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Purpose: The purpose of this paper is to indicate the current state of studies on Islamic finance and management through a bibliometric analysis of the only social science citation index (SSCI)-indexed journal in this field. Design/methodology/approach: The paper uses a bibliometric analysis, collecting data from the 319 papers published in the International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) from 2008 to 2019. Moreover, VOSviewer software has been used to illustrate the citation analysis (including most cited papers, most cited authors and authors' affiliated institutions and countries) and the keyword map. Findings: The number of papers published in each issue of the IMEFM is found to have significantly increased owing to its unique situation being the only SSCI-indexed journal in this domain. The share of the empirical researches in total papers published annually has steadily risen, reaching 95% in 2019. In terms of case countries, although Malaysia is the most examined country in the papers, other countries such as Indonesia and Turkey are found to have been used as a case country by researchers recently. Islamic banking-related papers are the most prevalent studies, as expected, with mainly their performance being examined. Meanwhile, the number of papers about Islamic social financial institutions has notably grown in recent years. Finally, technology-based initiatives such as crowdfunding and cryptocurrencies are noted to have not yet been the subject of any paper. Originality/value: The main contribution of this study is its analysis of the only SSCI-indexed journal on Islamic finance and management using bibliometrics. Also, all the papers published in the journal have been reviewed in terms of methodology, case country/country groups and topics/subtopics to lead the way for future research. [ABSTRACT FROM AUTHOR]

Purpose: Green sukuk (GS) is an emerging financial tool that has gained momentum in recent years owing to increased attention being given to Islamic finance, socially responsible investing (SRI) and sustainability agendas. Yet, GS studies are fragmented, dispersed and lack comprehensive reviews. As a response to this gap in academia, this paper aims to synthesize the knowledge on GS into thematic clusters, providing a more comprehensive understanding of the subject and offering guidelines for future research. Design/methodology/approach: This study implemented a systematic literature review approach to analyse studies on GS that were published prior to and including June 2023. The PRISMA 2020 protocol was used in the sample selection process. A total of 62 peer-reviewed journal articles from six databases were identified and categorized into various themes. Findings: The results suggest that previous research has predominantly focused on the areas of GS advantages, drivers, market development and potential sectors, along with challenges and recommendations to improve the market. However, it was found that some other aspects, including GS pricing, performance and purchasing intention, require further research attention. The analysis also indicated that the use of theories in the GS context was limited, with only five theories employed in just four out of the 62 articles examined. Moreover, this paper's findings revealed that the studies employing quantitative and empirical analysis methods were limited to four articles. Geographically, most of the studies were conducted in Indonesia and Malaysia, while other countries with high-potential markets (e.g. GCC) had limited GS practices and studies. Practical implications: The results of this study have several practical implications. For investors, a review of GS will provide greater insight into the understanding of the GS market, helping them make better investment decisions. For policymakers, this paper empowers them with the knowledge to make informed decisions regarding GS markets by highlighting key recommendations identified in the literature. Finally, the proposed guidelines can be used in future research. Originality/value: While Green Bonds have received significant attention, there is a dearth of research on GS and those that exist are fragmented. A systematic literature review is necessary to identify knowledge gaps for future research. [ABSTRACT FROM AUTHOR]

Purpose: The increasing number of papers on zakah shows that it has become an important research topic. However, few studies attempt to analyze the evolution of zakah studies which might be helpful as guidance for policymakers in creating zakah management systems and policies, for zakah management organizations administering zakah funds, for future research on related subjects and for academic actors to construct a zakah study curriculum. This study aims to conduct a bibliometric analysis of the evolution of zakah theme publications from 1964 to 2021. Design/methodology/approach: This study uses bibliometric analysis to analyze the evolution of zakah research. This study compared all Scopus-indexed journal papers to Zakah publications regarding research flow, themes, abstracts and titles. The relationships between researchers, the titles of the papers and keywords associated with "zakah" are analyzed in these publications published between 1964 and 2021. A total of 632 scientific contributions were discovered using RStudio and VOSviewer to analyze the bibliometric metadata. Findings: Based on the results, the theme of zakah has evolved from 1964 to 2021. The author emphasizes the zakah publication theme. Each affiliation and country have its conditions, management method, data sources and characteristics. The theme "zakah institutions and zakah collecting" grew in popularity between 2010 and 2021 and is projected to grow in the following years. Malaysia, Indonesia and Pakistan can be used as zakah development research models. In spans of zakah publications, the author with the most global citations is Wahab N.A., and the author with the most productive is Saad Raj. Research limitations/implications: Zakah publications are analyzed using the Scopus database. This study applied only Scopus index data, excluding non-Scopus, and most studies conducted in non-English languages. This conclusion indicates the issue's importance among academic researchers and practitioners, notably on the subject of zakah. Thus, a comprehensive picture of zakah theme publications assists researchers and zakah fund institutions in making assessments, focusing on the unstudied fraction of the zakah theme. Practical implications: This research is planned to serve as a reference for future research, particularly examining the theme's novelty. It is intended to have implications for policymakers, particularly zakah institutions, regarding funding the several zakah research issues and concentrations. Social implications: This research can guide future researchers and is expected to include parameters such as author, year and data source while analyzing zakah publications to generate new findings. Originality/value: This is probably one of few comprehensive studies that examined the evolution of the zakah theme using the Scopus-indexed database. The relevance of this paper is to provide suggestions and projections for future zakah research. Scholars should examine zakah publications by author, year and data source to gain fresh insights. Search for data sources with high-impact factors and objective metrics, then clear out irrelevant documents to improve the analysis' quality and findings. [ABSTRACT FROM AUTHOR]

Purpose: Personal data is a powerful tool. The more someone know about us, the more power they got over us. But who will control the most of our personal data? Does the government and the big tech really care about our personal data? This paper aims to look at data practices, data-related policy making as well as its economic consequences in the context of emerging economies. Design/methodology/approach: Using qualitative methods such as literature review and analysis of numerous government documents, this paper inquires into the dynamics in the use of data by the business sectors, explains how data governance can add value to the business sectors while ensuring customers' data privacy protection based on the data governance mechanism framework and details what it takes. Findings: Using the case of Indonesian recent development on data privacy regulation, this paper describes the problems and threats to personal data protection. The advent of latest computing and mobile technology is shifting power relations between the governments, the big tech, as well as the end users. To conclude, the strategy and policy recommendations for implementing data privacy protection are also presented. Originality/value: This paper provides a timely synthesis of data practices in the context of developing countries, particularly in relation to policy making and economic consequences. This paper also identifies and shares several promising future research ideas. [ABSTRACT FROM AUTHOR]

Purpose: The primary objective of this study aims to intensively explore the environment of Indonesian regulations and laws related to the Islamic banking system and micro-, small- and medium-sized enterprises (MSME) and unveil the restrictive laws and regulatory flaws that potentially hinder the Islamic banking institution and MSME industry in achieving financial inclusion and promoting sustainable growth. Design/methodology/approach: This paper implements a qualitative method by implementing a multi-case study research strategy, both from the Islamic banking institutions and the MSME industries. The data were gathered primarily through an interview approach by adopting purposive uncontrolled quota sampling. Findings: The findings of this paper reveal two essential issues: First, the regulatory imbalances and restrictions could demotivate and hinder the efforts of Islamic banks in providing access to finance for the MSME segment, hence, encumbering the achievement of the financial inclusion agenda from the Islamic banking industry. Second, the flaws in MSME registration and taxation might discourage the formal MSMEs from extending their business license and prevent the informal MSME units from registering their business. This issue would potentially lower their chance of accessing external financing from the formal financial institutions and participating in supportive government programmes due to the absence of proper legality. Research limitations/implications: Since this paper only observed six Islamic banks and 22 MSME units in urban and rural locations in Indonesia using a case study approach, the empirical findings and case discussions were limited to those respective Islamic banks and MSME participants. Practical implications: By referring to the recommendations as presented in this paper, two critical policy implications could be expected from adopting the proposed recommendations, among others: By addressing the issues of the regulatory imbalance associated with the Islamic banking industry and introduce the deregulatory policies on profit and loss sharing (PLS) scheme implementation, this approach will motivate the Islamic banking industry in serving the MSME sector better and provide greater access to financial services, particularly in using the PLS financing schemes. By resolving the problems on MSME registration and taxation, this strategy will enhance the sustainability of the formal MSMEs' operation and encourage the informal ones to register, hence, improving their inclusion into the formal financing services and government assistance programmes. Originality/value: The present study attempts to address the literature shortcomings and helps to fill the gaps – both theoretical and empirical – by incorporating the multi-case study among Indonesian Islamic banks and MSMEs to extensively explore the Indonesia regulatory environment pertaining to the Islamic banking system (supply-side) and MSMEs (demand-side), and thoroughly investigates and reveals the restrictive laws and regulatory flaws that could potentially hinder the Islamic banking institutions and MSME industries in attaining financial inclusion and contributing to sustainable development. [ABSTRACT FROM AUTHOR]

