Al Dzahab

Islamic Social Finance Innovation: Sharia Legal Analysis of Waqf Crowdfunding

Melda Luciani — 2026-03-15

Purpose: This study aims to analyze the implementation of waqf crowdfunding on the Kitabisa.com platform from a Sharia law perspective based on DSN–MUI Fatwa No. 117/2018, as well as to identify the challenges in optimizing digital waqf as an instrument of social funding.

Design/Methodology/Approach: This study employs a qualitative approach using a case study of the Kitabisa.com platform through the analysis of documents, regulations, and fatwas, applying a descriptive-analytical method.

Findings: The findings indicate that waqf fundraising through Kitabisa.com is generally in accordance with Sharia principles, as reflected in the use of cash waqf, collaboration with authorized nazhir, and the allocation of investment returns to welfare-related sectors. However, several challenges remain, including low levels of waqf literacy among the public, potential risks associated with Sharia-based investments, and the need for standardized transparency in reporting.

Research Implications: The optimization of waqf crowdfunding requires clearer regulatory frameworks, increased public literacy regarding waqf, effective risk management mechanisms, equitable fund distribution, and transparent reporting systems to strengthen public trust.

Digital Financial Recording Adoption among Traditional Market Traders: Evidence from DTC Wonokromo Indonesia

Devi Maya Sofa — 2026-03-15

Purpose: This study aims to explore the adoption of digital financial recording systems among traders in traditional markets by analysing the perspectives, readiness, perceived benefits, and challenges faced by merchants at DTC Wonokromo, Surabaya.

Design/Methodology/Approach: This research employs a qualitative approach using a triangulation method through in-depth interviews, direct observation, and document analysis. The study involved merchants from seven different business categories to capture diverse experiences in adopting digital bookkeeping practices. Data were analysed using thematic analysis to identify patterns related to adoption behaviour and digital readiness.

Findings: The findings reveal significant variations in the level of understanding and adoption of digital financial recording systems among traders. Merchants with undergraduate educational backgrounds aged between 45–55 years demonstrated higher levels of adoption, while younger employees aged 24–35 years showed stronger technical adaptability. Businesses in the electronics & accessories and jewellery sectors exhibited the highest adoption levels. The main perceived benefits include time efficiency, improved recording accuracy, easier access to financial history, and better inventory management. However, several challenges remain, including infrastructure limitations, employee resistance to change, implementation costs, data security concerns, and limited technical support. Overall, most traders demonstrated moderate to high readiness to transition toward digital accounting practices.

Research Implications: This study contributes to the literature on digital accounting adoption among MSMEs, particularly in traditional market contexts in developing countries. The findings highlight the importance of digital literacy support, infrastructure readiness, and change management strategies to accelerate digital financial transformation among small traders. The results also provide practical insights for policymakers and market authorities in designing targeted digitalization programs for MSMEs.

Culinary Experience and Destination Choice: Examining the Influence of Tourist Lifestyle and Local Food Authenticity in Kerinci

Gampo Haryono — 2026-03-15

Purpose: This study examines the influence of tourist lifestyle and local food authenticity on destination choice in Kerinci Regency. It also explores the role of culinary experience in shaping tourists’ decisions when selecting travel destinations. The study offers novelty by integrating tourist lifestyle and authentic local food within the context of culinary experience in an emerging culinary tourism destination.

Design/Methodology/Approach: This research employs a quantitative approach using a survey method involving domestic tourists visiting Kerinci Regency. Respondents were selected using purposive sampling. Data were collected through structured questionnaires and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS.

Findings: The results show that tourist lifestyle plays an important role in influencing destination choice. Local food authenticity also contributes positively to tourists’ decisions in selecting Kerinci as a travel destination. In addition, both tourist lifestyle and local food authenticity significantly influence culinary experience. Culinary experience positively affects destination choice and serves as a mediating variable, strengthening the relationship between tourists' lifestyle, local food authenticity, and destination choice.

Research Implications: The findings highlight the importance of developing authentic culinary tourism that aligns with tourists’ lifestyles to enhance destination attractiveness. Tourism stakeholders and local governments are encouraged to promote local culinary identity and create memorable dining experiences to strengthen Kerinci Regency’s position as a competitive tourism destination.

