Business Principles Research Articles

Biblical Foundations for Business Ethics

The article explores biblical sources of ethics principles of business. It demonstrates that in the contemporary pluralistic world, principles of biblical business ethics can be valuable in the communication and interaction among representatives of different countries and cultures, as they encompass fundamental foundations for building business relationships. Due to the influence of Christian morality on the culture of many nations, biblical values have the potential to significantly impact individuals and their economic behavior, contributing to the dissemination of important economic categories in society. The study reveals that important anthropological foundations for fruitful economic relations have been formed within the framework of biblical theocentrism, including considerations of human dignity, honesty, diligence, responsibility, and charity. The biblical perspective on property as a temporary stewardship has significant implications for awareness and education about responsibility not only towards other people but also towards the environment, holding crucial relevance in the context of corporate social responsibility in the modern world.

Implementation Of Green Business Ecoprint Industry In Purworejo Regency

The ecoprint industry in Purworejo Regency is one of the industries committed to doing business in an environmentally friendly manner. Green business is the main focus in the operation of the ecoprint industry. In this context, green business refers to business practices that aim to improve sustainability and reduce negative environmental impacts. This descriptive qualitative research aims to explain how green business is applied in the ecoprint industry in Purworejo Regency. To find out how green business is implemented in the ecoprint industry in Purworejo Regency, the author interviewed the owner and the production department. Miles and Huberman techniques were used to analyse the data. The results of this study are that the application of green business in the ecoprint industry is reflected in the use of natural materials from plants and natural fibres that have been proven to reduce water and air pollution produced, there are efforts to educate consumers about the importance of environmentally friendly products and their benefits to the environment, and have used environmentally friendly packaging. In addition, the ecoprint industry in Purworejo Regency is implementing an efficient energy management system. Green business in the ecoprint industry is the right step to reduce negative impact on the environment. Overall, the ecoprint industry in Purworejo Regency has successfully operated a business with green business principles. In an era that is increasingly aware of the importance of sustainability, these steps not only provide benefits to the environment, but also enhance the good image of SMEs.

Community Service Training on Material Flow Cost Accounting (MFCA) for Micro, Small, and Medium Enterprise (MSME) Entrepreneurs

In the last two decades, concern for environmental issues has become a regulatory concern at the international and national levels. Many methods have been developed to reduce negative impacts on business activities, including Material Flow Cost Accounting (MFCA) technology that shows an increasing trend among companies and Micro, Small, and Medium Enterprises (MSMEs) in developing countries. The benefit of MFCA technology is its superiority in identifying material losses (harmful products) during production. At the same time, this is known at the end of the process in the conventional accounting system. Then by implementing MFCA technology, business people can take initiatives to reduce material losses and achieves resource efficiency. In addition to efforts to reduce material losses, MFCA technology will encourage business-enhancing practices by reducing costs, reducing carbon emissions, and increasing operational efficiency. This Community Service Program aims to provide training on sustainable business principles by applying MFCA technology for MSME Entrepreneurs at Bina Amanah School of Entrepreneur Cordova in South Tangerang, Banten Province. Using the action research method increases participants' knowledge after the MFCA training.

Analysis of the Application of Sharia Business Principles in Sharia Concept Hotels in Jambi City

The focus in this research is on the Analysis of the Application of Sharia Business Principles in Hotels with Sharia Concepts in Jambi City, where as a sample there are five sharia hotels in Jambi City including: Al Fath Hotel, Matahari 1 Sharia, Diva residence Syariah, RedDoorz Syariah, Syariah Ocean. The theory used in this theory is the Principles of Sharia business (Agus Yulliawan. 2023) there are four principles (axios) that must be applied in Islamic business, namely: monotheism (Unity), balance or alignment (Equilibrium), free will (Free will), and responsibility. And also using the 2014 Ministry of Tourism and Creative Economy regulations concerning Sharia Hotel business guidelines. The type of research used is descriptive qualitative. The results of this study are that the application of Sharia Business Principles to Hotels with a Sharia concept is fairly good, what has not been fulfilled is the CSR Budget section. Meanwhile, in terms of regulations from the Ministry of Tourism and Creative Economy for the swimming pool and spa products, then for the services that have not been fulfilled, namely entertainment and sports facilities, in several sharia hotels in Jambi City. The obstacle faced in implementing the Sharia hotel business is that there are many conventional hotels in Jambi City with complete facilities, while sharia hotels still do not have the facilities owned by conventional hotels such as: Fitness Center, Sauna, Spa, entertainment and sports facilities, not yet available. varied and a large meeting room (Ballroom). All of this is of course an obstacle for sharia hotels in the city of Jambi to be able to compete with existing conventional hotels.

