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Results in Journal Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah: 146

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Tiara Kirana Prameswari, Daffa Putra Alvaro, Erlinda Sheila Amanda, Falikhatun Falikhatun
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1090-1106; https://doi.org/10.47467/alkharaj.v4i4.840

Abstract:
This study aims to identify the application of sharia principles that are applied to the BMT Masjid Raya Pondok Indah Jakarta. Nowadays, the problems that develop in the community regarding murabahah contracts, especially those carried out by the BMT, are deviating from sharia principles. This study uses an exploratory research method, namely by using the interview method to obtain data from the BMT of the Pondok Indah Syariah Raya Mosque, Jakarta. The results of this study indicate that in practice, BMT has implemented a murabahah contract in accordance with sharia principles. However, BMT Masjid Raya Pondok Indah Jakarta Sharia encountered obstacles in applying for other funding sources, due to many doubts and difficulties in practice.
Salmawati Salmawati, Ignatius Soni Kurniawan
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 990-1000; https://doi.org/10.47467/alkharaj.v4i4.772

Abstract:
Penelitian ini bertujuan untuk mengetahui pengaruh pengembangan karir, kepuasan kerja, keterlibatan kerja karyawan, dan semangat kerja terhadap komitmen afektif. Populasi yang digunakan dalam penelitian ini adalah karyawan CV Harico Kabupaten Sleman, teknik pengambilan sampel yang digunakan dalam penelitian ini adalah dengan metode sensus atau teknik sampel jenuh. Pengambilan data menggunakan kuesioner pada 45 responden . Data diambil menggunakan survei kuesioner melalui pertanyaan tertutup dengan skala likert 1 (sangat tidak setuju) sampai dengan 5 (sangat setuju). Diolah menggunakan analisis regresi linier berganda. Hasil dalam penelitian ini menyatakan bahwa pengembangan karir, kepuasan kerja, tidak berpengaruh positif signifikan terhadap komitmen afektif sedangkan keterlibatan kerja karyawan, semangat kerja, berpengaruh positif dan signifikan terhadap komitmen afektif. Temuan menyiratkan bahwa pemimpin perusahaan dapat meningkatkan komitmen afektif melalui evaluasi item dari pengembangan karir, kepuasan kerja, keterlibatan kerja, moral kerja yang dirasakan masih rendah yang telah disebutkan dalam diskusi. Kata kunci: Pengembangan Karir, Kepuasan Kerja, Keterlibatan Kerja Karyawan, Semangat Kerja, Komitmen Afektif
Erinna Indah Cahyaningrum, Prayekti Prayekti
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1107-1121; https://doi.org/10.47467/alkharaj.v4i4.843

Abstract:
This study aims to examine the effect of organizational culture and intrinsic motivation on affective commitment. This study also aims to examine whether job satisfaction acts as a mediating variable on the influence of organizational culture and intrinsic motivation on affective commitment to the employees of the Cooperatives and SMEs Service Office of Sleman Regency. This study uses the Associative method with a quantitative approach. The population in this study were all employees of the Department of Cooperatives and SMEs in Sleman Regency, with a sample of 45 employees. The sampling technique used saturated sampling with data collection using a questionnaire. The data analysis technique in this study used multiple linear regression, Sobel test, coefficient of determination, and standard beta. This study resulted in the findings that organizational culture has an effect on job satisfaction, and intrinsic motivation has an effect on job satisfaction. Likewise, organizational culture influences affective commitment. However, intrinsic motivation has no effect on affective commitment. Other findings show that job satisfaction has an effect on affective commitment. This study also produces findings that job satisfaction mediates the effect of organizational culture on affective commitment, and job satisfaction also mediates the effect of intrinsic motivation on affective commitment. Keywords: organizational culture, intrinsic motivation, job satisfaction, affective commitment.
Felia Ananda Cahya, Wiwik Handayani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1199-1208; https://doi.org/10.47467/alkharaj.v4i4.904

Abstract:
UMKM Nafa Cahya an individual business engaged in the industrial sector. The target of marketing is the lower class market with affordable prices. In production process, obstacles are found in the form of waste waiting and waste motion that must be trimmed or eliminated in order to achieve efficient production goals. By applying the lean manufacturing method it expected to be able to improve the current production process. The tools applied in this research are VSM, WAM which consists of WRM and WAQ, and fishbone. The results of study found that the most dominant is waste waiting by 22%, followed by an analysis fishbone and then a proposed improvement design for the production process was carried out.. Keywords: Waste, Lean Manufacturing, VSM, WAM, Fishbone
Umi Amilatur Risqi, Suyanto Suyanto
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1122-1133; https://doi.org/10.47467/alkharaj.v4i4.846

Abstract:
Penelitian ini penting dilakukan untuk menguji pengaruh Return on Asset (ROA) dan Return on Equity (ROE) terhadap nilai perusahaan yang dimoderasi oleh ukuran perusahaan di masa pandemi COVID-19. Selama COVID-19, harga saham cenderung fluktuatif dengan beberapa penurunan dan sulit dikendalikan. Namun, ada fenomena menarik ketika harga saham turun di masa COVID-19, ternyata saham sektor pertambangan mengalami penguatan terbesar di pasar saham BEI. Populasi penelitian ini semua perusahaan sektor pertambangan yang terdaftar di BEI dengan sampel dari kuartal I 2020 sampai kuartal II 2021. Data dianalisis menggunakan SPSS 23. Teknik penelitian menggunakan analisis regresi linier berganda dan analisis selisih mutlak. Hasil penelitian menunjukkan bahwa Return on Asset berpengaruh negatif dan signifikan terhadap nilai perusahaan sedangkan Return on Equity tidak berpengaruh signifikan terhadap nilai perusahaan. Ukuran perusahaan memperkuat pengaruh positif hubungan Return on Asset terhadap nilai perusahaan dan ukuran perusahaan tidak dapat memoderasi pengaruh positif Return on Equity terhadap nilai perusahaan.
Ahmad Fawaiq Suwanan, Syahrul Munir, Santi Merlinda
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 978-989; https://doi.org/10.47467/alkharaj.v4i4.767

Abstract:
Sovereign Sukuk has become a promising instrument for a country to overcome difficulties in financing government projects. Sukuk is a financial instrument for the Islamic capital market with a low level of risk. Green sukuk becomes popular since most of the conventional investment activities ignore the environment aspect. Starting in 2018, Indonesian government has developed a green sukuk scheme as a financing instrument for environmentally friendly projects to reduce the impact of global climate change. This study aims to analyze the role and challenges of green sukuk for climate change resilience in highly vulnerable areas during the Covid-19 crisis. This study is conducted through a qualitative method with a phenomenological approach. Data collections are carried out through literature studies and case studies on some climate projects in highly vulnerable areas in Indonesia. The results show that during the Covid-19 pandemic, green sukuk has contributed an important impact for climate change resilience in highly vulnerable areas. There are some challenges in the development of green sukuk. The lack of awareness of social risks as well as environmental risks have become main challenges. In the future, the decision policy makers should provide greater incentives and a more inclusive legal umbrella for green financing schemes.
Nadhifah Fairuz Salma, Muhammad Iqbal Surya Pratikno
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1152-1165; https://doi.org/10.47467/alkharaj.v4i4.848

