHARIA MARKETING VIA DAWAH: IMPLEMENTING STP IN BSI PRODUCTS, SURABAYA
This study, which focuses on the use of sharia marketing techniques using a da'wah marketing approach, applies the ideas of Segmentation, Targeting, and Positioning (STP) to Bank Syariah Indonesia (BSI) goods in Surabaya. Da'wah marketing, in contrast to Islamic marketing, highlights moral precepts drawn from Islamic teachings to educate the public about sharia values while also promoting items. The research, a descriptive-qualitative study, involved customers, sharia marketing experts, and BSI management in Surabaya. Data were acquired through in-depth interviews, observations, and document analysis. The results highlight how successful STP is in marketing BSI products, particularly to the upper-middle-class Muslim market, and how sharia ideals are incorporated throughout all marketing materials. While BSI targets social groups that need Islamic financial solutions, its positioning emphasizes the benefits of its sharia-compliant products. Da'wah marketing is essential to enhancing BSI's standing as a bank that upholds sharia norms and encouraging greater client loyalty. In conclusion, by combining the STP approach with da'wah marketing, BSI Surabaya is able to increase its market share and solidify its position as a top Islamic bank. The report suggests that in order to reach a larger range of market segments, BSI should enhance its da'wah communication strategy and leverage digital technology.
THE UTILIZATION OF ZAKAT FUNDS FOR THE FREE NUTRITIOUS MEAL PROGRAM: A REVIEW OF FIQH AND NATIONAL ZAKAT REGULATION
This study aims to examine the juridical aspects of using zakat funds for the Free Nutritious Meal Program (MBG) based on the perspective of zakat jurisprudence (fiqh) and national legislation, particularly Law Number 23 of 2011 concerning Zakat Management. The method used is normative-juridical with a qualitative approach, employing a literature review of primary sources (the Qur'an, hadith, and authoritative fiqh texts) as well as secondary sources (laws and regulations, scholarly articles, and institutional documents related to zakat management). The findings reveal that the allocation of zakat funds for the MBG program is not in accordance with the principles of Islamic law nor with the prevailing positive regulations in Indonesia. This is due to the following reasons: (1) according to sharia, zakat may only be distributed to eight eligible categories (asnaf) as outlined in Surah At-Tawbah: 60, while the MBG program is inclusive and not limited to those categories; (2) participants in the program who are still under the care of financially capable parents do not qualify as poor or needy based on fiqh criteria; and (3) Law No. 23 of 2011 explicitly restricts zakat distribution to the designated asnaf groups. As an alternative, this study recommends the utilization of other social funds such as infaq, sadaqah, or allocations from the state or regional budgets (APBN/APBD), which offer greater flexibility and are not bound by sharia-based recipient restrictions. These findings are expected to serve as a strategic consideration for the government and zakat management institutions in formulating social policies that align with both sharia principles and national regulations.
ANALYSIS OF SELECTION, WORK POSITION PLACEMENT AND RECRUITMENT ON PERFORMANCE MEDIATED BY JOB SATISFACTION (Study At Lamongan Police)
This study aims to analyze the effect of recruitment, selection, and job placement on employee performance, with job satisfaction as a mediating variable at the Lamongan Police Department. The results show that job selection has a positive and significant impact on both performance and job satisfaction. Recruitment also has a significant effect on job satisfaction, but not directly on performance. Job placement has a negative and insignificant impact on both performance and job satisfaction. Job satisfaction mediates the relationship between recruitment and selection on employee performance but does not mediate the relationship between job placement and performance. These findings indicate that effective selection and recruitment processes, along with improved job satisfaction, are crucial in supporting employee performance. The managerial implication of these findings emphasizes the importance of open and transparent selection processes, as well as training and rewards to enhance work motivation within the organization.
ENGAGED AND COMMITTED IN THE HYBRID ERA: PATHWAYS TO EMPLOYEE PERFORMANCE
The COVID-19 pandemic has accelerated the transition to hybrid work, encouraging adaptability and efficiency across a range of generational groups. This study proposes a conceptual framework to examine the complex relationship between hybrid work arrangements, employee engagement, commitment, and performance among Indonesian Gen Z and Millennials. This study posits that hybrid work arrangements promote work-life balance and productivity but may lower performance due to social isolation and lower work engagement. The model highlights the dual-edge nature of this work model and the necessity of efficient HR policies to improve performance and retention in hybrid settings.