Purpose: The paper examined the impact of corporate communication about eco-friendly products on social media (CSM) and conventional media (CCM) on individuals/buyers' intent for co-creating environmental values (ICEV) post-Coronavirus pandemic in Indonesia. Design/methodology/approach: Data were gathered from 561 individuals/buyers, via cross-sectional sampling in Bandung city, Indonesia. Next, this study used structural equation modelling to assess the theoretical model and hypothetical relationships. Findings: Both factors, i.e. CCM and CSM, positively and significantly affect ICEV. Originality/value: The paper is an original attempt to assess the impact of corporate communication about eco-friendly products on media toward ICEV in Indonesia's post-Coronavirus pandemic. Besides, it is an initial effort to create the notions of success expectancy and self-efficacy and analyse whether these two concepts can become factors that mediate the effects of corporate CCM and CSM on buyers' ICEV. This paper also develops ICEV to expand social cognitive theory from the perspective of co-creating environmental values. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to give broad insights into what components can significantly influence the adoption of Metaverse from the perspective of internal auditors and their firms in Indonesia. Design/methodology/approach: This research used primary data from questionnaires. Relying on the empirical view of 202 internal auditors in Indonesia, this research's framework is executed using structural equation model. Company's intention in adopting the Metaverse technology intervenes in the influence of perception of external control and usefulness on the internal auditor's intention to adopt that technology. Findings: The perception of external control and perceived usefulness of Metaverse significantly influenced the adoption intention of Metaverse by internal auditors and their firms in Indonesia. This paper is helpful for practitioners who would like to know what factors are needed to make the internal auditors in Indonesia able to adopt Metaverse. Research limitations/implications: Results might be varied from country to country as each country has different technology development. Therefore, upcoming research can compare similar studies in another country. This paper can contribute to further empirical development for the theory of acceptance model of the third version. Many researchers use the theory to study advanced technology adoption intention. Practical implications: The paper is also essential for future research and could enhance companies' knowledge about staying updated in the market with the advanced technology that keeps developing. Originality/value: This paper contributes to an integrated view of the intention of internal auditors and firms in Indonesia to adopt Metaverse. To the best of the authors' knowledge, this topic is relatively new in Indonesia. [ABSTRACT FROM AUTHOR]

Purpose: This paper explores the reasons why Indonesia must have legal regulations to provide protection and guarantees for health workers in carrying out the profession in overcoming corona virus disease (COVID-19). This paper also explains the legal regulations as the foundation for today's medical workers' protection. This paper also aims at providing an ideal legal construction that safeguards the rights and obligations of health workers in overcoming COVID-19. Design/methodology/approach: In this paper, the author used qualitative research methods with a socio-legal approach. The data were obtained through literature study and analysis of laws and regulations through the socio-legal method. Findings: Various challenges and professional risks taken by health workers in dealing with COVID-19 derive from several factors, such as shortage of personal protective equipment, ineffective implementation of informed consent from the patients and the negative stigma spreading in the community. Moreover, the current legal regulation has not particularly modulated the protection of health workers, relying only on available articles that are actually irrelevant to be applied in the COVID-19 pandemic. Research limitations/implications: This research is focused on problems faced by health workers in combating COVID-19 and law concessions to ensure their protection. Practical implications: The final results of this research will be useful for The House of Representatives (DPR), the Ministry of Health of the Republic of Indonesia (Kemenkes RI) and the Indonesian Medical Association (IDI) in establishing legal and regulatory construction for the protection of health workers in tackling COVID-19. Social implications: This research aims at strengthening legal protections for the health workers so that their rights and obligations are well guaranteed. Originality/value: This paper proposes an ideal legal construction for the protection of health workers during the COVID-19 pandemic, which is currently still not specifically and rigidly regulated, to realize a guaranteed and sustainable life for health workers. [ABSTRACT FROM AUTHOR]

Purpose: The primary purpose of this exploratory paper is to propose a novel analytical framework for examining corruption from a behavioral perspective by highlighting multiple issues associated with quantification culture. Design/methodology/approach: This paper is part of the author's exploratory study into the complex corruption phenomenon in Indonesia from a variety of viewpoints to obtain a better understanding of its nature and dynamics. By building on previous literature on quantification culture, audit culture and the corruption phenomenon, this paper explores the different issues related to overreliance on numbers and how they may have led to increased corruption, particularly in Indonesia. Using the Fraud Decision Scale framework, this paper also demonstrates how the quantification culture affects the cost-benefit analysis of corruption offenders. To develop the best anticorruption strategy and lay the groundwork for future anticorruption studies, this paper presents a fresh perspective on how to analyze and evaluate the corruption issue. Findings: The author established that despite the benefits that quantification practices – such as indicators, scores, ratings and rankings – bring to societies and organizations, there is evidence that these practices can have unfavorable effects when used excessively or incorrectly. One of the adverse effects of quantification practices is over-quantification, which manifests as various inappropriate behaviors, including an excessive desire to acquire riches and material belongings. Additionally, the worship of ranks and status derived from quantitative evaluation processes has led many people to prioritize short-term objectives above long-term improvements. Eventually, these will cause organizations to lose productivity and make them susceptible to fraud and corruption. Future studies are needed to determine the most effective approach for mitigating over-quantification issues. In this exploratory paper, the author proposes balancing quantitative practices with qualitative knowledge to gradually alter people's behavior by broadening their perspectives in perceiving various phenomena in the world, not only by describing and explaining them but also by comprehending their underlying meanings. Research limitations/implications: This exploratory study is self-funded and relies primarily on documentary analysis to explore the corruption phenomenon in Indonesia. Future studies will benefit from in-depth interviews with former corruption offenders and investigators. Practical implications: This exploratory paper contributes to the development of a sound corruption prevention approach by presenting a novel analytical framework for examining various behavioral problems linked with quantification culture that may lead to the escalation of corruption. Originality/value: This study emphasizes the significance of understanding the structure and dynamics of quantification culture and their negative behavioral impacts on people to comprehend the corruption phenomenon better. [ABSTRACT FROM AUTHOR]

