Journal of Contemporary Economics and Business Management

Publication Trends In Islamic Stock Market Research: A Bibliometric Review

Noval, Rachmawati A Rifai, M. Hidayat, Fatma, Rabaniyah Istiqamah — Mon, 30 Jun 2025 00:00:00 +0000

The Islamic capital market has witnessed significant growth over the past two decades, driven by a rising awareness of ethical and sustainable investments and the demand for Sharia-compliant financial solutions. Amidst the global trend towards sustainability, this market has demonstrated better resilience during economic crises, such as the COVID-19 pandemic, positioning itself as an attractive alternative for investors seeking alignment with Islamic values. This study aims to identify and analyze trends and patterns in publications related to the Islamic capital market while exploring key contributors and emerging themes in the literature. The analysis involved 747 articles authored by 1,489 contributors across 264 journals, utilizing bibliometric methods through R Biblioshiny to generate bibliometric maps. Results indicate a significant increase in publications, with an average annual growth rate of 12.74% and an average citation per document of 18.52, reflecting high relevance. Key themes include Islamic capital market performance and the COVID-19 impact. International collaboration constitutes 40.7% of publications, with leading contributors and journals highlighted.

Understanding Online Zakat Payment Decisions: The Roles Of Accountability, Technology Adoption, And Religiosity

Bunga Cinta Dian Winata, Sitti Aisya, Rizki Amalia — Sun, 14 Jun 2026 12:32:45 +0000

The rapid development of digital technology has encouraged the use of online platforms for zakat payment. However, studies examining the effects of accountability and technology adoption on zakat payment decisions, with religiosity as a moderating variable, remain limited, particularly among muzakki in Palu City, Indonesia. This study aims to analyze the effects of accountability and technology adoption on the decision to pay zakat through online platforms and to examine the moderating role of religiosity in these relationships. A quantitative approach was employed using a survey method involving 100 muzakki who use online zakat platforms in Palu City. Data were collected through questionnaires and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The findings reveal that technology adoption and religiosity have a positive and significant effect on online zakat payment decisions, while accountability has no significant effect. Furthermore, religiosity does not significantly moderate the relationships between accountability and online zakat payment decisions, nor between technology adoption and online zakat payment decisions. These findings suggest that the convenience, usefulness, and efficiency of technology, together with the level of religiosity, are the primary factors influencing muzakki's decisions to use digital zakat services

The Effect Of Earnings Per Share (EPS), Return On Assets (ROA), And Debt To Equity Ratio (DER) On Stock Prices With Dividend Policy As A Moderating Variable

Surya Nengsi, Syaakir Sofyan, Irham Pakkawaru — Tue, 16 Jun 2026 01:20:13 +0000

This study aims to analyze the effect of Earnings Per Share (EPS), Return on Assets (ROA), and Debt to Equity Ratio (DER) on stock prices, and examine the role of dividend policy as a moderating variable in consumer goods companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2023 period. This study uses a quantitative approach with an explanatory research design. The population consisted of 270 companies, with a sample of 47 companies selected through a purposive sampling method, resulting in 141 observations. Data analysis used panel data regression with the Fixed Effect Model (FEM) approach and Moderated Regression Analysis (MRA) using EViews 12. The results showed that EPS had a positive and significant effect on stock prices, while ROA and DER each had a negative and significant effect. Simultaneously, all variables had a significant effect with an R² value of 97.46%. However, dividend policy was not proven to moderate the effect of EPS, ROA, or DER on stock prices. This finding indicates that investors respond more directly to a company's fundamental information without considering its interaction with dividend policy.

The Influence Of Capital Structure And Corporate Social Responsibility On Firm Value With Sharia Compliance As A Moderating Variable

Asri, Syaakir Sofyan, Irham Pakkawaru — Tue, 16 Jun 2026 02:40:17 +0000

The development of the Islamic capital market in Indonesia encourages companies to not only enhance financial performance but also pay closer attention to social responsibility and Sharia compliance. Firm value serves as a critical indicator reflecting investor confidence. However, prior empirical findings regarding the effects of capital structure and corporate social responsibility (CSR) on firm value remain inconsistent. This study aims to analyze the influence of capital structure and CSR on firm value, with Sharia compliance acting as a moderating variable, focusing on companies listed in the Jakarta Islamic Index (JII) during the 2022–2024 period. Employing a quantitative approach, this research utilizes secondary data sourced from corporate annual reports and financial statements. A sample of 14 companies was selected via purposive sampling, yielding a total of 42 observations. Data analysis was executed using multiple linear regression and Moderated Regression Analysis (MRA) processed through EViews 12. The empirical results demonstrate that capital structure has no significant effect on firm value (p = 0.2612 > 0.05). Conversely, CSR exerts a significant negative effect on firm value (p = 0.0003 < 0.05), while Sharia compliance exhibits a significant positive effect (p = 0.0005 < 0.05). Simultaneously, all variables significantly influence firm value, with a Prob(F-statistic) of 0.000000 < 0.05. The Adjusted R-squared value of 0.861670 indicates that the explanatory variables account for 86.16% of the variance in firm value. Furthermore, the moderation analysis confirms that Sharia compliance significantly moderates the relationship between both capital structure and CSR on firm value.

The Effect Of Investment Motivation, Financial Literacy, And Understanding Of Sharia Investment On Investment Interest With Self-Efficacy As A Moderating Variable

Iin Afriyani, Syaakir Sofyan, Noor Riefma Hidayah — Wed, 22 Jul 2026 11:33:36 +0000

Study This aim for analyze influence motivation investment, literacy finance, and understanding sharia investment towards interest invest through digital applications for students Faculty of Islamic Economics and Business (FEBI) Datokarama State Islamic University (UIN) Palu, with self-efficacy as variables moderation. Research This use approach quantitative with method survey. Population is all over FEBI UIN Datokarama Palu students who have not yet Once invest in a way active. Sample selected use technique purposive sampling and data collected through questionnaire likert scale. Data analysis using Multiple Linear Regression and Moderated Regression Analysis (MRA) with SPSS 26 assistance. Research results show that motivation investment and literacy finance influential positive and significant to interest invest, while understanding sharia investment does not influential significant in a way partial. In simultaneously, all variables independent together self-efficacy as moderation influential significant to interest invest with contribution by 89.7%. Self-efficacy is proven moderate and strengthen influence motivation investment, but weaken influence literacy finance, as well as no capable moderate influence understanding sharia investment towards interest invest through digital applications.