UNVEILING CARBON TRANSPARENCY: THE IMPACT OF ENVIRONMENTAL MANAGEMENT AND MEDIA EXPOSURE WITH FIRM SIZE AS A MODERATOR
This study aims to examine the effect of the Environmental Management System (EMS) and Media Exposure on Carbon Emission Disclosure with Company Size as a moderating variable. The research is motivated by the growing global concern over environmental issues, particularly carbon emissions, which have become an essential indicator of corporate sustainability. EMS implementation and media pressure are considered potential drivers of transparency in carbon emission disclosure, while company size is expected to strengthen these relationships. This research employs a quantitative approach using secondary data obtained from annual and sustainability reports of companies listed on the Indonesia Stock Exchange. Data analysis was conducted through Moderated Regression Analysis (MRA) using SmartPLS. The findings reveal that EMS has a positive but insignificant effect on Carbon Emission Disclosure. In contrast, Media Exposure has a positive and significant effect on Carbon Emission Disclosure. Furthermore, Company Size does not moderate the relationship between EMS and Carbon Emission Disclosure, nor between Media Exposure and Carbon Emission Disclosure. Theoretically, this study contributes to the environmental accounting literature by emphasizing the pivotal role of media in encouraging transparency of carbon emission disclosure, while EMS and company size have not shown consistent impacts. Practically, the findings suggest that companies should pay closer attention to media exposure as an effective external pressure to enhance environmental accountability. Additionally, regulators may use these insights as a basis for strengthening carbon disclosure policies in Indonesia.
SHARIA GLOBAL TRADE AND SUSTAINABLE DEVELOPMENT GOALS: A LITERATURE REVIEW ON THE PRINCIPLES OF JUSTICE AND BUSINESS ETHICS
This study aims to analyze the relationship between Sharia principles in global trade and sustainable development goals. The primary focus of this study is the application of the principles of justice and business ethics in the global Sharia-compliant trading system. Although the principle of economic justice within the Sharia-compliant system has been discussed previously, no study has specifically linked it to sustainable development goals in the context of global trade. Through a literature review, this study explores how Sharia principles, such as justice in resource distribution and transparency in transactions, can support the achievement of the Sustainable Development Goals (SDGs). Furthermore, this study also identifies the challenges and opportunities inherent in integrating Sharia principles with sustainable development goals in global trade. This study provides new insights into the potential of Sharia-compliant global trade to support a more just and sustainable economy.
IMPULSE BUYING IN AN ISLAMIC ECONOMIC PERSPECTIVE: AN ANALYSIS OF FOMO AND DOUBLE-DATE PROMOTIONS ON E-COMMERCE USERS
The development of e-commerce in Indonesia has driven significant changes in consumer behavior, one of which is the emergence of the impulse buying phenomenon. This study aims to analyze the influence of fear of missing out (FOMO) and double-date promotions on impulse buying by e-commerce users from an Islamic economic perspective. The research method used a quantitative approach with a purposive sampling technique on 468 respondents who had shopped on online shopping applications. Data analysis was conducted using Partial Least Squares-Structural Equation Modeling (PLS-SEM). The results showed that both FOMO and double-date promotions had a positive and significant effect on impulse buying, with double-date promotions being the most dominant factor. This finding confirms that event-based promotional strategies are more powerful in driving consumptive behavior than psychological factors. From an Islamic economic perspective, this type of consumption behavior can conflict with the principles of qana'ah (consumption of wealth), the prohibition of israf (israf), and tabdzir (indulgence in spending). Therefore, Islamic consumption literacy is needed to develop wise and sharia-compliant shopping behavior. For the e-commerce industry, this finding confirms that event-based promotional strategies such as double-date promotions are very effective in increasing transactions. However, companies also need to consider sustainability and ethical aspects to avoid encouraging excessive consumer behavior that could harm consumers. For consumers, this research raises awareness to be more critical and rational in approaching digital promotional strategies, enabling them to distinguish between immediate needs and desires. Keywords: Impulse Buying, FOMO, Double Date Promo, E-Commerce, Islamic Economy
ANALYSIS OF THE TRANSFORMATION OF STUDENTS CONSUMPTIVE BEHAVIOR THROUGHT E-COMMERCE
This research investigates the influence of e-commerce on students’ consumptive behavior at the Faculty of Islamic Economics and Business, Universitas Islam Negeri Kiai Haji Achmad Shiddiq Jember. Using a quantitative approach, data were obtained from 20 students across different study programs through random sampling and analyzed with statistical tests, including validity, normality, linearity, regression, and hypothesis testing. The results demonstrate that e-commerce has a significant and positive effect on consumptive behavior, as shown by the regression analysis (p = 0.016 < 0.05). Students tend to engage in impulsive buying driven by discounts, promotional offers, and lifestyle trends rather than actual needs. These findings highlight the role of e-commerce in shaping consumer lifestyles among students. The study suggests that students develop awareness and self-control strategies to reduce excessive consumption and prioritize essential needs over desires in online shopping activities.
