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This study investigates the effect of total risk on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Total risk is operationalized through the systematic risk proxy (Beta/β), estimated via the Capital Asset Pricing Model (CAPM) framework as the covariance between individual stock returns and the market return divided by the variance of market returns, using the Jakarta Composite Index (JCI) as the market benchmark. Firm performance is measured through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is operationalized following Gerson et al. (2025) as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies, with model selection guided by the Chow and Hausman specification tests. The Fixed Effect Model (FEM) is adopted for ROA, ROE, and SG, while the Random Effect Model (REM) is applied for Tobin’s Q. Results indicate that systematic risk exerts a significant negative effect on ROA (β = −0.312; p < 0.01) and ROE (β = −0.278; p < 0.01), but is statistically non-significant for Tobin’s Q, suggesting that capital market pricing in Indonesia does not fully incorporate systematic risk information. Critically, systematic risk exerts the largest and most significant negative effect on sustained growth (β = −0.347; p < 0.01), revealing a dual transmission mechanism through which risk suppresses ROE while simultaneously inducing more conservative dividend policies, both of which constrain long-run growth sustainability. These findings carry important implications for corporate risk management strategy and empirically enrich the literature on risk, performance, and growth in emerging capital markets.

This study aims to examine the effect of debt policy and transfer pricing on tax avoidance, with audit quality as a moderating variable. The object of this study is non-banking companies included in the LQ45 index listed on the Indonesia Stock Exchange during 2021-2024, with a total sample of 117 firm-year observations. The data were analyzed using multiple linear regression and subgroup analysis (and chow test), by comparing the regression results between companies audited by Big Four and non-Big Four audit firms. The results indicate that debt policy has a positive and significant effect on tax avoidance, while transfer pricing does not have a significant effect on tax avoidance. Audit quality is proven to moderate the relationship between debt policy and tax avoidance by weakening the effect. However, audit quality does not moderate the relationship between transfer pricing and tax avoidance. These findings suggest that corporate financing decisions through debt remain an important mechanism in tax planning practices, while audit quality plays a crucial role as an external monitoring mechanism in limiting aggressive tax avoidance behavior.

This study explores the intellectual and thematic evolution of green sukuk research within Islamic sustainable finance from 2015 to 2025. Using a hybrid methodological design that integrates the PRISMA-guided Systematic Literature Review with Watase Uake network analysis, the study identifies 17 core Scopus-indexed articles that collectively define the field’s conceptual and empirical development. Results reveal a three-phase evolution: (1) a formative stage emphasizing ethical legitimacy and Sharia compliance; (2) a transitional phase integrating pricing efficiency, market risk, and policy frameworks; and (3) a maturity phase characterized by econometric modeling, behavioral-finance integration, and sustainability governance. Thematic clusters extracted from bibliometric mapping include financial performance and market dynamics, institutional legitimacy and policy frameworks, behavioral intention and investor psychology, and technological innovation and ESG disclosure. Despite methodological advancement, the literature remains geographically concentrated in Malaysia and Indonesia and exhibits theoretical fragmentation across behavioral, financial, and institutional models. Findings highlight key research gaps involving contradictory evidence on yield–risk relationships, inconsistent behavioral determinants of investment intention, and insufficient integration of moderating or mediating mechanisms. The study advances theoretical pluralism by connecting the Theory of Planned Behavior (TPB), Institutional and Legitimacy Theory, and Resource-Based View (RBV) into an integrated model explaining how legitimacy, behavior, and strategic capability jointly drive green sukuk adoption. Policy implications emphasize the need for harmonized regulation, behavioral incentives, and digital transparency to strengthen credibility and accelerate sustainable-finance transformation in line with SDGs 7 and 13.

The role of financial institutions in providing access to capital through pawn services is crucial, even though customers face the risk of defaulting, which can lead to the auction of pledged collateral. This study aims to analyze the impact of the auction pricing of collateral at PT Pegadaian Syariah Banda Aceh on customer satisfaction. In this context, a deep understanding of the factors influencing auction pricing and its impact on customer satisfaction is essential to maintain a mutually beneficial relationship. The pricing of the auction is influenced by several factors, including market mechanisms, government regulations, and the company's internal policies. Customer dissatisfaction with auction prices that are perceived as unfair can damage the long-term relationship with the financial institution. Therefore, it is crucial to enhance transparency and fairness in the auction pricing process. Additionally, educating customers about their rights is necessary to provide them with a better understanding of the process and its implications. These measures will help strengthen customer trust and maintain the sustainability of a positive relationship between the financial institution and its customers.

