Thesis Chapters by Muhammad Iqbal Fasa
Universitas Islam Negeri Sunan Kalijaga Yogyakarta, 2015
Dalam era persaingan bebas dewasa ini, pembangunan kompetensi dan kapasitas santri adalah suatu k... more Dalam era persaingan bebas dewasa ini, pembangunan kompetensi dan kapasitas santri adalah suatu keharusan. Banyak pesantren telah berusaha mengembangkan aktivitas ekonomi produktif. Jumlah Kopontren di Indonesia sekitar 1.400 unit. Salah satu Pesantren yang mandiri dalam kegiatan perekonomiannya adalah Pondok Modern Darussalam Gontor. Terdapat 30 unit usaha yang dimiliki pondok. Keberadaan berbagai unit usaha tersebut merupakan sarana pendidikan dalam bidang kemandirian, kewiraswastaan, keikhlasan, dan pengorbanan.
Untuk memaksimalkan hal tersebut, diperlukan manajemen unit usaha pesantren yang efektif, efisien, serta profesional dalam pengelolaannya. Sehingga, penelitian ini dipandang perlu dilakukan dengan melakukan suatu penelitian dalam bentuk Tesis berjudul: Manajemen Unit Usaha Pesantren dengan mengajukan fokus permasalahan terkait implementasi manajemen unit usaha dan karakteristik unit usaha pondok Modern Darussalam Gontor. Metodologi yang digunakan dalam penelitian ini menggunakan jenis penelitian kualitatif (qualitatif research). Proses penelitian dilakukan dalam penelitian lapangan (field research).
Hasil dalam penelitian berupa temuan karakteristik dalam pengelolaan (manajemen) unit usaha Pondok Modern Darussalam Gontor, yakni: perencanaan (planning) berbasis nilai Pondok; pengorganisasian (organizing) berbasis kaderisasi; kepemimpinan kolektif transformatif; total quality control berbasis sentralisasi keuangan terpusat. Dalam proses implementasi, karakteristik pengelolaan tersebut membentuk karakteristik secara umum, seperti: pelaksanaan kegiatan unit usaha berbasis learning by doing; implementasi prinsip self berdruing system; terbentuknya kemandirian ekonomi pesantren; serta keseimbangan kesejahteraan lahiriyah dan batiniyah.
Papers by Muhammad Iqbal Fasa
International Journal of Innovation, Creativity and Change, Volume 14, Issue 3, 2020, 658-670
Micro Social Media Influencers are people who are just starting to be active in social media, esp... more Micro Social Media Influencers are people who are just starting to be active in social media, especially Influencers on Instagram. More and more Influencers are popping up, but not all of them have the right tips for delivering messages on Social Media. Influencers also really need help and support from platforms that bridge with clients (brands). For example, a fashion e-commerce platform in Indonesia, Berrybenka, which last June-November held a project called Berrybenka Project 2017 (B-Project 2017). This project gives room for start-up selected Influencers to have the opportunity to work with clients who join under the Berrybenka platform. This article aims to describe how to make the work of a Micro Social Media Influencer and its clients optimal, taking the example of the B-Project 2017. The method used is a literature study, reviewing the characteristics of a good Opinion Leader and emphasising the things that Influencers must do to influence audiences positively. It can be concluded that in becoming an Influencer, you must have a complete package in interacting with others, as well as having creativity in creating the content.
Hamdard Islamicus, Vol. 43, No. 1 (2020), 238-248
The main objective of this study was to analyze the level of efficiency of the Zakat-based Organi... more The main objective of this study was to analyze the level of efficiency of the Zakat-based Organization of Islamic Banking (OPZ) in Indonesia in 2016-2017 with the Data Envelopment Analysis (DEA) method of production approach. The sample of this study was selected, namely Baitulmal Bank Muamalat (BMM) Indonesia and BSM Umat (BSMU). The data is processed using Warwick DEA software with input-output orientation, Constant Return to Scale (CRS) and Variable Return to Scale (VRS) assumptions, and with a production approach. The results of this study indicate that all Islamic banking-based OPZs have efficient performance.
International Journal of Advanced Science and Technology, Vol. 29, No.4, (2020), pp. 4288 - 4295
Social media has transformed itself into a platform to promote products and inevitably altered co... more Social media has transformed itself into a platform to promote products and inevitably altered consumers' purchasing behavior. This study aimed to determine the underlying factors and the effect of Instagram on consumers' online shopping behaviors. The subject of this study was university students and the data were collected through open-ended questionnaires and interviews. The result indicated three appealing factors to the new form of online shopping, i.e. convenience, cheap price, and attractive product displays. Moreover, Instagram shopping seems to turn students into impulsive buyers.