Digital Payment Systems and Gen Z E-Commerce Purchasing Behavior: Evidence from Shopee Users

Natashah Dewanti — 2026-03-15

Purpose: This study aims to examine Gen Z students’ purchasing behavior on the Shopee e-commerce platform, focusing on purchase frequency, preferred product categories, and the role of digital payment systems in influencing purchasing decisions.

Design/Methodology/Approach: This research employed a quantitative descriptive approach using primary data collected through questionnaires. The sample consisted of 55 students from the Faculty of Islamic Economics and Business (FEBI) at UIN Raden Fatah Palembang who actively use Shopee. Respondents were selected using purposive sampling, while secondary data were obtained from relevant literature and previous studies.

Findings: The results indicate that most students shop on Shopee approximately 1–3 times per month, with fashion products being the most frequently purchased category. Purchasing decisions are primarily influenced by competitive prices and promotional discounts. In addition, the convenience and accessibility of digital payment systems, particularly ShopeePay, further encourage online purchasing behavior among Gen Z students.

Research Implications: These findings highlight the importance for e-commerce platforms to develop effective marketing strategies that combine competitive pricing, attractive promotional campaigns, and convenient digital payment services in order to maintain consumer engagement, especially among Gen Z as a key market segment.

Honesty-Based Accounting in BOS Fund Management: An Effort to Prevent Fraud in Vocational High Schools

Karlina Ghazalah Rahman — 2026-03-15

Purpose: This study aims to examine the role of honesty-based accounting in preventing fraud in the management of School Operational Assistance (BOS) funds in vocational high schools. The study also explores supporting factors, including leadership integrity and organizational culture, that strengthen ethical financial governance in educational institutions.

Design/Methodology/Approach: This research adopts a qualitative approach with a phenomenological design to understand the lived experiences of actors involved in BOS fund management. Data were collected through in-depth interviews and analyzed using the interactive model proposed by Matthew B. Miles and A. Michael Huberman, which includes data reduction, data display, and conclusion drawing.

Findings: The findings indicate that honesty-based accounting—implemented through the principles of transparency, moral accountability, integrity, and ethical awareness—plays an important role in preventing fraud in BOS fund management. Integrity-based leadership acts as a tone at the top that reinforces ethical behavior among staff, while an organizational culture that discourages misconduct strengthens internal control practices. Furthermore, the study integrates Attribution Theory to explain how internal moral responsibility and ethical awareness influence honest behavior beyond procedural compliance. Ethics training in accounting practices was also found to support the development of internal accountability among financial administrators.

Research Implications: This study contributes to the literature by integrating honesty-based accounting, local ethical values such as Lempu’ and Ada’ Tongeng, and Attribution Theory in the context of educational financial governance. Practically, the findings suggest that ethics training and value-based financial management programs should be strengthened to improve transparency and accountability in BOS fund management in vocational high schools.

Economic Value Added and Corporate Financial Performance: Empirical Evidence from PT. Argamas Jaya Lab

Hanum Yulia — 2026-03-16

Purpose: This study aims to evaluate the financial performance and value creation of PT. Argamas Jaya Lab has been using the Economic Value Added (EVA) approach for over five years.

Design/Methodology/Approach: This research employs a quantitative descriptive approach by analyzing the company’s financial statements from 2019 to 2023. Financial performance is assessed through the calculation of Economic Value Added (EVA), which incorporates key components such as Net Operating Profit After Tax (NOPAT), Invested Capital, and Weighted Average Cost of Capital (WACC). Data were obtained from company financial reports and supporting documentation to ensure the reliability of secondary data.

Findings: The results indicate that the company’s EVA fluctuated during the observation period, reflecting variations in NOPAT, invested capital, and the cost of capital. The findings suggest that the EVA approach provides a more comprehensive assessment of corporate financial performance and value creation compared to traditional accounting-based performance indicators, as it explicitly considers the cost of capital in measuring economic profit.