Purpose: One important study in the portfolio investment is the study of the optimal asset allocations. Markowitz is the pioneer of modern portfolio theory that analyses the performance of portfolio based on the mean (reward) and variance (risk). Motivated by the Markowitz's mean variance model, the purpose of this paper is to propose a new portfolio optimization model that takes into consideration both processes of purification and screening, which are key to constructing a Shariah-compliant portfolio. In practice, this paper introduces a stochastic purification variable and a probabilistic screening constraint into a portfolio model. Design/methodology/approach: First, the authors study the stochastic nature of purification variable and apply it to both investment and dividend purification. Second, recognizing that the importance of on-going screening could adversely affect the portfolio strategy, the authors impose probabilistic constraints to control the risk of compliance change. They evaluate the proposed model by formulating the screening constraints at both asset and portfolio levels, together with three different financial screening divisors that are broadly used by the international Shariah boards. The authors also conduct an extensive empirical study using a sample of Shariah-compliant public companies listed on the Indonesia Stock Exchange. Findings: Based on the empirical example presented in this paper, the authors found that the purification variable in the proposed model is closer to the practice in the Sharia capital market in terms of the nature of the non-constant data, and this variable reduces the total income of portfolio which has not been captured in the previous literature. The authors also have successfully derived the portfolio screening constraint to mitigate the risk of the asset change to be non-compliant in the future. Originality/value: Based on the authors' knowledge, this is the first paper that proposed the stochastic purification and the dynamic of screening processes into the Shariah portfolio model. This paper also examines the impact of non-short-selling, purification and screening policies to the performance of Shariah portfolio. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigated whether a bank's popularity and depositors' fear of Google search volume could affect bank deposits and credit. Design/methodology/approach: The authors used two different quarterly data from Google Trends and banking data from 2012 Q1 to 2020 Q1. Based on available data, Google Trends data start from 2012. The authors exclude data after 2020 Q1 because the Covid-19 pandemic arguably increased the volume of Internet users due to shifting behavior to online activities. They merged and cleaned the data by winsorizing at 5 and 95 percentiles to avoid any outlier problems, reaching 74 banks in the sample. They used panel data estimation of quarterly data following Levy-Yeyati et al. (2010) and Trinugroho et al. (2020). Findings: The results show that a higher search volume of a bank's name leads to higher deposits. A higher search volume of depositor fear reduces deposits and credit. The authors also found that banks with high risk and a high search volume of their name have a significantly lower volume of deposits. Originality/value: To the best of the authors' knowledge, not many papers in banking and finance have used Google Trends data to gauge related issues regarding depositors' behavior. The authors have filled a gap in the literature by investigating whether the popularity of Google search and depositors' fear could impact deposits and credit. This study also attempted to establish whether Google Trends data could be a reliable source of information to predict depositors' behavior by using a Zscore to measure bank risk. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the extent of ethical values information disclosure on the top 100 Malaysian and Indonesian companies' annual reports using coercive isomorphism under the institutional theory. Design/methodology/approach: Using the content analysis, the presence or exclusion of ethical values information disclosed on 100 Malaysian and Indonesian companies' annual reports using a newly developed Ethical Values Disclosure Index is carried out. Findings: The results of the analysis found that Indonesian companies on average disclosed 31 items under study compared to 27 items disclosed by the companies in Malaysia. The results suggest that Indonesian companies are more vigilant in the code of ethics, companies policy on ethical issues, monitoring program and accountability, ethical performance, ethical infrastructure and organizational responsibility aspects, whereas their Malaysian counterparts are better in reporting governance and integrity committee or board of directors. Research limitations/implications: The findings may not be applicable to other countries in the same region, nevertheless, revealed the importance of adequate ethical values disclosure in determining the level of ethical behavior. Practical implications: Companies in Indonesia are coercively pressed by various influential stakeholder groups to address ethical issues. The less disclosure regarding corporate ethical behavior may indicate that unethical practices continue to be a problem in the Malaysian corporate sector. Originality/value: This paper adds to the literature by examining the elements of ethical values adapted mainly from the professional bodies that regulate the accounting profession and other organizations using the institutional theory, particularly in two countries. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to study the impact of the adoption of eXtensible Business Reporting Language (XBRL) on corporate tax avoidance. Design/methodology/approach: This paper used a quantitative method with panel data regression models using a sample of firms listed on the Indonesia Stock Exchange from 2011 to 2018. Findings: The regression results demonstrate that XBRL implementation does not have any impact on corporate tax avoidance. The results indicate that tax avoidance is not reduced following XBRL adoption. This report shows unexpected and unfavourable outcomes of XBRL financial reporting in a developing country. Research limitations/implications: This study employs a sample of firms from one emerging country only. Practical implications: The study proposes several implications for using XBRL in tax reporting, which may help the tax authorities reduce tax avoidance. Regulators need to develop adequate taxonomies with standardized extensions related to tax information in the XBRL format. They include tax tags from financial statements and tax tags from the disclosure section, to gain more comprehensive corporate tax information. Originality/value: This study proposes and tests an explanation for the effect of XBRL adoption on corporate tax avoidance in the context of a developing country. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to systematically review the study of the relationship between sharia governance (SG), which is represented by the Sharia Supervisory Board (SSB), and internal sharia compliance, and whether it can affect the performance of Islamic banking. Design/methodology/approach: Literature search consists of two steps: random literature review and systematic literature review. The methodology adopted in this article is a systematic literature review. Findings: The variable of internal sharia compliance, sharia risk and internal sharia audit on one of the indications of SG newly researched variable which will later be used as a new paradigm, to measure the implementation of Islamic sharia principles in sharia banking. Practical implications: The development of a conceptual framework by using measurement of the new SG has practical implications for sharia bank, which can later be applied to also increase sharia banking performance by complying with Islamic sharia principles. This new concept can be used as a reference by the Financial Service Authority (Otoritas Jasa Keuangan) to establish regulations regarding SG framework, especially in Indonesia. Originality/value: Further research can add more of it or replace it with other variables that are more relevant, in such a way that it could be empirically tested on how the independence and remuneration (lit. performance allowance) of SSB and the internal sharia control team can affect the performance of sharia banks. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine the impact of financial technology (FinTech) startups on Islamic and conventional banking performance in Indonesia. Design/methodology/approach: Data were collected from a sample of 124 conventional and Islamic banks in Indonesia from 2004 to 2018. The two-step generalized methods of moments was used to estimate the system model. Findings: This study finds that FinTech startups have a detrimental effect on bank performance. This study also finds that Islamic banks have low performance compared to conventional banks. However, when FinTech startups interact with Islamic banks, this paper discovers that a greater number of FinTech startups have a positive effect on the performance of Islamic banks, particularly the peer-to-peer lending category. Additionally, this paper finds that FinTech startups improve Islamic banks' performance in both normal and crisis periods. Practical implications: This paper provides recommendations for Islamic bank management and supervisors to deal with FinTech startups during normal and crisis periods by collaborating with FinTech startups and being willing to adopt cutting-edge financial technology applications. Originality/value: This paper provides evidence of the impact of FinTech on the performance of Islamic banks, specifically on peer-to-peer lending and payment startup during the crisis and normal periods. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to examine how the rise of financial technology (Fintech) lending affects bank competition. Moreover, this study also identifies the structure of Indonesian commercial banking sector and the different behaviour of competition among bank groups (based on their size, type and ownership) and the joint impact of COVID-19 due to the rise of Fintech lending. Design/methodology/approach: Using an unbalanced panel data set of 118 commercial banks in Indonesia over the period 2018–2022, both static panel and 2SLS/IV data analysis were used and found that random effect model is the best model. Findings: The results show that the Indonesian commercial banking sector can be considered as monopolistic competition. Moreover, using the Lerner index reveals that the entry of the Fintech lenders increases bank competition. Furthermore, there were different responses to the impact of Fintech lending on bank competition among state-owned banks, private banks, regional development banks and foreign banks. Greater efficiency and stability lead to greater market power. In the meantime, higher level of asset growth, capitalisation and cost-to-income ratio increase the competition. Lastly, higher bank credit growth and lower inflation boost overall bank competitiveness. Practical implications: This study highlights some policy recommendations for commercial banks to be aware of the coming of Fintech lenders because they have started to increase the market competition. The government should create a more collaborative ecosystem between banks and Fintech lending to anticipate unhealthy competition. Originality/value: This study will contribute to the literature by expanding the determinants of bank competition by considering the rise of Fintech lending in the market. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the joint impact of the COVID-19 pandemic and the government response on the performance of Islamic and conventional banks. Design/methodology/approach: Data were collected from a sample of 94 conventional and 14 Islamic banks in Indonesia from March 2020 to September 2021. The system generalized methods of moments estimation is used to analyze the data. Findings: This study finds robust results regarding the negative impact of the COVID-19 pandemic and the positive effects of government responses to COVID-19 pandemic on bank performance in Indonesian banking. Moreover, in line with the rise in confirmed COVID-19 cases, a higher government policy responses index improves bank performance, both in conventional and Islamic banks. Practical implications: This paper highlights the importance of the government policy responses index to absorb the negative impact of the COVID-19 outbreak on banking performance. Originality/value: This paper provides novel insights into the joint impact of the COVID-19 pandemic and government responses to COVID-19 pandemic on bank performance between conventional and Islamic banks. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates the joint impact of COVID-19, alliances and digital strategies on bank lending. Additionally, this study examines whether the effect of COVID-19, alliances and digital strategies on bank loans depends on the types of banks. Design/methodology/approach: Using a sample of 92 commercial banks in Indonesia from March 2020 to September 2021, a fixed-effects model (FEM) was used to analyze data. Findings: This study provides robust results regarding the negative impact of the COVID-19 pandemic on bank loans in Indonesian banking. Furthermore, it reveals that collaboration between banks and FinTech does not substantially influence bank lending, despite the rise in proven cases tending to reduce credit expansion. It emphasizes the importance of the development of mobile banking as part of digitalization in boosting loan bank expansion, and this finding is more noticeable in private and small banks. Practical implications: This study highlights some policy recommendations to improve bank lending during the COVID-19 period, particularly the role of new alliances and digital strategy in involving COVID-19 pandemic mitigation within a novel financial ecosystem. Originality/value: This study offers a significant contribution to the empirical literature that specifically explores the joint impact of the COVID-19 pandemic, alliances and digital strategies on bank lending in banking. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore and analyse the credit risk assessment procedure conducted by the Indonesian Islamic banks to address the issue of asymmetric information among their micro-, small- and medium-sized enterprise (MSME) clients. This study also investigates the gaps in credit risk assessment procedures by comparing Islamic banks' practices and presenting several recommendations to reinforce the credit risk evaluation procedures and eventually promote more inclusion of the MSME segment into the Islamic financial services. Design/methodology/approach: This paper adopts a qualitative method by implementing a multi-case study research strategy. The data were gathered primarily through an interview approach by incorporating purposive uncontrolled quota sampling. Findings: The result of this study implies that the Islamic banks in Indonesia have their own unique approaches and strategies in assessing the credit risk and have several similarities in performing their evaluation procedures for the MSME. Despite seemingly adequate approaches and measures taken by the Islamic banks to eliminate the asymmetric information problem, the study identifies several gaps that occur within the Islamic banks' methods of credit risk assessment. Research limitations/implications: Since this study focuses on Indonesia and emphasises the two segments of Islamic banks, which consist of Islamic commercial and rural banks, in performing the MSME credit risk assessment; therefore, the findings of this study were limited around the observed Islamic banks within the MSME segment purview. Practical implications: By referring to the recommendations as proposed by this paper, four implications could be expected from adopting these respective recommendations, among others: more effective evaluation procedures for the MSME, provision of a clear path and more efficient approach to assess the MSME units, lower financing cost and increase the confidence of Islamic banking industry in disbursing more financing to the MSME sector. This mechanism will potentially improve Islamic financial inclusion for the MSME due to the greater access to financial services; hence, the sector could contribute even more to Indonesia's growing economy. Originality/value: By incorporating a multi-case study among Indonesian Islamic banks pertaining to their methods in evaluating MSME customers, this study identifies several gaps affecting the effectiveness of MSME credit risk assessment. Furthermore, this study also presents a proposed framework to address these gaps accordingly by suggesting the salient strategies to minimise the issues of information asymmetry and enhance the MSME credit risk assessment procedure. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to identify the reasons why cases of leakage of patient personal data often occur in the health sector. This paper also analyzes personal data protection regulations in the health sector from a comparative legal perspective between Indonesia, Singapore and the European Union (EU). Design/methodology/approach: This type of research is legal research. The research approach used is the statute approach and conceptual approach. The focus of this study in this research is Indonesia with a comparative study in Singapore and the EU. Findings: Cases of leakage of patient personal data in Indonesia often occur. In 2021, the data for 230,000 COVID-19 patients was leaked and sold on the Rapid Forums dark web forum. A patient's personal data is a human right that must be protected. Compared to Singapore and the EU, Indonesia is a country that does not yet have a law on the protection of personal data. This condition causes cases of leakage of patients' personal data to occur frequently. Research limitations/implications: This study analyzes the regulation and protection of patients' personal data in Indonesia, Singapore and the EU to construct a regulatory design for the protection of patients' personal data. Practical implications: The results of this study are useful for constructing regulations governing the protection of patients' personal data. The regulation is to protect the patient's personal data like a patient's human right. Social implications: The ideal regulatory design can prevent data breaches. Based on the results of comparative studies, in Singapore and the EU, cases of personal data leakage are rare because they have a regulatory framework regarding the protection of patients' personal data. Originality/value: Legal strategies that can be taken to prevent and overcome patient data breaches include the establishment of an Act on Personal Data Protection; the Personal Data Protection Commission; and management of patients' personal data. [ABSTRACT FROM AUTHOR]

