Economics & Islamic Finance Journal (ECIF)
type: channel
description: Journal Title : Economics & Islamic Finance Journal Initials : ECIF Frequency : April, August & December ISSN Online : 3047-4167 ISSN Print : 3089-6061 Chief Editor : Soeharjoto DOI Prefix : 10.70550/ecif Publisher : BacaDulu Publisher Citation Analysis : Google Scholar, Dimension
publisher: Baca Dulu Publisher
language: en
publication name: Economics & Islamic Finance Journal (ECIF)
issn: 3089-6061
items: The Effect of Ownership Structure and Profitability on the Dividend Policy of Manufacturing Companies Listed on the Indonesian Stock Exchange between 2020 and 2024
items: Digital Muamalah Transaction Transformation: Fintech Integration with TSR Principles
items: The Role of Halal Supervisors in Assisting MSMEs in Obtaining Halal Certification at the Jakarta Sharia Quality Audit Institution in 2025
items: Impact of Good Corporate Governance, ESG, and Capital Structure on Firm Value: An Empirical Study of Food and Beverage Companies Listed on the IDX (2021–2024)
items: Sharia Literacy as Social Capital: A Comparative Study between Indonesia and Other Muslim Countries
items: Performance of Sharia Commercial Bank In Indonesia The Role Of Intellectual Capital And Islamicity Performance Index
items: Islamic FinTech: Opportunities and Challenges
items: The Impact of Capital Market on Industrial Growth in Nigeria: Does Islamic Capital Market an Alternative?
items: The Role of Company Size as a Moderator in the Relationship of Governance, Green Financing, and Profitability to Sustainability Reporting Disclosure in the Financial Sector
items: Government Bank & Regional Development Bank: A Sustainable Development Financing Synergy
items: https://ejournal.bacadulu.net/index.php/ecif/article/view/114
items: https://ejournal.bacadulu.net/index.php/ecif/article/view/101
items: The Effect of the Day of The Week Effect on the Stock Return of Companies in the Banking Industry Sector on the Indonesia Stock Exchange for the 2022 Period
items: Profitability, Leverage, and Company Size: A Comparative Analysis of Manufacturing Firm Value in Indonesia and Malaysia During COVID-19
items: Literacy of Pension Fund Practice in Indonesia
items: Sharia Performance Ratio Factor: What is the Deposit Financing Ratio and Financing Quality?
items: Advancing Islamic Financial Planning in Indonesia: Principles, Challenges, and The Role of Tawhid String Relationship Theory
items: The Effect of Murabahah, Mudharabah, Musharakah and Ijarah Financing on The Level of Net Profit
items: The Influence of Leadership Style, Work Discipline and Work Motivation on Employee Performance at the Rawa Shop, Gianyar Regency
items: Financial Resilience Amidst the Pandemic: A Study on Net Interest Margin and Key Banking Ratios in Indonesia
items: Cultural Strategy of Trustworthy, Competent, Harmonious, Loyal, Adaptive, and Collaborative (AKHLAK) at a BUMN Company in Jakarta
items: The Influence of Audit Quality and Company Size on Earnings Management moderated by the Audit Committee at Islamic Commercial Banks in Indonesia
items: The Impact of Macroeconomic Variables, Financing Risks, and Third-Party Funds on Islamic Banking's Profitability
items: The Effect of Family Ownership, Profitability, and Sales Growth on Tax Avoidance in Manufacturing Companies on the Indonesia Stock Exchange for the Period 2020-2022
items: Factors Determining Non-Performing Financing In Islamic Banks In Indonesia
items: The Influence of Financial Derivatives, Financial Leases and Institutional Ownership on Tax Avoidance
items: A Comparative Study Of The Financial Performance Of Islamic And Conventional Banks In Peshawar

The Effect of Ownership Structure and Profitability on the Dividend Policy of Manufacturing Companies Listed on the Indonesian Stock Exchange between 2020 and 2024
type: item
description: This study aims to determine the effect of ownership structure and profitability on dividend policy of manufacturing companies listed on the Stock Exchange 2020-2024. The ownership structure is measured by institutional ownership and managerial ownership, profitability measured by return on assets (ROA) and net profit margin (NPM), and dividend policy measured by dividend payout ratio (DPR). The population in this study is 133 companies manufacturing companies listed on the BEI 2020-2024. Using purposive sampling method obtained 11 companies that meet the criteria of sampling. Data analysis using descriptive statistics, normality test, multiple regression analysis and hypothesis testing. The error rate or significance used is 5%. T test results show that managerial ownership and NPM are negatively affected on dividend policy, ROA has a positive effect on dividend policy, while institutional ownership have no effect on dividend policy.
subject: Articles
  topic: section
subject: Institutional Ownership
  topic: keywords
subject: Managerial Ownership
  topic: keywords
subject: Return on Assets
  topic: keywords
subject: Net Profit Margin
  topic: keywords
subject: Dividend Policy
  topic: keywords
creator: Desmizar Desmizar
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2026-03-30
publication date: 2026-03-30
doi: 10.70550/ecif.v2i3.251