Analisis Penerapan Prinsip-Prinsip Ekonomi Islam Dalam Bisnis Retail Di Perusahaan PTPN IV Medan

PTPN IV Medan Company is a company operating in the plantation sector in Medan, Indonesia. As a company operating in the business sector, PTPN IV Medan also has a retail business division which is an important part of its operational activities. This research is the result of qualitative research by raising the problem of how to apply Islamic economic principles in the PTPN IV Medan company. This type of research method is qualitative research using a descriptive approach and library research. As for the data sources in this research, the primary data is interviews with related parties, namely employees who work at the PTPN IV Medan company, while the secondary data is data obtained through reports regarding the PTPN IV Medan Company. In this context, it is important to evaluate the extent to which this company applies Islamic economic principles in its retail business. This analysis can also provide insight into the effectiveness and success of implementing Islamic economic principles in the company's retail business.

ANALISIS STRATEGI PEMASARAN PADA BISNIS JASA TITIP BERDASARKAN PRINSIP-PRINSIP ETIKA BISNIS ISLAM (STUDI KASUS PADA INSTAGRAM @TWINSCOLL_)

Online buying and selling has now spread worldwide, with trading systems and types of products being highly diversified. Consequently, proxy shopping services have emerged to facilitate the shopping process for the public. @twinscoll_ is one of the deposit service providers that has been running its business for quite some time. However, there are several reasons that make this proxy shopping business less effective. This research aims to identify and analyze the marketing strategies employed by the deposit service provider @twinscoll_ based on the principles of Islamic business ethics.The research methodology utilized in this study is qualitative, employing interview techniques with online purchasing service providers. Data sources include books, journals, and other references related to this research. This research is conducted due to the identification of some principles that do not align with Islamic business ethics, necessitating a shift in the business model based on Islamic principles. Therefore, this study explores new strategies implemented by the proxy shopping service in introducing or marketing its business without compromising Islamic principles.

Online Business Training for SR12 Herbal Products in Bantarjati Village, Kelapanunggal District based on Islamic Economic Principles

Islamic economic principles through online business training to SR12 product entrepreneurs in Klapanunggal sub-district, Bogor district. This research was conducted through observation, interviews and documentation. The object of this research is SR12 product business actors in Klapanunggal District, Bogor Regency. With the existence of a business training program through online media, it is hoped that it can 1) help increase people's income in Bantarjati Village, Bogor Regency, because it does not require a lot of capital so it can be accepted by the community at the same time, 2) increase understanding of Islamic economic principles in business, 3) can help Marketing SR12 herbal products is better known to many consumers, and 4) can help develop more attractive and innovative products. Based on research results, business training based on Islamic economic principles is very important to be implemented in various fields, especially SR12 products, especially after Covid-19. Business actors receive online business training by creating a TikTok or using TikTok social media. This training implements the principles of Islamic economics, namely 1) product transactions are permitted based on Islamic law, 2) transactions must be based on benefit and justice, and 3) no usury element. Online business makes it easy for SR12 product entrepreneurs to market products to various regions, therefore it is necessary to understand how to implement online business in accordance with Islamic business ethics.