Purpose: The major purpose of this paper is to examine the mediating role of job competency in the effect of transformational leadership to performance of university lecturers. This article also attempts to examine the direct effect of transformational leadership on job competency and lecturer performance. Design/methodology/approach: For the purpose of the study, quantitative research was applied by conducting an empirical survey with the active participation of 223 lecturers. The survey was conducted in ten high-ranked private universities in Jakarta, Indonesia. Structural equation modeling (SEM) was employed for the measurement and structural model analyses. Findings: The results reveal that the effect of transformational leadership on lecturer performance is expressed only by indirect effect (through lecturer competency). Even though transformational leadership has a positive direct effect on lecturer performance, it is not statistically significant. This paper highlights the crucial role of lecturer competency in the performance of academic scholars. The findings suggest transformational leadership is fundamental in fostering competencies, which, in turn, improve the work performance of university lecturers. Originality/value: This study makes significant contributions to the understanding of the interaction between transformational leadership and performance in higher education, and the statistical significance of lecturer work competency in mediating this relationship. The results of this study provide a snapshot of the contextual mechanism linking transformational leadership and lecturer performance. [ABSTRACT FROM AUTHOR]

Purpose: In Indonesia, the Islamic Economics and Finance Sector is growing rapidly, but the literature on Islamic financial literacy is still minimal. This study aims to show research opportunities with the theme of Islamic financial literacy, especially inclusive Islamic financial planning through bibliometric analysis of Scopus and connected papers. Design/methodology/approach: A comma separated value (CSV) file containing more than 2,000 references meta data was used for analysis on Vos Viewer in the period of 1963–2020. The grouping of network visualization maps is done using six keywords, namely, "Financial Literacy," "Financial Inclusion," "Islamic Financial Literacy," "Financial Planning," "Personal Finance" and "Household Finance." Findings: The findings complement the keywords that are generally used as references in the formation of theories regarding inclusive Islamic financial planning. After combining the "ris" file from the connected paper, the most used terms are financial knowledge, financial education, financial behavior, financial decision-making process, financial inclusion, risk sharing and financial discourse. Originality/value: The proportion which planned to be applied in Indonesia will differentiate the inclusive Islamic financial planning framework from what has been done before. This study outlines the basis of the relevant literature review in the theme of Islamic financial literacy research, especially inclusive Islamic financial planning. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore various cultural and behavioral issues associated with the problem of investment fraud in Indonesia. Design/methodology/approach: By examining multiple cases of investment fraud in Indonesia as well as reviewing publicly available government reports, this study highlights several important cultural and behavioral issues associated with the susceptibility of Indonesian financial services consumers to investment fraud to understand better the dynamics of the victimization process. By using multiple cultural and behavioral theories, this study demonstrates how such issues shape the interactions between investment fraudsters and investment fraud victims. Findings: This study demonstrates that multiple cultural and behavioral factors have created and shaped an environment where fraudsters can exploit people's behavioral loopholes for their fraudulent schemes. In particular, the high power distance and high collectivism have been identified by this study as contributing to the high level of materialism in the country, which in turn makes people more susceptible to the temptation of get-rich-quick schemes. Investment fraudsters, being students of human behavior, use their behavioral knowledge to devise various means to deceive their victims. They use multiple psychological principles to stimulate target victims "gullibility to make them more vulnerable to fraudulent persuasion. In many cases, even financially literate people are not immune to fraudsters" deceitful messages. This study highlights gullibility production as a foundation for investment fraudsters to devise their means by which victims are manipulated to accept certain beliefs that depart from facts and evidence. Practical implications: This paper contributes to the innovation in anti-fraud practice by building a better understanding of multiple cultural and behavioral issues associated with investment fraud victimization. Originality/value: This paper brings a new perspective into the field of anti-fraud to stimulate innovation, in particular in investment fraud prevention. [ABSTRACT FROM AUTHOR]

Purpose: This research paper aimed to study the legal structure of top-performing health governance systems and compare them with the Indonesian health social security system to identify the main differences and provide recommendations for Indonesian and other developing countries' health policymakers and administrators. Design/methodology/approach: Using formative research with a conceptual approach and statute approach as method in this study. Data was gathered using the document study technique, which studies various documents, especially legal documents related to health law, linked to legal purpose theories. Moreover, the World Health Organization ranking was considered to choose the two countries (France and Singapore) with a high social health security system for comparative analysis. All data collected has been analyzed using a qualitative and theoretical basis. Content analysis was performed by analyzing the legal documents, and the regulatory framework of all three countries was deeply analyzed to draw conclusions and recommendations. Findings: Indonesia has specific laws to implement a social security system in the health sector. However, the lack of the best medical facilities and infrastructure and weak implementation of existing laws were identified as major reasons behind the poor health security system compared to comparative countries. Also, as a developing nation Indonesian Government face budgetary pressures and huge population challenges to meet required standards. Thus, the financing approaches used by Singapore and France may help developing countries meet these challenges effectively. Therefore, there is a dire need to strengthen the social health security system all over the country with amendments to laws and ensure the implementation of prevailing laws and regulations. Practical implications: Providing understanding related to the social security health system in Indonesia along with a detailed description of the sound social health security system in France and Singapore will further provide an avenue for the researchers to critically analyze this line of study to devise some valuable suggestions further and to draw loopholes in the system. Originality/value: A comparative approach for legal studies in the health sector is rare. So, this research advanced the social security health system-related literature and legal studies on the health sector by using this comparative approach to develop policy insights and future research directions, which will further help the field to grow. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to find out the role and factors that lead to efforts by banking institutions to deal with money laundering by using the principle of knowing your customer. Design/methodology/approach: This research method uses a sociological juridical approach and descriptive analysis in analyzing the data. Findings: The results of the study found that the implementation of the principle plays a role in identifying each transaction, and if there is a transaction that is considered suspicious, each bank is required to report the transaction to the center for reporting and analysis of financial transactions. Practical implications: Banks must reduce the risk of being used as a means of money laundering by knowing customer identities, monitoring transactions, maintaining customer profiles and reporting suspicious transactions made by parties using bank services. The application of the know your customer principle (KYCP) is based on the consideration that KYCP is not only important in the context of eradicating money laundering but also in the context of implementing prudential banking to protect banks from various risks in dealing with customers. Originality/value: To the best of the author's knowledge, this is first empirical study of banking in Indonesia that conduct money laundering crimes through application of KYCPs. [ABSTRACT FROM AUTHOR]