Research Implications: This study contributes to the financial management literature by highlighting the relevance of EVA as a value-based performance measurement tool, particularly in sectors where its application remains limited. The findings also provide practical insights for managers and investors in evaluating corporate financial performance and supporting strategic decision-making aimed at improving value creation.

Financial Distress in Indonesian Mining Firms: Do Liquidity, Profitability, and Solvency Matter?

Sonia Rahmawati — 2026-03-16

Purpose: This study aims to examine whether liquidity, profitability, and solvency influence financial distress in Indonesian mining firms. The study focuses on mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period to determine whether these financial ratios play a significant role in explaining the occurrence of financial distress.

Design/Methodology/Approach: This research employs a quantitative approach using secondary data obtained from the annual financial statements of mining companies listed on the IDX from 2021 to 2024. The sample was selected using purposive sampling, resulting in 13 companies that met the research criteria. The data were analyzed using multiple linear regression analysis to examine the relationship between liquidity, profitability, solvency, and financial distress. Hypothesis testing was conducted using the t-test to assess partial effects and the F-test to evaluate simultaneous effects.

Findings: The results indicate that liquidity has a significant effect on financial distress in mining firms. Profitability also significantly affects financial distress, suggesting that the firm’s ability to generate profit plays an important role in preventing financial difficulties. In addition, solvency significantly influences financial distress, indicating that the firm’s level of leverage is associated with the likelihood of financial distress. Simultaneously, liquidity, profitability, and solvency significantly influence financial distress in Indonesian mining companies.

Research Implications: The findings provide important implications for investors, creditors, and corporate managers in assessing the financial condition of firms, particularly in identifying early signals of financial distress through financial ratio analysis. This study also contributes to the financial management literature by providing empirical evidence on the role of liquidity, profitability, and solvency in explaining financial distress within the mining sector in an emerging market context.

Driving MSME Performance in the Digital Era: Financial Literacy and E-Commerce Adoption in Minahasa

Pebisitona Mesajaya Purba — 2026-03-16

Purpose: This study aims to examine the role of financial literacy and e-commerce adoption in driving the performance of Micro, Small, and Medium Enterprises (MSMEs) in Minahasa Regency, North Sulawesi, within the context of the digital economy.

Design/Methodology/Approach: This research employs a quantitative approach using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method. Primary data were collected through structured questionnaires distributed to MSME actors selected using a stratified random sampling technique. Financial literacy was measured through indicators of basic financial knowledge, business financial management, financial planning and control, and investment knowledge. E-commerce adoption was assessed through platform utilization, digital marketing capability, operational management, and performance evaluation. MSME performance was measured through financial performance, operational performance, marketing performance, and business sustainability.

Findings: The results of the outer model evaluation indicate that the measurement model meets the criteria for validity and reliability. However, the inner model results show that financial literacy and e-commerce adoption do not have a significant effect on MSME performance. In addition, the interaction between financial literacy and e-commerce adoption also produces a negative but insignificant coefficient. The relatively low R-square value suggests that MSME performance is influenced by a broader business ecosystem, including infrastructure availability, access to capital, government policies, and market dynamics.

Research Implications: The findings highlight the importance of a holistic and integrative strategy in improving MSME performance. Efforts to strengthen MSMEs should not only focus on increasing financial literacy and adopting digital technologies but should also consider broader ecosystem factors that support business growth and sustainability.

Economic Growth, Poverty, and Unemployment as Key Determinants of Welfare in Jambi Province

Mira Hastin — 2026-03-17

Purpose: This study examines the impact of economic growth, poverty rate, and unemployment rate on community welfare in Jambi Province from 2015 to 2024, measured by the Human Development Index (HDI). The study aims to provide empirical evidence on how these socioeconomic factors collectively and individually influence regional welfare.

Design/Methodology/Approach: A quantitative explanatory research design was employed using annual time-series secondary data. Multiple linear regression analysis with the Ordinary Least Squares (OLS) method was applied. To ensure robustness, stationarity tests, cointegration tests, and classical assumption tests were conducted to avoid spurious regression and satisfy econometric requirements.

