Shirkah: Journal of Economics and Business
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Proposing Blue Sukuk in Indonesia: An Interpretive Structural Model
Full text linkThis research aims to identify the priority factors that being barriers to issue and develop Islamic blue sukuk in Indonesia. Employing the Interpretive Structural Modeling (ISM) method, it also offers several solutions for the identified problems. As an advanced planning methodology, ISM is used to identify, analyze, and summarize various relationships among factors that define a problem, model, or issue. In the ISM framework, there are three criteria of blue sukuk development in Indonesia including (1) aspect or foundation required within the framework of developing blue sukuk; (2) infrastructure that will be used as a basis for sukuk issuance (underlying projects); and (3) stakeholders involved in the development of blue sukuk in Indonesia. Results show that important foundations needed in the development of blue sukuk are regulatory aspects, feasible underlying projects, investors, and inter-institutional coordination, respectively. Finally, possible underlying infrastructures for the issuance of Blue Sukuk are the development of integrated fishing villages as well as the procurement of large and environmentally friendly fishing boats
Female Users’ Behavioral Intention to Purchase in Social Commerce through Social Networking Sites
Full text linkThe present study aims to discover the relationship among social influence, verbal influence, easiness, trust, enjoyment, and intention to purchase in social commerce (S-Commerce), particularly by female users of social networking sites (SNS). A total of 280 responses were collected from female SNS users through an online survey. The obtained data were further examined for normality, construct validity, reliability, and model fit, using Structural Equation Modeling (SEM) to test the hypotheses. This study confirmed that social influence had a significant effect on verbal influence and trust; meanwhile enjoyment was influenced by trust and easiness. The results also revealed that trust and enjoyment had a positive effect on intention to purchase products or services from social commerce by the female SNS users. Moreover, verbal influence provided an impact on trust and easiness; while the relationship between social influence and enjoyment, easiness, and trust was not significant. These results contribute to offering fruitful insights for sellers and vendors of social commerce in attracting and acquiring the attention of female customers; as a result, it leads to achieving higher profits and flourishing business activities in social commerce
Users’ Experiences of Mobile Financial Services at Rural Areas of Bangladesh
Full text linkMobile Financial Services (MFS) is one of the new innovations of the modern financial system. It nowadays plays a crucial role in banking users’ day-to-day financial activities. This study investigates users’ experiences of MFS at rural areas of Bangladesh. Specifically, this study sought to gain an understanding of to what extent different factors positively or negatively influence users’ experience in using mobile financial services. This study was mainly a survey research. The data were obtained using a questionnaire from a total of 128 MFS users (102 male and 26 female) living in rural areas of Bangladesh who were conveniently chosen from five Upazilla in Barishal city. The findings suggested that MFS users in rural areas of Bangladesh have both positive and negative experiences toward the use of mobile financial services. This study further revealed six major factors that have influenced the users’ positive and negative experiences in general, i.e. perceived usefulness, perceived ease of use, perceived risk, trust, customer and MFS agent relationship, and perceived cost. It was found that the last factor (perceived cost) have generated the users’ negative experiences toward mobile financial services. Therefore, the government and MFS providers are encouraged to work together with some innovative strategies to change the users’ negative experiences into positive experiences of using the mobile financial services
Exploring Gamification Strategy for Developing MSMEs during the COVID-19 Pandemic
Full text linkThe COVID-19 pandemic brought about employees to be less enthusiastic due to the declining competitiveness and switching systems from offline to online. This study closely scrutinized how gamification strategies assume a part in entrepreneurial behavior on attitudes, subjective norms and behavioral control, and entrepreneurial education through self-efficacy, experience, and program involvement. Purposive sampling was utilized to choose a sample of 442 informants for this qualitative study. The review was carried out through a literature study and reinforced by in-depth interviews. The data was coded using the Nvivo 12 application with word similarity analysis at a maximum percentage of 100%. Based on the results of word similarity, there was a similarity in the relationship related to cluster analysis which classified the mutually supportive roles among variables as a business strategy during the pandemic. Overall, the application of gamification displays an impact on motivation, behavior change, and psychological effects on entrepreneurial behavior and education. The research contribution is utilized to address issues in the role of the organization as a solution to the relationship between gamification strategies and employee performance. The application of gamification strategies plays a role in opening fascinating exploration in the future. Further studies are expected to discuss pertaining business strategies in dealing with unexpected moments such as the COVID-19 pandemic
The Debt Status of Commercial Company under Gharimin Perspective
Full text linkCurrently, commercial entity companies are not regarded yet as one of the groups that receive the zakat. This paper examines the debt status and its micro and macro-economic implications of corporations that experienced the debt shackled in the zakat system through analogy on personal gharim (person in the burden debt). The analysis presented here has been designed on a library research, an analogy method, as well as seen from a debt trap theory. This paper particularly argues that in the twist condition of enterprises to repay their debt, a commercial company may be entitled as the recipient of zakat on behalf of gharim (the fifth group who receives the zakat). It further argues that the loan of the commercial company has a larger impact than individual gharim. Synchronizing the entity companies as “syakhsun i’tibariyun†(the legal person) to the personal obligation to pay zakat is matched to be the reasons for their gharim’s status. The results of this paper contribute to expanding the recipient of zakat on behalf of gharim and enhance the insight of zakat distribution in Islamic philanthropy institutions
Global Value Chain: Islamic Economics and Finance Position