Purpose: Diversity and inclusion is a key focus of the profession. This paper investigates the ecological inherited niche of Indonesia and which employers accounting students choose and whether this will result in a diverse and inclusive profession. The authors conceptualise diversity as the demand-from the profession encompassing professional accounting firms, and inclusion as the supply of individuals wishing to enter the profession. Design/methodology/approach: The 1377 responses to a questionnaire survey of students deciding on their career paths were analysed using a multinomial logistic regression and path model. Findings: The findings show that a lack of diversity in the profession is caused by the ecological background, constructing a local niche, that prevents diversity. This is manifest in ethnicity, gender and education, whereby the local niche consists of Chinese males recruited from B-rated private universities. To bring diversity and inclusivity into the workplace, the profession needs to entice people from multi-faceted groups and match ecological niche underpinnings to expectations of the professional landscape. Non-Chinese females are needed to become role models and trail blazers to establish a diverse profession. The public interest will then be better served. Originality/value: This study uses niche construction as the theoretical framing and demonstrates that the profession needs to take action to become truly diverse and inclusive. [ABSTRACT FROM AUTHOR]

Purpose: Efforts to prevent and eradicate the crime of money laundering require a strong legal basis to ensure legal certainty. This paper aims to analyse law enforcement on money launderers with juridical review perspectives. Design/methodology/approach: The research method used in this study is the statute approach, which is to examine all laws and regulations related to the crime of money laundering. The writing method used is the normative method, which is a type of research that uses the analysis of certain legislation. Findings: Three new findings were discovered. In assessing the validity or validation of a business ownership or business transaction, there are at least three pieces of evidence that need to be used, namely, presence/absence of company/business registration in an official government database; the presence/absence (including the amount) of tax reported on income tax and VAT; and the presence/absence of other legal documents relating to the existence or general licensing of a business. Research limitations/implications: The results of this study are also expected to be helpful for the community, government agencies, or institutions, such as the police, to combat corruption, and money laundering. The Prosecutor's Office and the Corruption Eradication Commission (KPK) describe the handling of money laundering crimes originating from money laundering crimes. Social implications: This research can provide an overview and input for the broader community as an early warning so as not to commit money laundering crimes. Originality/value: This is one of the pioneer studies looking into law enforcement on money launderers with comprehensive juridical review. [ABSTRACT FROM AUTHOR]

