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1 – 10 of 27Aditya Pandu Wicaksono, Hadri Kusuma, Fitra Roman Cahaya, Anis Al Rosjidi, Arief Rahman and Isti Rahayu
This study aims to investigate the effect of the classification of origin country of institutional shareholder (domestic, developed and developing country) and its status on stock…
Abstract
Purpose
This study aims to investigate the effect of the classification of origin country of institutional shareholder (domestic, developed and developing country) and its status on stock exchange (listed and unlisted) on environmental disclosure level in Indonesian companies.
Design/methodology/approach
The data set comprises 474 non-financial firms listed in Indonesian Stock Exchange (IDX) for the period of 2017 to 2019. The study uses an environmental disclosure checklist to measure the extent of environmental disclosure in companies’ reports. Panel regression analysis technique is adopted to investigate the association between total percentage of shares held by institutional shareholders based on the classification of origin country and the status in stock exchange, and the extent of environmental disclosure.
Findings
The study reveals that the extent of environmental disclosure is positively and significantly associated with institutional investors from domestic, developed countries, listed and unlisted institutional investors. Further analysis shows interesting results that institutions from developing countries have a negative and significant relationship with environmental disclosure in non-sensitive industries.
Research limitations/implications
The authors recognize the issue of authors’ subjectivity in the measurement process of environmental disclosure. The sample for this study encompasses Indonesian listed firms. Thus, the results may not be generalized to Indonesian unlisted firms and other countries or regions.
Practical implications
This study suggests managers to engage more with institutional shareholders because they have greater concern for environmental disclosure practices. The current study also suggests managers to make strong environmental policies as they are important to ensure that institutional shareholders’ investments are safe.
Social implications
Given the positive impact institutional shareholders have on the level of environmental disclosure, it indirectly indicates that institutional shareholders have a strong motivation to make the world a better place.
Originality/value
This study offers in-depth insights into the effect of institutional ownership on environmental disclosure based on the classification of origin country and listing status of institutional investors.
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Annisa Fithria, Mahfud Sholihin, Usman Arief and Arif Anindita
This study aims to analyse the relationship between management ownership and the performance of Islamic microfinance institutions (MFIs) using panel data from Indonesian Islamic…
Abstract
Purpose
This study aims to analyse the relationship between management ownership and the performance of Islamic microfinance institutions (MFIs) using panel data from Indonesian Islamic rural banks (Bank Pembiayaan Rakyat Syariah [BPRS]).
Design/methodology/approach
This study uses unbalanced quarterly panel data from BPRS during the period from 2011 to 2016. Performance, as the dependent variable in this study, is analysed based on three sets of measures, namely, profitability, efficiency and the financing risk. Management ownership, as the independent variable in this study, is represented by ownership by the board of directors (BOD), the board of commissioners (BOC) and the sharia supervisory boards (SSB).
Findings
The results show that ownership by the BOD and BOC does not have a significant relationship with profitability and efficiency. However, the BOD ownership has a negative relationship with the financing risk and vice versa for the BOC ownership. Additionally, the study reveals that ownership by the SSB plays a positive and significant role in increasing the profitability and efficiency but does not have a significant impact on the financing risk.
Originality/value
This is one of the first studies to provide empirical results regarding the relationship between management (BOD, BOC and SSB) ownership and the performance of BPRS. The finding reveals that ownership by the SSB is very important to increase the profitability and efficiency of the BPRS.
Contribution to Impact
This study fills the gap in the literature about Islamic MFIs in Indonesia, especially the BPRS. This research also provides an insight into corporate governance practices and Islamic MFIs’ performance using BPRS data. The findings provide useful information for policy makers and regulators.
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Aisyah As-Salafiyah, Aam Slamet Rusydiana and Muhammad Isa Mustafa
This study aims to formulate an index formula for mosque empowerment based on Maqashid Syariah as a measuring tool for the level of mosque empowerment.
Abstract
Purpose
This study aims to formulate an index formula for mosque empowerment based on Maqashid Syariah as a measuring tool for the level of mosque empowerment.