HOW IS THE ROLE OF BPRS INTERMEDIATION IN INDONESIA? ANALYSIS OF INTERNAL AND EXTERNAL FACTORS TOWARDS FINANCING
This study aims to analyze the relationship between the efficiency of Sharia Rural Banks (BPRS) and financing for Micro, Small, and Medium Enterprises (MSMEs) in Indonesia. The research covers 165 BPRS across 34 provinces during the 2017–2022 period, using panel data sourced from BI, OJK, and BPS. The findings indicate that BPRS efficiency significantly affects MSME financing. These results highlight the need for both policymakers and BPRS management to consistently improve efficiency in order to expand financing capacity. Moreover, the role of the OJK in overseeing and supporting BPRS is considered crucial to ensure better intermediation performance in serving MSMEs.
MANAGING CONSUMER BEHAVIOR: THE ROLE OF ANIMOSITY, ATTITUDES, AND SOCIAL NORMS FROM A BUSINESS PERSPECTIVE IN INDONESIA
This study aims to analyze the factors influencing the desire of non-Muslims in Indonesia to boycott Israeli-affiliated products. Using a quantitative approach with survey data collection techniques, the study involved 1,791 respondents spread across 34 provinces in Indonesia. So that the results of this research have a high level of representativeness. The research model tested the influence of three independent variables, namely animosity, attitude, and subjective norm, on the dependent variable, namely willingness to boycott. Data were analyzed using the Structural Equation Modeling (SEM) method with Smart PLS 3.2.9 software. The results showed that all three independent variables had a positive and significant effect on the desire to boycott. This fact can be used to strengthen that the findings of this study are not merely a local phenomenon, but reflect a broader pattern in non-Muslim society in Indonesia. These findings provide important insights for developing marketing strategies and managing international relations in the Indonesian context. The implications of this research also suggest that companies and stakeholders should consider psychological and social factors when designing marketing campaigns, particularly those related to products affiliated with specific countries.
MARKET POWER AND BANKING LIQUIDITY RISK IN INDONESIA: AN EMPIRICAL STUDY WITH LCR AND NSFR
This study examines the influence of market power on bank liquidity risk in Indonesia over the period 2019–2023, employing the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) as measures of liquidity risk. Market power is proxied through asset, deposit (third-party funds), and loan market shares of 16 conventional commercial banks, which together account for approximately 75% of total industry assets. The empirical analysis is conducted using panel data regression with a Random Effects Model (REM) specification. The findings indicate that asset and deposit market shares exert a significant positive effect on the NSFR, whereas loan market share does not exhibit a statistically significant impact. In contrast, none of the three proxies for market power demonstrate a significant effect on the LCR. These results imply that market power contributes to reducing banks’ long-term liquidity risk, but has no discernible influence on short-term liquidity risk. This research offers important implications for regulators, highlighting the need to incorporate considerations of market structure when designing policies for bank liquidity management.