Abstract:
Bank health is a very important thing, because bank health is a description of the condition of banking performance in carrying out its operational activities. This study uses the rgec method to calculate the soundness of a bank. The influencing factors in using the rgec method include risk profile, good corporate governance, earnings, and capital. The purpose of this study was to determine the soundness of banks at BPRS Bhakti Sumekar in 2015-2020. The research method used in this research is descriptive research with a quantitative approach, namely explaining the object to be studied by providing a description of the problem that has been identified and carried out intensively and in detail in a company. The results of the research at BPRS bhakti semekar in 2015-2020, namely the FDN value was in a healthy condition. ROA and BOPO values ​​are in a very healthy condition and consistently increase. Meanwhile, the ROE value has decreased some but is still categorized in a fairly healthy condition. The CAR value is in a very healthy condition. Keywords: Author RGEC; Syariah Bank; Healty Bank
Muhammad Arfan Harahap, Andri Soemitra
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1186-1198; https://doi.org/10.47467/alkharaj.v4i4.889

Abstract:
This study aims to investigate the contribution of Islamic microfinance institutions in an effort to promote public welfare based on a selected literature review. The findings of this study unravel the gaps in the Islamic microfinance literature regarding the existence of Islamic microfinance institutions. The research design was carried out by collecting selected literature from the Scopus database and conducting a literature study on the research data. There are 25 articles with research results that strengthen the existence of Islamic financial institutions that contribute to efforts to promote prosperity. This is a new fact that LKMS can be used as a solution to poverty alleviation with its various unique characteristics. This study also found that the State of Malaysia was in first place in the publication of articles related to LKMS and was followed by the State of Indonesia. This study recommends that future research analyzes the comparative contribution between Islamic banks and Islamic microfinance institutions. Keywords: Islamic Microfinance Institutions, Literature, Welfare
Made Deva Yuliana, Sri Lestari Yuli Prastyatini
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1240-1257; https://doi.org/10.47467/alkharaj.v4i4.911

Abstract:
This observation aims to examine the effect of tax planning, capital structure, and independent commissioners on tax avoidance with firm size as a moderating variable. The sample used in this observation is BUMN agencies listed on the Indonesia Stock Exchange (IDX) in 2019-2021. The dependent variable of tax avoidance is measured by the cash effective tax rate (CETR). The independent variable of tax planning is measured by the effective tax rate (ETR), capital structure is measured by DER, and independent commissioners are measured by IC. The moderating variable is measured by size. This observation uses a purposive sampling method in sampling. Using multiple regression data analysis techniques, this observation states that tax planning has no effect on tax avoidance. While the capital structure and independent commissioners have a significant influence on tax avoidance. In addition, tax measures cannot strengthen the relationship between tax planning and tax avoidance. Capital structure and independent commissioners can be moderated by agency size. Keywords: Tax Planning, Capital Structure, Independent Commissioner, Tax Avoidance and Company Size
Bela Kurnia Davis
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1209-1226; https://doi.org/10.47467/alkharaj.v4i4.908

Abstract:
Tujuan dalam penelitian ini adalah untuk mengetahui faktor-faktor yang berpengaruh terhadap harga saham di 10 perusahaan yang terdaftar di Jakarta Islamic Index (JII). Penelitian ini menggunakan data skunder yang didapatkan dari Laporan Tahunan Perusahaan tahun 2014-2020. penelitian ini menggunakan variabel harga saham sebagai variabel dependen, sedangkan variabel DER, ROE, NPM, dan CR digunakan sebagai variabel independent. Alat analisis yang digunakan dalam penelitian adalah data panel yang kemudian diolah menggunakan aplikasi eviews 9. Hasil regresi menunjukkan bahwa variabel DER berpengaruh negative dan signifikan terhadap harga saham, variabel ROE berpengaruh positif dan signifikan terhadap harga saham, sedangkan variabel NPM dan CR tidak berpengaruh signifikan terhadap harga saham
Asmarysa Pangestytyca, Sri Hermuningsih, Ratih Kusumawardhani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1165-1185; https://doi.org/10.47467/alkharaj.v4i4.888

Abstract:
Penelitian ini bertujuan untuk mengetahui adanya pengaruh rasio Return On Asset, Growth, dan Free Cash Flow terhadap Dividend Payout Ratio (DPR) pada perusahaan manufakur sektor consumer goods industry yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2016-2020. Teknik pengambilan data menggunakan metode purposive sampling. Penelitian ini merupakan jenis penelitian kuantitatif dan menggunakan data sekunder. Sehingga diperoleh data sampel sebanyak 53 data dari 17 perusahaan manufakur sektor consumer goods industry yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2016-2020. Metode analisis data menggunakan analisis regresi linear berganda yang menggunakan SPSS versi 23. Hasil dari penelitian menunjukan bahwa Return On Assets (ROA) berpengaruh positif dan signifikan terhadap Dividend Payout Ratio (DPR). Growth dan Free Cash Flow(FCF) secara parsial berpengaruh negatif dan signifikan terhadap Dividend Payout Ratio (DPR). Corporate Governance (CG) tidak berpengaruh signifikan terhadap Dividend Payout Ratio (DPR). Pengaruh ROA terhadap Dividend Payout Ratio (DPR) melalui Corporate Governance (CG) sebagai variabel intervening ditolak. Pengaruh Growth dan Free Cash Flow (FCF) secara parsial terhadap Dividend Payout Ratio (DPR) melalui Corporate Governance sebagai variabel intervening diterima. Kata kunci: Return On Asset; Growth; Free Cash Flow; Dividend Payout Ratio; Corporate Governance
Ignatius Soni Kurniawan, Sesi Pratiwi
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 961-977; https://doi.org/10.47467/alkharaj.v4i4.765

Abstract:
Penelitian ini bertujuan untuk menguji pengaruh motivasi intrinsik dan lingkungan kerja fisik terhadap komitmen afektif dengan dimediasi oleh variabel kepuasan kerja. Penelitian menggunakan populasi seluruh pegawai Dinas Koperasi Usaha Kecil Menengah (KUKM) & Perindustrian Bantul, teknik sampling yang digunakan dalam penelitian ini adalah sampel jenuh. Data diambil menggunakan kuesioner pada 45 responden dan diproses menggunakan uji asumsi klasik dan analisis regresi linier berganda. Uji asumsi klasik meliputi uji normalitas, uji mutikolonieritas, dan uji heterokedastisitas sedangkan uji regresi berganda meliputi uji t, uji sobel, uji adjusted r square, dan uji beta. Hasil pada penelitian ini menunjukkan bahwa motivasi intrinsik berpengaruh positif signifikan secara langsung terhadap komitmen afektif, maupun tidak langsung melalui kepuasan kerja. Lingkungan kerja fisik tidak berpengaruh terhadap komitmen afektif baik secara langsung maupun tidak langsung melalui kepuasan kerja. Kepuasan kerja berpengaruh positif signifikan terhadap komitmen afektif. Implikasi hasil penelitian didiskusikan pada bagian pembahasan. Kata kunci: Lingkungan Kerja Fisik, Motivasi Intrinsik, Kepuasan Kerja, Komitmen Afektif.
Widya Karanita, Ignatius Soni Kurniawan
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1013-1031; https://doi.org/10.47467/alkharaj.v4i4.769

