Shirkah: Journal of Economics and Business
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Fintech Achieving Sustainable Development: The Side Perspective of Crowdfunding Platform
No full textCrowdfunding has gradually been an emerging financing model of raising small amounts of money from a large number of people, mostly by means of optimizing certain website. The article proposes to explore the development of crowdfunding platform and the prospective of Islamic crowdfunding as the financial solution. The data has been gathered from certain website, under five standards: social network, event, user motivation, incentive versioning, and critical mass. The article reveals that along with other types of crowdfunding platforms, Islamic crowdfunding have disrupted sharia financing in Indonesia, yet the relate rule of financing have not accommodated this great development. Keywords: crowdfunding, Islamic crowdfunding, micro financin
Entrepreneurship and Economics of Pesantrens in Lombok Island
No full textReligion is often alleged for being a barrier to development. Pesantren, as one of the instruments of religious empowerment, has occasionally even become subjects juxtaposed with religious failures. In contrast, pesantren has never been modest and consistently responded to every detail of changes. This is where the innovative and creative behavior of pesantren communities is examined. This study aims to analyze such pesantrens in Lombok island to improve innovation and creativity to enter the economic and business domain. This study enriches the discourse of economic communities in the pesantren for which some have been structured and others are still looking for ideal patterns for the economic changes that occur in society. Keywords: social change, paradigm, pesantren, entrepreneurshi
The Economic Community of Pesantren Al-Ittifaq: Opposing Market Capitalism and the Improvement of Competitiveness
No full textThis study aims to elaborate on the solution the pesantren economic community takes in dealing with the penetration of market capitalism in the competitive era. This case study was conducted in Pesantren Al Ittifaq Bandung. Pesantren can successfully build a strong economic community through integrated education implementation including role modeling, facilitation, empowerment, and economic culturing in social capital-based communities. This article concluded that high consciousness of cooperation can improve competitiveness and be an appropriate strategy to oppose market capitalism penetration. The community’s capital asset leads to bargaining position and independence in partnership cooperation thereby can be beneficial and results in welfare. Keywords: pesantren, economic community, social capital, capital asset, cooperation, welfar
Hurdle Rate and Adverse Selection on Escalation of Commitment
No full textThis article tests the effect of hurdle rates and adverse selection on escalation of commitment. Participants consist of 135 junior managers who had passed two course of management. The result indicates that the managers with adverse selection conditions will tend not to continue unfavorable projects. This research also affirms that the managers with adverse selection conditions will be more likely not to continue projects that are not favorable under the conditions of self-set hurdle rates compared to the conditions of organization-set hurdle rates. This article may contribute to empirical evidence of a decline in comprehensive escalation of commitments. Keywords: adverse selection, self-set hurdle rates, organization-set hurdle rates, escalation of commitmen
Seeing A Buddhist Doing Business: An Interview with Sudhamek AWS
No full textThis paper discusses an interview with Sudhamek AWS, a well-known Buddhist businessman in Indonesia. Through this interview, the author of this article confidently examines how Sudhamek negotiated the practices of Buddhism and business. The author has conducted a structured interview with Sudhamek directly. Having conducting an interview, the author argues that as a businessman, Sudhamek is not just a businessperson but he is a Buddhist who tries to put his understanding of religion into practice especially related to his way of life. This interview has a salient contribution for opening portray of business values in Indonesian businessman world today. Keywords: business, spiritual economics, Buddhism ethic
Creative Economic Development of Pesantren
No full textThis article mostly focuses on the values performed by pesantren (Islamic boarding school) in taking influence of creative economics within the community. Three factors observed in this paper mainly but may relate to other variables are embedded traditional values, technological resources and the role of ustadz and kyai engaged in the creative economic process. Taking several pesantren in Java and Yogyakarta as research sites, while conducting multiple regression as technique of analysis, this research shows that aforementioned variables have a positive and significant influence on developing creative economic of pesantren. Creative economic of pesantren largely invites more elaborative research, while this research can be a preliminary contribution to the field of new economic challenges within Islamic society.Keywords: pesantren, creative economics, kyai, ustad
Identifying Financial and Non-Financial Factors as the Determinant of Sukuk Rating in Indonesia
No full textThe present study aims to identify financial and non-financial factors as the determinant variables of Indonesian companies' Sukuk ratings between 2014 and 2017. Five independent variables, i.e. firm size, profitability, leverage, guarantee status, and types of Sukuk, are involved in this study with Sukuk rating as the dependent variable. This study employed secondary data in the form of sixty-eight (68) Sukuk publications as the sample. The Sukuk publications observed in this study were still in circulation during the observation years obtained from Otoritas Jasa Keuangan (OJK/ Financial Services Authority) websites, annual reports of companies listed in Indonesia Stock Exchange, and PT Pefindo website. By utilizing Multinomial Logistic Regression, this study reveals that the financial factor, the profitability, had a significant effect on the Sukuk rating. Moreover, it also shows that the non-financial factor influencing the Sukuk rating was the guarantee status. On the contrary, the variables of firm size, leverage, and types of Sukuk did not affect the Sukuk rating. Keywords: firm size, profitability, leverage, guarantee status, types of Sukuk, Sukuk ratin
Business Development Strategy Model of SMEs Through SWOT and EFE-IFE Analysis
No full textConsidering that the SME entrepreneurs of Gresik Regency are mostly young, educated and experienced, however their businesses are not yet in legal entities. This research situates the SME business development strategy model through SWOT and EFE-EFI analysis, aiming to identify the conditions and models of SME business development strategies to improve their performances. This research has interviewed 40 respondents who were selected in multi stage, and analyzed through SWOT and EFE-IFE analysis. The result of this research explains that the ability of SME entrepreneurs in managing business and the achievement level of marketing performance is good, except the ability to manage finances. In addition, external conditions support these SMEs. Keywords: SWOT, EFE-IFE, business development strategy, SME
Macroeconomic Variables on Indonesian Sharia Capital Market
No full textThis article emphasizes to analyze the effect of macroeconomic variables on sharia capital market in Indonesia by using Vector Error Correlation Model (VECM) approach method. The variables used are world oil price, Industry Production Index (IPI) Currency Exchange Rate to Dollar and Consumer Price Index (CPI) in Indonesia. The research show that in the Indonesian Stock Sharia Index (ISSI) model, the VECM in the ISSI model can explain in the short term the IPI variable, world oil price, rupiah to dollar, DJIA and CPI does not affect to ISSI variable. While in the long term, world oil prices are positive climate and Dow Jones Industrial Average (DJIA) variables negatively affect ISSI. In addition, FEVD test the world oil price has more dominant contribution than other variable 6.02%. Keywords: sharia capital market, macroeconomics, VECM, ISS
Pasar Resisting Mall: a Cross-Cultural Ethnographic of Economic Traditional Market
No full textYogyakarta since the late ten years has shifted an economic direction taking impacts on such economic sectors as that of pasar (Javanese traditional market). Pasar, as a daily space for economic interaction of the society to be threatened by the increasingly numbers of malls. This article critically tells the story of Gowok small trader resistance to the existence of a nearby mall. Doing ethnography for several months and in-depth interviews with some small traders, the author who comes from non-Javanese native have reflectively analyzed the cultural economy of the Javanese people. This article argues that market traders of pasar Gowok has transformed the pattern of buying and selling behavior and increased the variety of merchandise. Keywords: mall, Yogyakarta, pasar, traditional market, Javanese Â