INDONESIA STOCK EXCHANGE: THEORETICAL AND PHILOSOPHICAL ANALYSIS OF MUDHARABAH AND MUSYARAKAH CONTRACTS

This article is a theoretical and philosophical analysis of the implementation of the mudharabah contract and musyarakah contract on the Indonesia Stock Exchange. This study aims to reveal the theory and business philosophy underlying the two contracts and the significance of this study on the development of science in the Islamic capital market. The research method used involves reviewing literature from various relevant sources, including academic literature, books, journals, and regulations related to the Islamic capital market. In the theoretical analysis, the two contracts are studied as a form of partnership and fairness in doing business, with a mudharabah contract as a collaborative relationship between fund owners and fund managers, and a musharakah contract as a form of partnership based on capital contributions between business partners. In addition, this study also highlights the philosophical aspects of the implementation of the two contracts, with the ethics of responsibility and mandate being important moral values. The results showed that the mudharabah contract and musharakah contract reflect the spirit of equality and justice in the sharing of business results and risks, as well as the philosophy of sharing and mutual benefit in doing business. Overall, this analysis confirms that these two contracts are important foundations in shaping business ethics and philosophy in the Islamic capital market, with ethical principles such as responsibility, justice, and equality as strong moral values in directing business people to carry out economic activities with integrity and awareness of social responsibility. This research makes an important contribution to the development of science in the Islamic capital market and can be a foundation for strengthening ethical and fair business principles in the future.Keywords: mudharabah, musharakah, Islamic capital market, theoretical analysis, philosophical analysis.

Do Islamic Financial Industry Players Implement Islamic Values in Their Business?

This study aims to identify Islamic values in Islamic financial industry players in Indonesia. The development of the Islamic financial services industry in 2021 showed positive growth with an increase in assets of 13.8% (Rp2.05 trillion) compared to 2020 which only reached Rp1.80 trillion. Meanwhile, the results of the study revealed that Islamic financial industry players organizationally commit many violations or fraud both organizationally and individually. Islamic values derived from the Quran and Hadith are a guide and reference for all Muslims, including Islamic financial industry players. There are four criteria of Islamic fundamental values and nine of Islamic value principles in business. Research methods were conducted through quantitative research with the distribution of questionnaires. The population of Islamic financial industry players are Islamic banking, Islamic insurance, Islamic capital markets, and non-bank financial institutions. The results show that Islamic values have not been fully implemented by Islamic financial industry players.

A Framework for Sustainability of Small and Medium-scale Businesses in Nigeria Amidst the Covid-19 Pandemic

The impact of the COVID-19 pandemic on small and medium-scale businesses in Nigeria has exposed the ill-preparedness of business owners and government in guarding against the collapse of these critical assets of the economy and, subsequently, saving livelihoods. Nigeria suffers from a colossal infrastructure inadequacy (for example, power supply and access to the internet are two critical inputs of business), and this problem has for a long time impeded the growth of most companies that cannot afford to run their constant operations on generators and expensive internet. These utilities would have, to a substantial extent, cushioned the effects of lockdowns and enabled e-commerce to thrive, rather than the reliance on the traditional face-to-face approach of doing business. The sustainability principle must be brought to bear on all aspects of life in Nigeria so that the thinking of efficient utilization of available resources will ensure the availability of the same resources in the future; long-term planning by small and medium-scale businesses are anchored on the sustainability concept; business mindsets must change to reflect the reality that it is not business as usual. Managers must begin to see the importance of applying sustainability principles in business, which will positively impact the short and long-term cycle of their business. This paper will peruse the different strategies necessary to keep small and medium-scale businesses afloat in the COVID-19 pandemic period and beyond; it will dissect all the avenues required to navigate the muddy waters occasioned by the advent of the Novel Coronavirus disease to safeguard businesses and jobs in the future in the event of another problematic situation.

Analisis Pengendalian Persediaan Bahan Baku Produksi dengan Metode EOQ (Studi Kasus: Pawon Mas Herman)

One important role in business operations is based on inventory, which is the underlying principle of business. Therefore, a business must be able to predict potential problems as well as potential traps in inventory management in order to the ultimate goal, namely to reduce the total cost to be borne by inventory. Pawon mas herman is one of the bakso shops in Pekanbaru that has been established since 1998. Pawon mas herman is experiencing a fairly rapid business expansion, but a lack of management system or methods to buy or collect raw materials, causes this restaurant to suffer from material shortages or even raw materials shortfalls during the hours of operation. To ensure the business continues from the production process and avoid stopping or collapse due to a shortage of raw materials namely meat and chicken, pawon masherman needs to have a proper plan. The Economic Order Quantity (EOQ) method is used to help in solving problems in particular requirements related to the supply of raw materials. The result of this study is that by using the EOQ method, Pawon Mas Herman farm can save shipping costs up to Rs. 4,740,000. Because, based on the calculations completed using the eOQ technique, the owner of the farm must make meat orders every 7 days, weighing at least 7 kg of meat each time ordering. Pawon Mas Herman is advised to use the EOQ method for control of supplies, there is a significant cost difference.