Abstract:
This study aims to analyze the effect of quality of work life and intrinsic motivation on affective commitment with job satisfaction as a mediating variable on the employees of Dinas Perhubungan Kabupaten Bantul. This type of research is quantitative research. The sample size of this study was 92 employees. The sampling technique used the accidental sampling method. The data collection method in this study used a questionnaire. The data analysis technique used multiple linear regression analysis and Sobel test. The results showed that the quality of work life had a significant effect on job satisfaction. Intrinsic motivation has no significant effect on job satisfaction. Quality of work life has a significant effect on affective commitment. Intrinsic motivation and job satisfaction have no significant effect on affective commitment. Job satisfaction does not mediate the effect of quality of work life and intrinsic motivation on affective commitment. Keywords: Affective Commitment; Intrinsic Motivation; Job Satisfaction; Quality of Work Life.
Burhanudin Yusuf Hanafi, Wiwin Priana
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1069-1089; https://doi.org/10.47467/alkharaj.v4i4.836

Abstract:
The most successful agricultural sub-sectors in Lamongan and Tuban districts are the subjects of this study. In Lamongan and Tuban districts, agriculture is the most significant industry. Agriculture, forestry, and fisheries, as well as energy and gas procurement, clean water, waste management, construction, and wholesale and retail trade, have the potential to become basic industries in Lamongan Regency. Automotive repair, information technology (ICT), military cooperation and manufacturing are some of the other sectors in the area. Lamongan Regency has a population of 200,000 people. Agriculture, forestry and fisheries account for an average of 2.9 percent of basic sector production. Agriculture is one of the fastest growing businesses in the United States, according to shift share data. are in the second or third best quadrant. There are several industries in Tuban Regency that can become the backbone of the economy. These industries include food production and forestry as well as fisheries and mining. Tuban Regency can also be at the forefront in the fields of technology, defense, government administration, and social security. Agriculture, forestry, and fisheries make up the majority of the output of the fundamental sector. By shifting share, agriculture is one of America's fastest growing businesses. They are in the upper quartile, which indicates that they are very good. Keywords: Location Quotient Analysis, Shift Share, Klassen Typology
Abdul Aziz Suryadi, Risal Rinofah, Pristin Prima Sari
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1032-1049; https://doi.org/10.47467/alkharaj.v4i4.775

Abstract:
This research aimed to examine the effect of Capital Adequacy Ratio (CAR), Non Performing Loan (NPL),Operating Expenses Operating Income (BOPO) and Loan to Deposite Ratio (LDR) ratios on profitability (ROA). This type of research is quantitative research. The sample selection method in this research used purposive sampling method. The sample used was 20 of 45 banking companies listed on the Indonesia Stock Exchange with the periode 2016-2020. The analytical method used was multiple linear regression analysis using the SPSS version 22 program. The result showed that the Capital Adequacy Ratio (CAR) t test had a significant effect on profitability (ROA) partially, Operating Expenses Operating Income (BOPO) has a negative effect on profitability(ROA) partially, then Non Performing Loan (NPL) and Loan to Deposite Ratio (LDR) have a positive and not significant effect on profitability (ROA). And from the result of the f test, the Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), Operating Expenses Operating Income (BOPO) and Loan to Deposite Ratio (LDR) variables have a simultaneous effect on profitability (ROA). Keywords: CAR, NPL, BOPO, LDR, ROA
Imam Khulwani, Risal Rinofah, Pristin Prima Sari
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1050-1068; https://doi.org/10.47467/alkharaj.v4i4.776

Abstract:
This study aims to determine the effect of Regional Original Income, General Allocation Funds, Special Allocation Funds, partially and simultaneously effecting Capital Expenditures in Regencies/Cities in the Province of the Special Region of Yogyakarta (DIY) in 2016-2020. The type of research used is the type of quantitative research. Secondary data obtained from the website (http://www.djpk.kemenkeu.go.id). In this study, it was analyzed using descriptive analysis and multiple linear regression analysis and processed with SPSS version 25. The results of this study indicate that partially: the Regional Original Income (PAD) variable has a partial effect on Capital Expenditures in 4 regencies and 1 city in the Special Region of Yogyakarta (DIY), the General Allocation Fund (DAU) does not partially affect Capital Expenditures. , the Special Allocation Fund (DAK) has an effect on Capital Expenditures in 4 districts and 1 city in the Province of the Special Region of Yogyakarta (DIY). Meanwhile, simultaneously: Variables of Local Revenue (PAD), General Allocation Fund (DAU), Special Allocation Fund (DAK) simultaneously have a significant effect on Capital Expenditures in 4 districts and 1 city in the Special Region of Yogyakarta (DIY). ) with the period 2016-2020. Keywords: Regional Original Revenue, General Allocation Fund, Special Allocation Fund, Capital Expenditure.
Ghiffari Zaka Wali, Wiwik Handayani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1227-1239; https://doi.org/10.47467/alkharaj.v4i4.910

Abstract:
UD Tahu FN merupakan pabrik yang bergerak dalam bidang pembuatan tahu. Dalam peningkatan produksi perlu adanya perhatian pada kinerja lingkungan. Aspek kinerja lingkungan tersebut berupa limbah cair hasil produksi tahu yang jumlahnya sangat banyak. Penelitian ini bertujuan untuk menganalisis limbah cair dengan metode Green Productivity (GP). Metode tersebut dapat memberikan usulan perbaikan guna meningkatkan produktivitas perusahaan. Hasil penelitian di dapat perusahaan memiliki kinerja lingkungan pada Environment Performance Index (EPI) awal Sebesar -460,494. Sedangkan Green Productivity Index (GPI) awal pada UD tahu FN memiliki nilai 0,002 dan GP Waste cair sebesar 0,79. Terdapat 2 alternatif solusi yang dihasilkan yaitu berupa pemanfaatan limbah cair menjadi Nata de Soya dan Pupuk Organik Cair (POC). sedangkan Alternatif solusi yang dipilih adalah alternatif kedua yaitu pemanfaatan menjadi Pupuk Organik Cair yang mampu menambah meningkatkan nilai ekonomi menjadi Rp 16.295.750 dan meningkatkan produktivitas menjadi 213,8%. Dapat disimpulkan bahwa dengan perbaikan kinerja lingkungan berupa pemanfaatan limbah cair mampu menambah pendapatan secara kecil kepada perusahaan.
Abdu Fitrah Indarto, Siti Ning Farida
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 1258-1266; https://doi.org/10.47467/alkharaj.v4i4.919

Abstract:
Competition in running an economy is experiencing a rapid increase, not least in the competition in the world of technology. Various kinds of companies in the world are currently fighting for the interest of the consumer market. The purpose of this research is to determine the impact of brand image and perceived quality variables on buying interest in iPhone products in the city of Surabaya. The research method is to use a quantitative approach. The research conducted by the researcher refers to the use and measurement of the linkert scale which is calculated from 1 to 5. The number of samples used is 100 samples. The data analysis test used in this study refers to the multiple linear regression test. Quality Perception Variable (X2) has a significant effect on buying interest (Y) Iphone in Surabaya. Subsequent test results have also shown . Variables of perceived quality (X2) and perceived quality (X2) together have a significant effect on buying interest (Y). Keywords: Brand image, Perceived quality and Purchasing Intetion
Anugrah Sepnu Utama, Risal Rinofah, Pristin Prima Sari
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 943-961; https://doi.org/10.47467/alkharaj.v4i3.754