Full text linkThe growing number of Muslim populations promotes significant development on Islamic economic and finance activities called halal industry. While the halal industry is experiencing positive growth in the last four years, the Global Value Chain (GVC) – the chain of system that drives international trades and global economic activities – remains stagnant. The present study aims to explain the position of the Islamic economics and finance in the GVC. This study employs a qualitative-descriptive method with systematic literature review approach. By collecting secondary data using strict-processing stages and content analysis techniques, the author manages to meet the study’s purpose. The findings suggest that the Islamic economics and finance have opportunities to boost countries' participation in the GVC activities by harmonizing halal standardization, enhancing financial infrastructures, and providing various financial products. This study contributes to generate government policies and enterprises' decisions in developing the Islamic economics and finance within the GVC framework. It further provides initial insights and potential topics for future studies
The Determinant of Indonesian Stock Returns’ Volatility: Evidence from Islamic and Conventional Stock Market
Full text linkIslamic stock market is apparently different from the conventional stock market due to the prohibition of unlawful goods and excessive risk-taking behavior. This study explores the extent to which the Indonesian Islamic and conventional stock returns' volatility responds to the macroeconomic indicators. This study employs Jakarta Islamic Index (JII) and Indonesian Stock Exchange (IDX) and uses monthly time-series data covering 2001: M1 - 2019: M12. The volatility of stock returns is measured using Generalized Autoregressive Conditional Heteroskedasticity (GARCH). By employing the Autoregressive Distributed Lag Model (ARDL), the results validate the evidence of the long-run relationship between the stock market's volatility and macroeconomic variables. A rising in money supply and an economic upturn reduce the volatility of conventional stock returns but only an expansionary money supply diminishes the volatility of Islamic stock returns. Conversely, high inflation and sharp depreciation of the Rupiah boost the stock returns' volatility. The results further show an interesting finding that the Islamic stock market's volatility is more responsive to changes in macroeconomic indicators than the volatility of their counterpart conventional stock market. Policymakers should take strict rules during the worst economic conditions to minimize the negative impact of the instability of macroeconomic variables
Responsibility and Accountability of University Social and Environmental Performances: A Sustainability Balanced Scorecard Model
Full text linkSince research on the use of sustainability balanced scorecard to assess university social and environmental performances still remains unexplored, this study aims to fill the gap by examining the acceptance of the idea of the State Islamic Religious Colleges (PTKIN) performances in terms of responsibility for social and environmental aspects based on the sustainability balanced scorecard model. Drawing on a qualitative research, eight respondents from the Board of National Accreditation for Higher Education (BAN-PT) and PTKIN policymakers were interviewed. The results indicated that PTKIN must pay more attention to social and environmental perspectives. It was further revealed that although BAN-PT regulation has explicitly included these two perspectives, there were several indicators that still need to be added according to the sustainability balanced scorecard model. Moreover, the results depicted several challenges such as budgeting, regulations, and paradigms that required some adjustment from the policymakers. These results contribute as fruitful insights for university policymakers in developing strategies to enhance university performances, particularly in social and environmental aspects
Technology Readiness and Digital Competing Capabilities: Digital Value Resonance
Full text linkThe digital economy for MSMEs still possesses complex problems in the debate over technology readiness and competitive digital capabilities. The increase of dynamic product innovation changes is only effectively supported by digital value resonance. Addressing this issue, this research aims to explore the readiness of technology and the ability to compete digitally for innovative products through the resonance of digital value, especially for multi-business businesses. The data were collected from 170 respondents of small and medium-sized businesses through questionnaires. SEM-PLS techniques were used to analyze the data with a path mediated by digital value resonance on product innovation. The results showed that the resonance of digital value successfully mediated the relationship of technological readiness and digital competing capabilities, as well as direct links to the improvement of innovative products. Digital consumer habits also successfully strengthened the relationship of technological readiness and digital competing capabilities on the resonance of digital value. The advantages of this research lie in the synthesis of proposed digital value resonance variables from the results of resource-based view theory propositions in bridging the previous researcher gaps and contributing as a conceptual novelty model that can personalize digital value in the level of competition and increase MSMEs innovation products
Effectiveness of Islamic Monetary Policy Transmission on Inflation and Economic Performance
Full text linkThe most crucial part for the economic development of a country is maintaining the stability of inflation to create a positive climate for economic and business activities. A number of efforts can be performed to achieve stable inflation and increase economic growth by designing monetary policy incorporating the variables of Bank Indonesia Sharia Certificate (SBIS), Islamic Interbank Money Market (IIMM), and Financing. Drawing on this issue, the in-hand study aims to examine the effectiveness of Islamic monetary policy transmission, using the instruments of SBIS, IIMM, and Financing, on inflation and economic performance (GDP) from the period of January 2011 to December 2020. Using secondary data, this study employs VAR/VECM approach by the assistance of Eviews program. The results reveal that in the short term period, inflation is significantly influenced by the IIMM, while GDP t is affected by the GDP t-1 and financing activities. In the long term period, both inflation and GDP are determined by SBIS and financing activities. In general, this study results in a conclusion that the variables of IIMM, financing activities, and GDP t-1 influence the economic performance both in short and long term periods. These results contribute as fruitful insights to developing financial strategies and monetary policy to maintain stable inflation and improve economic performance of a country