International Journal of Psychosocial Rehabilitation, Vol. 24, No. 04, 2020
Some factors that trigger for the price fluctuation can be grouped into two factors, namely exter... more Some factors that trigger for the price fluctuation can be grouped into two factors, namely external factors related to the producer and distribution of commodity trade goods in order to do business with fair play and avoid corruptive and manipulatives behavior. While the internal factor is an opportunistic of consumer behavior in buying commodities trade goods so as not to obtain a competitive price. The addition of the sale price of sharia institutional financing services is permissible considering the payment pattern due to tempo and installment requires long time tenor service that requires operational cost and proportional profit. Trading activities essentially require a fairness in the field of price. The trade war and the dumping behavior of the international trading world are gaining a competitive price from its trade commodity. Fuqahā' which is a group of Islamic law thinkers makes methodological parameters and legal parameters related to the price and the dynamics of the problem as a reference to the Islamic economic attitudes of the Muslims in order not to get stuck on Ribawi transactions.
International Journal of Future Generation Communication and Networking, Vol. 13, No. 3, (2020), pp. 2398–2406
Foreign direct investment is one of the most important areas for developing countries, mainly Asi... more Foreign direct investment is one of the most important areas for developing countries, mainly Asian countries such as Indonesia, India, and the Philippines. The economic globalization processes have impact developing countries that have been beholding immense surge of FDI inflows during last two decades. The proposed research aims to examine the impact of FDI on Indonesian, China, and India's economic growth. This study is panel data analysis using Panel data to examine the relationship of FDI and export on the Indonesian, China, and India's economic growth. Further, the research analyses the sector growth challenges in positioning in globally competitive markets for FDI. The paper highlights the policy implications, complexities in sustaining economic growth, regional and global competitiveness in a broad spectrum of FDI.
International Journal of Disaster Recovery and Business Continuity, Vol.11, No. 1, (2020), pp. 2802–2814
Objective: The purpose of this study is to determine the effect of managerial stock ownership, th... more Objective: The purpose of this study is to determine the effect of managerial stock ownership, the impact of institutional stock ownership, on debt policies that are moderated by investment opportunities.
Methodology: This research method is quantitative and causal associative. The regression method is used in data analysis in research.
Results: It was found that managerial ownership has a significant impact on debt policy with a significant value, positive relationship with the telecommunications sub-sector company. This means that the amount of share ownership by managerial will make the Manager use a high debt policy so that the benefits received can be distributed to shareholders and not used for company capital. Institutional ownership does not significantly influence debt policy with its negative relationship with telecommunications companies in the sub sector. This means that the amount of share ownership by the institutional party will not make the supervision or monitoring more closely the management behavior, so it will not influence decisions about the use of debt made by the Manager. The specified investment opportunity does not strengthen the effect of managerial ownership on the debt policies of the telecommunications sub-sector companies. This means that when a company has a substantial investment opportunity set, managers will prefer to take investment opportunities. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub-sector companies. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub-sector companies. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub sector companies.
Implication:The investment opportunity set does not strengthen the effect of managerial ownership on debt policy. This means that when a company has a substantial investment opportunity set, managers will prefer to take investment opportunities. Because by investing, the company will get a profit and will turn around if the company decides to use debt because making a debt decision will make the company have a high risk when the company cannot pay the debt. So the investment opportunity moderation variable outlined in this study cannot strengthen the effect of managerial ownership on debt policy. Managerial ownership has a significant impact on loan policy. This implies that managerial ownership increases profits because company profits are distributed to managers as shareholders. The influence of investment opportunity sets has not been proven to affect institutional ownership on debt policy; this implies that high institutional ownership will not affect the level of loans to be used by the company, which can also involve a higher level of institutional will not make the loan according to the choices needed because the company will prefer to invest.