ESG AND UNDERWRITER REPUTATION IN IPO UNDERPRICING: A SYSTEMATIC LITERATURE REVIEW WITH COVID-19 CONTEXT
Underpricing in Initial Public Offerings (IPOs) remains a prominent anomaly in global corporate finance, particularly during systemic shocks such as the COVID-19 pandemic. This study employs a Systematic Literature Review (SLR) of 50 peer-reviewed articles published between 2005 and 2025 to investigate the influence of Environmental, Social, and Governance (ESG) disclosure and underwriter reputation on IPO pricing, while assessing the moderating effect of the pandemic. The review reveals that transparent and standardized ESG disclosure functions as an effective non-financial signal that reduces information asymmetry and lowers underpricing. Similarly, reputable underwriters enhance investor confidence and issuer credibility, although their effectiveness is context-dependent and may decline in overheated markets or when reputational capital is exploited opportunistically. The pandemic intensified investors reliance on credible quality indicators, underscoring the critical role of ESG and underwriter reputation in stabilizing expectations under high uncertainty. Nonetheless, key research gaps persist, including the absence of standardized ESG metrics, the scarcity of longitudinal studies covering pre- and post-crisis dynamics, and the limited use of integrated models addressing both mediation and moderation mechanisms. Future research directions highlight the need for cross-disciplinary approaches, such as big data analytics and natural language processing, to refine the measurement of ESG perceptions. This study contributes by extending theoretical insights into signaling mechanisms in IPO pricing and offering practical implications for issuers, underwriters, and regulators operating in volatile market conditions.
PSYCHOLOGICAL OWNERSHIP PERSPECTIVE: STRENGTHENING EMPLOYEE ENGAGEMENT BY SELF-EFFICACY, JOB CHARACTERISTICS, THROUGH JOB SATISFACTION
This research aims to examine the influence of self-efficacy and job characteristics on employee engagement, with job satisfaction serving as a mediating variable among CV. Kalingga Jaya employees. A quantitative approach was employed using a survey method, distributing questionnaires to 116 participants, and the data were analyzed with the Partial Least Square (PLS) technique. The findings reveal that both self-efficacy and job characteristics significantly and positively impact employee engagement, directly as well as indirectly through job satisfaction. Employees with higher self-efficacy tend to have greater confidence, which enhances their job satisfaction and subsequently strengthens their engagement. Likewise, jobs that are perceived as meaningful and interesting increase satisfaction and further reinforce engagement. These results highlight that efforts to foster employee engagement should prioritize developing employees’ self-efficacy, improving job design quality, and creating a work environment that promotes satisfaction. Theoretically, this study contributes to enriching the framework linking personal resources, job characteristics, job satisfaction, and employee engagement. Psychological ownership theory suggests that individuals demonstrate stronger commitment, care, and proactive behavior when they feel personally invested. Therefore, employee engagement becomes stronger when individuals believe in their own abilities (self-efficacy), find meaning in their work (job characteristics), and feel content with their jobs (job satisfaction) within an industrial context.
Recently, the halal industry has become a world trend. This is proven by the prospect of the halal industry, which continues to grow from year to year. Halali industry when viewed from a religious aspect gives an understanding that the label "halal" which is attached to the industrial dwarf does not only become a pseudo identity. This research aims to understand the labeling of halal industry from religious and economic aspects. The method used is literature review. The results of this study indicate that the halal industry in the religious aspect is one of the uses of the name "halal" in popularizing the industry that is currently being undertaken and in the economic aspect it contributes to the effectiveness of the national economic development.
THE INFLUENCE OF FINANCIAL LITERACY AND MULTIDIMENSIONAL RISK ON INVESTMENT DECISIONS OF SHARIA INVESTORS IN THE CAPITAL MARKET
The development of the Islamic capital market in Indonesia shows great potential, but investor participation is still relatively low. This study aims to analyze the influence of financial literacy and multidimensional risk on investment decisions in the Islamic capital market. Multidimensional risk in this study includes risk propensity, risk attitude, risk capacity, and risk knowledge. The research was conducted at the Ulive Education Center Islamic Investment Gallery, which has been actively providing Islamic-based investment education. The method used was quantitative with a Partial Least Squares Structural Equation Modeling (PLS-SEM) approach, based on data from 140 respondents who had invested at least once. The results showed that financial literacy, risk attitude, risk capacity, and risk knowledge had a positive and significant effect on investment decisions. Meanwhile, risk propensity showed a positive but insignificant effect. These findings emphasize the importance of improving financial literacy and risk understanding to encourage wise investment decisions in the Islamic capital market.