Digital Muamalah Transaction Transformation: Fintech Integration with TSR Principles
type: item
description: This study examines the transformation of digital muamalah contracts in Islamic fintech, focusing on the integration of the Tawhid String Relationship (TSR) and Transaction Cost Theory (TCT) principles. The emerging phenomenon is a shift from conventional transactions to digital platforms that comply with Islamic principles. However, there is a gap between technological developments and Islamic jurisprudence (fiqh) understanding regarding Islamic digital transactions, leading to challenges in Islamic compliance. This study uses a qualitative approach with secondary data collection through relevant literature. The results show that the application of technologies such as blockchain and smart contracts can increase efficiency and transparency in digital transactions, but still require strict supervision to ensure compliance with Islamic principles. Maqasid Sharia serves as a foundation to ensure that every innovation continues to support the welfare of the community. The theoretical implication of this study is the development of TSR and TCT theories in the context of Islamic fintech, while the practical implication is the need for clearer regulations and more intensive education to increase Muslim literacy regarding digital contracts. This study also provides suggestions for the development of more efficient and Islamic fintech platforms in Indonesia that comply with Islamic principles.
subject: Articles
  topic: section
subject: Digital Muamalah Agreement;
  topic: keywords
subject: Sharia Fintech
  topic: keywords
subject: Sharia Compliance
  topic: keywords
subject: TSR Principle
  topic: keywords
subject: Financial Transformation
  topic: keywords
creator: Nita Erviana
creator: Lucky Nugroho
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-11
publication date: 2025-09-11
starting page: 107
ending page: 116
doi: 10.70550/ecif.v2i2.211

The Role of Halal Supervisors in Assisting MSMEs in Obtaining Halal Certification at the Jakarta Sharia Quality Audit Institution in 2025
type: item
description: Halal certification is a crucial instrument for ensuring the halal status of products while strengthening business competitiveness in the global market. However, many Micro, Small, and Medium Enterprises (MSMEs) still face challenges in obtaining halal certification, including administrative challenges, regulatory compliance, and limited resources. The presence of halal supervisors at Halal Inspection Institutions (LPH) is a strategic factor in bridging this gap. This study aims to analyze the role of halal supervisors in assisting MSMEs to obtain halal certification, using a case study of the LPH Quality Syariah. The research approach employed a descriptive qualitative method through in-depth interviews with halal supervisors, MSMEs, and halal auditors. The results indicate that halal supervisors act as educators who improve halal literacy, facilitators in document preparation and administrative requirements fulfillment, mediators between MSMEs and certification institutions, and drivers of halal product competitiveness. This strategic role has resulted in an increase in the number of halal-certified MSMEs and strengthened their readiness to enter the national and global halal industry supply chain. This study emphasizes the importance of strengthening the capacity of halal supervisors and cross-institutional synergy to accelerate the implementation of halal certification in Indonesia.
subject: Articles
  topic: section
subject: Halal Supervisor
  topic: keywords
subject: MSMEs
  topic: keywords
subject: Halal Certification
  topic: keywords
subject: LPH Quality Syariah
  topic: keywords
subject: Halal Industry
  topic: keywords
creator: Murni Parembai
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-11-11
publication date: 2025-11-11
doi: 10.70550/ecif.v2i3.208

Impact of Good Corporate Governance, ESG, and Capital Structure on Firm Value: An Empirical Study of Food and Beverage Companies Listed on the IDX (2021–2024)
type: item
description: This study aims to analyze the effect of Good Corporate Governance (GCG), Environmental Social Governance (ESG), and capital structure on firm value. The background of this research is the importance of implementing corporate governance and sustainability practices to improve competitiveness in Indonesia's food and beverage sector. This study uses a quantitative approach with secondary data obtained from annual and sustainability reports of companies listed on the Indonesia Stock Exchange during 2021–2024. Samples were selected using purposive sampling and analyzed with panel data regression using EViews. The results show that GCG and capital structure have no significant effect on firm value, while ESG has a positive and significant effect. This indicates that sustainability practices play an important role in shaping investor perception of firm value. The study implies the importance of integrating ESG principles into business strategy and corporate governance policies.
subject: Articles
  topic: section
subject: Capital Structure
  topic: keywords
subject: ESG
  topic: keywords
subject: GCG
  topic: keywords
subject: Firm Value
  topic: keywords
creator: Widiyasari Widiyasari
creator: Sigit Mareta
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-11
publication date: 2025-09-11
starting page: 100
ending page: 106
doi: 10.70550/ecif.v2i2.200

Sharia Literacy as Social Capital: A Comparative Study between Indonesia and Other Muslim Countries
type: item
description: Without appropriate sharia literacy, the Muslims living in Muslim majority countries have not been able to be part of the Islamic finance movement led by these institutions. This paper discusses sharia literacy as social capital to boost Islamic financial inclusion: a case of Indonesia and comparative perspective of Malaysia, Türkiye, Pakistan and Bangladesh. Using a structured narrative literature review, the study follows qualitative descriptive approach and reviews literature on Islamic financial literacy, social capital theory, financial inclusion, digital literacy and normative underpinnings of Islamic economics. Results indicate that sharia literacy incorporating both the technical and moral-spiritual aspects of sharia sustains collective norms, cultivates a trust in institutions, and fosters participation in voluntary systems of sharia-complaint finance. Islamic social capital plays a vital role in increasing financial inclusion, whereas digital literacy helps to widen access. Indonesia’s gap, of a literacy index 39.11% and an inclusion rate of just 12.88% in 2023, shows not an absence of Islamic social foundations but the difficulty in processes of converting literacy to sustained financial behaviour. Utilising maqāṣid al-sharī'ah-based frameworks within financial education and policy is a strategic approach with the potential to reshape financial literacy levels in the Islamic financial ecosystem.
subject: Articles
  topic: section
subject: Sharia Literacy
  topic: keywords
subject: Islamic Social Capital
  topic: keywords
subject: Islamic Financial Inclusion
  topic: keywords
subject: Maqāṣid Al-Sharī'ah
  topic: keywords
subject: Comparative Study
  topic: keywords
creator: Rido Hermawan
creator: Kup Yanto Setiyono
creator: Caturida Meiwanto Doktoralina
creator: Inna Vladimirovna Lukashenko
creator: Lucky Nugroho
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-08-29
publication date: 2025-08-29
starting page: 117
ending page: 125
doi: 10.70550/ecif.v2i2.187