Purpose: Banks in Indonesia offer two currency-hedging mechanisms to business players to hedge their portfolio against exchange rate risk, namely, Islamic hedging and conventional hedging. Taking into account that Islamic finance stakeholders in Indonesia want to accelerate Islamic hedging transactions, assessing the feasibility of Islamic hedging to serve the business players is very important. Thus, this paper aims to compare the conventional and Islamic currency-hedging mechanisms, particularly to identify which one to be preferred by the business players, identify terms and conditions if Islamic hedging is more preferable, give information regarding the estimated profit and payment of the premium in adopting currency-hedging (both conventional and Islamic hedgings) and prove the workability of Islamic currency-hedging as a new hedging mechanism for the business players. Design/methodology/approach: The paper uses qualitative research methodology by comparing Islamic and conventional hedging and a quantitative research method by using a forward contract formula. Technically, the paper conducts a static simulation of the forward transactions by using both conventional and Islamic hedgings to hedge the foreign exchange (forex) credit received by business players from banks. The forward contract simulation uses US dollar (USD) against Indonesian rupiah (IDR) from December 2003 to February 2019 and the forward premium uses both Islamic and conventional money market rates called PUAB (conventional interbank money market) rate and PUAS (Islamic interbank money market) rate. Findings: The paper finds that Islamic hedging is more preferable to conventional one due to some considerations which are the number of profitable months, the minimum payment of premium and the highest payment of profit. However, even though the Islamic hedging mechanism has the advantage of having a higher Islamic money market rate than the conventional one, the economic condition (particularly the movement of IDR exchange rate) has to be considered as well particularly during the volatile exchange rate movement. Research limitations/implications: The paper has not occupied macroeconomic variables such as inflation, GDP, international trade, as they might influence the movement of IDR exchange rate. In addition, it uses static simulation rather than a dynamic one. Originality/value: This is the first paper assessing both Islamic and conventional hedging mechanisms in the case of Indonesia [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explain the unsuccessful relationship between the awareness of prominent international education brands and enrollment intention. Design/methodology/approach: A serial mediation model encompassing perceived congruity and brand attitude was developed and tested using the PLS-SEM technique, involving 132 respondents. Findings: The results revealed that the awareness of international education brands, subsequently perceived as internally congruent with the prospective students' self-image in terms of resource sufficiency, will yield enrollment intention by forming the desired brand attitude. Research limitations/implications: This paper includes generalizability as its limitation, with suggestions to undertake the broader scope of studies. Future research could examine other variables to enhance the model. Practical implications: This paper presents theoretical and managerial implications for higher education branding and marketing. Originality/value: To the best of the authors' knowledge, this study could be the first to discuss the international university landscape in Indonesia. In addition, the proposed model could be a plausible framework for explaining the intention to accept not only international education brands but also other brands of goods and services, thereby benefiting both educational and consumer research. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to determine the effect of equity financing on bank stability during normal and crisis periods. Design/methodology/approach: This study uses a static panel regression that includes pooled ordinary least square, random effect and fixed effect model to examine the influence of equity financing on bank stability. In estimating bank stability during a financial crisis, the authors predict the occurrence of a crisis using the early warning system (EWS). The authors then used z-score to measure Islamic banks' stability. Findings: Islamic banks that offer equity financing structure are more stable compared to Islamic banks without such structure. Islamic banks with medium equity financing have highest stability relative to Islamic banks with high or low equity financing. During crises, the Islamic banks with equity financing structure remain relatively stable compared to other Islamic banks. Research limitations/implications: The sampling coverage could have included a larger number of countries and banks. Practical implications: The authorities need to strengthen the banking framework to support the Islamic financial products by encouraging a wider use of risk-sharing instruments. Besides using a debt-like financing structure, Islamic banks should also place emphasis on equity financing in instilling the banking sector stability. In monitoring banks with equity financing, the authorities may need to look into the level of equity financing. Social implications: Besides avoiding riba and gharar in financing, equity financing encourages cooperation and participation among society as they share the risks. Originality/value: This paper analyses the effect of equity financing on the Islamic banks stability during normal and crisis periods. This paper further examines the intensity of the equity financing and its influence on bank stability. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore how one industry leader in Indonesia addressed its hiring and training problems while simultaneously contributing to society through an human resource management (HRM)-led corporate social responsibility (CSR) initiative involving a vocational education training (VET) intervention. Design/methodology/approach: The VET case study, which is central to the paper, followed a four-stage action research design. Data were collected through series of consultations with the company's top management, benchmarking companies, the vocational school, local community and government bodies. Findings: The intervention reduced the company's hiring and training problems and provided jobs for graduates which addressed local youth unemployment. This experience generated lessons on CSR strategic interventions which should be considered when HRM professionals are seeking to address simultaneously organisational and social objectives. Research limitations/implications: The study is based on a single case in a local setting in one country. Practical implications: The study offers insights to HRM practitioners who face similar problems relating to upskilling, local talent supply and employee recruitment. The proposed framework is likely to be relevant to HRM practitioners who play a lead role in their organisations' CSR initiatives. Social implications: The case provides a realistic example of how a company, through its HRM function, can play a meaningful role in addressing societal issues and strategic business objectives. Originality/value: To the best of the authors' knowledge, this is an original case study based on primary data, conducted as action research. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the fraud tendency on the perception of external auditors triggered by five components of the fraud pentagon: pressure (P), opportunity (O), rationalization (R), competence (C) and arrogance (A). In addition, ethical values (EV) are placed as a moderating variable for this relationship. Design/methodology/approach: This is a quantitative study with a survey to external auditors around Indonesia. A moderation model for a research framework was developed to investigate the moderating role of ethical values. Findings: The findings have shown that the five components of the fraud pentagon theory are not fully proven as triggers of fraud in the perception of external auditors. Only C and A have a significant value in influencing the perception of fraud tendency (PFT). Other findings also provide evidence that EV moderate the relationship between C and A to PFT. This shows that EV can be used as an anti-fraud strategy in the external auditor environment. Originality/value: The originality of this paper is one of the first study that examines the fraud pentagon theory in the field of behavioral accounting. In addition, this paper contributes to the integration of ethical values as an anti-fraud strategy in the external auditor environment. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to quantify the labor market outcomes of people with disabilities (PwD) in Indonesia and compares them to people without disabilities. It first studies the labor force participation of PwD before examining the large and persistent wage gaps they face. It explores whether these wage gaps are explained by differences in productivity, a distinction which has important implications for policies addressing these gaps. Design/methodology/approach: The analysis is based on the Indonesian Family Life Survey Wave 5, which includes unique questions allowing for several definitions of disability. Multinomial logistic regression is used to study differences in type of employment for PwD. Wage gaps are estimated and corrected for selection using propensity score matching, supported by a Heckman selection model and Oaxaca–Blinder decomposition. Comparisons with other physically disadvantaged subgroups and the analysis of heterogeneity by job requirements and sector of work explore whether productivity gaps help explain wage gaps. Findings: PwD generally have lower unconditional labor force participation, but disparities largely disappear when controlling for characteristics. Moreover, patterns vary depending on whether the measure of disability used depends on prior medical diagnosis. PwD that do not require prior diagnosis tend to work in more vulnerable employment. When they are employed for wages, people with these types of disabilities face lower wages, up to 22% lower. Meanwhile, (surprisingly) those with medically diagnosed conditions face no difference or a wage premium. This paper finds compelling evidence that, where a wage penalty exists, a substantial part is unexplained by observable characteristics. Originality/value: Previous literature on disability has been mostly based on studies of high-income economies. This paper extends the literature to Indonesia, which differs from high-income contexts due to lack of mental healthcare resources and assistive technologies, as well as weaker rule of law. It provides unique insights based on types of disability and the salient dimensions of disability in the workplace. It also provides evidence that productivity differences do not explain the wage gap. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate cases of fraudulent financial statements that have occurred in Indonesia and explore the similarities of cases that existed in the period before and after the establishment of the Financial Services Authority. Design/methodology/approach: This paper provides a descriptive examination of financial misstatements issued by different regimes by listed companies of the capital market and financial institution supervisory agency and the introduction of new financial service authority; among 93 listed companies that were subject to an official investigation arising from the publication of financial misstatements, these assessments were facilitated by mean of content analysis of annual reports following the announcement of an investigation. Findings: The findings indicate that each regime has a specific pattern of financial statement fraud. It is found that senior management is responsible for most fraud, and recording a fictitious sale is the most common method of falsifying financial statements. Under the new regime, the publication of cases is limited since the introduction of risk-based supervision. Financial Services Authority is likely to fine and prosecute the director of a company as a perpetrator rather than a corporation as a legal entity. Originality/value: This study contributes to the literature on the incidence of financial statement fraud in public companies and provides a detailed descriptive comparison of cases scrutinized by securities exchange commission in an emerging country. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to apply several data mining techniques for predicting the daily precision improvement of Jakarta Islamic Index (JKII) prices based on big data of symmetric volatility in Indonesia's Islamic stock market. Design/methodology/approach: This research uses big data mining techniques to predict daily precision improvement of JKII prices by applying the AdaBoost, K-nearest neighbor, random forest and artificial neural networks. This research uses big data with symmetric volatility as inputs in the predicting model, whereas the closing prices of JKII were used as the target outputs of daily precision improvement. For choosing the optimal prediction performance according to the criteria of the lowest prediction errors, this research uses four metrics of mean absolute error, mean squared error, root mean squared error and R-squared. Findings: The experimental results determine that the optimal technique for predicting the daily precision improvement of the JKII prices in Indonesia's Islamic stock market is the AdaBoost technique, which generates the optimal predicting performance with the lowest prediction errors, and provides the optimum knowledge from the big data of symmetric volatility in Indonesia's Islamic stock market. In addition, the random forest technique is also considered another robust technique in predicting the daily precision improvement of the JKII prices as it delivers closer values to the optimal performance of the AdaBoost technique. Practical implications: This research is filling the literature gap of the absence of using big data mining techniques in the prediction process of Islamic stock markets by delivering new operational techniques for predicting the daily stock precision improvement. Also, it helps investors to manage the optimal portfolios and to decrease the risk of trading in global Islamic stock markets based on using big data mining of symmetric volatility. Originality/value: This research is a pioneer in using big data mining of symmetric volatility in the prediction of an Islamic stock market index. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to analyse in the health access of Indonesian illegal migrant workers in Malaysia, during which time they were not covered by Indonesia's national social health insurance. Design/methodology/approach: This study adopted a sociolegal approach, the research approach is conducted to understand the effect of a law, policy and regulation on access to health-care access among Indonesian migrant workers working illegally in Malaysia. This research involved 110 respondents who work illegally in Malaysia. The research explored the perceptions of respondents concerning to health access services of illegal migrant workers. Findings: The study demonstrated the weakness of provisions intended to guarantee the health access to health care of migrant workers from Indonesia illegally working in Malaysia. A decline in health status was observed, but it was not significant. Bilateral cooperation between Indonesia and Malaysia is necessary to provide a framework for Indonesia providing health care to its citizens working in Malaysia, regardless of their legal status. Originality/value: This paper concerns on the Indonesia illegal migrant workers experiencing illness and the access to the health service in Malaysia, and also the implementation of international regulation to protect Indonesian illegal migrant workers in Malaysia under ASEAN Consensus on the Protection and Promotion of the Rights of Migrant Workers. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to apply various data mining techniques for predicting the financial performance of Islamic banking in Indonesia through the main exogenous determinants of profitability by choosing the best data mining technique based on the criteria of the highest accuracy score of testing and training. Design/methodology/approach: This paper used data mining techniques to predict the financial performance of Islamic banking by applying all of LASSO regression, random forest (RF), artificial neural networks and k-nearest neighbor (KNN) over monthly data sets of all the full-fledged Islamic banks working in Indonesia from January 2011 until March 2020. This study used return on assets as a real measurement of financial performance, whereas the capital adequacy ratio, asset quality and liquidity management were used as exogenous determinants of financial performance. Findings: The experimental results showed that the optimal task for predicting the financial performance of Islamic banking in Indonesia is the KNN technique, which affords the best-predicting accuracy, and gives the optimal knowledge from the financial performance of Islamic banking determinants in Indonesia. As well, the RF provides closer values to the optimal accuracy of the KNN, which makes it another robust technique in predicting the financial performance of Islamic banking. Research limitations/implications: This paper restricted modeling the financial performance of Islamic banking to profitability through the main determinants of return of assets in Indonesia. Future research could consider enlarging the modeling of financial performance using other models such as CAMELS and Z-Score to predict the financial performance of Islamic banking under data mining techniques. Practical implications: Owing to the lack of using data mining techniques in the Islamic banking sector, this paper would fill the literature gap by providing new effective techniques for predicting financial performance in the Islamic banking sector using data mining approaches, which can be efficient tools in business and management modeling for financial researchers and decision-makers in the Islamic banking sector. Originality/value: According to the author's knowledge, this paper is the first that provides data mining techniques for predicting the financial performance of the Islamic banking sector in Indonesia. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is two-fold: to analyze the legal issues on disgorgement and disgorgement funds in Indonesia, the USA and the UK and to construct the ideal law regarding disgorgement and disgorgement fund. Design/methodology/approach: The type of legal research in this paper is normative legal research. The research approach used is a comparative approach and a legal approach. The legal materials used are all regulations on the disgorgement law and the disgorgement fund that apply in Indonesia, the USA and the UK. The technique of collecting legal materials is done by using library research techniques. Findings: The rapid growth of the capital market in Indonesia still faces various legal issues such as various market manipulations, insider trading and illegal investment management activities. Based on the results of a comparative study, Indonesia does not yet have a calculation mechanism regarding the imposition of disgorgement on violators. Unlike Indonesia, the USA has the rules of practice and rules on fair funds and exchange commissions, and the UK has the decision procedure and penalties manual, which regulates the mechanism for calculating the imposition of disgorgement. Indonesia is solely able to use administrative action in imposing disgorgement, while in the USA and the UK, it can be through courts or direct administrative actions. These legal issues have resulted due to the lack of confidence by international investors and the growth of the investment climate in Indonesia itself. Research limitations/implications: This study examines the regulation of disgorgement and disgorgement funds in Indonesia, the USA and the UK. However, the focus of research in this paper is limited to legal issues that occurred in Indonesia. Practical implications: The results of this study may help to construct the ideal regulations on disgorgement and disgorgement funds in various countries and protect the capital market of the investors. Social implications: The results of this study are expected to be helpful for the investment climate in various countries, especially developing countries. Originality/value: The ideal legal construction regarding disgorgement, namely, parties to the mechanism for imposing disgorgement; disgorgement filing mechanism; sanctions in disgorgement; disgorgement fund sources; provider of fundholding accounts; mechanism for calculating disgorgement imposition; disgorgement fund distribution mechanism. [ABSTRACT FROM AUTHOR]