Design/methodology/approach
This study uses a qualitative and quantitative approach (mixed method). Data collection techniques are carried out by in-depth interviews with experts consisting of academics, practitioners, scholars and regulators. The data analysis technique uses the Analytical Network Process (ANP) with Super Decision 2.10 software to construct the index model structure.
Findings
The results indicate that the mosque has a multi-field role, including in the fields of worship, social, education, politics, economy and culture. This study produces an index of mosque empowerment based on Maqashid Syariah, composed of sic criteria, namely, elements of Maqashid Syariah; protect religion, soul, mind, lineage, property and environment. The weighting results of the criteria indicate that maintaining religion is the main criterion with a weighted value of 0.209. Each of these criteria consists of five indicators. Of all indicators, environmental safety is the top priority, with a weighted value of 0.056.
Originality/value
This study is the first comprehensive study that discusses the mosque empowerment index by weighting the ANP method to produce an index of mosque empowerment based on Maqashid Syariah.
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Mohammed Waleed Alswaidan, Arief Daynes and Paraskevas Pasgas
This paper aims to reviews Sukuk risk classification schemes based on extending and adapting the risk classification schemes of conventional finance. It is then argued that risk…
Abstract
Purpose
This paper aims to reviews Sukuk risk classification schemes based on extending and adapting the risk classification schemes of conventional finance. It is then argued that risk classification schemes based on Sukuk structure provide significant insights into Sukuk risk not obtainable from conventional schemes. This is because Sukuk structure risk classification schemes link Sukuk risk more directly to the fundamental causal factors creating those risks. These links are less evident in conventional risk classification schemes. It is hypothesised that Sukuk structure risk factors will prove to be highly significant in multifactor expected return regressions.
Design/methodology/approach
The paper argues that, given the paucity of the empirical data currently available to researchers in Islamic finance, greater care needs to be taken in hypothesis development than is necessary for conventional finance. The limited data available should be used for testing hypotheses and not “wasted” in hypothesis formation. Through a meta-analysis of the existing literature on Sukuk risk, it is hypothesised that Sukuk structure risks will be highly significant in explaining Sukuk returns and returns volatilities in empirical tests.
Findings
The main Sukuk structures, debt based, equity based, assets based, agency based and hybrid structures, arise directly from the requirement of Sukuk to conform to the Shariah and to the fundamental ethical principles of Islamic finance and business. Further, Sukuk risk profiles are directly related to Sukuk structures. Thus, Sukuk structure risks are essentially Shariah risks. The paper presents a Sukuk risk classification matrix based on an evaluation of Sukuk structure risks.
Research limitations/implications
The findings on the relation of Sukuk risks to Sukuk structures require corroboration by rigorous empirical tests.
Social implications
The paper contributes to work on the creation of evidence-based risk management techniques in Islamic finance and to the expansion of ethical financial management.
Originality/value
The paper is one of the early detailed academic studies on the evaluation of risks arising from Sukuk structures.
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Joko Mariyono, Hanik Anggraeni Dewi, Putu Bagus Daroini, Evy Latifah, Arief Lukman Hakim and Gregory C. Luther
A research and development project disseminated ecological technologies to approximately 3,250 vegetable farmers through farmer field schools (FFS) in four districts of Bali and…
Abstract
Purpose
A research and development project disseminated ecological technologies to approximately 3,250 vegetable farmers through farmer field schools (FFS) in four districts of Bali and East Java provinces of Indonesia. This article aims to assess the economic sustainability of vegetable production after FFS participation.
Design/methodology/approach
A survey randomly sampled 500 farmers, comprised of FFS participants (50%) and non-FFS participants (50%). Based on 1,000 farm operations, this analysis employed input-saving technology as the fundamental model examined using the double-difference method. Simultaneous reduction of agrochemicals and improvement of productivity represent indicators of economic sustainability.
Findings
Results indicate that pesticide use decreased without jeopardising farm productivity; moreover, vegetable production increased. These findings indicate that the ecological technologies transferred through FFS significantly improved economic sustainability performance.