Performance of Sharia Commercial Bank In Indonesia The Role Of Intellectual Capital And Islamicity Performance Index
type: item
description: This study aims to determine the effect of Intellectual Capital and Islamicity Performance Index on the profitability of Islamic commercial banks in Indonesia with the panel data analysis method using Eviews 10. The sample is determined based on the purposive sampling method, with a total sample of 6 Islamic banks and produces 30 observation samples because it uses reports annual finances. The results of the study prove that Intellectual Capital, equitable distribution ratio and Islamic income vs. non-Islamic income ratio have no effect on profitability. while the profit sharing ratio and zakat performance ratio affect profitability. This study provides evidence that the performance of Islamic banking can be proven from various aspects, the variables used in this study are influential and some are not. The implications of this research for companies are expected to be complementary material and useful input and considerations for companies and readers are expected to see the results of this research as useful information material and can be used for the benefit of readers. This research has enormous value, it is hoped that Islamic banking can apply Islamic principles in its operational activities in this study, namely Intellectual Capital, PSR, ZPR, EDR, and IIR.
subject: Articles
  topic: section
subject: Intectual Capital
  topic: keywords
subject: Profit Sharing Ratio
  topic: keywords
subject: Zakat Performance Ratio
  topic: keywords
subject: Equitable Distribution Ratio
  topic: keywords
subject: Islamic Income vs non-Islamic Income Ratio
  topic: keywords
creator: Rimi Gusliana Mais
creator: Munir Munir
creator: Zidan Syafrinaldi
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-04-27
publication date: 2025-04-27
starting page: 71
ending page: 80
doi: 10.70550/ecif.v2i1.154

Islamic FinTech: Opportunities and Challenges
type: item
description: Islamic FinTech, an intersection of Islamic finance principles and innovative financial technology, presents a dynamic landscape ripe with opportunities and challenges. This paper explores the burgeoning field, analyzing its potential impact on the Islamic finance industry and broader financial ecosystem. Opportunities abound in Islamic FinTech, driven by its ability to cater to the unique needs of Muslim consumers worldwide. Technology facilitates greater financial inclusion, offering Sharia-compliant solutions for banking, investment, and insurance. Digital platforms enable access to Islamic financial products and services, empowering previously underserved populations. Moreover, FinTech enhances efficiency in Islamic finance operations, streamlining processes such as compliance, risk management, and customer service.However, Islamic FinTech also faces notable challenges. Regulatory frameworks must adapt to accommodate innovative digital solutions while ensuring compliance with Sharia principles. Ethical considerations regarding data privacy, security, and transparency necessitate careful navigation. Additionally, cultural and religious diversity within Muslim communities requires tailored FinTech solutions to address varying preferences and interpretations of Islamic finance. Furthermore, technological advancements bring risks such as cyber threats and algorithmic biases, demanding robust cybersecurity measures and ethical AI practices. Moreover, the rapid pace of innovation may outstrip traditional Islamic finance education and expertise, highlighting the need for ongoing skill development and collaboration between FinTech developers and Islamic finance scholars. In conclusion, Islamic FinTech presents vast opportunities to revolutionize the Islamic finance landscape, promoting financial inclusion and innovation. However, addressing regulatory, ethical, and technological challenges is crucial to harness its full potential responsibly. Collaboration between stake…
subject: Articles
  topic: section
subject: Islamic FinTech
  topic: keywords
subject: Sharia-Compliant Finance
  topic: keywords
subject: Financial Inclusion
  topic: keywords
subject: Digital Banking
  topic: keywords
subject: Regulatory Challenges
  topic: keywords
creator: Sadaf Shaikh
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-10-27
publication date: 2025-10-27
doi: 10.70550/ecif.v2i3.143

The Impact of Capital Market on Industrial Growth in Nigeria: Does Islamic Capital Market an Alternative?
type: item
description: Over the years, capital markets have played a pivotal role in channelling funds towards the industrial sector, thus influencing the Nigeria’s industrial and economic progress. This study explores the intricate relationship between capital market and industrial growth and development in Nigeria, and whether the Islamic capital market can be the alternative in increasing the value of transactions in government and industrial securities to enhance industrial development in Nigeria. The study employs a comprehensive research framework that encompasses Johansen and Johansen (JJ) co-integration regression analyses. The findings of this research underscore the significance of capital markets as a critical driver of industrial growth in Nigeria. The capital raised through these markets has contributed to expanding existing industries and establishing new ones. It has facilitated technological advancements, improved infrastructure, and enhanced the competitiveness of Nigerian industries on the global stage. In conclusion, this research explodes the pivotal role of capital markets in shaping the industrial landscape of Nigeria. By understanding and addressing the challenges, policymakers, and stakeholders can harness the full potential of capital markets to drive sustainable industrial growth and development, ultimately contributing to the broader economic prosperity of the nation. Moreover, structuring and strengthening the non interest Islamic capital market is paramount, this is in order to avoid exorbitant interest rate charged in the structure of financial market instruments and served as alternative to conventional capital market. Islamic capital market provides an alternative capital as well as varieties of financial instruments that may be productive to industrial sector such as Sukuk, among others. These financial assets are capable of minimising cost of borrowing, as the product of Islamic capital market are not giving fund directly as loan of capital, in this case …
subject: Articles
  topic: section
subject: Capital Market
  topic: keywords
subject: Islamic Capital Market
  topic: keywords
subject: Industrial Growth
  topic: keywords
creator: Ibrahim Musa Gani
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-04-15
publication date: 2025-04-15
starting page: 58
ending page: 70
doi: 10.70550/ecif.v2i1.141