Diversification as a strategy for ensuring security of business subjects in the agricultural sector

Agricultural business is one of the riskiest types of economic activity. In addition to the set of traditional risks, there are threats in agriculture caused by the specifics of agrarian entrepreneurship, which require the search for appropriate strategies and tools for neutralization. Diversification of economic activities of agricultural producers appears as one of these tools. The article examines vital risks that threaten the safe development of agrarian business entities. The main trends in the activity of Ukrainian agricultural enterprises during the last ten years and directly impacted the diversification processes of their economic activity were determined. Price (market) risks were identified as the determining risks of activating diversification processes. Existing processes and trends significantly influenced the formation of the philosophy and main principles of agrarian business, of which the commercial interests of the owners of agricultural structures became the priority. The article assesses the dynamics of the diversification level of agricultural enterprises' economic activity. It was revealed that over the past twenty years, the balance of the development of industries and their share in the structure of agricultural production has been disturbed. The specific weight of agribusiness structures' agricultural services and other non-agricultural activities remained practically unchanged. An analysis of the diversification structure of the plant and animal husbandry industries was carried out. The results showed the presence of problematic structural shifts, which are a consequence of the unjustified deepening of specialization of agricultural enterprises. It was revealed that the curtailment of diversification processes led to the disruption of the intra-industry structure and the emergence of threats to the disappearance of specific sub-sectors of domestic agriculture. Despite this, the agricultural sector of the Ukrainian economy has demonstrated a relatively high level of sustainability and efficiency. It was determined that diversification is an element of strategic agricultural management, which has a significant potential for reducing the level of riskiness of agrarian business and forming prerequisites for achieving the goals of sustainable development of agriculture and rural areas. Keywords: agricultural enterprises, business, diversification, risks, security, agricultural management.

Islamic Business Ethics in The Process of Termination of Employment Amid the Covid-19 Pandemic

This study aims to understand the application of Islamic business ethics in employee layoffs during the Covid-19 pandemic. This research method uses qualitative research methods. The data source is from the agenda of direct and indirect interviews with speakers selected by 10 participants: five entrepreneurs and five victims of layoffs. The finding shows that some business actors in Sukoharjo still need to understand the importance of instilling Islamic business ethics. This situation is proved by the discovery of ethical violations in doing business carried out by entrepreneurs, namely attaching importance to their business in the form of suddenly dismissing their employees, not giving severance pay to employees, being late in providing salaries, not being able to develop the business properly, and not instilling honesty. The violations committed by layoff victims are providing poor service, lack of expertise, and being undisciplined. This research should help future studies apply Islamic business ethics to layoffs. Islamic business principles protect entrepreneurs and layoff victims, allowing them to continue business during the pandemic and grow.

Do the Same Determinants Affect Banks’ Profitability and Liquidity? Evidence from West Balkan Countries Using a Panel Data Regression Analysis

This study aims to determine whether the same bank-specific and macroeconomic determinants affect banks’ profitability and liquidity. To achieve the set goal, panel data regression analysis was applied with fixed effects or random effects depending on the results of the Hausman test, as explained in the Results. The research is based on the use of aggregate data on bank-specific and macroeconomic determinants of banks’ profitability and liquidity in West Balkan countries during the period from 2007 to 2022. The dependent variables in the study are ROA, ROE used as proxies for banks’ profitability, and banks’ liquid reserves to banks’ total assets as a proxy for banks’ liquidity. The findings confirm that the bank-specific and macroeconomic determinants affect both banks’ profitability and liquidity in the same direction, except for a few variables. The main contribution of this research is a comprehensive and parallel view of banks’ profitability and liquidity determinants that enables a guide for bank management to better understand the significance of bank-specific and macroeconomic determinants’ effects on their business. The obtained results can improve the balance between the two important principles of banking business.