Research limitations/implications
This study purposively selected farmers who grew tomato and chilli. Thus, the outcomes are not generalisable to other crops.
Practical implications
FFS continues to be an effective method for transferring agricultural technologies to farmer communities. Policymakers are recommended to use FFS for disseminating beneficial and sustainable technologies to broader agricultural communities.
Social implications
The adoption of ecological technologies provides positive economic and ecological milieus.
Originality/value
This study employs a double-differences approach to verify input-saving technological progress. Therefore, the performance of economic sustainability attributable to the project intervention is theoretically justified.
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Agung Sedayu, Achmad Gat Gautama, Sukmayati Rahmah and Arief Rakhman Setiono
This study assesses the level of user importance to the building components of the Great Mosque of Mataram Kotagede Yogyakarta. The building components are the excellence and…
Abstract
Purpose
This study assesses the level of user importance to the building components of the Great Mosque of Mataram Kotagede Yogyakarta. The building components are the excellence and reliability of the mosque as a cultural and religious heritage in Indonesia.
Design/methodology/approach
This research uses the qualitative and quantitative method. The qualitative method was conducted with contextual and conceptual studies on the comparative history of the Great Mosque of Mataram Kotagede. The quantitative method collected respondent perceptions using questionnaire.
Findings
The results generate ten building components that the highest important component is the aesthetics appearance of the building, while the least important component is the tomb area. Other components consist of the ornaments and building elements, outdoor circulation, indoor circulation, landscapes and parks, the wall surrounding the mosque and its area, mosque furniture, ablution facilities and lavatories, and access from the mosque area to surrounding areas.
Originality/value
The conservation maintains the sustainability of the physical and non-physical aspects of the mosque building. The physical aspects include aesthetics and reliability of building, while the non-physical aspects consist of historical values, heritage, symbols, socio-culture, local wisdom and religious tolerance.
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Desmadi Saharuddin, M. Arief Mufraini, Abdul Ghoni, Inayatul Chusna, Ade Sofyan Mulazid and Supriyono Supriyono
This study aims to determine the prospect of takaful funerals as an Islamic insurance product and its marketing strategy. The multicase study analyzed is the Takaful Funeral…
Abstract
Purpose
This study aims to determine the prospect of takaful funerals as an Islamic insurance product and its marketing strategy. The multicase study analyzed is the Takaful Funeral Amsterdam of Indonesia, launched in 2015, Millî Görüs of Turkey in 1970 and Arrahma of Morocco in 2006.
Design/methodology/approach
This study delivers an analytic hierarchy process to qualitatively and quantitatively describe Muslim customers’ priority choice and interest criteria for takaful funerals as a forerunner of Islamic insurance products.
Findings
Based on the priority choice and interest criteria, the highest priority element of takaful funeral products is market need (49.21%). The group subcriteria were dominant compared to the individual subcriteria. Product design is the second choice (20.9%), with function as the priority in subcriteria.
Practical implications
This indicates that the Muslim community urgently needs funeral service products that are consistent with Islamic law, which emphasizes its function. The market needs as the highest priority element implies that bundling products, affordable prices and simple design are the most suitable methods for developing takaful funeral products in Indonesia.
Originality/value
To the best of the authors’ knowledge, this is the first study to discuss Islamic funerals in Indonesia, with the potential to be further developed with the increasing need of the Islamic insurance industry for new products. Previous research did not examine the PPME Al-Ikhlas Takaful Amsterdam, Millî Görüs of Turkey and Arrahma of Morocco as case studies for developing Islamic funeral insurance in Indonesia. Therefore, this gives the present study high originality.
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Ediansyah, Mts Arief, Mohammad Hamsal and Sri Bramantoro Abdinagoro
This article aims to know the direction of current research based on the previous research in the last ten years (2012–2021).
Abstract
Purpose
This article aims to know the direction of current research based on the previous research in the last ten years (2012–2021).
