Abstract:The Qur'an, as the primary source of Islamic teachings, contains legal verses that require in-depth interpretation for proper application, one notable example being Tafsir al-Maraghi by Ahmad Musthafa al-Maraghi, a contemporary…
mporary Egyptian scholar known for his moderate stance and independence from madhhab fanaticism. This study aims to reveal al-Maraghi's typology of ijtihad in interpreting legal verses, identify the legal products he produced, and examine his responses to contemporary legal issues. The research employs a library research method with a descriptive-analytical approach and fiqhi tafsir framework, using Tafsir al-Maraghi as the primary source alongside various ahkam tafsir and fiqh works as secondary sources, analyzed through content analysis and comparative reasoning. The findings show that al-Maraghi developed an integrative ijtihad model combining five typologies, namely bayani, tarjihi, maqashidi, istislahi, and tajdidi, with maqashid al-shari'ah orientation as the most dominant character, spanning worship, marriage, inheritance-testament, transactions, politics, and criminal law. The study concludes that this ijtihad pattern produces moderate, contextual legal interpretations relevant to the development of contemporary Islamic law in Indonesia. Further research is recommended to apply a systematic contemporary maqashid approach.
Abstract:This study examines the Indonesian capital market reaction to the announcement of the appointment of Purbaya Yudhi Sadewa as Minister of Finance on September 8, 2025. Using an event study approach, the analysis focuses on…
n companies included in the LQ45 index and observes market reaction within an eleven-day event window from five trading days before to five trading days after the announcement. Market reaction is measured using abnormal return, trading volume activity, and stock volatility. The data consist of daily stock prices, trading volume, outstanding shares, and market index data obtained from capital market data sources. Because the normality test indicates that the data are not normally distributed, the hypotheses are tested using the Wilcoxon Signed Rank Test. The findings show significant differences in abnormal return, trading volume activity, and stock volatility before and after the announcement. These results indicate that the appointment of the Minister of Finance contains information value for investors and is associated with changes in price reaction, trading intensity, and perceived market risk among LQ45 stocks. The study contributes to event study literature by documenting market responses to a strategic fiscal leadership event in an emerging capital market
Abstract:This study aims to examine the economic behavior of the community around Dhoho Airport, Kediri, which has undergone socio-economic transformation due to strategic infrastructure development. This phenomenon is evident in…
Kediri Regency, East Java, especially after the start of the construction of Dhoho Airport, a national strategic project designed to be a lever for regional economic growth. The presence of the airport has changed the face of the surrounding area, which was previously agricultural land and modest settlements, into a bustling and fast-growing economic area. This change has led to a surge in new economic activities, such as the emergence of street vendors, restaurants, parking lots, local transportation businesses, and lodging. Using a qualitative approach with phenomenological methods, this study explores the meanings raised by local economic actors in responding to these changes. The findings show that communities show adaptive responses through trade, lodging, and other services, with economic meanings influenced by local values such as blessing, hard work, and kinship. This study concludes that people's economic behavior is not only rational instrumental, but also full of subjective values and meanings, so that regional economic policies need to be designed in an inclusive and contextual manner
Abstract:This study examines the reaction of the Indonesian capital market to the escalation of the Iran conflict in 2026 using an event study approach focusing on energy sector firms listed on the Indonesia Stock Exchange. Market…
t reactions are measured using Average Abnormal Return (AAR) and Trading Volume Activity (TVA). The observation period includes an 11-day event window (t−5 to t+5) and a 100-day estimation period. Statistical tests employed include the Shapiro–Wilk normality test, one-sample t-test, paired sample t-test, and Wilcoxon Signed Rank Test.
The findings indicate that abnormal returns are only significant around the event date but do not differ significantly between pre- and post-event periods. In contrast, trading volume activity shows consistent and significant changes. These results suggest that geopolitical conflict information is more strongly reflected in trading behavior than in price adjustments. This study contributes to the literature by providing sector-specific evidence from an emerging market and highlighting behavioral market responses.