Islamic banks’ Sharia compliance disclosure: an international evidence

PurposeThis paper aims to investigate the disparity and compliance of information disclosures in Islamic banks (IBs). Specifically, the research examines IBs’ compliance with Sharia disclosure requirements.Design/methodology/approachTo determine the extent of disclosures and compliance with Islamic business principles, content analysis is applied to the annual reports of a sample of IBs from 11 countries. A comprehensive reporting framework has also been developed to assess the transparency and compliance of IBs with Islamic business principles. Institutional theory and core Islamic principles are used to inform the study and its findings.FindingsThe results reveal that IBs demonstrate limited transparency on the key Sharia compliance issues, and there is a wide variation in the level of reporting across the countries studied. Moreover, the authors find that IBs located in the single integrated regulatory framework (RF) countries disclose more information, followed by those located in dual RF countries and then those located in Islamic RF countries.Originality/valueThis study presents a unique and comprehensive framework to assess the areas of Sharia disclosure by IBs and provides a conceptual rationing for the actual level of IBs’ Sharia reporting. This study also fills a significant gap in the literature, as most studies in this field are based on a single-country study. The results are deemed of direct relevance to IBs’ managers, investors, policymakers, regulators and the wider public, particularly in the Muslim world.

Context Matters Less Than Leadership in Preventing Unethical Behaviour in International Business

This study empirically tests a sequential mediation model that links ethical leadership with employees’ unethical behaviour. The corruption index for countries is used as the moderator, because it represents both the instrumental ethical climate and the employee displacement of responsibility embedded in society’s ethical standards. A total of 175 participants comprising 41 teams (134 dyads) across 13 countries participated in a dyadic two-wave survey. The findings show that ethical leadership has an indirect influence on the avoidance of unethical behaviour by reducing the instrumental ethical climate and by negating the displacement of individuals’ responsibility. In addition, the results also show that this process is not sensitive to the countries’ corruption levels. Such findings suggest that organizations are less prone to adjust their ethical standards to the environment than is usually expected. Accordingly, ethical leaders of MNCs may be instrumental in counteracting any corruptive pressure in the social environment, and likewise, non-ethical leaders may be a contributing factor to fostering corrupt organizations in a society that otherwise values ethical principles in business.

BISNIS DALAM ISLAM (IMPLEMENTASI PRINSIP-PRINSIP ISLAM DALAM AKTIFITAS EKONOMI BISNIS)

Current business developments provide space for everyone to make creations in business economic activity models. This condition provides opportunities and challenges that become homework for every circle, both business people, academics and even those in authority. The opportunity provided by this condition is the freedom for each individual to develop creativity and business innovation according to the wishes of every society, but this presents a challenge in the form of the growth and development of business economic activities which can violate Islamic principles in transactions and can have a worse impact, namely running a business by making a profit on the suffering of others. Therefore this article seeks to explain the concept of business in Islam with an approach to implementing Islamic principles in business activities. The purpose of this article is to provide an overview of business principles in Islam with a focus on discussing how Islamic principles carry out business economic activities.
 This article uses a qualitative method with a library research approach. The data were obtained through a literature review of several scientific works both from turat books and from other research results.
 The conclusion of the results of this article illustrates that Islam gives freedom to every individual to create transaction models and business activities, but the freedom in question does not mean freedom without any barriers in activities. Therefore Islam provides several principles that can be applied in business economic activities which in this article the author summarizes into seven namely, mabadi' ar-rabbaniyyah, an-nubuwah, al-ishlah ijtima'iyyah, al-Jadi, at-tardiyyah, al -ukhuwah, al-hurriyah wal masuliyyah.