The Role of Company Size as a Moderator in the Relationship of Governance, Green Financing, and Profitability to Sustainability Reporting Disclosure in the Financial Sector
type: item
description: Growing pressures from stakeholders for transparency is driving the need for financial sector firms to enhance the Sustainability Reporting Disclosure (SRD). Although differences in disclosure continue to coexist within the context of identical regulation, this issue implies some research questions and gaps: what are the determinants of these differences in the two countries? This is the premise upon which this work seeks to explore the impact of board size, gender diversity, Green Financing, and Return on Assets (ROA) on SRD, and the moderation effect of company size. Applying quantitative method, this research analyses secondary data collected from financial sector companies which were listed in the BEI during 2019–2023. The direct and interaction effects are estimated using moderation regression. The results indicated that board size, gender diversity, and Green Financing have significant positive influence on SRD, however, ROA to SRD is positive but insignificant. Finally, firm size moderated the effect of board size, gender diversity, and Green Financing on SRD, while it did not moderate the effect of ROA and SRD. The results of this study support the stakeholder theory that environmental governance and performance are expected to improve the quality of sustainability disclosure in organization when scaled up. The originality of the paper lies in the simultaneous combination with respect to controls, Green Financing, profitability and the moderation of company size in the distinctive context of regulated industries.
subject: Articles
  topic: section
subject: Sustainability Reporting
  topic: keywords
subject: Board Size
  topic: keywords
subject: Gender Diversity
  topic: keywords
subject: Green Financing
  topic: keywords
subject: Return on Assets
  topic: keywords
creator: Laely Puji Lestari
creator: Lucky Nugroho
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-09-01
publication date: 2025-09-01
starting page: 81
ending page: 99
doi: 10.70550/ecif.v2i2.125

Government Bank & Regional Development Bank: A Sustainable Development Financing Synergy
type: item
description: Global warming and climate change caused by emissions are currently a priority concern for the world because they will have a direct and significant impact on the survival of all living things. As financial institutions that provide financing to the industrial sector, government banks and regional government banks financing can potentially develop the Indonesian economy while having a negative impact on emissions from industrial sector activities. By adopting the Vector Error Correction Model (VECM), this reserach reveals that government banks and regional government banks have a significant impact to the sustainable development index. However, in addition to the two types of banks only identified as short-term financing, the proportion of influence generated sequentially for government banks and local government banks are only 13% and 11%. Finally, the need for large funds and a long financing repayment period are significant aspects in building a more sustainable industrial and economic climate.
subject: Articles
  topic: section
subject: Sustainable Index
  topic: keywords
subject: Sustainable Financing
  topic: keywords
subject: Financing Synergy
  topic: keywords
subject: Vector Error Correction Model (VECM)
  topic: keywords
subject: Impulse Response Function (IRF)
  topic: keywords
creator: Aditya Pratama Nandiwardhana
creator: Yananto Mihadi Putra
creator: Hendy Yuniarto
creator: Gabriel Clement Malima
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-04-28
publication date: 2025-04-28
starting page: 1
ending page: 23
doi: 10.70550/ecif.v2i1.115

https://ejournal.bacadulu.net/index.php/ecif/article/view/114
type: item
title: The Effect of Debt Policies, Intellectual Capital, and Corporate Governance Mechanisms on Firm Value in Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange for the Period 2020-2023
description: This study aims to determine the effect of debt policy, intellectual capital, and good corporate governance mechanisms on firm value. Indicators used to measure good corporate governance mechanisms in this study is the managerial ownership, institusional ownership, and independent commissioner. Debt policy variable is measured using debt to equity ratio, intellectual capital variables are measured using the Pulic model (1998), while the variable firm value is measured using Tobin’s Q. The population in this study is the consumer goods industry sector listed on the Indonesia Stock Exchange for the 2020-2023 period were 34 companies. The sample in this study was taken using a purposive sampling method and obtained as many as 33 sample companies. This study uses multiple linear regression analysis and descriptive statistics processed with SPSS 22. The results showed that the variable of debt policy, intellectual capital and independent commissioner variables have a significant effect on firm value. The results also prove that managerial ownership and institusional ownership do not have significant effect on firm value.
subject: Articles
  topic: section
subject: Firm Value, Debt Policy
  topic: keywords
subject: Intellectual Capital
  topic: keywords
subject: Managerial Ownership
  topic: keywords
subject: Institusional Ownership
  topic: keywords
subject: Independent Commissioner
  topic: keywords
creator: Desmizar Desmizar
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-04-15
publication date: 2025-04-15
starting page: 24
ending page: 38
doi: 10.70550/ecif.v2i1.114

https://ejournal.bacadulu.net/index.php/ecif/article/view/101
type: item
title: The Effect of Islamic Financial Literacy, Return Perception, and Risk Perception on Investment Decisions in Sharia Stocks with Experienced Regret as a Moderation Variable (Case Study on the Indonesian Muslim Merchants Association)
description: This study aims to identify the influence of Islamic financial literacy, return perception, and risk perception on investment decisions by involving experienced regret as a moderating variable. This research is a quantitative research whose data source comes from questionnaires distributed to 100 ISMI members. The data were analyzed using partial least square technique with the help of SMARTPLS 3 software. The results showed that Islamic financial literacy, return perception, and risk perception have a positive and significant effect on investment decisions. In addition, there is a moderating role of experienced regret in strengthening the influence of Islamic financial literacy, return perception, and risk perception on investment decisions.
subject: Articles
  topic: section
subject: Islamic Financial Literacy
  topic: keywords
subject: Return Perception
  topic: keywords
subject: Risk Perception
  topic: keywords
subject: Investment Decision
  topic: keywords
subject: Experienced Regret
  topic: keywords
creator: Muhamad Husein
rights: Copyright (c) 2025 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2025-04-28
publication date: 2025-04-28
starting page: 39
ending page: 57
doi: 10.70550/ecif.v2i1.101