This study examines two main issues related to palm oil trading transactions in Kuala Keritang Village, Indragiri Hilir Regency, Riau Province. The first issue concerns the analysis of pricing mechanisms in palm oil trading, while the second focuses on the review of Islamic business ethics in such transactions. The objective of this research is to understand in detail how the price determination system operates in the local palm oil market and to assess the extent to which these trading practices align with the principles of Islamic business ethics. To address these issues, a qualitative descriptive method was employed. This approach was chosen because it allows for a comprehensive description of facts, data, and trading mechanisms while providing space for critical analysis in relation to Islamic values. Data were obtained through observation, interviews, and documentation, which were then described, analyzed, and discussed in order to answer the research questions thoroughly. The findings indicate that, in general, palm oil trading practices in Kuala Keritang Village are similar to other common trading systems, but they differ in terms of price-setting mechanisms. In practice, the price of palm oil is largely determined by buyers based on market conditions, which often creates injustice for farmers as sellers. From the perspective of Islamic business ethics, this practice does not fully comply with the principles of fairness, honesty, and mutual benefit, which are essential foundations of Islamic economic transactions. The study concludes that violations of Islamic business ethics principles, particularly regarding fairness in pricing, still occur in palm oil trading within the village. Therefore, improvements are needed in the transaction system so that palm oil trading in Kuala Keritang can be carried out in accordance with sharia principles, ensuring justice and mutual benefit for both sellers and buyers.

This study aims to examine one of the disciplines of Islamic law, namely the pricing mechanism from the perspective of Imam Al-Ghazali, in order to create a healthy market environment free from monopolistic practices and manipulation, and aligned with Sharia principles. This research employs a descriptive qualitative approach using a literature study method by reviewing various relevant books, classical texts, articles, and academic journals related to Islamic economics and Imam Al-Ghazali’s thought. The findings indicate that the concept of fair pricing is not solely dependent on the interaction between supply and demand, but must also consider moral and social dimensions, such as justice, honesty, and public welfare. Imam Al-Ghazali strongly emphasized that economic transactions should uphold ethical standards and social responsibility to prevent exploitation and inequality. He argued that pricing must reflect not only market dynamics but also the broader ethical framework rooted in Islamic values. Furthermore, the study explores the concept of economic equilibrium in relation to pricing mechanisms, where prices should ideally balance individual interests with communal welfare. The research also discusses the correlation between economic balance and price-setting policies, including the views of other classical and contemporary Islamic scholars. It is found that state intervention is permissible in certain conditions—particularly when market mechanisms fail to ensure fairness—thus justifying government roles in market supervision and price stabilization. One of the key concepts in Islamic economics is the notion of a just price (al-thaman al-‘adl), as emphasized by Imam Al-Ghazali.. This study concludes that understanding pricing from Al-Ghazali’s perspective offers valuable insights for building ethical and socially responsible economic systems aligned with Islamic teachings.

This study examines the market mechanism from the perspective of Islamic economics as a response to conventional economic systems that tend to emphasize either free-market principles or full government intervention. In Islam, the market mechanism is governed by principles of justice, transparency, and balance among the interests of individuals, the state, and society. This research highlights the thoughts of classical Islamic scholars such as Abu Yusuf, Ibn Taymiyyah, Al-Ghazali, and Ibn Khaldun, who had already elaborated on the concepts of markets, pricing, supply and demand, and ethical conduct in transactions long before Western economists developed similar ideas. Using a qualitative approach and literature review, this article analyzes various market distortions such as ihtikar (hoarding), tadlis (fraud), riba (usury), and gharar (uncertainty), as well as the role of government in limited intervention to maintain balance and fairness. The findings show that the Islamic market mechanism is not solely focused on economic efficiency, but is also deeply rooted in moral and spiritual values.

This study examines the concept of fair pricing according to Ibn Taymiyyah and its relevance in modern economics. In Ibn Taymiyyah’s perspective, fair pricing is not solely determined by market mechanisms but also by moral values and social balance. The aim of this study is to analyze Ibn Taymiyyah’s thoughts on fair pricing and its implications for today’s economic system. The research method used is a qualitative approach with literature analysis of Ibn Taymiyyah’s works and contemporary Islamic economic studies. The findings show that Ibn Taymiyyah’s concept of fair pricing reflects a balance supply and demand, based on principles of justice, transparency, and public welfare. This concept has the potential to serve as a solution to price disparities in the current global economy.

