Investama : Jurnal Ekonomi dan Bisnis

ANALISIS PENGARUH KURS RUPIAH, CADANGAN DEVISA DAN THE FED RATE TERHADAP SUKU BUNGA DI INDONESIA DALAM PERSPEKTIF EKONOMI ISLAM TAHUN 2003-2024 DENGAN PENDEKATAN VECM

Salman Al lamsa, Anas Malik, Nur Wahyu Ningsih — Tue, 16 Sep 2025 00:00:00 +0700

This study aims to analyze the influence of rupiah exchange rate, foreign exchange reserves, and The Fed Rate on interest rates in Indonesia from an Islamic economic perspective for the period 2003-2024 using the Vector Error Correction Model (VECM) approach. This research uses a quantitative approach with time series data for 22 years (2003-2024) and analyzes data using Eviews 10. The results show that in the long term, the rupiah exchange rate has a significant effect on interest rates in Indonesia (t-statistic 2.93 > t-table 2.10), The Fed Rate has a significant effect on interest rates (t-statistic 2.67 > t-table 2.10), while foreign exchange reserves do not significantly affect interest rates (t-statistic 1.85 < t-table 2.10). From an Islamic economic perspective, interest rates are a manifestation of usury (riba) practices that are prohibited because they contain elements of exploitation and injustice. Islamic financial systems develop comprehensive alternatives through profit-sharing principles (mudharabah), buying and selling (murabahah), and leasing (ijarah) that reflect dimensions of justice and blessing. This research provides an important contribution to monetary policy making that considers national economic stability while still referring to Islamic economic principles.

EKONOMI SIRKULAR DI PESANTREN: INOVASI PP. ANNUQAYAH LUBANGSA DALAM PENGELOLAAN SAMPAH

Moh. Abqoriyin Amin, Maksum Maksum, Muktirrahman Muktirrahman, Nurul Huda — Tue, 16 Sep 2025 00:00:00 +0700

This research aims to explore the application of circular economy principles in pesantren through a case study of the waste management system of PP. Annuqayah Lubangsa. Using a descriptive qualitative approach, data was collected through participant observation, semi-structured interviews with 15 key informants, and document analysis. The results showed that PP. Annuqayah Lubangsa has successfully developed a sustainable waste management system through the Jatian Technical Implementation Unit (UPT). The circular economy model implemented includes systematic waste segregation into plastic, paper, organic, and residue categories, followed by value-added processing that generates a monthly income of IDR 3 to 3.5 million. The research identified three key success factors: community-based management involving santri in the entire process, integration of Islamic ecological ethics, and development of innovative products such as plastic paving blocks. This research contributes to the understanding of how religious educational institutions can simultaneously address waste management challenges, create economic value and support environmental sustainability, and offers a replicable model for similar institutions. Research limitations include the focus on a single case study and the use of qualitative metrics for economic impact assessment.

TRANSFOMASI EKONOMI MUSTAHIK MELALUI ZAKAT PRODUKTIF : ANALISIS PROGRAM BAZNAS KABUPATEN PACITAN

Muhammad Darwisy, Syaiful Ma`ruf, Asis Sustiawan — Tue, 16 Sep 2025 00:00:00 +0700

Changes in economic status and business improvement are expectations for business actors, one of the government institutions that participate in encouraging the economic growth of the community is BAZNAS. BAZNAS Pacitan Regency has a social program called Productive Zakat, there are two types of financing provided to mustahik, namely the Business Rombong Program and Revolving Funds. The purpose of this study is the extent to which the impact of the productive zakat program in transforming the economy of mustahik in Pacitan Regency for the better. The lack of financial capital, expertise, and creativity is the main problem experienced by mustahik. This type of research is field research, the method used is descriptive qualitative, for the data used in this research consists of primary data and secondary data. Primary data was obtained from interviews with BAZNAS Pacitan Regency and mustahik recipients of the Productive Zakat program. Secondary data was obtained from BAZNAS program reports, some literature, articles from magazines, journals and newspapers on the internet. The results showed that the implementation of productive zakat programs, both revolving fund programs and business rombong, had a positive impact on mustahik business growth, increased income and gave birth to new entrepreneurs. The productive zakat utilization program carried out by BAZNAS Pacitan Regency has been running well. However, it needs to be improved again, one of which is in terms of socialization to the community.