Keywords: ownership structure, agency, investment opportunity set, debt policy, investment opportunity
Humanities & Social Sciences Reviews, Vol. 8, No. 5, (2020): 81-87, 2020
Purpose of the study: The high degree of inflation persistence will impact the Indonesian economy... more Purpose of the study: The high degree of inflation persistence will impact the Indonesian economy. The purpose of this study is to determine the degree of inflation persistence in Indonesia following the adoption of a flexible Inflation Targeting Framework (ITF). Methodology: Traditionally integrated univariate and fractional approach will be carried out in this research. The inflation variables used are core inflation, administered price inflation, volatile inflation, and general inflation. The data used is from 2014M1 to 2019M2. Main Findings: After data analysis, the researchers found that high persistence behaviors are found, especially in the core, administered, and volatile inflation, following the flexible adoption of the ITF. The time it takes for inflation to return to equilibrium is 1 to 8 months for each group. Applications of this study: The result is important for the highest authorities in improving their policy. Structural improvements through monetary policy based on inflation expectations, increasing the transparency of food prices, and synergy with Central as well as Regional Inflation Control is suggested for the authorities. Novelty/Originality of this study: This study presents a different perspective of research within the inflation topic. It takes the recent policy implementation of a country and analyses its effect. To the best of the authors knowledge, this research is the first to explain the effect of the Inflation Targeting Framework on Indonesia's inflation condition.
Jurnal Al-Awqaf, Vol. 9, No. 2, Tahun 2016, 1-24
Awqaf is one potential Islamic financial instruments. Endowments can provide a major contribution... more Awqaf is one potential Islamic financial instruments. Endowments can provide a major contribution to the economy. But wealth awqaf there were so many, in general, utilization is still not yet managed consumptive and productive. As a strategic move to maximize the management of awqaf, it is very important when linking activity management and development of productive awqaf with boarding institutions. Among the schools that can be considered successful in the management of productive endowments is Pondok Modern Darussalam Gontor (PMDG). In this research will be discussed on how the application of productive awqaf in PMDG. By using descriptive qualitative research method, the obtained results of the study that the application of productive awqaf in PMDG has made many contributions, both internally and externally. In addition, the five-term management of awqaf make better and more professional over the distribution of awqaf dialogically and optimal.
Ecoplan Vol. 3 No. 1, April 2020, 26-33.
High employee performance is important in achieving organizational goals, especially in the world... more High employee performance is important in achieving organizational goals, especially in the world of public services that can be focused again is at the Regional General Hospital (RSUD) General Ahmad Yani Metro whose employee performance of which most (76.8%) are civil servant (PNS) is in the spotlight, because based on the results of the 2017 annual report and news coverage related to service to patients, General Ahmad Yani Metro Hospital received complaints from patients and visitors. This research itself aims to determine the effect of leadership and emotional intelligence on the performance of PNS General Ahmad Yani Metro Public Hospital. Processing research data obtained from 215 civil servants (PNS) in General Ahmad Yani Metro Hospital with data analysis techniques using multiple linear regression methods and the research instrument is a questionnaire. The results support all proposed hypotheses: Leadership has a positive effect on the performance of civil servants in General Ahmad Yani Metro Hospital, Emotional Intelligence has a positive effect on the Performance of Civil Servants in General Ahmad Yani Metro Hospital, and Emotional Leadership and Intelligence together positively influences the performance of Civil Servants in General Ahmad Yani Metro Hospital
Talent Development & Excellence, Vol. 12, No. 3, 2020, 1165-1175, 2020
Nowadays, the performance of Islamic Banking is developing rapidly. It can also survive during th... more Nowadays, the performance of Islamic Banking is developing rapidly. It can also survive during the financial crisis. This paper aims to determine the ins and outs of business in Islamic banks from the dynamic behavior of Islamic banks with BI variables 7 days repo rate, efficiency, liquidity risk, and banking performance. This study took 2016m8-2019m10 monthly transactions. By analyzing the vector autoregression model, it is found that the data used in this study were stationary in the second differentiation and cointegration occurred. Then, the VAR/VECM analysis was done to investigate the dynamic behavior of the Islamic bank business. The findings showed that the Islamic banking business cycle in its performance was strongly influenced by liquidity risk and macro risk for liquidity disrupt internal stability while macro risk affects externally.
Review of Islamic Economics and Finance, Vol. 2, No. 2, December 2019, 92-101, 2019
The Islamic work ethic and productivity are parts of the work concept that raise value in forming... more The Islamic work ethic and productivity are parts of the work concept that raise value in forming good personality in the work based on the recommendation of the principle in Islam. The research investigated 40 employees as research samples through the utilization of quantitative methods: questionnaire (questionnaire), documentation, and observation. The used analysis included validity test, reliability test, statistical collinearity test, partial test, and determination test (R2). The tool in analyzing the data was path way analysis with the Smart Pls 3.0 program. The results found that the Islamic Work Ethic has a positive washback on Employee Performance, Work Quality, and Productivity. Employee Performance has a positive washback on employee performance with a positive and significant effect on work quality. Productivity does not significantly influence employee performance, and it also does not significantly influence work quality.