Purpose: State-owned enterprises' (SOEs) goals are perceived as two-sided blades, providing goods or services to the public on one side and escalating the government's wealth on the other side. Treating the SOEs, government encounters the problem of injection strategy or privatize them. At the same time, managers have the option to formulate the SOEs strategy to boost performance. By using Miles and Snow's typology strategy and the above factors, this paper investigates those impacts on Indonesia's SOEs' performance. This study aims to propose strategic typology as the main predictor with other variables such as the size, ownership structure, market competitiveness and capital subsidy on SOEs. Design/methodology/approach: The study uses archived SOEs' financial data from 2014 to 2018 to predict the financial performance using ordinal logistic regression analysis. The additional factors, such as firm size, ownership structure, market concentration and capital subsidy, are incorporated. Findings: The result demonstrates that SOEs strategic typology, market concentration, size, ownership structure and capital subsidy significantly affect Indonesia's SOEs' performance. Originality/value: To the best of the authors' knowledge, this paper is the first elaborating government policies for SOEs, such as capital subsidy and state ownership, on the perspective of Miles and Snow's strategy-performance relationship. Correspondingly, the paper contributes to examine the Indonesian characteristic SOE type with the performance. No single study has previously explored this relationship in the context of SOE in Indonesia. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to unpack the nexus of development and demography controlling for three important variables to represent the meaning of development, that is, poverty rate, unemployment rate and human development index (HDI). Demographic variables are proxied with total fertility rate (TFR) and net migration rate (NMR). Design/methodology/approach: This research applies cluster analysis at the provincial level using INDO-DAPOER and 2015 Intercensal Population Survey data sets. Findings: Demographic and development status of Indonesian provinces can be classified into four clusters, and members of these clusters are mostly dissimilar with those of previous groupings on demographic dividends (Adioetomo, 2018). With only less than 50% matching rate, the author argues that there is no simple linear relationship between demographic and development variables. Research limitations/implications: The most recent data set on Population Census Year 2020 has not been made available at the time of the writing. Also sometimes known as unsupervised classification, cluster analysis is about finding groups in a set of objects characterised only by certain measurements; therefore, findings of this study need to be positioned solely within the context of development and demography. Practical implications: Taxonomy in this study offers a more nuanced and contextual understanding of the diverse challenges at the local and regional levels. Recommendations from this study lead to asymmetrical design in development policies and budget proportions at local levels. Social implications: It is expected that the findings are relevant to the input of policymaking process within the sphere of development and demography, especially for countries with significant size of populations and grappling with development issues. Originality/value: To the author's understanding, this paper is the first to discuss the impact of "demographic dividend" to economic development in Indonesia using the approach of cluster analysis. The expected contribution of this work is twofold: Firstly, the author would like to ignite a discourse on the nexus of development and demography using the most recent data set and cutting-edge method. Secondly, the findings are relevant to the input of policymaking process within the sphere of development and demography, especially for countries with significant size of populations and grappling with development issues. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to analyze the relationship between the brand awareness of an international university operating in Indonesia and enrollment intention serially mediated by brand congruity and brand attitude and moderated by brand experience. Design/methodology/approach: A moderated serial mediation model was developed and was tested using the partial least squares structural equation modeling (PLS-SEM) to examine the proposed relationship. There were 132 prospective students involved as respondents. Findings: (1) brand awareness may not always directly affect purchase intention; (2) brand congruity and brand attitude serially mediate the relationship between brand awareness and enrollment intention; (3) brand experience may not always moderate the relationship between brand awareness and consumer behavior. Research limitations/implications: This paper considers generalizability as its limitation with suggestions to undertake future studies in other settings and the longitudinal and broader scope. Future research could examine other variables to enhance the model. Practical implications: This paper also proposes theoretical and managerial implications in higher education branding and marketing. Originality/value: This study closed the gap in the unsuccessful relationship between brand awareness and behavioral intention that the mediating variables of brand congruity and brand attitude must be serially present. This study also confirmed that brand experience is not empirically suitable as a moderator. [ABSTRACT FROM AUTHOR]

Purpose The law development, especially in the field of investment, is not only directed to achieve the vision of Indonesia 2030, but it is directed to make Indonesia a great nation, protect the potential and plurality of Indonesia and realize the welfare of the nation, both economically independent and having qualified human resources. Based on the description, the purpose of this paper is to examine and find forms of refinement in the investment law development of Indonesia in accordance with the global order.Design/method This paper is qualitative research. This paper examines and finds forms of refinement in the investment law development of Indonesia in accordance with the global order.Findings The refinement form of investment law development in Indonesia in accordance with the global order begins with Law Number 1 of 1967 on Foreign Investment (PMA) and Law Number 6 of 1968 concerning Domestic Investment (PMDN), which is then followed by the issuance of Presidential Decree Number 29 of 2004 concerning the Implementation of Investment in Foreign Capital Investment (PMA) and Domestic Investment (PMDN) through One Stop Service System. The reconstruction form of the capital investment law is by the issuance of Law Number 25 of 2007 regarding Investment which regulates the domestic investment and foreign investment. The authorized official to coordinate the implementation of investment in Indonesia is the Investment Coordinating Board (BKPM). The consideration of BKPM appointment as the only government agency that handles investment activities of PMA and PMDN is to increase the effectiveness in attracting investors to invest in Indonesia. Therefore, by one stop service, it is expected that the service to the investors will be faster than the previous implementation. One Stop Service System means that the implementation of investment consists of policies and planning of investment development, promotion and investment cooperation, approval services, licensing and investment facilities, control of investment implementation and management of investment information system. Approval services, licensing and investment facilities on PMA and PMDN shall be implemented by BKPM, based on the delegation of authority from the Minister/Head of Non-Department Institution which handle the relevant investment business fields through one stop service system.Originality/value This paper only focuses on the investment law development in Indonesia that has never been done before (originality). [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to propose a new analytical framework in examining corruption from the social ontology perspective by using the Schatzkian practice theory to assess the interconnectedness among social practices constituting the social reality. Design/methodology/approach: This exploratory paper is part of the author's study to assess the complex corruption phenomenon in Indonesia from multiple perspectives to gain a better understanding of its nature and dynamics. By drawing from the existing literature on the Schatzkian practice theory, the COVID-19 pandemic and the corruption phenomenon, this study investigates the potential changes of the new constellation of practice-arrangement bundles within the social reality and how such changes may alter corruption practices in the future. Furthermore, this study also uses publicly available reports from several national and international agencies to explore possible future scenarios from the interconnectedness of corruption, anti-corruption and pandemic practices. This paper constructs a new analytical framework for assessing the corruption phenomenon and designing the most appropriate anti-corruption strategy from such an exploration. The framework also serves as a reference for future anti-corruption research. Findings: The author establishes that all social phenomena are constructed by an interconnected, dynamic and ever-changing constellation of practice-arrangement bundles within the social reality. As a largely social phenomenon (at least in Indonesia), corruption is also constructed by webs of practice-arrangement bundles. For decades, corruption practices in Indonesia have always been interconnected with anti-corruption practices in ways that changes in one group of practices will drive changes in the others. With the adoption of the pandemic practices centered around social distancing, social restriction and social safety net, corruption practices appear to transform to adapt to the new environment. Therefore, future anti-corruption research should aim to examine the structure and dynamics of corruption, anti-corruption and pandemic practices to highlight changes or potential changes within the three groups of practices to determine the most appropriate intervention measures and anti-corruption strategy. Research limitations/implications: This exploratory study is self-funded and relies primarily on documentary analysis to explore the corruption phenomenon in Indonesia. Future studies will benefit from in-depth interviews with former corruption offenders and corruption investigators. Practical implications: This exploratory paper contributes to developing a sound corruption prevention strategy by proposing a new analytical framework for assessing various social practices, particularly those associated with corruption and the COVID-19 pandemic. Originality/value: This paper highlights the importance of understanding the structure, interconnectedness and dynamics of social practices, particularly associated with the COVID-19 pandemic, to better understand the corruption phenomenon. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to quantify the effects of regional income disparity and social diversity on local public goods delivery in Indonesia. Design/methodology/approach: Using Indonesian provincial data over the period 2001–2014 and by way of System GMM, this paper circumvents endogeneity and persistence of key variables over time which may bias the estimated impact of the critical variables. Findings: The result provides no significant evidence on the influence of regional income inequality on the provision of local public goods. The result reveals that ethnic diversity is associated with the more extensive provision of local public goods. A large difference in preferences toward public goods provision in a fragmented society such as Indonesia forces the local government to deliver a greater mixed of public goods to accommodate various preferences for public goods and ensure that each group has equal access to public goods. Political fragmentation within an ethnically heterogeneous society also encourages local politicians to provide a larger provision of public goods to form an inter-ethnic coalition to gain local political access. Practical implications: The significant effect of ethnic diversity on public goods provision implies a set of policy recommendation for Indonesian Government in order to maintain peace within the country. The central government should establish a clear-cut standard of local public goods provision for local governments to ensure that that anyone has equal access to public goods regardless of ethnicity. This will mitigate the possibility of ethnic conflict in an ethnically plural society. Originality/value: This paper extends its analysis using both fractionalization and polarization indexes to measure the social diversity in Indonesia to obtain a comprehensive knowledge regarding the influence of ethnic diversity on the public good provision. This paper proposes a set of policy recommendation for Indonesian Government to manage the effect of social diversity on the provision of local public goods. To the author's knowledge, this has never been done before for Indonesia. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-12-2018-0661 [ABSTRACT FROM AUTHOR]