Design/methodology/approach
Text mining was integrated with a network and content analysis as part of the mix methodological approach. The scientific articles, on the other hand, were assembled on Litmaps through web scraping. This process selected 86 articles about medical tourism published between 2012 and 2021. This study employed AntConc, RStudio and Gephi tools for data analysis and visualization.
Findings
A total of 138 articles were identified through Litmaps using web scraping and 86 studies met the criteria. The trend of medical tourism research is a positive sign for tourism and health industries; this is the beginning to recognize the importance of elaborating on these two topics. Several researchers have frequently studied issues of destination, hospital, development, quality, stakeholders, surgery, service, economics and policy. Policymakers must establish a medical tourism ecosystem to accommodate all stakeholders in this industry. This study also recommends focusing on supply and institution for medical tourism future research.
Research limitations/implications
This literature review presents research trends on medical tourism in 2012–2021 based solely on articles available on the Litmaps search engine. If the time span is extended and the sources of articles are expanded there will be more literature available for analysis. The articles obtained are also only articles published in English due to the language limitations of the author.
Practical implications
Policymakers must establish a medical tourism ecosystem to accommodate all stakeholders in this industry. Stakeholders must work together to provide medical tourism package therefore people can get their health services while visiting available tourist areas.
Originality/value
The literary study of medical tourism over 10 years is considered the most recent systematic literature review.
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Ngatindriatun Ngatindriatun, Muhammad Alfarizi and Rafialdo Arifian
This study aims to explore the empirical correlation between patient flow issues, quality of green health services and patient satisfaction in specialist medical department…
Abstract
Purpose
This study aims to explore the empirical correlation between patient flow issues, quality of green health services and patient satisfaction in specialist medical department factors from patients’ perspectives as service consumers.
Design/methodology/approach
This research is a type of nonintervention empirical research that uses an open survey to explore the views and experiences of users of specialist medical department services. The targeted population is hospital patients included in the top five national PERSI (Indonesian Hospital Association) Award 2022 Green Hospital Category, with a total number of respondents of 572 people. This study uses the partial least square-structural equation modeling analysis method with the SmartPLS application.
Findings
Patient flow problems generally affect the quality of eco-friendly health services, except for the waiting time problem, which affects service quality. It should be understood as a top priority for patients to receive services from medical specialists without risking time as a core service aspect from the patient’s perspective. In addition, all variables in eco-friendly hospital services affect patient satisfaction, except in the case of visits to specialist medical departments, which do not affect medical support services and hospital practices that are responsive to the delivery of care services resulting from medical support services that are inseparable in integrated services as well as health care following medical ethics.
Originality/value
This study has a novelty in understanding the implications of green practice in determining patient satisfaction in medical specialist department as the epicenter of hospital services and the main object of assessment for the quality of hospital services.
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Aas Nurasyiah, Dhealika Syamputri, Rumaisah Azizah Al Adawiyah, A. Jajang Warya Mahri and Abdul Ghafar Ismail
This paper aims to get an overview and determine the effect of the level of application of Islamic wealth management (IWM) and the level of business continuity of Muslim owners in…
Abstract
Purpose
This paper aims to get an overview and determine the effect of the level of application of Islamic wealth management (IWM) and the level of business continuity of Muslim owners in influencing the level of household prosperity of Muslim micro, small and medium enterprise (MSME) owners during the Covid-19 pandemic.
Design/methodology/approach
The method of hypothesis testing is carried out through a quantitative approach. The type of analysis tool used is partial least square-structural equation modeling. The sample used is 212 Muslim MSME owners in Indonesia.
Findings
The results showed that the level of application of IWM, the level of business sustainability and the level of household prosperity of Muslim MSME owners were in the high category. All variables in this study showed positive and significant results.
Research limitations/implications
The research conducted is still limited to households that act as MSME actors, so the respondents who are in it are still not diverse. Also, limited research tools and pandemic conditions led to filling out questionnaires based on respondents’ subjective views and difficulty asking questions when questions were not understood.
Originality/value
This research provides new insights focusing on the relationship between the variable level of application of IWM in influencing the welfare level of Muslim households who have MSMEs, where there is a role for the level of business sustainability as a mediator variable.
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