Findings: The results demonstrate that economic growth, poverty, and unemployment have a significant simultaneous effect on community welfare. Partially, economic growth positively affects HDI, poverty exerts a negative impact, and unemployment shows a positive association with HDI during the study period.

Research Implications: The findings highlight the importance of comprehensive regional development policies that not only promote economic growth but also focus on poverty alleviation and human capital development through sustained investments in education, healthcare, and social protection. The observed relationship between unemployment and welfare underscores the need for integrated employment strategies aligned with broader human development objectives.

The Effect of Digital Financial Literacy on Personal Financial Management Behavior among Generation Z: The Mediating Role of Lifestyle

Maya Oktaviana — 2026-03-17

Purpose: This study aims to investigate the role of digital financial literacy in shaping personal financial management behavior among Generation Z, while explicitly examining whether lifestyle acts as a mediating mechanism that strengthens or weakens this relationship in the context of increasing financial digitalization.

Design/Methodology/Approach: A quantitative approach was employed using a survey of 420 Generation Z respondents aged 18–27 years in Gubug District. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to evaluate both direct and indirect relationships among variables.

Findings: The results indicate that digital financial literacy has a positive and significant effect on personal financial management behavior. Lifestyle, however, has a significant negative effect on financial behavior and does not mediate the relationship between digital financial literacy and financial management behavior. These findings suggest that while digital financial literacy plays a central role in shaping financial behavior, lifestyle tends to weaken prudent financial practices.

Research Implications: This study highlights the importance of strengthening digital financial literacy as a key driver of responsible financial behavior among Generation Z. Policymakers and educators are encouraged to promote inclusive and sustainable financial education programs, particularly amid rapid digitalization.

Performance-Based Budgeting and Regional Financial Performance: The Role of Productive Expenditure and Accountability

Rischa Inung Fauziah — 2026-03-17

Purpose: This study examines the relationship between Performance-Based Budgeting (PBB) and regional financial performance, with a particular focus on the role of productive expenditure and accountability.

Design/Methodology/Approach: This research adopts a quantitative approach using panel data from 33 local governments in Central Java Province over the period 2022–2024, resulting in 99 observations. Productive expenditure is used as a proxy for outcome-oriented budget allocation, while accountability is measured using the Government Institution Performance Accountability System (SAKIP) score. Data were analyzed using panel regression techniques.

Findings: The results reveal that productive expenditure has a significant negative effect on regional financial performance, indicating that increased allocation toward capital or outcome-based spending does not necessarily improve financial outcomes due to inefficiencies in budget execution, particularly in procurement processes. In contrast, accountability, as proxied by SAKIP scores, does not show a significant effect, suggesting that accountability practices remain largely procedural rather than performance-driven. Additionally, government size as a control variable has a significant positive impact on financial performance.

Research Implications: These findings highlight the need for local governments to strengthen managerial capacity, improve budget execution mechanisms, and enhance substantive accountability practices to ensure that performance-based budgeting achieves its intended outcomes.

Consumer Behavior in the TikTok Era: An Islamic Consumption Perspective—A Systematic Literature Review

Mutia Rahmi — 2026-03-17

Purpose: This study aims to examine the challenges and implementation of Islamic consumption principles in the digital era, particularly in shaping consumer behavior on TikTok. The study highlights key issues such as digital consumerism, algorithm-driven influence, and the emergence of hedonistic consumption patterns that may contradict Islamic values.

Design/Methodology/Approach: This study employs a qualitative approach using a systematic literature review method. It synthesizes and critically evaluates prior studies on Islamic consumption and digital consumer behavior to develop a comprehensive understanding of consumption practices in the TikTok era.

Findings: The findings reveal that the implementation of Islamic consumption principles on TikTok faces substantial challenges. The dominance of consumerist culture, limited literacy regarding halal and ethical consumption, and the persuasive nature of TikTok’s algorithm encourage impulsive and excessive consumption. These conditions create a gap between actual consumer behavior and Islamic values such as moderation (wasatiyyah) and responsibility.