Purpose: Zakat during the COVID-19 outbreak has played a vital role and has been significantly discussed in the virtual environment. Such information about zakat in the virtual world creates unstructured data, which contains important information and knowledge. This paper aims to discover knowledge related to zakat administration during the pandemic from the information in a virtual environment. Furthermore, the discussion is contextualised to the socio-economic debates. Design/methodology/approach: This is a qualitative study operated via text mining to discover knowledge of zakat administration during the COVID-19 pandemic. The National Board of Zakat Republic of Indonesia (BAZNAS RI) is selected for a single case study. This paper samples BAZNAS RI's situation report on COVID-19 from its virtual website. The data consists of 40 digital pages containing 19,812 characters, 3,004 words and 3,003 white spaces. The text mining analytical steps are performed via RStudio. The following R packages, networkD3, igraph, ggraph and ggplot2 are used to run the Latent Dirichlet Allocation (LDA) for topic modelling. Findings: The machine learning analysis via RStudio results in the 16 topics associated with the 3 primary topics (i.e. Education, Sadaqah and Health Services). The topic modelling discovers knowledge about BAZNAS RI's assistance for COVID-19 relief, which may help the readers understand zakat administration in times of the pandemic from BAZNAS RI's virtual website. This finding may draw the theory of socio-economic zakat, which explains that zakat as a religious obligation plays a critical role in shaping a Muslim community's social and economic processes, notably during the unprecedented times of COVID-19. Research limitations/implications: This study uses data from a single zakat institution. Thus, the generalisation of the finding is limited to the sampled institution. Practical implications: This research is both theoretically and practically important for academics and industry professionals. This paper contributes to the novelty in performing text mining via R in gaining knowledge about the recent zakat administration from a virtual website. The finding of this study (i.e. the topic modelling) is practically essential for zakat stakeholders to understand the contribution of zakat in managing the COVID-19 impacts. Social implications: This work derives a theory of "socio-economic zakat" that explains the importance of a zakat institution in activating zakat for managing socio-economic issues during the pandemic. Thus, paying zakat to an authorised institution may actualise more maslahah (public interest) compared to paying it directly to the asnaf (zakat beneficiaries) without any measurement Originality/value: This study is among the pioneers in gaining knowledge from Indonesia's zakat management during the COVID-19 outbreak via text mining. The authors' way of analysing data from the virtual website using RStudio can advance Islamic economics literature. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore the prospects and the challenges of Islamic fintech in Indonesia. This study also proposes a comprehensive legal framework to encourage and accelerate the growth of the Islamic economy. Design/methodology/approach: This study is the result of legal research with a statute approach and conceptual approach. The types of data used are legal materials consisting of primary legal materials and secondary legal materials. The technique of collecting legal materials is done by using library research techniques. The legal materials were analyzed using the legal norm method. Findings: Indonesia is a country with the largest Muslim population in the world. However, the market size of Indonesia's Islamic fintech is still below Saudi Arabia, Iran, United Arab Emirates (UAE) and Malaysia. Saudi Arabia's Islamic fintech is the biggest market in the world, with $17.9bn worth of transactions in 2020 while Iran is at $9.2bn, UAE $3.7bn, Malaysia $3.0bn and Indonesia $2.9bn. This condition was due to various challenges in the Islamic fintech industry in Indonesia, including inadequate regulations; complicated permit procedures; misuse of fintech for financing terrorism; rampant occurrence of illegal fintech businesses; and consumer disputes in the fintech sector. These challenges require the construction of a comprehensive legal framework through the formation of an Act on Fintech. Research limitations/implications: The focus of this research was limited to the problems occurring in the Islamic fintech sector in Indonesia as a country with the largest Muslim population in the world. Practical implications: The results of this research can be used as recommendations for the formulation of comprehensive policies for the growth and development of Islamic fintech. Social implications: Islamic fintech requires a comprehensive legal framework that functions to encourage the development of the Islamic fintech industry, digital economy growth and legal mitigation of various legal risks and misuse of fintech for financial crime and financing terrorism. Originality/value: This paper proposes an original idea of creating a legal framework in a form of the Islamic Fintech Act. The Act should cover such legal substances as follows: Islamic compliance; an integrated one-stop permit procedure; division of authority, coordination and synergy among authorities; prevention and resolution of digital financial system crisis; criminal sanctions; and consumer dispute resolution mechanisms and alternative institution for fintech consumer dispute resolution. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to assess to which extent the legality of electronic archive management can realize Indonesia E-government. This aspect of legality can have a significant impact on the application ofe-government in a country. The legality focuses on the archival legislation of the Republic of Indonesia in discussion related to the management of electronic archives. Design/methodology/approach: The method used in this research is content analysis with qualitative research approach. The data for this research was taken from the Undang-Undang Kearsipan Indonesia (Indonesia Archives Constitution) documents that is available on the official website of Arsip Nasional Republik Indonesia (ANRI) (National Archives of the Republic of Indonesia). To complete the discussion in this paper also conducted literature study using secondary literature sources. Findings: From the aspect of legality, the management of electronic archives does not yet support the implementation of Indonesia E-government. From the aspect of legality, the laws governing the management of electronic archives has not yet existed, there is only the Regulation of the Head of the National Archives regarding the guidelines of general policy for electronic records management in 2012. Research limitations/implications: This research is limited to the identification of comprehensive analysis on all documents of the ANRI on the management of electronic archives in the context of Indonesia E-government. From that, the gap between those aspects can be examined. Social implications: This paper reveals the importance of legality in the form of regulation of electronic records management in Indonesia E-government. Findings from this research can be useful for the Indonesia E-government program. Originality/value: Research with content analysis method on management of electronic archive on Law of Archiving in Republik Indonesia has never been done before. This also applies to the research on the relationship between the management of electronic archives with the application of Indonesia E-government. [ABSTRACT FROM AUTHOR]

Purpose: Changes are inevitable and organisations should develop their organisational capacity for change (OCC) to survive. This paper aims to test the effect of market orientation on OCC (learning, process and context), as well as the impact of OCC on organisational performance. Design/methodology/approach: This research used a survey of 314 heads of study programmes in Indonesia's highest-ranked universities to test the proposed hypotheses. Findings: The results of this research demonstrate that OCC is determined by customer orientation and cross-functional coordination (market orientation), while competitor orientation influences the learning dimension of OCC. Moreover, only the context dimension of OCC positively influences organisational performance in addition to serving as a mediator between market orientation (customer orientation and cross-functional coordination) and organisational performance, whereas competitor orientation positively influences organisational performance. Originality/value: This paper empirically tested the three dimensions of OCC (learning, process and context) that had previously been discussed only conceptually. Furthermore, the organisation should be market-oriented to possess the capacity for change. Finally, the paper proposes and demonstrates that organisational context (culture) plays a significant role in OCC in developing organisational performance. [ABSTRACT FROM AUTHOR]

Purpose: The Covid-19 pandemic has persisted for almost three years. States have since then enforced laws, policies and measures believed to be the most effective to handle the global pandemic. Along this line, the Indonesian Government opted to implement mandatory vaccination and refusal of which entails monetary penalties. Hence, this study aims to analyze two legal issues that touch upon the realm of International Human Rights Law: first, whether state has the authority to implement the said mandatory vaccine program to those who refuse to be vaccinated, and second, how is the more appropriate legal policy to obligate vaccination but without coercive sanction. Design/methodology/approach: This is a normative legal research that uses a qualitative method with case studies, conceptual, historical and comparative approaches. A descriptive-analytical deduction process was used in analyzing the issue. Findings: The results present, as part of state's right to regulate, it has the authority to enact mandatory vaccination with monetary penalties to fulfil its obligation to protect public health in times of emergency; this is legal and constitutional but only if it satisfies the requirements under the International Human Rights Law: public health necessity, reasonableness, proportionality and harm avoidance. Alternatively, herd immunity is achievable without deploying unnecessary coercive sanctions, such as improving public channels of communication and information, adopting legal policies that incentivize people's compliance like exclusion from public services, subsidies revocation, employment restrictions, higher health insurance premiums, etc. Research limitations/implications: This study analyzes in depth the following issues: of whether the government has the authority to apply mandatory vaccination laws enforced through monetary penalties for those who refused to be vaccinated and how does the government implement the appropriate legal policy to enforce mandatory vaccination without imposing penalties for non-compliance while maintaining a balance between the interests of protecting public health and the human rights of individuals to choose medical treatment for themselves, including whether they are willing to be vaccinated. Hence, the political affairs, economic matters and other non-legal related issues are excluded from this study. Originality/value: This paper hence offers a suggestive insight for state in formulating a policy relating to the mandatory vaccination program. Although the monetary penalties do not directly violate the rule of law, a more non-coercive approach to the society would be more favorable. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate how the village government implements internal control, accountability, transparency and participation in the good governance practice for corruption prevention and detection in Indonesia. Design/methodology/approach: This study is qualitative research by conducting a semi-structured interview with village staff, village consultative council members and auditors. Findings: The findings highlight three major issues contributing to poor governance and the failure to prevent and detect corruption. Practical implications: The regulator should urgently provide accounting standards, audit standards and internal control regulations for the village to create good governance for eradicating corruption. Originality/value: This paper is a ground-breaking study that investigates the governance practice in the village as an anchor to solve the chronic corruption problem and offers a new direction of research in the village government. [ABSTRACT FROM AUTHOR]