Abstract:
This study aims to determine whether there is an effect of Capital Adequacy Ratio (CAR), Non Performing Loan (NPL) on Profitability (ROA) with Efficiency (BOPO) as an Intervening Variable, in conventional commercial banks in Indonesia listed on the Indonesia Stock Exchange period (2016). -2020). Sampling using the purposive sampling method with the criteria that the bank has a complete published report in 2016-2020, and the bank has a non-negative ROA. This study uses data obtained from the bank's Annual Financial Statements issued by the bank in the Financial Services Authority (OJK) Bank Published Financial Statements. The analytical technique used is a statistical test through the Ttest, Ftest, R2, Multiple Regression Test, and Sobel Test using the Sobel Test Calculator for the Significance of Mediation. The results of the analysis on the t test show that CAR has a negative and insignificant effect on ROA, NPL has a negative and insignificant effect on ROA, BOPO has a negative and significant effect on ROA. CAR has a negative and significant effect on BOPO, NPL has no significant effect on BOPO. And the results of the Sobel test showed that BOPO was able to mediate the CAR variable on ROA but was unable to mediate the effect of NPL on ROA.Keywords: CAR; NPL; ROA; BOPO
Nur Anisa, Sri Hermuningsih, Alfiatul Maulida
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 626-640; https://doi.org/10.47467/alkharaj.v4i3.708

Abstract:
This study aims to examine the effect of firm size, leverage, dividend policy and profitability on firm value in the study of manufacturing companies in the food and beverages sector. This research uses quantitative research. The technique used in sampling is the purposive sampling method, namely the selection of samples is carried out with predetermined criteria. So that as many as 35 data were obtained from 7 food and beverages companies listed on the IDX during the 2016-2020 period. The data analysis method used is multiple linear regression analysis using the SPSS version 23 program. Based on the results of the study, it shows that: (1) firm size has no effect on firm value, (2) leverage has a negative and significant effect on firm value, (3) dividend policy has no effect on firm value, (4) profitability has a positive and significant effect on firm value. Keywords: firm size, leverage, dividend policy and profitability.
Resa Novita, Isni Andriana, Kemas M Husni Thamrin
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 798-812; https://doi.org/10.47467/alkharaj.v4i3.740

Abstract:
The purpose of this research is to analyze the effect perceptions about financial literacy factors against the investment decisions on life insurance in Palembang. The population in this study is the owner of life insurance in Palembang, the sampling in this study is using the Purposive Sampling methodwith 50 respondents as samples. The type of research used is quantitative research with primary data sources obtained from distributing questionnaires to respondents. The data analysis technique in this research are descriptive and inferential statistical analysis using Structural Equation Modeling (SEM) with smartPLS (Partial Least Square) 3.0 software. The results showed that the perception of age and gender has no significant effect against the investment decisions on life insurance in Palembang, meanwhile the perception of education level and income have a significant effect against the investment decisions on life insurance in Palembang.Keywords: Age, Gender, Level of Education, Income, Investment Decisions
Juwita Nur Safitri, Muhammad Iqbal Fasa, A. Kumedi Ja’Far
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 782-797; https://doi.org/10.47467/alkharaj.v4i3.739

Abstract:
Kegiatan muamalah merupakan kegiatan yang melibatkan setiap anggota masyarakat dalam upaya memenuhi kebutuhan hidupnya sehari-hari. Sebagaimana yang dilakukan oleh masyarakat di Desa Margo Leastari Kecamatan Jati Agung Kabupaten Lampung Selatan yang melakukan praktik jual beli angsuran tanah kavling. Perjanjian jual beli angsuran tersebut melibatkan dua pihak, yakni pihak debitur (penjual tanah) dengan pihak kreditur (pembeli tanah), jual beli tersebut dilakukan secara angusran atau menggunakan sistem cicilan. Praktik jual beli kredit tanah kavling tersebut ditetapkan dalam sebuah perjanjian yang memuat jumlah dan besaran cicilan, jangka waktu serta hak dan kewajiban setiap pihak yang harus dipenuhi. Apabila terdapat hal yang penting namun belum tertulis dalam perjanjian, kedua belah pihak harus membuat kesepakatan yang disetujui oleh kedua belah pihak. Salah satu masalah yang terjadi dalam praktik tersebut adalah terkait sengketa tunggakan, dalam perjanjian tidak terdapat pasal mengenai penghapusan uang muka apabila terjadi tunggakan dalam pembayaran cicilan, sedangkan debitur melakukan penghapusan uang muka secara sepihak tanpa kesepakatan kreditur apabila kreditur mengalami tunggakan dalam pembayan angsuran dalam jual beli tanah kavling.
Surono Surono, Rika Juwita, Ruslan Abdul Ghofur, Erike Anggraini
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 655-672; https://doi.org/10.47467/alkharaj.v4i3.711

Abstract:
This research aims to analyze the differences in the performance of Islamic stock mutual funds and conventional stock mutual funds in forming an optimal portfolio using the Sharpe and Treynor models. Purposive sampling was used in determining the data sample which was then analyzed using the descriptive method with a comparative study during the period January 2018 to December 2019. Hypothesis testing used a different test to determine the difference between the two using the SPSS Application Tool. The results showed that the calculation of the performance of stock mutual funds using the Sharpe method, both Islamic and conventional stock mutual funds, there was no significant difference. Likewise, the results of the calculation of the performance of stock mutual funds using the Treynor method show that there is no difference between the performance of Islamic stock mutual funds and conventional stock mutual funds. This is one proof of the development of the Islamic economy in Indonesia, especially in the capital market, so that Islamic mutual funds can compete with conventional mutual funds.
Rizki Agung Pradana, Bowo Santoso
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 686-699; https://doi.org/10.47467/alkharaj.v4i3.714

Abstract:
Era neoliberal memberikan dampak pada persaingan dalam segala bidang menjadi sangat krusial, khususnya pada bidang perekonomian. Segala upaya dilakukan untuk mendapatkan keuntungan yang layak dari produk atau jasa yang ditawarkan dalam kegiatan perekonomian. Untuk mencapai tujuan tersebut perusahaan dituntut untuk bisa lebih efisien dan efektif dalam mengelola sumber daya yang ada, agar dapat mengabsolutkan pengaruhnya didalam ekosistem bisnis. Tujuan penelitian ini untuk mengetahui pengaruh gaya kepemimpinan, lingkungan kerja, dan motivasi kerja terhadap kepuasan kerja pada karyawan bagian produksi PT Harapan Sejahtera Karya Utama Sidoarjo. Penelitian ini merupakan penelitian kuantitatif yang menggunakan kuisioner sebagai metode pengumpulan data. Dengan Populasi dalam penelitian ini berjumlah 256 karyawan tetap bagian produksi PT. Harapan Sejahtera Karya Utama Sidoarjo. Kemudian Penarikan sampel menggunakan metode probability sampling dengan teknik simple random sampling. Dengan margin error sebanyak 10% maka dapat diketahui bahwa jumlah responden yang ditetapkan ialah berjumlah 71 responden karyawan bagian produksi PT Harapan Sejahtera Karya Utama. Data yang dipergunakan adalah data primer dan sekunder. Sedangkan analisis yang dipergunakan adala Partial Least Square (PLS). Hasil dalam penelitian ini menunjukkan bahwa 1) gaya kepemimpinan berpengaruh positif terhadap kepuasan kerja; 2) lingkungan kerja tidak berpengaruh (negatif) terhadap kepuasan kerja; dan 3) motivasi kerja berpengaruh positif terhadap kepuasan kerja.
Retno Dwi Astuti, Gendro Wiyono, Kusuma Chandra Kirana
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 612-625; https://doi.org/10.47467/alkharaj.v4i3.706