The Effect of the Day of The Week Effect on the Stock Return of Companies in the Banking Industry Sector on the Indonesia Stock Exchange for the 2022 Period
type: item
description: This research purposes for determining the effect of the Day of The Week Effect on Stock Returns in the Banking Industry Sector Companies on the Indonesia Stock Exchange for the 2022 Period. The variables examined in this study were the Day of the Week Effect and the Stock Return. The population in this study were 43 companies in the banking industry sector listed on the Indonesia Stock Exchange for the period 2022. The sample used in this study were 33 companies with a purposive sampling method. This research uses descriptive statistics and multiple linear regression analysis processed with SPSS 23. The results of this study indicate that the variable day of the week effect on Monday and Wednesday has a significant effect on stock returns. The results of this study also indicate that the day of the week effect variable simultaneously affects stock returns.
subject: Articles
  topic: section
subject: Day of The Week Effect
  topic: keywords
subject: Stock Return
  topic: keywords
creator: Desmizar Desmizar
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-12-28
publication date: 2024-12-28
starting page: 195
ending page: 210
doi: 10.70550/ecif.v1i3.76

Profitability, Leverage, and Company Size: A Comparative Analysis of Manufacturing Firm Value in Indonesia and Malaysia During COVID-19
type: item
description: This study examines the influence of profitability (Return on Assets/ROA), leverage (Debt-to-Equity Ratio/DER), and company size (LNAssets) on company value (Tobin’s Q) in Indonesia and Malaysia during the COVID-19 pandemic. The research aims to compare these relationships in both countries, considering differences in market maturity and investor behavior. Employing a quantitative approach, the study uses secondary data from 50 manufacturing companies in Indonesia and 42 in Malaysia, covering 2019–2021. Multiple linear regression was applied to analyze the data. The findings reveal that ROA positively impacts company value in both countries, with a more substantial effect observed in Indonesia due to its less mature market environment. DER also positively influences company value, as moderate leverage signals financial stability and growth potential. However, LNAssets negatively affect company value in Indonesia, reflecting agency conflicts and operational inefficiencies, while its effect in Malaysia is insignificant, indicating better governance and asset management. The results highlight that market dynamics and investor sophistication shape the effect of financial metrics on company value. This study offers practical implications for investors and policymakers. It provides insights into interpreting financial signals across different market contexts for investors. For policymakers, it underscores the importance of enhancing corporate governance in Indonesia to mitigate agency conflicts. The study’s novelty lies in its comparative analysis of Indonesia and Malaysia, demonstrating how market maturity and governance structures influence the relationship between financial metrics and company value. These findings contribute to firm performance and valuation literature during economic disruptions.
subject: Articles
  topic: section
subject: Profitability
  topic: keywords
subject: Leverage
  topic: keywords
subject: Company Size
  topic: keywords
subject: Tobin’s Q
  topic: keywords
subject: Indonesia
  topic: keywords
subject: Malaysia
  topic: keywords
creator: Wiwik Utami
creator: Lucky Nugroho
creator: Wieta Chairunesia
creator: Susi Dwi Mulyani
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-12-28
publication date: 2024-12-28
starting page: 165
ending page: 185
doi: 10.70550/ecif.v1i3.71

Literacy of Pension Fund Practice in Indonesia
type: item
description: This article discusses the practice of pension funds in Indonesia, covering historical developments, current challenges, and obstacles arising from government regulations and other social aspects. This article explores the evolution of pension funds, the legal framework that governs their operations, and the socioeconomic factors that influence their growth. Key challenges include regulatory barriers and the need to increase public awareness. This study contributes to the understanding of how pension funds can better serve the elderly population in Indonesia.
subject: Articles
  topic: section
subject: Pension Fund
  topic: keywords
subject: Indonesia
  topic: keywords
subject: Regulatory Challenges
  topic: keywords
subject: Social Aspects
  topic: keywords
subject: Financial Planning
  topic: keywords
creator: Kukuh Dwi Boma
creator: M Hidayat
creator: Yananto Mihadi Putra
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-12-28
publication date: 2024-12-28
starting page: 186
ending page: 194
doi: 10.70550/ecif.v1i3.67