Abstract:The rapid integration of Artificial Intelligence (AI) into organizational systems has transformed workplace dynamics, employee responsibilities, and patterns of human labor. Although AI implementation improves operational…
l efficiency and productivity, it also creates psychological and professional challenges for employees adapting to technological change. This study aims to explore the lived experiences, emotional responses, and adaptation strategies of employees in South Sulawesi companies undergoing AI-driven digital transformation. This research employed a qualitative phenomenological approach. Data were collected through in-depth semi-structured interviews with 20 participants from the banking, manufacturing, retail, technology, and service sectors in South Sulawesi, Indonesia. Participants were selected using purposive sampling based on direct exposure to AI systems and a minimum of 1.5 years of work experience. The data were analyzed using thematic analysis to identify recurring patterns and meanings related to employee adaptation. The findings revealed six major themes: AI as a tool for improving efficiency and productivity, fear of job displacement and career uncertainty, the importance of continuous learning and digital skill development, the role of organizational support and leadership communication, the emergence of human–AI collaboration, and varied psychological responses to technological change. Employees who received organizational support and training demonstrated greater adaptability and confidence in responding to AI implementation. The study emphasizes the importance of human-centered change management strategies that prioritize psychological safety, transparent communication, and continuous digital training. This research contributes to the limited phenomenological literature on AI adaptation in Indonesia and provides practical implications for human resource management and organizational behavior in the era of digital transformation.
Abstract:This study conducts a bibliometric analysis of literature (2015-2025) on Indonesian stock market resilience to Federal Reserve monetary policy shocks. Data were collected from Google Scholar using Publish or Perish 8 with…
h relevant keywords. A total of 82 publications with 476 citations (h-index = 9) were identified. VOSviewer was used for bibliometric analysis to map keyword co-occurrence in titles and abstracts. Network visualization revealed three dominant clusters: (1) Federal Reserve monetary policy and capital flow spillovers, (2) market volatility and investor behavior, and (3) financial resilience and domestic policy responses. The overlay timeline indicated a shift from spillover and volatility issues in mid-decade to resilience topics in recent years. The literature suggests that while the Indonesian stock market remains sensitive to Fed rate changes, it has shown growing resilience due to proactive domestic policy interventions
Abstract:The rapid development of digital financial technology has significantly transformed investment activities by providing easier access to financial markets through digital investment applications. This study aims to explore…
e the perceptions and experiences of beginner investors in making investment decisions in the digital era. Using a qualitative research approach with a phenomenological perspective, data were collected through semi-structured interviews with beginner investors who actively use digital investment applications. The collected data were analyzed using thematic analysis to identify patterns and themes related to investors’ experiences and decision-making processes. The findings reveal that investment decision-making among beginner investors is influenced by several interconnected factors, including the accessibility and usability of digital investment platforms, the influence of social media and online communities, the development of financial literacy, and psychological experiences related to investment gains and losses. Digital investment applications play a crucial role in lowering barriers to market participation by providing user-friendly interfaces and accessible financial information. However, reliance on social media as a source of investment information may also expose investors to misinformation and speculative investment behavior. In addition, emotional responses such as confidence, fear, and uncertainty often influence investment decisions among beginner investors. Overall, the study highlights that investment decision-making in the digital era is a multidimensional process shaped by technological accessibility, social influence, financial knowledge, and psychological factors. These findings contribute to a deeper understanding of investor behavior in digital financial environments and emphasize the importance of financial education and responsible investment practices.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment.
Abstract:This study aims to analyze the effects of competence, reward systems, and training on the performance of executive officers in Sharia Rural Banks (BPRS), with job satisfaction as an intervening variable. The primary focus…
s is to assess the extent to which these factors influence executive performance within the context of Islamic microfinance institutions. Employing a quantitative, explanatory design, primary data were collected via a Likert-scale questionnaire and analyzed using structural equation modeling–partial least squares (SEM–PLS) with SmartPLS. The study population consists of executive officers of BPRS in Indonesia. Using purposive sampling, 121 responses were obtained from multiple BPRS across several regions. The results show that (1) competence has a positive effect on performance; (2) job satisfaction positively affects performance; (3) the reward system influences performance primarily through job satisfaction (partial/competitive mediation), while its direct effect on performance tends to be negative; and (4) training does not exhibit a significant effect on performance, and its indirect path via job satisfaction is not significant. These findings highlight the importance of strengthening competence and redesigning reward systems in alignment with executive expectations to enhance job satisfaction and performance.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment