Shirkah: Journal of Economics and Business
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Faith-based Social Entrepreneurship: Improving Mosque's Socio-Economic Values in Emerging Country
Full text linkThe religious perspective in the literature on social entrepreneurship remains largely unexplored, resulting in a scarcity of studies that analyze social entrepreneurship through a religious lens. Social entrepreneurship, including its manifestation in religious organizations as faith-based social enterprises, has emerged as a significant innovation in addressing diverse social issues, with the vast number of mosques in Indonesia presenting a promising opportunity to contribute to the betterment of the community's well-being. This study aims to identify the transformation process at the Masjid Ar Rahmah Surabaya and its impacts on social welfare considering its successful establishment as a faith-based social enterprises over the past five years, managing multiple business units and generating social benefits. Employing a case study, data were collected through interviews, observations, and document studies. The findings of the study present a model consisting of stages such as opportunity recognition, business establishment, resource acquisition, and organizational reconfiguration. These insights have implications for addressing social issues and enhancing community welfare in Indonesia and other emerging countries
Unmasking the Effect of News Media on Islamic Stock Market: Are ASEAN-3 Countries Vulnerable to COVID-19 News?
Full text linkThis study provides a novel viewpoint by clarifying the effect of the COVID-19 news on the fluctuations of the Islamic capital market in the ASEAN Region. It aims to explore the effect of news related to the COVID-19 pandemic on the movement of the Islamic stock index in ASEAN-3 countries (Indonesia, Malaysia, Thailand). This research examined five news-related indices: panic emotion index, media hype index, sentiment index, fake news index, and contagion index. The research employed long-term daily secondary data covering one year during the COVID-19 pandemic to test the hypothesis. A total of 1086 data were analyzed using the panel regression method through EViews 9. The findings indicated that news media and the resulting sentiment have the potential to negatively affect the Islamic stock index movement through the panic and media hype index. The excitement and panic caused by the online news media negatively affected the movement of Islamic stock prices in the three ASEAN Islamic stock indexes, whereas fake news and contagion index were found to have no significant effect on the stock index movement
Navigating the Nexus: Exploring the Relationship between Intellectual Capital, Financial Performance, and Firm Value
Full text linkWhile previous study has drawn attention to the relationship between intellectual capital, financial performance, and firm value, there is still room for empirical research into the role of mediating factor between them. This research aims to determine the role of intellectual capital and financial performance in improving the firm value of the manufacturing companies listed on the Indonesia Stock Exchange. For this study, we collected financial reports from seven manufacturing companies over five years from 2017 to 2021. We employed a quantitative method, specifically path analysis using linear regression analysis, to test our hypotheses. The results demonstrate that there is no effect of intellectual capital on both financial performance and firm value, and no mediating effect exists either. However, the effect of company performance on firm value was established in the study. The research results create a chasm, suggesting three variables to think about when making investment decisions
The Effect of Debt-to-Equity Ratio, Return on Asset, Current Ratio, and Total Asset Turnover on Stock Price: The Intervening Effect of Intrinsic Value in Indonesia’s Retail Business
Full text linkThis study examines the effect of Debt-to-Equity Ratio (DER), return on assets (ROA), current ratio (CR), and total asset turnover (TATO) on stock prices with their Intrinsic Value as intervening variables in retail companies in Indonesia. Data regarding retail companies were obtained from the Indonesia Stock Exchange, and secondary data on these companies' financial ratios were collected from Stockbit. Stock price data were sourced from Yahoo Finance, and the intrinsic value of shares was determined using the price-to-earning ratio method. Drawing on structural equation modeling, the findings demonstrate that DER and ROA exert a positive and statistically significant effect on intrinsic value. TATO, on the other hand, exhibits a negative and statistically significant effect on intrinsic value, while CR demonstrates a negative and non-significant effect. Regarding stock prices, DER and CR have a negative and statistically significant effect, while ROA and Intrinsic Value have a positive and statistically significant effect. TATO, however, shows a negative and non-significant effect on stock prices. Furthermore, DER has a positive and non-significant effect on stock prices through intrinsic value, whereas ROA has a positive and statistically significant effect on stock prices through intrinsic value. CR, on the other hand, exhibits a negative and non-significant effect on stock prices through intrinsic value, and TATO demonstrates a negative and statistically significant effect on stock prices through intrinsic value
The Relationships between Current Ratio, Firm Age, Good Corporate Governance, and Corporate Social Responsibility: The Moderating Effects of Firm Size
Full text linkFew studies have explored how firm size moderates the effect of the current ratio, firm age, and good corporate governance on corporate social responsibility. This research examined the effect of current ratio, firm age, and good corporate governance on corporate social responsibility. It explored the moderating effects of firm size on the relationships between current ratio, firm age, and good corporate governance on corporate social responsibility among mining sector companies listed on the Indonesia Stock Exchange from 2017 to 2021. Purposive sampling was used to select 17 different mining firms that met the study's criteria. By applying a moderated regression analysis, the results indicated a negative and statistically insignificant relationship between the current ratio and corporate social responsibility. Corporate social responsibility was positively affected by the maturity of the company and by its commitment to ethical business practices. Meanwhile, there was an inverse relationship between firm size and corporate social responsibility. Furthermore, firm size did not affect the relationship between the current ratio and corporate social responsibility, nor the relationship between firm age and corporate social responsibility. This study revealed that firm size weakened the link between good corporate governance and corporate social responsibility