DIGITAL ECONOMICS FOR SOCIAL SUSTAINABILITY: EVIDENCE FROM HUMAN DEVELOPMENT AND POVERTY IN INDONESIAN DISTRICTS
This study analyzes the impact of the digital economy on human development and poverty in Indonesia using panel data from 514 districts/cities during the period 2022–2024. The Human Development Index (HDI) and poverty rate (P0) are used as dependent variables, while the Digital Society Index (DSI), which covers four pillars: infrastructure and ecosystem, digital skills, digital empowerment, and digital jobs, is used as the main independent variable. Regional economic growth is included as a control variable. Estimations were performed using a panel data regression approach, including the Common Effect Model (CEM), Fixed Effect Model (FEM), and Random Effect Model (REM), with Chow, Hausman, and Breusch-Pagan tests used to determine the best model. The results show that the digital economy contributes positively to HDI improvement and poverty reduction. The pillars of digital employment and digital skills have the most significant influence on poverty reduction, while digital infrastructure has a greater influence on HDI improvement. The robustness model with alternative poverty indicators (P1 and P2) reinforces the main findings. These findings emphasize the importance of digital transformation in supporting inclusive development and poverty alleviation. Policy implications are directed at increasing the productive capacity of the poor in the digital ecosystem, making digital transformation a genuine tool for promoting social justice and sustainable development.
GREEN INNOVATION AND ENVIRONMENTAL SUSTAINABILITY: IMPLICATIONS FOR BUSINESS MANAGEMENT
The growing urgency of climate change and resource depletion has positioned environmental sustainability as a central concern in contemporary business management. Green innovation, which integrates ecological considerations into products, processes, and organizational strategies, has become a critical driver for firms seeking both competitiveness and responsibility. This paper explores the implications of green innovation for business management practices, emphasizing how organizations can balance environmental goals with economic performance. Drawing on recent literature and global case examples, the study highlights three key dimensions: the role of sustainable supply chains, the integration of green technologies, and the influence of corporate governance in fostering eco-friendly initiatives. The findings suggest that businesses adopting green innovation not only reduce environmental risks but also enhance long-term resilience, strengthen stakeholder trust, and create new market opportunities. However, challenges such as high implementation costs, limited regulatory alignment, and resistance to organizational change remain significant barriers. For managers, the implications extend beyond compliance, requiring a reconfiguration of strategic planning, investment decisions, and performance measurement systems. This paper concludes that embedding green innovation within business management is not merely a response to external pressures but an essential pathway to sustainable growth and competitive advantage in the global economy.
SYNERGISING GREEN ACCOUNTING AND TECHNOFINANCE FOR BUSINESS PERFORMANCE: THE MODERATING ROLE OF ISLAMIC VALUES
This research examines the synergistic impact of Green Accounting and Technofinance on Business Performance, with Islamic Values serving as a moderating variable, within the framework of small and medium-sized enterprises (SMEs) in West Nusa Tenggara, Indonesia. Data were acquired from 180 SME owners using a purposive sampling strategy, all of whom had halal certification and engage in Islamic-based entrepreneurship. The study model was evaluated utilizing Partial Least Squares Structural Equation Modeling (PLS-SEM) with 36 measurement items derived from a four-point Likert scale. The findings indicate that both Green Accounting and Technofinance substantially improve Business Performance, underscoring the significance of environmental accountability and financial digitization in augmenting profitability, efficiency, and sustainability. Nonetheless, Islamic values did not substantially influence these linkages, indicating that ethical and religious principles function more as a normative basis than as an empirical enhancer of the observed correlations. These findings enhance the literature by amalgamating environmental, financial technology, and religious views in the analysis of business performance, providing theoretical backing from stakeholder theory and the resource-based view. The findings suggest that SME managers ought to prioritize environmental reporting systems and the integration of financial technology to maintain competitiveness, while adhering to Islamic ethical values as foundational principles. The study's limitations include its regional scope and sample size; therefore, future research should expand geographical coverage, enhance sample diversity, and integrate additional variables such as innovation capability and market orientation to improve generalizability and yield deeper insights into sustainable performance.
