The Determinants of Spiritual Islamic Risk Management and the Impacts on the Value of the Firm in the Context of Socio-Economic Welfare and Managerial Performance

Ubud Salim, Nur Khusniyah Indrawati

Abstract


The study aims to test the determinants of Spiritual Islamic Risk Management (Maqashid as-Shari’ah, Islamic values, and the concept of Fiqh mu’amalah) and the impacts on the value of the firm in the context of managerial performance and socioeconomic welfare. The data of the study were obtained from the Moslem Entrepreneurs in East Java, Indonesia. The partial least square was used to analyze the data. The result of the research showed that only Maqashid asy-syari’ah has influence to the practice of Islamic spiritual risk management. The results also showed that Islamic spiritual risk management has a significant effect on the value of the firm either in the context of managerial performance or socioeconomic welfare. It implies that the Islamic spiritual risk management conducted by Moslem Entrepreneurs in East Java, Indonesia, gives some benefits and improves the prosperity of stakeholders.

 

Aus. J. Isla. Finan. & Busi. Vol 4(1), April 2018, P 38-50

Keywords


Islamic Spiritual Risk Management; Islamic Values; Maqashid asy-shari’ah; The Concept of Fiqh Mu’amalah; Managerial Performance; Socioeconomic Welfare

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