Research Implications: This study underscores the importance of strengthening Islamic consumer literacy and promoting ethical digital consumption. Strategic efforts such as value-based content creation, public education on halal consumption, and support for responsible consumer behavior are essential to align digital consumption practices with Islamic principles. This study also contributes theoretically by integrating Islamic consumption ethics with contemporary digital consumer behavior.

Determinants of Earnings Quality with Profitability as a Moderating Variable

Dien Sefty Framita — 2026-03-17

Purpose: This study aims to empirically examine the influence of company size and capital structure on earnings quality, with profitability serving as a moderating variable, in manufacturing companies listed on the Indonesia Stock Exchange during 2019–2023.

Design/Methodology/Approach: The study employs a quantitative research design with a causal-associative approach to test the hypothesized relationships. Data were analyzed using statistical methods to assess the effects of the independent variables—company size and capital structure—on earnings quality, while evaluating the moderating role of profitability.

Findings: The empirical results indicate that company size does not significantly affect earnings quality, whereas capital structure has a significant impact. Additionally, profitability does not moderate the relationship between company size and earnings quality but significantly moderates the relationship between capital structure and earnings quality.

Research Implications: The findings highlight the importance of capital structure and profitability in managing earnings quality. Companies should carefully consider the composition of debt and equity and how profitability may influence this relationship. While company size does not directly affect earnings quality, firms should remain attentive to size-related factors that could indirectly influence earnings quality outcomes.

Enhancing Local Government Financial Performance: The Roles of Own Revenue, Fiscal Balances, and Capital Investment

Teddy Saputra — 2026-03-17

Purpose: This study aims to investigate how Own-Source Revenue, Fiscal Balances, and Capital Investment act as key fiscal determinants influencing the financial performance of local governments in Jambi Province over the period 2019–2023. Unlike conventional studies that merely examine variable correlations, this research emphasizes the functional roles of these fiscal components in shaping regional financial outcomes.

Design/Methodology/Approach: A quantitative research design is employed using secondary data collected from the Annual Audit Reports of Regional Government Financial Statements issued by the Audit Board of the Republic of Indonesia (BPK) Representative Office in Jambi Province. The dataset spans five consecutive years, allowing for robust longitudinal analysis.

Findings: The results indicate that Own-Source Revenue and Capital Investment exert statistically significant positive effects on local government financial performance. Fiscal Balances, while structurally important, do not show significant partial influence individually. Nonetheless, when analyzed jointly, the three fiscal variables collectively explain substantial variations in regional financial outcomes.

Research Implications: The findings highlight that fiscal autonomy requires more than reliance on central transfers. Local governments must enhance their capacity to optimize internal revenue sources and strategically allocate capital expenditures to achieve efficient, accountable, and sustainable financial performance. Policy implications include prioritizing local revenue mobilization and performance-oriented spending to strengthen regional autonomy.

Leadership, Supervisory Practices, and Work Discipline as Determinants of Teacher Performance at MIN 2 Kerinci

Nurlatifa Salsa Tasnima — 2026-03-18

Purpose: This study aims to examine the influence of leadership, supervisory practices, and work discipline on teacher performance at MIN 2 Kerinci. Specifically, it seeks to determine how each of these factors individually affects teacher performance and to what extent they collectively contribute to enhancing overall teaching effectiveness. The study also intends to provide empirical evidence for educational policymakers and school administrators to develop strategies for improving teacher performance in the school context.

Design/Methodology/Approach: The research employed a census sampling technique, involving all 87 teachers at MIN 2 Kerinci. Primary data were collected through questionnaires distributed to the teachers. Data analysis was conducted using multiple linear regression with the assistance of SPSS software.

Findings: The results indicate that: (1) leadership has a negative and non-significant effect on teacher performance; (2) supervisory practices have a positive and significant effect on teacher performance; (3) work discipline has a positive and significant effect on teacher performance; and (4) collectively, leadership, supervisory practices, and work discipline account for 74.9% of the variance in teacher performance, with the remaining 25.1% influenced by other factors outside this study.

Research Implications: These findings suggest that improving supervisory practices and work discipline can enhance teacher performance, while leadership style may require further investigation to understand its impact. Educational policymakers and school administrators can use these insights to develop strategies for optimizing teacher effectiveness.