Abstract:
This study aims to analyze the relationship between teacher training and transformational leadership on teacher performance through job satisfaction as an intervening variable in teacher members of SMA N1 SEMIN. This research method uses quantitative descriptive using primary data obtained from distributing questionnaires. In this study using the sessus technique, each population has the same opportunity to be sampled. The number of samples taken in this study were 44 questionnaires. Data were analyzed using SPSS and Smart PLS. The results showed that teacher training had a positive and significant effect on job satisfaction with a significance level of 0.002 < 0.05, so hypothesis I was accepted. Transformational leadership has a positive and significant effect on job satisfaction with a significance level of 0.018 <0.05, so hypothesis II is accepted. Teacher training has a positive and significant effect on teacher performance with a significance level of 0.021 0.05, so hypothesis IV is rejected. Job satisfaction has a positive and significant effect on teacher performance with a significance level of 0.003 < 0.05 (p 1.96 then hypothesis VI is accepted. Transformational leadership on teacher performance with job satisfaction as an intervening variable with a significance level of Z score 1.80 < 1.96 then hypothesis VII is rejected. Keywords: teacher training, transformational leadership, job satisfaction, teacher performance.
Syamsuri Syamsuri, Annisa Silviana Yuniar, Nur Afifah
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 838-852; https://doi.org/10.47467/alkharaj.v4i3.762

Abstract:
Economic inequality in Indonesia is growing with increasing poverty caused by unequal distribution. This can be seen in the number of poor people in 2020 reaching 27.55 million people compared to September 2019 reaching 24.79 million people. All government efforts to resolve economic disparities have been carried out, such as distribution of taxes, infrastructure, the flow of BLM funds, RPJMN. However, these efforts only prioritize large projects, so they have not been able to resolve the gap. Another effort is by waqf shares because the profits can be used for the benefit of the community which can be distributed evenly by the waqf manager. Share waqf is the use of funds from shareholders in the form of profits and capital distributed to waqf recipients by waqif in the form of employment, education, worship and other community needs. This study aims to determine the role of share waqf in resolving economic disparities. This study was written using a qualitative method with a literature review approach. Data collection comes from articles and books on gap settlement and the role of share waqf, as well as several government program reports. The data analysis technique used in this study is descriptive analysis. The results of this study can be concluded that share waqf has a role in resolving economic disparities by making the company's capital and stock dividends the object of waqf, then the wakif appoints a nadzir from the waqf institution to manage the waqf in the form of riil and non-riil sectors.
Panji Sudono Bekti, Amin Wahyudi
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 853-866; https://doi.org/10.47467/alkharaj.v4i3.742

Abstract:
The main motive of a consumption is to obtain a utility/satisfaction. However, in Islam there are many rules of consumption that can be restrict forconsumer’s freedom. The purpose of this article is to find out how Islam manages consumer and how a Muslim obtains maximum utility in his consumption. The method of this research is literature study by reviewing books, scientific journals, and articles from relevant official websites. The results of the research shows that Muslim consumer still gets maximum utility even though there are many rules that regulate him. Even,his maximum utility is not influenced by his financial capabilities.
Ana Marfuah, Kusuma Chandra Kirana, Didik Subiyanto
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 880-894; https://doi.org/10.47467/alkharaj.v4i3.748

Abstract:
This research aims to determine the effect of competence and work ethic on work performance with motivation as a moderating variable. In this study using a population of all employees of PT. Sapta Sentosa Jaya Abadi Muko-Muko with a total of 70 respondents, the sampling technique used saturated sampling with questionnaires which were distributed to all employees of PT. Sapta Sentosa Jaya Abadi Muko-Muko. This research is a quantitative research. Data analysis techniques used in this research are descriptive analysis, multiple regression analysis, and Moderate Regression Analysis (MRA). The results of this study indicate that the competence variable has a positive and significant effect on work performance, the work ethic variable has a positive and significant effect on work performance, the motivation variable has a positive and significant effect on work performance, the motivation variable can moderate competence on work performance, The motivation variable cannot moderate work ethic on work performance Keywords: Motivation, Competence, Work Ethic, Work Performance
As'ad Fuadi, Muhammad Iqbal Fasa, A. Kumedi Ja’Far
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 628-637; https://doi.org/10.47467/alkharaj.v4i3.699

Abstract:
Pada zaman modern sekarang ini, sebagai manusia cara kita bermuamalah semakin beragam dan begitu banyak alternatifnya selain tentunya juga begitu banyak kemudahan. Dahulu, untuk berbelanja kebutuhan harian, kita harus pergi ke pasar tradisional ataupun warung-warung klontong, namun dengan pesatnya kemajuan zaman, saat ini semuanya sudah bisa dipenuhi dengan pergi ke minimarket ataupun supermarket. Tidak bisa kita pungkiri dengan kita berbelanja ke minimarket contohnya, ada saat di mana pembeli membayar dengan uang lebih barang belanjaannya karena memang tidak ada uang pas, namun di waktu yang sama kasirpun menawarkan kepada pihak konsumen untuk memberikan donasi dari uang kembalian yang biasanya berupa recehan (re: ratusan rupiah) yang nantinya donasi tersebut diperuntukkan kepada pihak yang layak menerimanya. Uang kembalian tersebut jika dialihkan sebagai donasi yang walaupun bernilai ibadah namun tanpa persetujuan konsumen atau dengan keterpaksaan tentunya dapat menimbulkan penyimpangan dari kaidah hukum Islam.
Onky Anugerah Susanto, Gendut Sukarno
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 673-685; https://doi.org/10.47467/alkharaj.v4i3.713

Abstract:
Produk furnitur Indonesia berdaya saing karena tidak saja Indonesia memiliki sumber bahan baku alami yang melimpah dan berkelanjutan, namun juga didukung oleh keragaman corak dan desain yang berciri khas lokal serta ditunjang oleh Sumber Daya Manusia (SDM) yang cukup kompeten. Tujuan penelitian ini untuk mengetahui pengaruh kompetensi entrepreneurial, strategi kewirausahaan, dan modal sosial terhadap kinerja usaha pada UMKM Mebel di Kota Surabaya.. Penelitian ini merupakan penelitian kuantitatif yang menggunakan kuisioner sebagai metode pengumpulan data. Dengan populasi yang digunakan dalam penelitian ini adalah Pengusaha di Jalan Semarang Kota Surabaya sejumlah 50 orang. Kemudian teknik pengambilan sampel yang digunakan peneliti yaitu non probability sampling dengan metode sampling jenuh. Sehingga sampel yang digunakan pada penelitian ini adalah yaitu 50 orang Pengusaha UMKM Mebel di Jalan Semarang Kota Surabaya. Data yang dipergunakan adalah data primer dan sekunder. Sedangkan analisis yang dipergunakan adala Partial Least Square (PLS). Hasil dalam penelitian ini menunjukkan bahwa 1) kompetensi kewirausahaan berpengaruh positif terhadap kinerja usaha; 2) strategi kewirausahaan berpengaruh positif terhadap kinerja usaha; dan 3) modal sosial berpengaruh positif terhadap kinerja usaha.
Oktamia Asri Ivo, Henny Welsa, Putri Dwi Cahyani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 756-771; https://doi.org/10.47467/alkharaj.v4i3.724