Strategic Performance Dynamics: Elucidating the Effect of Competitive and Growth Strategies on Companies
Full text linkThere was a dearth of empirical information and thorough understanding into how these strategies interacted and affected the performance of companies in the setting of Lampung Province before this research. Thus, this research investigates the effect of competitive and growth strategies on the strategic performance of companies registered with the Lampung Province Department of Industry and Trade. Utilizing a quantitative approach and statistical analysis of data from 396 survey respondents representing businesses across 15 cities and regencies in Lampung Province, the study employs the Partial Least Square (PLS) Structural Equation Modeling (SEM) method with SmartPLS software to analyze the data. The results indicate that competitive strategy significantly affects the strategic performance of companies. Additionally, growth strategy also significantly contributes to improved strategic performance, highlighting the importance of selecting the right growth strategies for companies. Simultaneously, both competitive and growth strategies exert a significant effect on the strategic performance of companies. These insights provide valuable guidance for businesses and regulatory authorities in Lampung Province's industrial and trade sectors, aiding them in designing more effective strategies to enhance company performance, considering both competitive and growth strategies
Cattle Fattening Program: The Effectiveness of Zakat Community Development
Full text linkDespite many studies on productive Zakat, the focus on the effectiveness of mustahiq empowerment programs has been limited. This study looks at how effective the Zakat community development-based cattle fattening program is towards the empowerment of Zakat recipients. The study measures four indicators of program effectiveness: program target accuracy, program socialization, program objectives, and program monitoring. Data collection techniques include interviews, observation, and documentation. The study found that the program was good at targeting the right people, but it wasn't socialized enough. The program also fell short of its objectives because the recipients weren't making enough money to become donors themselves yet. However, the program was well-monitored, with regular check-ins to make sure it was on track. The study suggests that clearer standards are needed to increase the benefits received by Zakat recipients This study has practical implications for productive Zakat distribution policies, as clear benchmarks are required for implementing programs that increase Zakat recipients' benefits
Generation Z’s Brand Love for Skincare Products: Do Religious Beliefs Matter?
Full text linkTo date, there has been no prior research examining the relationship between brand love as a determinant of brand loyalty and e-WOM specifically for halal skincare products. This study investigates how Muslim Generation Z might love a brand because of their religious beliefs and brand identity, resulting in brand loyalty and e-WOM that benefits the company. The questionnaire for this study was completed online by 120 participants from three cities in Central Java, Indonesia, namely Semarang, Salatiga, and Surakarta. The model was tested using PLS-SEM. The results of the research revealed that religious beliefs and brand identification affected brand love, whereas brand love affected brand loyalty and e-WOM. From this research, it can be seen that branding cannot be separated from faith. Muslims like brands that reflect their religious values and allow them to identify as Muslims. Therefore, marketers must have a comprehensive understanding of the halal concept in the manufacturing and production processes of halal skincare
Strategy Development of Halal Industry for an Improved Competitiveness of MSMEs: An Analytic Network Process Approach
Full text linkSo far, there have been limited studies examining the strategies to develop the halal industry and improve the competitiveness of MSMEs in East Priangan, a high-potential area in West Java, Indonesia. Thus, this research focuses on the development of the halal industry to enhance the competitiveness of MSMEs in the area. The study utilized the analytic network process (ANP) approach and a structured questionnaire to identify suitable strategies. Seven key respondents, including academics and practitioners, were selected based on their expertise. The analysis yielded three key criteria for strategies: (1) education for MSMEs, (2) integrated financing, and (3) an MSME database. The top priority strategies include strengthening human resource capacity, halal literacy, and financing support. The research provides recommendations for MSMEs and regulatory agencies to improve competitiveness, serving as a reference for future relevant studies
Religiosity or Income? Factors Driving Customer Buying Interest in Islamic Insurance Products
Full text linkDespite the enormous potential represented by an 87% Muslim population and the growing welfare of the Muslim community in Indonesia, Islamic insurance has not grown rapidly during the past decades. The primary issues that hinder the growth of the Islamic insurance sector are thought to be people's level of income and religiosity. Therefore, this paper attempts to investigate the effect of religiosity and income on people's interest in buying Islamic insurance products. This study employed a quantitative approach with a questionnaire as a data mining technique. 200 residents of eight districts and cities in East Java, a province in Indonesia, participated as respondents in this study. The data analysis involved descriptive analysis, inferential analysis, classical assumption test, and hypothesis test. This study demonstrates that people's interest in buying Islamic insurance products is positively and significantly influenced by their religiosity and income, either partially or simultaneously. This result can be taken into account by the Islamic insurance sector when planning the best marketing plan, especially for the wealthy and fervently religious Muslim segment of society