An Approach for Quick Method of Estimating Passenger And Aircraft Demand for Feeder Air Services in India

The recent and the proposed entry of new airlines both in the ‘no-frills’ and in the "full service" categories has completely changed the aviation scenario in India. Obviously this explosive increase in capacity will have a profound effect on the economy of the airlines both in the short term as well as in the long-term period. A growth of over 25% per annum in passenger traffic may not be sustainable for long; thus galloping increase in capacity may result in mergers and strategic alliances of airlines on one side and closing down of some of the airlines on the other side. A point, which is to be noted is that, most of the new entrants also operate in the major trunk routes and serve the metros and the major cities. What appears to have not been tapped is the equally large potential in the regional and short haul sectors, which serve major, and small city pairs and also act as feeders to the major hubs.Realizing the importance of this, the government in its new civil aviation policy has given thrust to regional/ short-haul air travel. In this paper, an attempt is made to review the hierarchy of airline networks in India with respect to trunk, major and feeder routes. The air passenger traffic carried in terms of revenue passenger kilometers (RPK) is compared with upper class rail traffic. The present status of feeder airline services in India is outlined. It is pertinent to study the passenger traffic demand in these feeder routes as compared to upper class rail traffic as some percentage of upper class rail passengers are willing to shift to air travel due to marginal difference between airfare and upper class rail fare and time factor. The future RPKs are forecasted based on the actual RPKs data and the estimated RPKs of earlier market survey. A suitable aircraft size for airline operations in these feeder routes is arrived at based on existing air traffic data by a simplified approach from the basic principles of airline business. A macroscopic measure is used to determine the aircraft demand by assuming average block speed and utilization for each aircraft type. A sensitivity analysis was carried out for various levels of traffic growth keeping in view the sharp increase of air travel in recent years and further growth in air traffic fuelled by feeder sector as the hinterland opens up industry, services and tourism.

Integrating Business Principles in STEM Education: Fostering Entrepreneurship in Students and Educators in the US and Nigeria

Integrating business principles into STEM education is crucial for preparing students to navigate the rapidly evolving global economy driven by technological advancements and innovation. This paper explores the significance of integrating business principles in STEM education and the potential benefits for students, educators, and the economy in both the United States and Nigeria. We examine successful initiatives and programs that foster entrepreneurship among STEM students and identify best practices for effectively teaching business concepts in STEM contexts. Challenges and barriers hindering the successful integration of business principles into STEM education are also discussed, including resistance to interdisciplinary education, limited resources and support for entrepreneurship, and balancing technical and business skill development. In order to address these challenges, we propose recommendations and best practices such as adopting effective pedagogical approaches, engaging industry and community partners, and creating a supportive culture for entrepreneurship within STEM institutions. In addition, this article identifies several potential research areas for the future. These include longitudinal studies on the effects of business-integrated STEM education on entrepreneurial outcomes, comparative analyses of different approaches, and assessments of the scalability and adaptability of successful initiatives across different countries. The promotion of entrepreneurship and business skills among STEM students can enhance their employability, career prospects and contribute to economic growth. This paper urges further research and action to support the development of the next generation of STEM-educated entrepreneurs who can drive innovation and economic growth globally, both in the United States and Nigeria.

PRESPEKTIF AYAT AL-QUR’AN DALAM ETIKA BISNIS ISLAM KONTEMPORER

Business with everything that happens in people's lives every day in general. The large number of businesses and the variety of business motives and orientations as well as the increasing complexity of business problems, sometimes makes business people fixated on trying anything to achieve their goals, especially if the goal is only to seek profit and profit. So that negative actions often occur, which eventually become habits in business behavior. If so, it is not uncommon for business actors to be identified with dirty deeds, because there are behaviors such as lying, betrayal, breaking promises, deceiving and defrauding others. This article describes business in an Islamic approach which includes Islamic business concepts, Islamic business principles and normative foundations of Islamic business by using a review of literature studies by examining interpretations of the Qur'an regarding the relationship between verses and existing ethical rules. Islamic business must be based on Islamic ethics which originate from the Al-Qur'an and the Sunnah of the Prophet Muhammad SAW. Generally, business ethics is a normative discipline, whereby certain ethical standards are formulated and then applied. It makes specific judgments about what is right or wrong, that is to say, makes claims about what to do or what not to do.