Abstract:
There is knowledge about the analysis of the influence of sales store atmosphere and sales promotion on impulse buying and positive emotion in Matahari Department Store Yogyakarta. Non-probability sampling method and purposive sampling technique using Matahari Department Store consumers as many as 100 consumers as respondents. The questionnaire which is the instrument in this study was analyzed using SPSS 25. The researcher took the result that positive emotion was not positively influenced by sales promotion. Positive emotion is positively influenced by store atmosphere. Impulse buying is not positively influenced by sales promotion. Impulsive buying is also not positively influenced by the store atmosphere. Meanwhile, impulsive buying is significantly influenced by the positive emotion variable. Keywords: Sale Promotion, Store Atmosphere, Positive Emotion, Impulsive Buying
Titi Astutiningtyas, Kusuma Chandra, Gendro Wiyono
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 597-611; https://doi.org/10.47467/alkharaj.v4i3.705

Abstract:
This study aims to analyze the relationship between leadership style and non-physical work environment on employee performance through job satisfaction as an intervening variable for employees of BBTKLPP Yogyakarta. This research method uses quantitative descriptive using primary data obtained from distributing questionnaires. In this study using the sesnus technique, where all populations are taken, each population has the same opportunity to be sampled. The number of samples taken in this study were 110 questionnaires. Data were analyzed using SPSS and Smart PLS. The results showed that leadership style had a positive and significant effect on job satisfaction with a significance level of 0.042 <0.05, so hypothesis I was accepted. The non-physical work environment has a positive and significant effect on job satisfaction with a significance level of 0.000 0.05, so hypothesis III is rejected. Non-fictional work environment has no positive and significant effect on employee performance with a significance level of 0.256 > 0.05, so hypothesis IV is rejected. Job satisfaction has a positive and significant effect on employee performance with a significance level of 0.006 < 0.05 (p <0.05), so hypothesis V is accepted. Leadership style on employee performance with job satisfaction as an intervening variable with a significance level of Z score 1.57 < 1.96 then hypothesis VI is rejected. Non-physical work environment on employee performance with job satisfaction as an intervening variable with a significance level of Z score 2.51> 1.96 then hypothesis VII is accepted. Keywords: Leadership style, non-physical work environment, job satisfaction, employee performance.
Risal Rinofah, Pristin Prima Sari, Titi Juliani
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 726-744; https://doi.org/10.47467/alkharaj.v4i3.719

Abstract:
Penelitian ini bertujuan untuk mengetahui adanya pengaruh rasio likuiditas (Current Ratio), profitabilitas (Return On Assets), leverage (Debt To Asset Ratio), dan rasio aktivitas (Total Aset Turn Over) terhadap financial distress pada perusahaan sub sektor industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia tahun 2016-2020. Variabel dependen dalam penelitian ini adalah financial distress dan variabel independen dalam penellitian ini adalah likuiditas, profitabilitas, leverage, dan aktivitas. Penelitian ini dilakukan dengan metode purposive sampling. Teknik pengambilan data menggunakan data sekunder. Data diperoleh dari perusahaan sub sektor industri makanan dan minuman dari tahun 2016-2020 yang terdaftar di Bursa Efek Indonesia (BEI) dengan menggunakan Regresi Linear Berganda yang menggunakan SPSS 20. Variabel Financial Distress di prioksikan menggunakan rumus Altman Z-Scored. Hasil dari Penelitian ini menunjukkan bahwa likuiditas, profitabilitas, aktivitas memiliki pengaruh yang signifikan terhadap financial distress, sedangkan leverage tidak memiliki pengaruh yang signifikan terhadap financial distress. Kata-kata Kunci: Financial Distress, Likuiditas, Profitabilitas, Leverage, Aktivitas.
Dicky Hidayat, Sri Hermuningsih, Alfiatul Maulida
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 895-913; https://doi.org/10.47467/alkharaj.v4i3.749

Abstract:
This study is intended to determine the effect of the independent variable (X), namely: Profitability, Liquidity, Leverage, and Company Size on Dividend Policy in the study of companies in the Consumer Goods Industry sector. The research method in this test uses quantitative descriptive and the data used is secondary data from official sources. The population in this study were all companies in the Consumer Goods Industry sector, totaling 60 companies. The sampling technique in this study was using purposive sampling by taking into account certain conditions that had been agreed upon so that the authors decided to use 10 companies as samples in this test. The data obtained with the observation time of 5 years is 50 data. The source of data in this study is secondary data. Test the quality of the data using Descriptive Analysis Techniques, Classical Assumption Test, and Multiple Linear Analysis. The data analysis technique in this test uses the t statistic test, f statistic test, and the coefficient of determination (Adjust R2). The partial test results in this test show that profitability and liquidity have a positive effect on Dividend Policy, while Leverage and Firm Size have a negative effect on Dividend Policy. Simultaneous test results show that the free factors of Profitability, Liquidity, Leverage, and Company Size also have a positive and significant effect on Dividend Policy in the Consumer Goods Industry sector on the IDX for the 2016-2020 period. Keywords: Profitability, Liquidity, Leverage, Firm Size, Dividend Policy
Nurma Hasanah, Imsar Imsar, Suwandi Suwandi
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 700-707; https://doi.org/10.47467/alkharaj.v4i3.717

Abstract:
The purpose of this study was to determine (1) the effectiveness of the zakat, infaq and alms (ZIS) distribution program in the form of scholarships, (2) the challenges faced in distributing zakat, infaq and alms (ZIS) funds in the program, (3) efforts made in overcoming the attacks of zakat, infaq and alms (ZIS) funds in the scholarship program. Data collection in this study used the method of documentation and semi-structured interviews. The results of this study indicate that the level of effectiveness of the zakat, infaq and alms (ZIS) fund distribution program in the form of scholarships is in the ineffective category, this is because scholarship funds become victim grant funds during the pandemic. Keywords: Effectiveness, scholarships, ZIS
Masum Johari, Supriyono Supriyono
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 745-755; https://doi.org/10.47467/alkharaj.v4i3.721

Abstract:
Dengan adanya perubahan teknologi yang semakin pesat dapat mengakibatkan persaingan bisnis yang keketatannya lebih tinggi lagi diantara para pebisnis yang memiliki perusahaan atau produk barang dan jasa sejenis. Oleh karena itu diperlukan strategi yang baik untuk dapat meningkatkan bisnisnya. Tujuan penelitian ini untuk mengetahui mengetahui relasi/hubungan dari diferensiasi produk dan citra merek terhadap keputusan pembelian sepatu Bata di Plaza Surabaya. Penelitian ini termasuk kedalam penelitian kuantitatif yang menggunakan kuisioner sebagai metode pengumpulan data. Dengan populasi yang digunakan dalam penelitian ini adalah para pembeli sepatu Bata di Plaza Surabaya yang usianya lebih dari 17 tahun. Kemudian teknik non probability sampling adalah teknik yang dipergunakan oleh peneliti dengan metode purposive sampling. Sampel yang diambil pada penelitian ini adalah yaitu 70 orang pembeli sepatu Bata di Plaza Surabaya. Data yang dipergunakan dalam penelitian ini yakni data primer dan sekunder. Sedangkan teknik analisis yang dipergunakan adala Partial Least Square (PLS). Dimana hasil dalam penelitian ini memperlihatkan bahwa diferensiasi produk berpengaruh positif pada keputusan pembelian dan citra merek berpengaruh positif pada keputusan pembelian.
Ning Karnawijaya, Siti Rokhaniyah
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 708-725; https://doi.org/10.47467/alkharaj.v4i3.718

