Journal Portal - Universitas Islam Indonesia
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Corporate governance structures and carbon disclosure quality: a dynamic panel analysis with environmental performance moderation
No full textClimate change has elevated the importance of transparent carbon disclosure as firms face increasing scrutiny from regulators, investors, and global stakeholders. In emerging economies, however, disclosure practices remain uneven due to voluntary reporting regimes and varying governance capacities. This study investigates how corporate governance structures, specifically board size and sustainability committee capacity influence carbon disclosure quality, and examines whether this relationship is strengthened by firms’ environmental performance. Using a balanced panel of 185 non‑financial manufacturing firms listed on the Indonesia Stock Exchange from 2018 to 2024, the analysis employs two‑step System Generalized Method of Moments (System GMM) to address endogeneity, unobserved heterogeneity, and the dynamic nature of disclosure behavior. Carbon disclosure quality is measured through a weighted index derived from GRI 305 and the Greenhouse Gas Protocol, while environmental performance is captured using Indonesia’s PROPER rating system. The results show that carbon disclosure is strongly persistent across years, and both board size and sustainability committee capacity significantly enhance disclosure depth. Environmental performance not only improves reporting quality directly but also strengthens the effect of sustainability committee capacity, indicating a complementary relationship between internal governance oversight and verified environmental achievement. These findings contribute to climate‑governance literature by integrating governance structures, external performance validation, and the dynamic progression of carbon reporting. They also offer practical insights for firms and regulators seeking to improve climate‑related transparency
The impact of carbon emission disclosure, ESG, and gender diversity on financial performance in oil and gas industry
No full textThis study examines the impact of carbon emission disclosure, Environmental, Social, and Governance (ESG) performance, and gender diversity on the financial performance of oil and gas companies in Malaysia and Indonesia. The sector was chosen due to its high-carbon nature and strategic economic role in both countries. Data were collected from companies listed on Bursa Malaysia and the Indonesia Stock Exchange for 2022–2024. Multiple linear regression analysis was used to assess the relationships among the variables. The results indicate that collectively, carbon emission disclosure, ESG performance, and gender diversity significantly affect financial performance. Individually, carbon emission disclosure positively impacts financial performance, suggesting that transparency in environmental reporting enhances credibility and investor confidence. Conversely, ESG performance negatively affects short-term profitability, reflecting the costs of implementing sustainable practices. Gender diversity shows no significant effect, indicating limited immediate financial contribution. These findings provide empirical evidence from the oil and gas sector in Malaysia and Indonesia, where sustainability and inclusivity efforts are evolving. The study highlights that transparency and responsible governance have not yet translated into clear financial gains but are essential steps toward aligning with global sustainability standards and supporting long-term economic advantages
Can substantive CSR or symbolic ISO 14001 drive real environmental performance in Indonesian manufacturing?
No full textThis study aims to provide empirical evidence of the influence of Corporate Social Responsibility (CSR) and Green Innovation on Actual Environmental Performance (EP) with Environmental Disclosure Quality (EDQ) as a mediating variable. The population for this study comprises manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021-2024 period. This study uses purposive sampling. The sample consists of companies that routinely issue GRI-compliant disclosures and have PROPER scores, yielding 284 firm-year observations. The study's results show that CSR has no direct effect on EP but significantly improves EDQ, indicating that transparency serves as a complete mediating mechanism, transforming ethical commitments into concrete performance outcomes. The study's results further show that Green Innovation (ISO 14001) fails to affect disclosure quality or performance, indicating that technology adoption remains largely symbolic. Validating quality reporting beyond mere compliance is essential for regulators to reduce the risk of greenwashing