ANALISIS MANAJEMEN PENGUMPULAN (FUNDRAISING) ZAKAT PROFESI DI LAZ PERSADA PAMEKASAN DENGAN PRINSIP POAC

Habibur Rohman — Tue, 16 Sep 2025 00:00:00 +0700

In the Islamic view, all aspects of human life are regulated in Islam, including economic aspects. Poverty has always been a never-ending problem. The instrument that can alleviate poverty in the Islamic view is known as zakat. LAZ PERSADA Pamekasan, which is one of the zakat amil institutions in Pamekasan, which is still relatively new, of course requires strategies and methods in conducting zakat fundraising so that people can channel their zakat to this institution. The aim of this research is to find out the mechanism or method of LAZ PERSADA Pamekasan in conducting zakat fundraising, as well as analyzing zakat fundraising in terms of the POAC aspect. This research uses descriptive qualitative research. Research findings at LAZ PERSADA in conducting zakat fundraising use two methods, namely direct fundraising and indirect fundraising, and at LAZ PERSADA Pamekasan they have implemented POAC well and effectively.

PERAN BANK SAMPAH DALAM MENINGKATKAN EKONOMI MASYARAKAT PERSPEKTIF EKONOMI ISLAM (STUDI KASUS BANK SAMPAH MOJOREJO ASRI)

Linawati Linawati, Putri Bibit Meilana — Tue, 16 Sep 2025 00:00:00 +0700

Waste is one of the main factors causing environmental problems that are still ongoing today. The imbalance between the volume of waste production and its management capacity causes waste accumulation. The presence of waste banks provides an alternative solution for the community in an effort to reduce this accumulation, namely by managing waste that previously had no use value into goods that have economic value. This study aims to examine the extent to which the role of Mojorejo Asri Waste Bank in improving the economic welfare of the community, in terms of Islamic Economics. The approach used in this research is a qualitative method, with the utilization of primary and secondary data obtained through observation techniques, in-depth interviews, and documentation of direct sources. The results showed that the existence of Mojorejo Asri Waste Bank contributed to helping fulfill the economic needs of the community, although this contribution has not been able to cover all needs as a whole. The waste management mechanism is carried out through the participation of the community who collect waste and submit it directly to the waste bank or through officers who make pick-ups. From an Islamic perspective, the buying and selling practices carried out by waste banks are considered valid or permissible. In addition, the principles applied in waste bank operations are in line with the concept of human responsibility as khalifah on earth.

PENGARUH KESULITAN KEUANGAN, RISIKO LITIGASI DAN TINGKAT UTANG TERHADAP KONSERVATISME AKUNTANSI PADA PERUSAHAAN SUB SEKTOR KONSTRUKSI BANGUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2020-2024

Rizka Amalia Purba, Aditya Amanda Pane — Wed, 01 Oct 2025 00:00:00 +0700

Accounting conservatism is an accounting principle that emphasizes prudence in financial reporting, where income and assets are recognized at lower values, while expenses and liabilities are recognized at higher values to reduce the risk of overstatement. In the context of construction companies listed on the Indonesia Stock Exchange (IDX), the level of accounting conservatism can be influenced by several factors, such as financial distress, litigation risk, and debt level. The data in this study were obtained from the annual financial statements of construction and building companies accessed through the official IDX website for the period 2020 to 2024. This study uses secondary data with a multiple linear regression analysis method using SPSS version 27. Based on the research results, it was found that: (1) The statistical test results show that financial distress has a positive and significant partial effect on accounting conservatism. This indicates that the higher the level of financial distress a company experiences, the more likely management is to apply accounting conservatism to reduce the risk of asymmetric information and to provide a prudence signal to investors. (2) The statistical test results show that litigation risk has no significant partial effect on accounting conservatism. This condition reflects that even though the company faces potential legal lawsuits, management does not directly consider this factor as a basis for determining accounting conservatism policies. (3) The statistical test results show that the debt level has no significant partial effect on accounting conservatism. This indicates that the leverage level of construction companies does not exert sufficient pressure on management to tighten conservative accounting policies. (4) Simultaneously, financial distress, litigation risk, and debt level contribute 73.1% to the variation in accounting conservatism, while the remaining 26.9% is influenced by other factors outside this research model, such as audit quality, ownership structure, and company size. The results of this study are in line with agency theory, which explains that conflicts of interest between management and shareholders encourage the application of conservatism to reduce the potential for information manipulation. In addition, these findings also support signaling theory, where management uses accounting conservatism as a signal of prudence and transparency in the company’s financial condition to investors.