IMPROVING THE PERFORMANCE OF FOOD MSMES: A CASE STUDY ON HALAL TOURISM
The number of Micro, Small, and Medium Enterprises (MSMEs) in Indonesia continues to increase from year to year, including in Lombok, which is known as a leading halal tourist destination. Food MSMEs have a strategic role in supporting the development of halal tourism, but they face increasingly fierce competition. In this context, marketing communication strategies, Islamic financial literacy, and the use of digital technology are important factors in improving MSME performance. This study aims to analyze the influence of marketing communication and Islamic financial literacy on the performance of food MSMEs in Lombok, as well as to examine the role of digital technology as a moderating variable. The study uses a quantitative method with a causal approach, involving 108 respondents who are owners of food SMEs that have been operating for at least one year. Data analysis was performed using the Partial Least Squares (PLS) method. The results show that marketing communication and digital technology have a positive and significant effect on SME performance, while Islamic financial literacy does not have a significant effect. Furthermore, digital technology was not proven to play a role as a moderating variable between marketing communication and Islamic financial literacy on MSME performance. These findings emphasize the need to strengthen marketing communication strategies and optimize digital technology in supporting the competitiveness of halal tourism-based food MSMEs in Lombok, with recommendations for further research to expand the scope of the region and consider policy factors, training, and digital infrastructure.
THE EFFECT OF CAR, FDR, NOM, AND DPK ON MURABAHAH FINANCING IN ISLAMIC BANKS BOOK 3 FOR THE YEARS 2020-2023 WITH NPF AS A MODERATING VARIABLE
This study aims to examine the effect of murabahah financing on BUKU 3 Sharia Commercial Banks in 2020-2023, which is influenced by the capital adequacy ratio (CAR), financing to deposit ratio (FDR), net operating margin (NOM), and third-party funds (DPK). One of the data analysis techniques used in the quantitative associative method is moderated regression analysis (MRA). The research sample consisted of four banks, namely Bank Syariah Indonesia, Bank Muamalat Indonesia, Bank Mega Syariah, and Bank BTPN Syariah Tbk. This is because the entire population of this study was Islamic Commercial Banks BUKU 3. The results of the analysis show that NPF is unable to moderate the impact of FDR on murabahah financing or the relationship between CAR and murabahah financing. Conversely, NPF was found to function as a moderating factor in the relationship between NOM and murabahah financing. Conversely, NPF did not function as a moderating variable in the DPK variable that affects murabahah financing.
QUANTITATIVE ANALYSIS OF FINANCIAL DISTRESS DETERMINANTS WITH PROFITABILITY AS A MODERATOR IN MINING SECTOR ISSUERS
This study aims to analyse the determinants of financial distress in mining companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2024, with profitability as a moderating variable in the relationship between leverage, liquidity, operational capacity, sales growth, and company size. The study uses a quantitative approach with Moderate Regression Analysis (MRA) on secondary data from the financial reports of 24 mining companies selected through purposive sampling. The results show that leverage, liquidity, and operational capacity have a significant effect on financial distress, while sales growth and company size have no significant effect. Profitability is proven to significantly moderate only the relationship between liquidity and financial distress. These findings have practical implications for company management and investors as a basis for decision-making in managing financial risk and assessing the health of mining companies amid economic and political uncertainty. The novelty of this study lies in the use of profitability as a moderating variable and the analysis period covering the latest year of 2024, which is marked by various economic and political issues affecting the mining sector.
THE APPLICATION OF ARTIFICIAL INTELLIGENCE TO INDONESIAN E-COMMERCE PLATFORMS AND ITS IMPACT ON DIGITAL ECONOMIC GROWTH
This study explores the implementation of Artificial Intelligence (AI) in Indonesian e-commerce platforms and its impact on digital economic growth. The findings highlight three key aspects. First, AI has transformed e-commerce operations through personalized product recommendations, natural language processing (NLP) chatbots, and dynamic pricing systems, which enhance customer experience, increase sales, and build loyalty. Second, AI contributes significantly to business efficiency and growth by integrating with Business Intelligence to accelerate data analysis, support accurate decision-making, and reduce operational costs, while automation enables firms to optimize resources and develop new digital business models. Third, AI strengthens Indonesia’s digital economy by expanding market access, especially for micro, small, and medium enterprises (MSMEs), and by fostering digital financial inclusion through AI-driven services such as credit scoring and micro-lending. With projections estimating Indonesia’s digital economy to reach USD 130 billion by 2025, AI is recognized as a critical driver for inclusive and sustainable growth. Nevertheless, its success depends on supportive infrastructure, skilled human resources, and adaptive regulations to balance innovation with consumer protection.