Key factors influencing Generation Z participation in Islamic mutual funds in Indonesia
No full textPurpose – This study aims to examine the influence of promotion, Sharia financial literacy, and risk on the investment decision of Generation Z in Islamic mutual funds through their Bibit application.Methodology – Thei study employed a quantitative approach involving 172 Generation Z respondents. Primary data were collected using questionnaires, and the analysis was conducted using structural equation modeling with partial least squares (SEM-PLS) through SmartPLS 3.2.9 to evaluate the relationships between variables.Findings – The results indicate that promotion, Sharia financial literacy, and perceived risk have a positive and significant effect on investment intention in Islamic mutual funds. Among these variables, Sharia financial literacy showed the strongest influence, followed by perceived risk and promotion. The positive effect of perceived risk suggests that Generation Z investors who are more aware of potential risks tend to exhibit higher investment decisions, as risk awareness enhances preparedness, confidence, and informed decision-making rather than discouraging participation. Implications – The strong effect of Sharia financial literacy underscores the importance of educational programs and financial knowledge dissemination targeted at Geineiration Z. Financial service providers are encouraged to einhancei promotional strategies and maintain transparent risk commuinication to build trust and increiasei participation in Islamic mutual funds.Originality – This reiseiarch einricheis thei liteiratuirei on Islamic digital investment behavior among Generation Z by integrating behavioral aspeicts of financial liteiracy and peirceiiveid risk in thei conteixt of digital inveistmeint applications. Thei stuidy provideis neiw insights into how youing, teichnology orieinteid Muislim inveistors eingagei with Sharia-compliant investment platforms
Zakat management innovation: Wakalah contract for cash flow stabilization
No full textPurpose – Zakat institutions (ZIs) face managerial inefficiencies to the extreme seasonality of zakat fitr collection, which restricts distribution to short-term consumptive aid. This study analyzes LAZISMU's "year-round zakat fitr" program implementation at LAZISMU Ponorogo, East Java, as a fiqh-management innovation designed to address this operational challenge by harmonizing Sharia compliance with financial sustainability.Methodology – A qualitative, single-case study design was employed. Data were collected through in-depth interviews with LAZISMU management and Sharia experts, supplemented by analyses of institutional documents and fiqh rulings. An interactive qualitative model was used to examine the legal foundations and managerial implications of the program.Findings – This study finds that Sharia compliance is achieved through the wakalah contract rather than ta'jil (early payment). This legal framework allows for the temporal separation of fund collection from disbursements. Consequently, the institution successfully transforms its cash flow into a stable, continuous flow from a volatile seasonal lump sum, thereby resolving critical operational bottlenecks.Implications – The fiqh-management model enhances strategic planning and operational efficiency. By stabilizing cash flow, ZIs can shift their distribution strategy from purely reactive and consumptive to proactive, enabling the integration of zakat fitr funds into long-term productive empowerment programs without violating Sharia constraints.Originality – Unlike previous studies that predominantly focus on the distributional aspects of wakalah, this study offers a novel analysis of the wakalah contract as a strategic cash flow-smoothing tool in the zakat administration. It bridges classical Islamic jurisprudence with modern corporate finance theory and provides a replicable model for Islamic social finance institutions to overcome operational seasonality
Green human resource management for urban sustainability: Transforming work culture towards smart green cities
No full textThis study aims to develop a strategic model of green human resource management (GHRM) to support the realization of smart green cities by fostering a green work culture and promoting environmentally friendly sustainable practices. Using a quantitative approach, data were collected through questionnaires from 400 respondents in four major Indonesian cities: Makassar, South Tangerang, Bandung, and Denpasar. Structural equation modeling (SEM) was used to analyze the relationship between GHRM, work culture, environmental quality, and smart green city development. The research results show that GHRM plays a role in shaping an environmentally oriented work culture and improving environmental quality. These two factors have proven to be the main pathway connecting GHRM policies to the realization of smart green cities. These findings confirm that the success of a smart green city is determined not only by GHRM policies, but also by concrete actions and cross-sector collaboration between organizations, government, and the community