Baitul Maal Wat Tamwil (BMT) is a sharia-based microfinance institution that plays a role in providing financing to the community, particularly micro-entrepreneurs, to help them avoid reliance on loan sharks. This study focuses on the implementation of the murabahah contract at BMT As'adiyah Sengkang, using a descriptive qualitative approach through interviews, observations, and document analysis. The findings indicate that the murabahah contract is implemented based on the principles of Islamic justice, involving transparency in pricing and profit margins while ensuring that transactions are conducted voluntarily. The financing mechanism includes customer eligibility surveys, financial capacity analysis, and the determination of fair profit margins. This murabahah contract significantly benefits the local economy by facilitating access to interest-free financing without late payment penalties. In conclusion, the implementation of the murabahah contract at BMT As'adiyah Sengkang aligns with sharia values, supports the economic empowerment of the Muslim community, and contributes to the growth of sharia-based financial inclusion at the local level.

Factors affecting tunneling incentives and bonus mechanisms in corporate transfer pricing decisions are analyzed in this study. The motivation to place capacity from a branch office to a head office is called tunneling incentives, which will be influenced by transfer pricing decisions. In addition, the way managers determine transfer prices can be influenced by the bonus mechanisms implemented in the company. A qualitative descriptive method with a literature review approach is used in this study. The results of this study show that there is a different relationship between tunneling incentives and bonus mechanisms in transfer pricing decisions, so there is no clear agreement. Important insights into the factors affecting transfer pricing practices are provided to stakeholders by these findings, as well as their impact on the transparency and accountability of financial statements. This study is expected to be used as a reference for further research and provide recommendations for companies in formulating more effective transfer pricing policies. In addition, this study presents detailed illustrations based on existing facts to assist future research by considering tunneling incentives and bonus mechanisms in the context of transfer pricing.  

Transfer pricing is a policy used when setting the transfer price of a transaction, whether it involves goods, services, intangible assets, or financial transactions, and is often practiced in the industrial world. The practice of transfer pricing can be reflected in aspects of tax planning, bonus mechanisms, the valuation of intangible assets, and tunneling incentives. This study aims to examine whether tax planning, bonus mechanisms, the determination of intangible asset values, and tunneling incentives are variables that influence transfer pricing practices. The population in this study consists of 136 industries, and 80 samples were obtained from manufacturing companies listed on the Indonesia Stock Exchange for the period of 2018-2021. The sample selection was conducted using purposive sampling with the following criteria: 1) manufacturing companies listed on the Indonesia Stock Exchange during the period of 2018-2021, 2) companies that did not incur losses during the observation years, 3) companies that have special relationships in the form of sales transactions with related parties, and 4) companies that record intangible assets. This research uses panel data analysis techniques with the assistance of EViews 9 tools. The research results indicate that tax planning, intangible assets, and tunneling incentives have a significant positive effect on transfer pricing. Meanwhile, the mechanism of bonuses has a negative but insignificant effect on transfer pricing

The increasingly dynamic global financial landscape demands effective risk management strategies to ensure financial stability and institutional sustainability. Two critical approaches, risk financing transfers and risk retention, offer complementary solutions. Risk financing transfers allow institutions to redistribute financial risks to third parties through mechanisms such as securitization and Credit Risk Transfers (CRTs), improving market efficiency. In contrast, risk retention emphasizes accountability by require institutions to retain a portion of the risks, fostering market discipline and investor confidence.This study employs a Semantic Literature Review (SLR) to analyze the interaction between these approaches, focusing on mechanisms like securitization, contract design, and macroprudential policies. By reviewing ten peer reviewed articles published between 2015 and 2024, key themes and challenges related to systemic risks, moral hazards, and regulatory gaps are identified. Thematic analysis, supported by tools like NVivo, reveals the potential of these mechanisms to enhance financial stability when implemented within a robust regulatory framework.The results highlights that while risk financing transfers increase flexibility and market efficiency, they May exacerbate moral hazards without sufficient risk retention. Macroprudential policies and accurate risk pricing is crucial in addressing systemic risks, particularly in sectors like shadow banking and climate vulnerable regions. The study also underscore the importance of transparent contract design and the integration of innovative tools, such as geospatial data and machine learning, to support fair and efficient risk distribution.In conclusion, balancing market efficiency and systemic risk mitigation is imperative.While​ risk retention strengths accountability and oversight, effective integration with risk financing transfers is necessary to create a sustainable and resilient financial system.This​ review provides valuable insights for policy makers and practitioners in addressing emerging financial challenges.

This study examines pricing mechanisms in the buffet system at Wisma Tamu Al Ishlah Restaurant from the perspective of Islamic economic justice principles. This research is crucial given the limited studies that analyze buffet pricing practices from an Islamic economic perspective, particularly in a pesantren (Islamic boarding school) environment. This research adopts a qualitative approach with field research methods, utilizing interviews, observations, and documentation for data collection. The findings indicate that the pricing mechanism at Al Ishlah Restaurant employs a cost-based method, setting prices based on raw material costs, capital, operational expenses, and production services, adjusted according to the types of food selected by customers. Generally, the pricing practices at Wisma Tamu Al Ishlah Restaurant align with Islamic economic justice principles, ensuring that no party is disadvantaged and upholding honesty in transactions. Prices are established through mutual agreement between the restaurant and the customer, ensuring fairness. However, price transparency presents a challenge that could affect consumer perceptions. This research contributes to the development of Islamic economic theory in the culinary business context and provides recommendations to enhance justice in buffet pricing..