Sharia Performance Ratio Factor: What is the Deposit Financing Ratio and Financing Quality?
type: item
description: Islamic banking is the largest sector in the Islamic financial industry. Financial performance refers to the ability to earn income, carry out financial responsibilities, and achieve other goals. Good performance increases customer trust and is very profitable for banks. One of the good performances to increase public trust is through good Islamic financial performance values with the IPR ratio. One of the factors that affect the value of Islamic financial performance is FDR and NPF. The higher the FDR, the better the IPR because the bank optimizes its performance. The higher the NPF value, the worse the IPR because the bank is considered less good at managing problematic financing. The analysis of the research data used panel data regression analysis. The research sample was 12 Islamic banks in Indonesia with a time period of 2019 and 2023. The results showed that FDR had no significant effect on IPR. NPF had a significant negative effect on IPR. The implication of this study is that the NPF ratio which takes into account problematic financing can affect Islamic Bank Performance, especially in terms of Islamic Performance. Islamic Banks are expected to pay more attention to their financial performance.
subject: Articles
  topic: section
subject: IPR
  topic: keywords
subject: FDR
  topic: keywords
subject: NPF
  topic: keywords
subject: Bank Syariah
  topic: keywords
subject: Teori Stewardship
  topic: keywords
creator: Anita Dwi Utami
creator: Peni Apriani
creator: Nuryanti Nuryanti
creator: Asyifa Ayu Maharani
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-12-09
publication date: 2024-12-09
starting page: 155
ending page: 164
doi: 10.70550/ecif.v1i3.68

Advancing Islamic Financial Planning in Indonesia: Principles, Challenges, and The Role of Tawhid String Relationship Theory
type: item
description: The rapid development of Islamic or Sharia financial planning in Indonesia reflects the country’s demographic strength as the largest Muslim-majority nation. Rooted in Sharia principles, Islamic financial planning emphasizes the prohibition of riba, gharar, and maysir, integrating ethical wealth management, risk-sharing, and social responsibility through mechanisms like zakat, waqf, and sadaqah. Despite a significant increase in Islamic financial literacy, challenges persist, including limited accessibility in rural areas and low public understanding of Islamic financial concepts. This study aims to identify the basic principles and concepts of Islamic financial planning, highlight the urgency of its implementation, and examine its practical application in Indonesia. Using a descriptive qualitative approach and literature review, the research draws on secondary data from Qur’anic texts, Hadith, academic journals, and regulatory reports from institutions like OJK and Bank Indonesia. The findings emphasize the pivotal role of the Tawhid String Relationship (TSR) theory in aligning financial practices with spiritual and societal obligations. TSR provides a comprehensive framework for ethical and sustainable financial management, connecting human relationships with Allah (habluminallah) and society (habluminannas). The study concludes that Islamic financial planning in Indonesia offers substantial opportunities for growth through fintech innovations and regulatory support. Its implementation can foster inclusive economic development, strengthen social welfare, and position Indonesia as a global leader in Islamic finance. The study provides theoretical insights and practical implications for advancing Islamic financial systems in both national and global contexts.
subject: Articles
  topic: section
subject: Islamic financial planning
  topic: keywords
subject: Tawhid String Relationship
  topic: keywords
subject: Maqāṣid al-Sharīʿah
  topic: keywords
subject: Riba Prohibition
  topic: keywords
subject: Sharia Fintech
  topic: keywords
subject: Indonesia
  topic: keywords
creator: Treska Melsa Diani
creator: Lucky Nugroho
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-12-06
publication date: 2024-12-06
starting page: 142
ending page: 154
doi: 10.70550/ecif.v1i3.64

The Effect of Murabahah, Mudharabah, Musharakah and Ijarah Financing on The Level of Net Profit
type: item
description: This research aims to examine the effect of financing murabahah, mudharabah, musyarakah and ijarah of towards the level net profit. This research was conducted on companies registered in Islamic Commercial Banks. The population in this study amounted to 13 companies in the period 2012-2017. Samples were taken using purposive sampling method. Samples that meet the criteria of 5 companies. Data analysis method uses multiple linear regression analysis. The results of this research indicate that the financing murabahah and financing mudharabah are significant effect on the towards the level net profit, while financing musyarakah and financing ijarah no significant effect on towards the level net profit registered in Islamic Commercial Banks.
subject: Articles
  topic: section
subject: The Level Net Profit
  topic: keywords
subject: Islamic Commercial Banks
  topic: keywords
subject: Financing Murabahah
  topic: keywords
subject: Financing Mudharabah
  topic: keywords
subject: Financing Musyarakah
  topic: keywords
subject: Financing Ijarah
  topic: keywords
creator: Sefty Echamawaty
creator: Safira
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-09-11
publication date: 2024-09-11
starting page: 127
ending page: 141

The Influence of Leadership Style, Work Discipline and Work Motivation on Employee Performance at the Rawa Shop, Gianyar Regency
type: item
description: This study aims to determine the effect of leadership style, work discipline and work motivation on employee performance at the Rawa Shop, Gianyar Regency. The analytical tool used to test the hypothesis is multiple linear regression analysis. Based on the results of the analysis shows that the Leadership Style has a positive and significant effect on employee performance. This means that the better the Leadership Style, the better the employee's performance will be. Similarly, Work Discipline has a positive and significant effect on employee performance, meaning that if Work Discipline is improved then employee performance will increase and the same is true for Work Motivation and it has a positive and significant effect on employee performance, meaning that if Work Motivation is getting better, employee performance will be better.
subject: Articles
  topic: section
subject: Leadership Style
  topic: keywords
subject: Employee Performance
  topic: keywords
subject: Work Discipline
  topic: keywords
subject: Work Motivation
  topic: keywords
creator: I Wayan Gede Agus Sukriana
creator: I Gusti Putu Agung Widya Goca
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-09-05
publication date: 2024-09-05
starting page: 115
ending page: 126