ANALYSIS OF THE EFFECTS OF INFLATION, INTEREST RATES AND FINANCING EXCHANGE RATES: THIRD-PARTY FUNDS AS A VARIABLE OF ISLAMIC BANKING INTERVENTION IN INDONESIA
The purpose of this study is to understand how inflation as measured through consumer price indices, interest rates, and exchange rates affects financing obtained from third-party funds in Islamic Banking in Indonesia. This research takes place in a quantitative framework and applies path analysis as a data processing technique. The data used is secondary in the form of a time series, including total financing, mudharabah financing, musyarakah financing, murabahah financing, as well as third-party fund variables, inflation, interest rates, and exchange rates. Data processing is carried out using the Eviews version 12 application. The findings of this study indicate that inflation affects total financing, mudharabah financing, musyarakah financing, while not impacting murabahah financing and third-party funds. In contrast, interest rates have no effect on total financing and third-party funds. The exchange rate also has no impact on third-party funds. Third-party funds show a positive influence but have no impact on financing. The results of the path analysis show that third-party funds do not function as mediators between total financing, mudharabah financing, musharakah financing, and murabahah financing.
THE EFFECT OF AUDIT CAPACITY STRESS AND AUDITOR EXPERIENCE ON AUDIT QUALITY WITH AUDITOR COMPETENCE AS A MEDIATION VARIABLE
Audit quality is the ability of an auditor to find and report discrepancies in a client's accounting system using a structured system. This study aims to empirically analyze the effect of audit capacity stress and auditor experience on audit quality with auditor competence as a mediating variable on employees of Public Accounting Firms in Malang City. This study uses quantitative research methods. Respondents in this study were employees who worked as senior auditors. The population in this study was 18 KAPs in Malang City. The sample in this study used purposive sampling so that the number of samples that could be processed was 57 samples. The analysis tool used SEM-SmartPLS. The results of the study indicate that audit capacity stress does not significantly affect audit quality. Auditor experience significantly affects quality. Audit capacity stress significantly affects auditor competence. Auditor experience significantly affects auditor competence. Auditor competence significantly affects audit quality. Auditor competence is unable to mediate the effect of audit capacity stress on audit quality. Auditor competence is able to mediate the effect of auditor experience on audit quality
THE EFFECT OF LIQUIDITY, LEVERAGE, AND COMPANY SIZE ON COMPANY VALUE WITH CSR AS A MEDIATING VARIABLE IN MINING AND AGRICULTURE SECTOR COMPANIES IN 2018-2024
This study examines the influence of liquidity, leverage, and company size on company value with Corporate Social Responsibility (CSR) as a mediating variable. The focus of the research is on companies in the mining and agricultural sectors that have a high level of social and environmental exposure, so this topic has become very relevant. The problem studied is whether CSR is able to mediate the relationship between financial indicators (liquidity, leverage, and company size) and company value. The novelty of this research lies in the integration of CSR as a mediating variable in the context of two industrial sectors with a wide impact, which has not been extensively researched in depth, especially in Indonesia. The method used is quantitative with the Structural Equation Modeling–Partial Least Square (SEM–PLS) approach, based on secondary data from 21 companies listed on the Indonesia Stock Exchange for the 2018–2024 period. Data processing is carried out using SmartPLS software 4. The results of the study show that only leverage and company size have a significant effect on the company's value in a negative direction. Liquidity has no significant effect, and CSR has no direct influence or role as a mediating variable. These findings show that CSR has not been strategically implemented to increase the company's value. Implicationally, companies need to review their CSR strategies, and further research is suggested to expand the context or add other variables.
ANALYSIS OF THE EFFECT OF CORPORATE GOVERNANCE ON COMPANY VALUE THROUGH THE ROLE OF FINANCIAL PERFORMANCE AS AN INTERVENING VARIABLE
This study aims to analyze the effect of corporate governance, consisting of institutional ownership, audit committee size, independent board of commissioners, and board of directors size, on company value, namely price to book value, and to examine whether financial performance, namely return on assets, can mediate the effect of corporate governance on price to book value in manufacturing companies listed on the Indonesia Stock Exchange (IDX). This study uses a quantitative approach with purposive sampling, resulting in 44 sample companies during the 2020-2024 period, with a total of 220 observations. The results show that corporate governance does not have a significant effect on financial performance. Only return on assets, institutional ownership, and independent board of commissioners have a significant direct effect on company value. However, the size of the audit committee and the size of the board of directors do not affect company value. Financial performance is also not proven to be able to mediate the influence of corporate governance on company value.