This research aims to determine the influence of bonus mechanisms, debt covenants, and profitability on transfer pricing. The population in this study are mining sector companies listed on the Indonesia Stock Exchange in their financial reports for the 2019-2023 period. The sampling technique in this research used a purposive sampling method and a sample of 57 companies was obtained. The analysis technique used is multiple linear regression analysis using SPSS version 22.0 software. The results of this research show that the bonus and debt covenant mechanism has a positive and significant effect on transfer pricing and profitability has a negative and significant effect on transfer pricing.

Transfer pricing remains a critical issue in international taxation, particularly for multinational corporations (MNCs). This paper assesses the effectiveness of transfer pricing mechanisms in managing intercompany transactions and ensuring compliance with international tax regulations. By reviewing case studies of large MNCs and conducting a cross-country comparison, the research evaluates the impact of transfer pricing rules on corporate profitability, tax avoidance, and the role of accountants in mitigating risks. The findings suggest that while transfer pricing helps MNCs optimize tax liabilities, it also raises ethical and transparency concerns that require stronger regulatory oversight.

Business is an activity of the economy, where business activities take place in the market. Where the market is a meeting place for traders and buyers. One of them is the Muara Sabak Ulu Traditional Market with traders who are predominantly Muslim. Competition is an organization or individual vying to get what they want. This study uses a type of qualitative research and the object of this research is the traditional market traders of Muara Sabak Ulu. Sources of data used are primary data and secondary data, the techniques used in collecting data are observation, interviews and documentation. The determination of the pricing mechanism at the Muara Sabak Ulu Traditional Market is found in the selling price and the interest of the buyer where the trader will raise the price of the goods above the price given by the distributor. The factor for the occurrence of violations of business ethics in the Muara Sabak Ulu Traditional Market is because the opportunity to cheat will encourage people to do so. The intention to cheat will increase if the trader is under pressure to achieve a goal that he feels is very important. There are traders in the Muara Sabak Ulu Traditional Market who comply with the ethics of trading and the principles of Islamic business ethics and there are also those who are not in accordance with the principles of Islamic business ethics.

The purpose of this study was to determine the effect of income tax, tunneling incentive, bonus mechanism on transfer pricing in manufacturing industries listed on the Indonesia Stock Exchange (IDX). The research time period used is 5 years, namely the 2017-2021 period. The population of this study includes all publicly traded companies listed on the Indonesia Stock Exchange (IDX) for the 2017-2021 period. The sampling technique used purposive sampling technique. Based on the predetermined criteria obtained as many as 25 companies. The type of data used is secondary data obtained from the Indonesia Stock Exchange website. The analytical method used is panel data regression analysis. The results show that income tax and tunneling incentive have a positive effect on transfer pricing, while the bonus mechanism has no effect on transfer pricing.

Bisnis adalah suatu organisasi yang bergerak dibidang produksi dan distribusi atau penjualan barang dan jasa kepada konsumen dalam mencari keuntungan. Tujuan dari penelitian ini adalah untuk mengetahui mekanisme penetapan harga jual dan jasa pada Fotokopi Berkah di Kelurahan Aurgading dan untuk mengetahui perspektif ekonomi syariah untuk melihat penetapan harga jual dan jasa pada Fotokopi Berkah di Kelurahan Aurgading. Untuk menyajikan masalah ini secara rinci dan komprehensif, penulis menggunakan metode kualitatif untuk mengumpulkan informasi yang diperlukan selama periode penyelidikan. Pengumpulan data untuk penelitian ini dilakukan dengan melakukan observasi, wawancara dan dokumentasi. Uji validitas yang digunakan dalam penelitian ini yaitu teknik triangulasi. Berdasarkan hasil penelitian ini menunjukkan bahwa mekanisme penetapan harga yang diterapkan Fotokopi Berkah sudah sesuai dengan prinsip ekonomi syariah dan mekanisme pasar, yaitu dengan melihat harga biaya/modal kemudian ditambah dengan keuntungan yang diinginkan, serta adanya kejujuran dan keadilan dalam harga yang diterapkan, karena pemilik usaha Fotokopi menaikkan harga masih dalam batasan wajar dan dapat diterima oleh konsumen.