Gen Z’s preference for Sharia fraudulent investments: A moral hazard view
No full textPurpose – This study aims to determine the influence of Islamic financial literacy, profit, religiosity, and affinity variables on Generation Z's preferences in Sharia fraudulent investment practices and to understand whether Generation Z tends to be involved in such practices.Methodology – This research used 200 Generation Z respondents and analyzed them using the Structural Equation Modeling - Partial Least Squares (SEM-PLS) method. This method was used to test the relationships among the variables studied.Findings – The results of the analysis show that low Sharia financial literacy has a significant positive effect on Generation Z's preference for fraudulent investment practices. On the other hand, profit, religiosity, and affinity do not have a significant influence on Generation Z's preferences in Sharia fraudulent investment practices.Implications – These findings imply that the low financial literacy of Generation Z can increase their vulnerability to fraudulent investment practices. Therefore, efforts are needed to increase Sharia financial literacy, especially among Generation Z, to reduce the risk of falling into fraudulent investments. In addition, regulators and related parties must increase the supervision of illegal investment practices that take advantage of religious sentiments. Originality – This research makes an original contribution by examining Generation Z's preferences for fraudulent Sharia investment practices, which is a new phenomenon that takes advantage of the high number of Muslims in Indonesia. This research also integrates the variables of Sharia financial literacy, religiosity, and affinity, which have not been widely explored in the context of Sharia fake investment
PENYALAHGUNAAN TEKNOLOGI AI DALAM PENIRUAN GAYA SENI STUDIO GHIBLI PERSPEKTIF HAK CIPTA DI INDONESIA
No full textTeknologi kecerdasan buatan (AI) telah mengubah berbagai sektor di Indonesia, termasuk industri kreatif, tetapi juga memunculkan persoalan hukum terkait hak cipta, khususnya ketika AI menghasilkan karya visual yang meniru gaya seni khas seperti milik Studio Ghibli. Penelitian ini secara spesifik bertujuan untuk: (1) menganalisis kedudukan karya yang dihasilkan AI dalam rezim hak cipta Indonesia, serta (2) menilai implikasi hukum penggunaan karya berhak cipta sebagai data pelatihan bagi sistem AI. Metode penelitian yang digunakan adalah yuridis-normatif melalui penelaahan peraturan perundang-undangan, literatur akademik, dan sumber otoritatif lainnya, dengan merujuk pada Undang-Undang Nomor 28 Tahun 2014 tentang Hak Cipta sebagai rujukan utama. Pendekatan deskriptif-kualitatif digunakan untuk menilai karya AI yang menyerupai gaya Ghibli. Hasil penelitian menunjukkan bahwa karya AI tidak memenuhi unsur orisinalitas karena tidak memuat ekspresi intelektual manusia, sehingga tidak memperoleh perlindungan hak cipta menurut hukum Indonesia. Penggunaan karya berhak cipta sebagai data pelatihan AI juga berpotensi menimbulkan tanggung jawab hukum. Penguatan regulasi adaptif termasuk penyusunan pedoman teknis oleh Direktorat Jenderal Kekayaan Intelektual diperlukan untuk melindungi hak moral dan ekonomi pencipta manusia serta memastikan perkembangan teknologi yang etis
Do ESG practices and intellectual capital drive financial performance? panel evidence from Indonesian public firms
No full textPenelitian ini bertujuan untuk menganalisis pengaruh kinerja Environmental, Social, and Governance (ESG) serta Intellectual Capital (IC) terhadap kinerja keuangan perusahaan publik di Indonesia selama periode 2016–2022. Kinerja ESG diukur menggunakan skor ESG Refinitiv, sedangkan IC dihitung melalui model Value Added Intellectual Coefficient (VAIC). Kinerja keuangan diproksikan menggunakan Tobin’s Q untuk merepresentasikan penilaian pasar terhadap nilai perusahaan. Metode yang digunakan adalah regresi data panel dengan pendekatan Fixed Effect Model, berdasarkan hasil uji pemilihan model yang menunjukkan kesesuaian model terhadap karakteristik data. Sampel penelitian terdiri atas 35 perusahaan yang memiliki kelengkapan data secara konsisten, sehingga menghasilkan total 245 observasi.