Financial Resilience Amidst the Pandemic: A Study on Net Interest Margin and Key Banking Ratios in Indonesia
type: item
description: This study aims to analyze the influence of credit disbursement ratio, low-cost fund ratio, efficiency ratio, and credit quality on Net Interest Margin (NIM) in the conventional banking industry in Indonesia before and during the COVID-19 pandemic. The formulation of the problems raised in this study includes how these financial ratios affect NIM in stable economic conditions and crises such as pandemics. The research method used is quantitative with a causal associative approach, using panel data from 46 conventional banks listed on the Indonesia Stock Exchange (IDX) during 2017-2022. The study results show that the credit disbursement ratio did not significantly affect NIM before the pandemic but had a significant influence during the pandemic. The ratio of low-cost funds did not significantly affect NIM before or during the pandemic. The efficiency ratio significantly affected NIM in both periods, demonstrating the importance of operational efficiency in maintaining bank profitability. Credit quality only significantly influenced NIM during the pandemic, where high credit risk impacted increasing interest rates to compensate for such risks. This research makes a theoretical contribution by enriching the literature on banking risk management in crises. In practical terms, these findings reference bank management's strategic decisions to maintain financial stability amid severe economic challenges. The latest of this research lies in comparative analysis before and during the pandemic, which provides insight into financial dynamics amid a crisis.
subject: Articles
  topic: section
subject: Net Interest Margin (NIM)
  topic: keywords
subject: Credit Disbursement
  topic: keywords
subject: Low-Cost Fund Ratio
  topic: keywords
subject: Banking Efficiency Ratio
  topic: keywords
subject: COVID-19 Pandemic
  topic: keywords
creator: Ulfah Nurillahi Fauziah
creator: Lucky Nugroho
creator: Nurul Hidayah
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-09-03
publication date: 2024-09-03
starting page: 97
ending page: 114

Cultural Strategy of Trustworthy, Competent, Harmonious, Loyal, Adaptive, and Collaborative (AKHLAK) at a BUMN Company in Jakarta
type: item
description: This research aims to evaluate and enhance the effectiveness of the implementation of AKHLAK values as the cultural foundation in the State Owned Enterprises (SOE). This research employs a qualitative triangulation approach. Observations, interviews, and data triangulation are conducted to delve into the impact of the implementation of organizational culture and AKHLAK training in the state-owned enterprise (SOE). The research utilizes NVivo12 to support data analysis. Research findings the need for improvement and collaboration within the business unit. The development of AKHLAK training is recommended through needs analysis, program design, inter-departmental collaboration, continuous learning, emphasis on corporate culture, evaluation and feedback, as well as recognition and acknowledgment. The strategy involves exemplary leadership behavior, clear policies, a collaborative culture, performance evaluation related to AKHLAK, commitment to sustainability, and transparency. Despite positive progress, sustained efforts are required to ensure that AKHLAK values are reflected in employee behavior and support the achievement of corporate goals.
subject: Articles
  topic: section
subject: AKHLAK
  topic: keywords
subject: Organizational Culture
  topic: keywords
subject: Training
  topic: keywords
subject: Strategy
  topic: keywords
subject: Development
  topic: keywords
creator: Farida Elmi
creator: Angga Dwi Mulyanto
creator: Setyo Riyanto
creator: Andyan Pradipta Utama
creator: Novita Sari
creator: Novia Nila Sutarman
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-09-03
publication date: 2024-09-03
starting page: 76
ending page: 86

The Influence of Audit Quality and Company Size on Earnings Management moderated by the Audit Committee at Islamic Commercial Banks in Indonesia
type: item
description: This study examines The Influence of Audit Quality and Company Size on Earnings Management moderated by the Audit Committee at Islamic Commercial Banks in Indonesia in the 2016 – 2021 period. There are many reasons for management to carry out earnings management, among others due to the conflict of interest that occurs between management as an agent and investors as principals which often benefits one party. Earnings management practices can affect the fairness of the presentation of financial statements, so that financial reports can mislead the user when they are supposed to be useful for the user. The research method used is the saturated sample method which uses secondary data in the form of annual reports of fourteen Islamic commercial banks in Indonesia that provide Annual Reports. The data obtained were processed by multiple linear regression analysis using SPSS statistical tools. The results of this study indicate that Audit Quality has no significant effect on earning management, while the company size has a significant effect on earning management. The existence of audit committee as a moderating variable does not affect the relationship between Audit Quality and company size on earning management.This research is expected to be a reference for further research. This research is expected to be a reference for further research.
subject: Articles
  topic: section
subject: Financial Stability
  topic: keywords
subject: Tax Avoidance
  topic: keywords
subject: Ineffective Supervision
  topic: keywords
subject: Financial Statement Fraud
  topic: keywords
creator: Mariyam Chairunisa
creator: Siti Sarpingah
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-08-28
publication date: 2024-08-28
starting page: 87
ending page: 96

The Impact of Macroeconomic Variables, Financing Risks, and Third-Party Funds on Islamic Banking's Profitability
type: item
description: The aim of this research was to examine the impact of macroeconomic variables, financing risks , and third-party funds on the profitability of Islamic banking. The GDP and inflation are the macroeconomic variables that are taken into effect. Non-performing financing (NPF) is the financial risk that is used. Islamic banks that are registered with the Financial Services Authority (OJK) for the 2019–2020 sample period represent the research population. Purposive sampling was the technique used, and the sample size consisted of fourteen Islamic banks. This study used Eviews 10 to do mutivariate regression analysis as its data analysis tool. The findings showed that the GDP and inflation, two macroeconomic variables, had no impact on the profitability of Islamic banking. Profitability is significantly impacted by third party funds, whereas Islamic banking's profitability is significantly impacted negatively by NPF.
subject: Articles
  topic: section
subject: Third-Party Funds
  topic: keywords
subject: Non-Performing Financing
  topic: keywords
subject: Profitability
  topic: keywords
subject: Macro Economic
  topic: keywords
creator: Retno Puji Astuti
creator: Nurhasanah
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-05-04
publication date: 2024-05-04
starting page: 62
ending page: 75