Abstract:
This study aims to determine the effect of Pegadaian Digital Service (PDS) on the financial inclusion of sharia business segments. The study was conducted using secondary dataandanalyzed by quantitative and qualitative methods. Quantitative method used the t-test to determine the significance of the effect of PDS on the financial inclusion of sharia business segments. The t-test was conducted two years before the release of PDS (2016-2017) and the two years after released of PDS (2018-2019). Sharia business segments in this study are sharia pawn bussiness (rahn) and micro fiducia sharia business (Arrum and Amanah). Furthermore, qualitative analysis is to find the right modeling for optimizing PDS in increasing financial inclusion in sharia business segments. The results showed that in the two years after the released of PDS the turnover, outstanding loan, and mu'nah revenue had a very significant increasing. There werestrong correlations and significant differences in the achievement of turnover, outstanding loans, and mu’nah revenue between before and after the PDS, both in sharia pawn business (Rahn), Arrum and Amanah products. The results of empirical testing proved that PDS was supporting the acceleration of financial inclusion programs, especially in the sharia business segment at PT. Pegadaian. Optimizing PDS in increasing financial inclusion in sharia business segments can be done by developing a product based PDS optimization model.
Kartika Kurniasari, Kusuma Chandra Kirana, Didik Subyanto
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 641-654; https://doi.org/10.47467/alkharaj.v4i3.709

Abstract:
This study was conducted to determine the effect of the work environment, coordination, and work culture on the effectiveness of employees' work in the era of the COVID-19 pandemic at the Yogyakarta Special Region of Youth and Sports Education. The method used in this study is a quantitative method with a sample of 95 respondents. Based on the multiple linear analysis method, it was found that the work environment has no significant effect on work effectiveness because the t-count value is 1.577 < 1.986, the decision shows that the work environment is not always importantto improve the quality of employee performance. Coordination has a positive effect on work effectiveness with a t value of 2.807 > 1.986. Work culture has a positive effect on the effectiveness of employees' work as evidenced by the t value of 5.988 > 1.986. Simultaneously work environment, coordination, and work culture have a significant positive effect on employee work effectiveness with Fcount of 81.861 > 0.020.
Nurman Ferdiana, Muhammad Iqbal Fasa, A. Kumedi Ja’Far
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 584-596; https://doi.org/10.47467/alkharaj.v4i3.700

Abstract:
In the world of Indonesian state finance, there are many types and varieties of financial products in circulation. As a society with the 4th largest population in the world, Indonesia is a very lucrative market share. This is often the main discussion in international organizations where Indonesia as a developing country is heading to a developed country. One product that is in great demand from year to year is retail sukuk. There are 15 Retail Sukuk products called Retail Sukuk 015. The products offered by the Indonesian government are very profitable on a certain scale. Where Retail Sukuk (retail sukuk) are a Sharia investment product offered by the government to individual Indonesian citizens. The management presented by Retail Sukuk must be based on Sharia principles, avoiding the elements of maysir (gambling), gharar (obscurity) and no usury (usury). The concept offered has also received a guarantee from the DSN MUI so that the contract used to issue Retail Sukuk is Ijarah-Asset to be leased. The existing capital turnover was developed for investment activities to purchase benefit rights to State Property leased by the government to procurement projects (project businesses). So the rewards are clearly taken or shared from the profits from the investment activities. To add to the clarity of how these benefits are obtained, it is described through 8 (eight) investment benefits issued by the Ministry of Finance as an extension of the Indonesian government. Therefore, the Government has a definite goal where the issuance of retail sukuk is to help finance the APBN and finance the development of various infrastructures in Indonesia. Keywords: Retail Sukuk, Sharia, Investment
Nova Dwi Andriyanto, Alfiatul Maulida, Sri Hermuningsih
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 772-781; https://doi.org/10.47467/alkharaj.v4i3.725

Abstract:
Stock return is one of the triggers in the investment process, stock returns are often used as a measurement tool by investors in making comparisons of investment alternatives, this can help investors to know the company's success before investing. The purpose of this study is to examine and analyze empirically the effect of Debt to Equity Ratio, Return On Assets, Dividend Payout Ratio on stock returns. The selection of scientific study data is collected by companies on the Indonesia Stock Exchange for the 2015-2020 period. The sample collection technique used is purposive sampling technique, with only 9 (nine) companies that meet the analysis criteria using the classical assumption test and multiple linear regression analysis techniques using SPSS 21 software. This is according to the classical assumption test and the fit test of the regression model which results in a data that can be used for analysis. The conclusion of the study shows that Return on Assets is able to influence positively and significantly, while the Debt to Equity Ratio and Dividend Payout Ratio have no effect on stock returns. Keywords: Debt to equity ratio;Return On Assets; Dividend Payout Ratio; Stock return.
Ratri Wisnu Pertiwi, Syamsul Hadi, Aulia Rosiana
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 934-942; https://doi.org/10.47467/alkharaj.v4i3.753

Abstract:
Purpose - This research was conducted with the aim of knowing the role of compensation and job satisfaction in mediating the effect of job stress. Research method - This study uses regression analysis one method to determine the causal relationship between variables with other variables. The sample that meets the feasibility analysis is 60 respondents consisting of private institutions in Yogyakarta. Findings - From the regression test proves that compensation has a significant effect on work stress as well as job satisfaction has a significant effect on work stress. Given that job satisfaction plays an important role so that employees can provide optimal work results so that organizational goals can be achieved. Keywords: compensation, job satisfaction, job stress
Dian Melsa Irawati, Sri Hermuningsih, Alfiatul Maulida
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 813-827; https://doi.org/10.47467/alkharaj.v4i3.741

Abstract:
The purpose of this study was to determine the effect of capital structure, firm size, and firm growth on firm value in the food and beverages industry sector companies listed on the Indonesia Stock Exchange for the 2016-2020 period. This study uses quantitative research with sampling using purposive sampling method, which is a method of selecting samples with certain predetermined criteria. So that in this study, 51 data were obtained from 13 companies that met the criteria. The data analysis technique used is panel data analysis. The results of the study found that partially capital structure had a significant negative effect on firm value, firm size had a significant positive effect on firm value, and firm growth had no positive effect on firm value. Keywords : capital structure, company size, company growth, company value
Risal Rinofah, Pristin Prima Sari, Heni Nur Amrina
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 867-879; https://doi.org/10.47467/alkharaj.v4i3.746

Abstract:
The purpose of this study is to find out whether the effect of Market Value Added, Profitability, and Market Value Added on stock price. Sampling in this study is a purposive sampling method. Then the data is tested using multiple regression analysis. The results of the t test showed that the Economic Value Added has a signification value of 0,018 which means smaller than 0,05 and the calculated value of -2.441t table 2.00758 then H2 is accepted, Market Value Added has significant value of 0,223 greater than 0,05 and the value of t calculated -1.235F table 2.773 and sig. value 0,042<0,05. It can be concluded that partially Economic Value Added has a significant negative effect on stock price, Profitability has a significant effect on stock price, Market Value Added has no significant effect on stock price and simultaneously Economic Value Added, Profitability, Market Value Added has a significant effect on stock price Keywords: Economic Value Added, Profitabilitas, Market Value Added, Stock Price
Willis Gita Kinasis, Didik Subiyanto, Epsilandri Septyarini
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 914-933; https://doi.org/10.47467/alkharaj.v4i3.751

