Accounting Progress

Maqasid al-Shariah dan Konvergensi ESG di Pasar Modal Islam: Tinjauan Sistematis tentang Kerangka Kerja, Bukti Empiris, dan Tantangan Implementasi

2026-05-25T01:43:15-07:00

This study aims to synthesize the literature on the convergence between Maqasid al-Shariah and Environmental, Social, and Governance (ESG) principles in the Islamic capital market ecosystem. Using a Systematic Literature Review (SLR) of selected literature from 2020 to 2025, this study evaluates various theoretical frameworks, empirical evidence, and implementation challenges faced by Islamic financial instruments such as green sukuk. The research findings indicate that Maqasid al-Shariah provides a substantial ethical foundation for ESG metrics, which in turn enhances market resilience and company value amidst global economic uncertainty. However, the study also identifies significant barriers in the form of regulatory fragmentation and the risk of greenwashing, which could threaten market integrity. The primary value of this research lies in providing a strategic roadmap for regulators and practitioners to harmonize global Sharia sustainability standards. By bridging the gap between formal Sharia compliance and measurable environmental impact, this study makes a crucial contribution to the development of a more transparent and public-benefit-oriented Islamic financial system in the future.

Fenomena Fear of Missing Out (FOMO) Investor Saham dalam Ekosistem Media Sosial Digital: Pengaruh Financial Influencer dan Algoritma Media Sosial melalui Literasi Keuangan

2026-05-25T01:51:02-07:00

This study aims to analyze the influence of Financial Influencers and Social Media Algorithms on stock investors’ Fear of Missing Out (FOMO) through Financial Literacy as an intervening variable. The development of digital social media has transformed investor behavior in making investment decisions, particularly due to the influence of financial influencer content and social media algorithm systems that intensively display investment-related information to users. This study employed a quantitative approach using the Structural Equation Modeling–Partial Least Square (SEM-PLS) method with SmartPLS 4 software. The research sample consisted of 200 stock investors selected using purposive sampling techniques. Data collection was conducted through questionnaires using a Likert scale. The results showed that Financial Influencers and Social Media Algorithms had a positive and significant effect on Financial Literacy and stock investors’ Fear of Missing Out (FOMO). In addition, Financial Literacy also had a positive and significant effect on Fear of Missing Out (FOMO). The indirect effect testing demonstrated that Financial Literacy significantly mediated the influence of Financial Influencers and Social Media Algorithms on stock investors’ Fear of Missing Out (FOMO). This study proves that the development of the digital social media ecosystem plays an important role in shaping modern stock investor behavior, both from rational and psychological investment perspectives.

Analisis Sistem Pengendalian Internal Pembelian Bahan Baku Pada PT. Inalum

2026-05-25T01:47:50-07:00

This study aims to analyze the implementation of the internal control system for raw material purchasing at PT Indonesia Asahan Aluminium (INALUM). Internal control in the raw material purchasing process plays an important role in maintaining the effectiveness of company operations, minimizing the risk of errors and fraud, and ensuring the continuity of the production process. This study employed a qualitative approach with a descriptive method. Research data were obtained through observation, interviews, and documentation. Interviews were conducted with parties directly involved in the raw material procurement process, namely the Material Management Section and the Procurement Section. In addition, this study utilized supporting documents such as Standard Operating Procedures (SOP), business process documents, and company reports. The results indicate that the internal control system for raw material purchasing at PT INALUM has been implemented properly and systematically. The raw material procurement process is carried out through several stages, including the preparation of Purchase Requisition (PR), tender process, technical and business evaluation, negotiation, issuance of Purchase Order (PO), contract preparation, goods receipt, and payment. The company has also implemented segregation of duties, authorization systems, access restrictions, and the use of SAP and Ipro systems to support inventory control and raw material procurement processes. Furthermore, the company applies a risk mitigation strategy through Ad Hoc transactions to address raw material supply constraints under certain conditions. Based on the evaluation results, the internal control system for raw material purchasing at PT INALUM is in accordance with internal control principles and is capable of supporting the effectiveness and efficiency of the company’s raw material procurement process.

Analisis Pengaruh PDRB, Upah Minimum Provinsi, dan Inflasi Terhadap Pengangguran di Provinsi Sumatera Utara Tahun 2011–2023

2026-05-25T01:55:26-07:00

Pengangguran merupakan isu penting dalam pembangunan ekonomi berkelanjutan. Studi ini bertujuan untuk menganalisis hubungan antara Produk Domestik Bruto Regional (PDB), Upah Minimum Provinsi (UMP), dan Inflasi di Provinsi Sumatera Utara pada periode 2011–2023. Data yang digunakan adalah data sekunder yang diperoleh dari Badan Pusat Statistik (BPS) Provinsi Sumatera Utara dan Badan Pusat Statistik (BPS) Indonesia, berbagai jurnal ilmiah, dan lain-lain. Metode analisis yang digunakan adalah regresi linier berganda dengan pendekatan Ordinary Least Squares (OLS) dan perangkat lunak statistik SPSS 26. Hasil persamaan regresi linier adalah Y = 6,419 − 0,125X1 + 0,006X2 + 0,064X3 + ε. Uji T sebagian menunjukkan hanya PDRB yang memiliki hubungan negatif dan yang lainnya juga positif, dan tidak ada yang signifikan. Pada uji t, PDRB tidak signifikan terhadap pengangguran (t hitung = -1,704 > t tabel (1,812) atau sig = 0,123 > 0,05). Pada uji t, Upah Minimum Provinsi (UMP) tidak signifikan terhadap pengangguran (t hitung = 0,183 > t tabel (1,812) atau sig = 0,859 > 0,05)). Pada uji t, Inflasi tidak signifikan terhadap pengangguran (t hitung = 1,191 > t tabel (1,812) atau sig = 0,264 > 0,05). Secara simultan, variabel PDRB, Upah Minimum Provinsi (UMP), dan Inflasi memiliki hubungan positif tetapi tidak signifikan terhadap pengangguran (F hitung = 1,160 < F tabel 3,86 dan sig = 0,377 > 0,05). Nilai koefisien determinasi (R²) hanya 0,279% yang menunjukkan bahwa 99,279% variasi pengangguran dijelaskan oleh diluar ketiga variabel tersebut. Hasil penelitian ini menunjukkan bahwa pengangguran di Provinsi Sumatera Utara dapat dikurangi dengan meningkatkan jumlah pekerja di sektor padat karya, Upah Minimum Provinsi dapat diterima oleh kedua pihak, dan inflasi dikendalikan secara berkelanjutan untuk menjaga daya beli masyarakat

Pengaruh Profitabilitas Terhadap Nilai Perusahaan: Moderasi Pengungkapan Corporate Social Responsibility

2026-05-25T01:53:33-07:00

This study aims to analyze the effect of profitability on firm value and the role of Corporate Social Responsibility (CSR) disclosure in moderating this relationship in consumer cyclicals sector companies listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employed a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sampling technique used was purposive sampling, resulting in 15 companies that met the research criteria. Data analysis was conducted using panel data regression analysis and Moderated Regression Analysis (MRA). The results indicate that profitability has a positive and significant effect on firm value. In addition, CSR disclosure is proven to moderate the effect of profitability on firm value by strengthening the relationship. These findings suggest that investors not only consider a company’s ability to generate profits, but also pay attention to the company’s commitment to social responsibility and business sustainability. The implications of this study indicate that companies need to maintain a balance between achieving financial performance and implementing CSR in order to enhance investor confidence and strengthen firm value.