The Effect of Family Ownership, Profitability, and Sales Growth on Tax Avoidance in Manufacturing Companies on the Indonesia Stock Exchange for the Period 2020-2022
type: item
description: This quantitative study aims to determine the effect of family ownership, profitability, and sales growth on tax avoidance. This study uses manufacturing companies listed on the IDX in 2020-2022. The sample selection of manufacturing companies in this study used the purposive sampling method, and the number of acceptable samples was 153 of the total number. Hypothesis testing in the study used panel data regression analysis with a significance level of 5% (0.05). The results of the test obtained: (1) there is no effect of family ownership on tax avoidance, (2) there is an effect of profitability on tax avoidance, and (3) there is an effect of sales growth on tax avoidance. The implication of this research is to provide information and references related to the variable determinants of tax avoidance in the manufacturing sector in the period 2020 to 2022.
subject: Articles
  topic: section
subject: Family Ownership
  topic: keywords
subject: Profitability
  topic: keywords
subject: Sales Growth
  topic: keywords
subject: Tax Avoidance
  topic: keywords
creator: Apri Lynia Sari
creator: Waluyo
creator: Yananto Mihadi Putra
creator: Lucky Nugroho
creator: Orban Ildiko
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-05-04
publication date: 2024-05-04
starting page: 32
ending page: 46
doi: 10.70550/ecif.v1i1.12

Factors Determining Non-Performing Financing In Islamic Banks In Indonesia
type: item
description: This study aimed to determine the factors that impact non performing financing at Shariah Bank in Indonesia (Empirical study based on Shariah Bank listed on Indonesia financial services authority for the period 2017- 2020). This study is using purposive sampling as sampling method, which is sampling technique using several consideration according to the used criteria to determine how much sample to be studied and the final results obtained 44 samples. The type of this study is quantitative and the data that used for this study is secondary data. This study uses multiple regression analysis as a testing tool. The result of this study indicate capital adequacy ratio and shariah board committee shows a negative effect on non performing financing, operational efficiency ratio (BOPO) shows a positive effect on non performing financing. Meanwhile BI Rate, inflation, and independent commissioner had no effect on non performing financing.
subject: Articles
  topic: section
subject: Non Performing Financing
  topic: keywords
subject: Capital Adequacy Ratio
  topic: keywords
subject: Operating Expenses
  topic: keywords
subject: Operating Income
  topic: keywords
subject: BI Rate
  topic: keywords
subject: Inflation
  topic: keywords
subject: Sharia Supervisory Board
  topic: keywords
subject: Independent Commissioner
  topic: keywords
creator: Maulana Syarif Nurulloh
creator: Fitri Indriawati
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-05-04
publication date: 2024-05-04
starting page: 13
ending page: 31

The Influence of Financial Derivatives, Financial Leases and Institutional Ownership on Tax Avoidance
type: item
description: This research falls under the category of quantitative research, aiming to ascertain the impact of the variables Financial Derivatives, Financial Leases, and Institutional Ownership on the variable Tax Avoidance. The study focuses on manufacturing companies listed on the Indonesia Stock Exchange, employing a purposive sampling method that yields a sample size of 19 companies. The analysis is conducted with a 5% significance level, utilizing the Panel Data Regression Analysis Method facilitated by the E-Views 12 computer program. The findings of the analysis reveal that (1) there is no statistically significant effect of financial derivatives on tax avoidance, (2) there is a significant effect of financial leases on tax avoidance, and (3) there is no significant effect of institutional ownership on tax avoidance.
subject: Articles
  topic: section
subject: Financial Derivatives
  topic: keywords
subject: Financial Leases
  topic: keywords
subject: Institutional Ownership
  topic: keywords
subject: Tax Avoidance
  topic: keywords
creator: Wafi Wicaksana
creator: Yananto Mihadi Putra
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-05-04
publication date: 2024-05-04
starting page: 1
ending page: 12

A Comparative Study Of The Financial Performance Of Islamic And Conventional Banks In Peshawar
type: item
description: The research aimed to assess the financial performance of Islamic and Conventional banks in Peshawar between 2006 and 2014. To facilitate comparison, five Islamic banks were matched with five similarly sized conventional banks. The study revealed that Islamic banks outperformed conventional banks in efficiency, return, and asset quality. However, Islamic banks faced challenges in areas such as advances, investment, liquidity, deposits, and capital, where conventional banks showed better performance. Islamic financial institutions often impose higher spreads and allocate a smaller portion of distributable income to depositors in comparison to conventional banks. To enhance credibility and contribute to Islamic socio-economic goals of fairness and equality, it is important for Islamic banks to prioritize equitable profit distribution to depositors. Additionally, these banks should emphasize the creation of novel products and inventive solutions to cater to client demands, while also bolstering their equity foundation.
subject: Articles
  topic: section
subject: Financial Ratios
  topic: keywords
subject: Comparison
  topic: keywords
subject: Islamic Banks
  topic: keywords
subject: Conventional Banks
  topic: keywords
subject: Financial Performance
  topic: keywords
creator: Muhammad Hussain
creator: Sharif Ullah Jan
creator: Muhammad Zia Ul Haq
rights: Copyright (c) 2024 Economics & Islamic Finance Journal (ECIF) https://creativecommons.org/licenses/by-sa/4.0
date: 2024-05-04
publication date: 2024-05-04
starting page: 47
ending page: 61