Hasil penelitian menunjukkan bahwa kinerja ESG, baik secara agregat maupun pada masing-masing dimensinya (lingkungan, sosial, dan tata kelola), tidak berpengaruh signifikan terhadap Tobin’s Q. Hal ini menandakan bahwa faktor keberlanjutan belum menjadi determinan utama dalam penilaian pasar. Sebaliknya, Intellectual Capital terbukti berpengaruh positif dan signifikan terhadap Tobin’s Q, yang mengindikasikan bahwa efektivitas pengelolaan aset tidak berwujud lebih diapresiasi oleh investor dibandingkan inisiatif keberlanjutan. Variabel kontrol menunjukkan bahwa ukuran perusahaan berpengaruh negatif signifikan, sedangkan profitabilitas dan leverage tidak memengaruhi nilai perusahaan.
Penelitian ini berkontribusi dalam memperkuat literatur mengenai determinan nilai perusahaan di pasar negara berkembang dengan menunjukkan bahwa modal intelektual merupakan faktor strategis yang lebih diperhatikan pasar dibandingkan ESG. Hasil penelitian ini juga memberikan implikasi praktis bagi perusahaan untuk memprioritaskan pengembangan modal intelektual sebagai strategi peningkatan nilai pasar, serta bagi regulator untuk mendorong peningkatan kualitas, relevansi, dan kedalaman pelaporan ESG agar mampu memberikan sinyal yang lebih kuat bagi investor
Karbon Aktif Kulit Bawang Merah (Allium ascalonicum) untuk Mereduksi Bilangan Asam dan Peroksida: Indonesia
No full textActivated carbon is one of the adsorption materials commonly used to improve the quality of used cooking oil. This study aims to determine the effect of varying concentrations of phosphoric acid (H₃PO₄) as a chemical activator on activated carbon derived from red onion peel. The research data were expressed quantitatively through physical and chemical characterization, while the results of color and odor tests were presented descriptively. Activated carbon from red onion peel was successfully produced through physical activation (400 °C) and chemical activation (H₃PO₄) with concentration variations A (8%), B (12%), C (16%), and D (20%). The characterization results showed a decrease in moisture content, ash content, and volatile matter content, while the carbon content increased. Sample D met the requirements of SNI 06-3730-1995 for all physical and chemical characteristics. An increase in adsorption ability for acid value was observed in line with the increase in activator concentration. The ability to reduce peroxide value decreased in samples C and D compared to sample B, but still met the SNI 3741:2013 standard. The most optimal characterization and adsorption performance were obtained in sample D, with an acid value of 0.33% (mg KOH/kg) and a peroxide value of 8 (meq O₂/kg).Karbon aktif merupakan salah satu material adsorpsi yang sering digunakan dalam meningkatkan kualitas minyak bekas pakai. Penelitian ini bertujuan mengetahui pengaruh variasi konsentrasi aktivator kimia asam fosfat (H3PO4) terhadap karbon aktif kulit bawang merah. Data hasil penelitian dinyatakan secara kuantitatif dengan melakukan karakterisasi fisika dan kimia sedangkan untuk data hasil pengujian warna dan bau dinyatakan secara deskriptif. Karbon aktif dari kulit bawang merah yang diaktivasi secara fisika (400 0C) dan kimia (H3PO4) dengan variasi konsentrasi A (8%), B (12%), C (16%) dan D (20%) telah berhasil dilakukan. Hasil karakterisasi karbon aktif menunjukkan penurunan nilai pada kadar air, kadar abu dan kadar zat menguap, sedangkan pada kadar karbon mengalami peningkatan. Sampel D memenuhi SNI 06-3730-1995 pada semua karaterisasi fisika dan kimia. Terjadi peningkatkan kemampuan adsorpsi pada bilangan asam seiring dengan meningkatnya jumlah konsentrasi aktivator. Kemampuan mereduksi bilangan peroksida mengalami penurunan pada sampel C dan D jika dibandingkan dengan sampel B, tetapi masih memenuhi SNI 3741 : 2013. Hasil karakterisasi dan adsorpi paling optimal terdapat pada sampel D dengan nilai bilangan asam 0,33% (mgKOH/kg) dan bilangan peroksida 8 (meq O2/kg)