Indonesia Auditing Research Journal

Comparative analysis of MSME capital structure in Indonesia before and after the covid-19 pandemic

Ria Nelta Febriyanti — 2025-09-30

This study aims to compare the capital structure of MSMEs in Indonesia before and after the COVID-19 pandemic. Using a descriptive-comparative literature review based on secondary data from Statistics Indonesia (BPS), Otoritas Jasa Keuangan (OJK), Bank Indonesia (BI), and the Ministry of Cooperatives and MSMEs, this research finds a significant shift in financing strategies. During the pandemic, MSMEs relied heavily on internal and informal financing, while in the recovery phase, fintech lending and government-supported financing gained prominence. These findings align with pecking order and trade-off theories and indicate the necessity for adaptive financial policies and enhanced financial literacy to strengthen MSME resilience.

The influence of the Indonesian ulema council's fatwa on cryptocurrency on cryptocurrency use by the millennial muslim generation

Inayatul Widad Nasution — 2025-09-30

This study investigates the influence of the Indonesian Ulema Council (MUI) Fatwa on cryptocurrency on the usage behavior of Muslim millennials in Indonesia. Employing a qualitative descriptive approach, data were collected through semi-structured interviews with eight respondents who actively use or are interested in cryptocurrencies. The data were analyzed using thematic analysis to identify key themes related to understanding, attitudes, and the practical impact of the fatwa. The findings reveal that most respondents are aware of the fatwa, which differentiates cryptocurrencies as haram when used as a currency and permissible as digital assets if they meet Shariah requirements, such as having underlying assets, clear benefits, and avoiding gharar, dharar, and qimar. Millennials’ responses were selective and adaptive: some abstained from using cryptocurrencies as money, while others continued investing with strategies to ensure compliance with Shariah principles. The fatwa exerts a moderate influence on usage decisions, moderated by respondents’ Shariah literacy, trust in religious authority, and pragmatic economic considerations. These findings suggest that while the MUI fatwa remains a relevant normative guideline, its effectiveness depends on the level of understanding and digital Shariah literacy among millennials. The study contributes to a better understanding of Muslim economic behavior, digital financial literacy, and the communication of religious guidance in the rapidly evolving context of fintech and digital assets.

The influence of environmental, social, and governance on financial performance with gender diversity as a moderating variable

Harfiahani Indah Rakhma Ningtyas — 2025-09-30

This study aims to analyze the moderating role of gender diversity in strengthening the relationship between ESG practices and financial performance in these companies in indonesia. Using panel data from 879 observations for the period 2019–2024. The results indicate that ESG has a positive and significant impact on ROA, while gender diversity also positively influences financial performance. Moreover, gender diversity significantly moderates the relationship between ESG and ROA, implying that higher female representation on boards strengthens the positive effect of ESG on corporate performance. These findings align with Stakeholder and Agency Theories, emphasizing importance of sustainable practices and inclusive governance in enhancing company profitability.

Analysis of transformational leadership on organizational citizenship behavior with job satisfaction as an intervening variable

M. Yusron — 2025-09-30

This study examines the influence of transformational leadership on organizational citizenship behavior (OCB) with job satisfaction as an intervening variable. Using a quantitative approach and PLS-SEM, data were collected from 92 employees in PT Lung Cheong Brothers Industrial. The results reveal that transformational leadership has a positive and significant effect on both job satisfaction and OCB. Moreover, job satisfaction is positively associated with OCB and functions as a significant mediator in the relationship between transformational leadership and OCB. These findings confirm that transformational leaders, through inspirational motivation, intellectual stimulation, idealized influence, and individualized consideration, not only directly enhance employees’ extra-role behaviors but also foster higher job satisfaction, which in turn strengthens OCB. The study contributes theoretically by reinforcing Social Exchange Theory and expanding its relevance in the context of developing countries. Practically, it highlights the importance for organizations to invest in leadership development programs and strategies that enhance employee satisfaction to encourage sustainable OCB. Limitations of this study include its relatively small sample size, reliance on self-reported data, and exclusion of other potential variables such as organizational culture. Future research should consider larger samples, longitudinal designs, and additional mediating or moderating variables to further enrich the understanding of these relationships.

Potential and challenges of implementing the metaverse concept in islamic banking: A literature analysis

Khaidar Rahmaini Jamila — 2025-09-30

The rapid development of digital technology has given rise to various disruptive innovations, one of which is the metaverse concept. In the context of the financial industry, the metaverse opens new opportunities for providing more interactive, personalized, and efficient services. This article aims to comprehensively analyze the potential and challenges of implementing the metaverse concept in Islamic banking through a literature review of various scientific publications, industry reports, and other relevant sources that discuss the relationship between metaverse technology and Islamic financial principles. In terms of potential, the metaverse offers various strategic opportunities for Islamic banking, including the development of virtual branches that enable direct interaction between customers and bank employees in real time without geographical limitations, increasing financial literacy through virtual experience-based education, and creating a digital halal ecosystem that aligns with Islamic values. Furthermore, the integration of blockchain technology into the metaverse can support transparency, transaction efficiency, and Sharia compliance through the implementation of smart contracts based on Islamic muamalah principles. However, the implementation of the metaverse in Islamic banking also presents complex challenges. This article concludes that the successful implementation of the metaverse concept in Islamic banking relies heavily on cross-sector collaboration between regulators, industry players, academics, and the Islamic scholar community to develop a framework that encourages innovation while maintaining compliance with Islamic principles. The findings of this study are expected to provide theoretical and practical contributions to the development of sustainable digital transformation strategies for Islamic banking in the era of the Fourth Industrial Revolution and the Fifth Industrial Revolution.

Integration of bai salam contracts with erp odoo: Enhancing financial transparency and efficiency in sharia-compliant SMEs

Dicky Octaviano — 2025-09-30

Digital transformation in Sharia-compliant small and medium enterprises (SMEs) is crucial for achieving operational efficiency and financial transparency, particularly in sectors like the garment industry. This paper examines the integration of Bai Salam contracts—a forward sale mechanism in Islamic finance where payment is made upfront for future delivery—into the open-source Enterprise Resource Planning (ERP) system Odoo. Using a qualitative descriptive case study approach supplemented by descriptive statistical analysis, we analyze the implementation at Khanza Maryam, an Indonesian Muslim garment SME. Findings reveal that Odoo's modular features, such as automated accounting and real-time inventory tracking, significantly improve transaction recording transparency, reduce errors by 85%, and boost financial performance ratios from 1.15 to 1.28. Challenges include system customization for Sharia compliance and low digital literacy, addressed through training and feature optimization. This study contributes a practical blueprint for SMEs adopting ERP for Bai Salam transactions, promoting ethical and efficient Islamic financial management.