Abstract:
The purpose of this study is to find out the motivation to mediate the leadership trilogy and job satisfaction to employee work productivity at PT. Mataram Tunggal Garment. The method used in this study is quantitative. Primary data was obtained from questionnaires with 78 respondents with saturated sample techniques. Then the data is analyzed using descriptive analysis, multiple linear regression tests, t (partial) tests, coesifisien determination (R2) and sobel tests. The results showed that job satisfaction had a significant influence on motivation, leadership trilogy and job satisfaction had a significant influence on employee work productivity, leadership trilogy and motivation had no significant effect on employee work productivity, motivation mediated leadership trilogy and job satisfaction had no insignificant effect on employee work productivity. Keywords: Leadership Trilogy, Motivation, Job Satisfaction and Employee Productivity.
Muhamad Hasan Mafruh, Muhammad Iqbal Fasa, Ahmad Kumedi Ja'Far
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 542-556; https://doi.org/10.47467/alkharaj.v4i2.697

Abstract:
The authority to adjudicate sharia economic disputes has absolutely become the authority of the Religious Courts since the issuance of Law No. 3/2006 concerning Amendments to Law No. 7/1989 concerning Religious Courts and strengthened by Law No. 21/2008 concerning Sharia Banking and the Constitutional Court Decision No. 93/PUU-X/2012. Every year, Islamic economic transactions always increase, even though during the pandemic, Islamic banking in Indonesia grows positively. However, the higher and increasing sharia economic transactions in Indonesia, the more disputes that occur. During the current covid-19 pandemic, the government has issued regulations regarding restrictions ranging from PSBB to PPKM. The purpose of this research is to encourage the emergence of sharia economic dispute resolution innovations, especially in the Judiciary during the Covid-19 pandemic without having to violate the Health protocol. This study uses a qualitative descriptive study, which uses literature studies quoted from books and regulations, both laws and other regulations, as well as direct research into the field to see the realities on the ground related to the settlement of sharia economic disputes during the pandemic. The results in this study indicate that the Supreme Court responds quickly to the rules and policies issued by the government by launching an e-court application and investigation (electronic trial). There are many benefits and conveniences that are felt by people seeking justice, especially parties in sharia economic disputes. However, there are still some obstacles experienced by the Religious Courts and justice seekers in electronic proceedings.
Yassin Zanardi, Novi Permata Indah
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 448-460; https://doi.org/10.47467/alkharaj.v4i2.685

Abstract:
This study aims to assess the financial performance of the Multipurpose Cooperative Andini Mulyo Boyolali Unit. This observation of financial performance was carried out by researching the financial statements of the multi-business cooperative Andini Mulyo Boyolali in 2015-2019. The data analysis method used is a quantitative method with a descriptive approach. Aspects of the financial statements. that become the reference include liquidity ratios, solvency ratios, and profitability ratios. The results showed that from 2015 to 2019 the financial performance of the Multipurpose Cooperative. Andini Mulyo Boyolali unit was very good when compared to the Assessment. Standards of the Ministry of Cooperatives and SMEs RI 2006. This can be seen. from the value of the liquidity ratio which managed to achieve an average CR of 406, 6% and CS by 200%. Judging from the solvency ratio, the average DAR produced is 17% and the DER is 21%. Then the average of the last component, the Multipurpose Cooperative Andini Mulyo Boyolali, managed to achieve an BOPO of 77%. Kata Kunci: Liquidity Ratio, Solvency Ratio, and Profitability Ratio.
Ali Idrus, Ade Maman
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 477-494; https://doi.org/10.47467/alkharaj.v4i2.687

Abstract:
One of the solutions proposed by Badan Amil Zakat Nasional is to form Lembaga Pemberdayaan Ekonomi Mustahik which has the task of improving the quality of life of mustahik through its programs. So, the purpose of this study is to find out how the role of Lembaga Pemberdayaan Ekonomi Mustahik Badan Amil Zakat Nasional in improving the economic welfare of mustahik. This study uses qualitative research methods that produce descriptive data. Where this research is based on observations made by the author and then explained according to what the author observed in the field. The data collection that the researchers did was using the method of observation, documentary interviews, and other data. When the data has been collected, the researcher conducts an analysis and then draws conclusions from the analysis. The results of this study are Lembaga Pemberdayaan Ekonomi Mustahik BAZNAS plays a role in the development of micro, small and medium enterprises (MSMEs) and focuses on potential creative businesses, empowers by providing business development capital assistance, in accordance with the budget draft proposed by mustahik, and approved by LPEM BAZNAS. Keywords: The Role of LPEM BAZNAS, Mustahik's Economic Welfare
Erni Dwijayanti, Risal Rinofah, Pristin Prima Sari
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 495-512; https://doi.org/10.47467/alkharaj.v4i2.688

Abstract:
The purpose of this study is to determine the influence of Intellectual Capital, Corporate Social Responsibility (CSR), and Good Corporate Governance (GCG) on financial performance in manufacturing companies listed on the IDX for the period 2015-2019. The variables used in this study are intellectual capital, corporate social responsibility (CSR), and good corporate governance (GCG) variables as dependent variables, while dependent variables are financial performance. This type of research is descriptive research with a quantitative approach. The subject of this study is a manufacturing company registered with the IDX for the period 2015-2019. Secondary data is obtained from the annual report of 9 companies with purposive sampling. Then the data is analyzed using multiple linear regression techniques. The results of the study with the t test showed that the variable Intellectual Capital (X1) had no significant effect on financial performance (Y) with a significance value of 0.169 > 0.05; Corporate Social Responsibility (X2) variables have a significant effect on financial performance (Y) with a significance value of 0.003 < 0.05; The Good Coporate Government (X3) variable has a significant effect on financial performance (Y) with a significance value of 0.026 < 0.05. Keywords: Intellectual Capital; Corporate Social Responsibility; Good Corporate Governance; Financial Performance
Tanti Auliya Agustina, Muchtolifah Muchtolifah, Sishadiyati Sishadiyati
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 238-250; https://doi.org/10.47467/alkharaj.v4i2.606

Abstract:
This study aims to analyse the difference in the Number of rural poor people in Tuban Regency between 2019 and 2020 to examine the effect of the Village Fund, Allocation of village funds (ADD) and Village original income on the Number of rural poor people in Tuban Regency in 2019-2020. The analysis tool used is panel data regression which is testing the hypothesis with the F test, t test and Coefficient of Determination (R2) at an error rate of = 5%. The results of panel data regression analysis with the selected model is the Fixed Effect Model showing that there is a difference in the Number of rural poor people in Tuban Regency between 2019 and 2020, the variables used in the model, namely the Village Fund, Allocation of village funds (ADD) and Village original income are able to explain the variation of the variable Number of rural poor by 85% and 15% are influenced by other factors that are not included in the research variables. Keywords: Village Fund, Allocation of village funds (ADD) and Village original income
Dimas Akbar Ramadhan
Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, Volume 4, pp 264-279; https://doi.org/10.47467/alkharaj.v4i2.613

Abstract:
The use of water reservoirs is increasingly diverse but the aims still to save clean water, making the competition between water reservoir producers in Indonesia more competitive. That is added with the emergence of various brands of new water reservoirs that are produced and circulated throughout Indonesia. Moreover, the types of water reservoirs that appear are also increasingly varied. The number of brands of water reservoirs in Indonesia with various types of marketing affects consumer buying interest in the water reservoir itself. This study aims to determine the effect of Electronic Word of Mouth and Brand Image on Buying Interest. By using associative methodology and in taking the sample using purposive sampling technique. The results of this study note that Electronic Word of Mouth and Brand Image simultaneously and partially affect Purchase Interest. The company should maintain and further improve the supporting factors in order to form a Brand Image that has a positive influence on buying interest from consumers. Keywords: Electronic Word of Mouth, Brand Image, Buying Interest
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