PENGARUH FRAUD TRIANGLE TERHADAP MANAJEMEN LABA PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR FARMASI DI BURSA EFEK INDONESIA (BEI) TAHUN 2021-2023

Kristin Ayu Putri Sitanggang, Aditya Amanda Pane, Warsani Purnama Sari — Wed, 01 Oct 2025 00:00:00 +0700

This study aims to determine the effect of the fraud triangle consisting of pressure, opportunity, and rationalization on earnings management practices in pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. The type of research used is quantitative research with an associative approach. This study uses an approach with a purposive sampling technique on 23 companies that meet the criteria, resulting in a total of 69 observations over three years. The results of the study indicate that pressure and opportunity have a positive and significant effect on earnings management, while rationalization does not have a significant effect on pharmaceutical sub-sector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period.

PENGARUH PROFITABILITAS, LEVERAGE, DAN CAPITAL INTENSITY TERHADAP PENGHINDARAN PAJAK PADA PERUSAHAAN PERTAMBANGAN

Sonia Nanda Sari, Tri Widyastuti — Wed, 01 Oct 2025 00:00:00 +0700

The decline in tax contributions from the mining sector indicates the potential for tax avoidance by companies in the sector. Tax avoidance is a concern because it can significantly affect state revenues. This study aims to examine the effect of profitability (Net Profit Margin), leverage (Debt to Equity), and capital intensity (Capital Intensity Ratio) on tax avoidance (Cash Effective Tax Rate) in mining companies listed on the Indonesia Stock Exchange in 2022-2024. This research is a type of quantitative research. The data used is secondary data obtained from financial reports on the official website of the Indonesia Stock Exchange. Data analysis was conducted using multiple linear regression to test the effect of each variable on tax avoidance, with data processing using the SPSS 27 program. The results of the study showed that profitability partially affected tax avoidance, while leverage and capital intensity did not affect tax avoidance. Profitability, leverage, and capital intensity simultaneously affected tax avoidance.

PENGARUH TAX PLANNING DAN TAX AVOIDANCE TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN KEUANGAN SEKTOR ASURANSI

Joya Manafe, Tri Widyastuti — Wed, 01 Oct 2025 00:00:00 +0700

Taxes are the country's largest income, but tax entities are seen as obstacles. Tax planning and tax avoidance strategies are part of managerial decisionmaking that can affect investor perception and affect the market value of a company. This research aims to test the effect of tax planning and tax avoidance on the corporate value of the insurance sector listed on the Indonesia Stock Exchange (IDX) during the period 2021- 2024. This study uses a quantitative approach with associative research types. The data used is secondary data in the form of annual financial statements from nine insurance companies, obtained through the official website of the IDX and the website of each company. Tax planning (ETR), tax avoidance (BTD), and corporate value variables using Tobin's Q. Analysis of the data was conducted using a classical assumption test, multiple linear regression and hypothesis test with the help of SPSS software version 27. Research results showed that partial tax planning did not have a significant effect on corporate value, while tax avoidance had a significant effect. Simultaneously, the two variables did not have a significant effect on corporate value. This indicates that the tax efficiency strategy in the insurance sector is not strong enough to directly affect corporate value.

IMPLEMENTASI PRINSIP JI’ALAH PADA BISNIS AFFILIATE SHOPEE

Rima Prastika — Fri, 10 Oct 2025 00:00:00 +0700

This research explores the suitability of Shopee Affiliate business practices with the principles of ji’alah contracts in the context of Islamic economics. A ji’alah contract is an agreement that provides rewards for services without the burden of task completion, which relates to a results-based affiliate marketing system. This research uses qualitative methods with case studies of Shopee Affiliate practitioners in Mujing Village. Information was collected through in-depth interviews and literature analysis concerning Islamic law. The findings of the research indicate that generally, the Shopee Affiliate practices meet the elements of the ji’alah contract, including clarity regarding the parties involved in the contract (Shopee as the jā’il and the affiliate as the mujta’il), details of the promotion tasks, and provisions regarding commission rewards. However, there is uncertainty (gharar) related to commission payments that depend on consumer actions, which slightly deviates from the traditional concept of ji’alah. This research concludes that this business model can be accepted within the framework of sharia with the note that transparency and fairness must be fulfilled. The implication is that education for business actors is needed, as well as strengthening regulations to ensure full alignment with the principles of Islamic economics.