Indonesian Research Corner, 2020
MASTER PNS INDONESIA, 2020
MASTER PNS INDONESIA, 2020
Berdasarkan Pengalaman Lulus Ujian SKB CPNS Kemenag Tahun 2018
Al Amwal: Vol. 3 No. 1, Februari 2020, 123-138, 2020
Terjadinya berbagai krisis di belahan dunia merupakan bukti bahwa pendekatan sistem keuangan ekon... more Terjadinya berbagai krisis di belahan dunia merupakan bukti bahwa pendekatan sistem keuangan ekonomi konvensional memiliki kelemahan yang signifikan. Saat ini, pendekatan sistem keuangan Islam mulai menarik bagi belahan dunia termasuk dalam pendekatan teori uang. Tujuan dalam paper ini adalah untuk menganalisis kontroversi perbedaan pendekatan teori uang yang dilakukan oleh ekonomi Islam dan Ekonomi Konvensional terkait teori dan fungsi uang, time value of money dan economic value of time, dan beberapa pendekatan lainnya. Metode penelitian yang digunakan dalam penelitian ini menggunakan studi literatur dengan merujuk berbagai macam referensi yang berkaitan tentang uang dalam sistem ekonomi Islam dan ekonomi Konvensional. Akhir dalam paper kami mencoba untuk merumuskan persamaan dan perbedaan pendekatan teori uang yang dilakukan oleh ekonomi Islam dan ekonomi Konvensional.
Al-Uqud: Journal of Islamic Economics, Vol. 4, No.1, January 2020, 104-114 , 2020
Sustainable growth must be maintained by maintaining an increase in investment returns, with the ... more Sustainable growth must be maintained by maintaining an increase in investment returns, with the source of funds as a stimulant. The population of this study was all Islamic life insurance companies in Indonesia. The study used path analysis mediation with regression or two layers OLS (Ordinary Least Squares) and followed by Sobel test. The result showed that investment returns can mediate participant funds in influencing the growth of Islamic life insurance companies. Meanwhile, investment returns did not mediate the influence of company funds in influencing the growth of Islamic life insurance companies.
TEST ENGINEERING & MANAGEMENT, Vol. 82, January - February 2020, 5149 - 5160, 2020
This study aims to identify factors causing structural poverty in the research area. Villagers le... more This study aims to identify factors causing structural poverty in the research area. Villagers left behind in Sukoharjo District are set up as research populations. While selected as a sample is the villagers left behind in the District Weru, namely the village Weru, Tegalsari, Alasombo, Karangmojo and Karakan. Each village is represented by five heads of households, bringing the total sample to 100 households. Data needed to achieve the purpose of this study is the primary data obtained by the method of observation and interview in depth. Analysis of this research data using logistic regression, because considering dependent variable using category scale, that is not poor given code 1, and poor is coded 0. The result of this result show that education of head of household, access to capital, entrepreneur skill, profit sharing system, ownership of land area a positive and significant impact on poverty. While the presence of agricultural technology has no significant effect on poverty
Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam, Vol. 1, No. 2, Desember 2016, 36-53, 2016
Islamic banks will always be dealing with different types of risk with diverse complexity and inh... more Islamic banks will always be dealing with different types of risk with diverse complexity and inherent in its business activities. Thus, the implementation of risk management in Islamic banking is very urgent to be implemented in order to identify, measure, and control various risks to be faced. The discussion paper will discuss more in depth related risk management in Islamic banking in Indonesia theoretically and implementation. The discussion on worldview importance of risk management of Islamic banks, the identification of the risk characteristics of Islamic banks, the classification of the types of risks in Islamic banks, as well as the implementation of risk management deals in Islamic banks.
Li Falah: Jurnal Studi Ekonomi dan Bisnis Islam, Vol.1, No. 1, 2016, 80-94, 2016
Sukuk is one of the most innovative products in the development of contemporary Islamic financial... more Sukuk is one of the most innovative products in the development of contemporary Islamic financial system. Sukuk growth of 84% per year when analyzed in the 2001 until 2007. Discussion of sukuk increasingly attracted the attention of academics and professional practitioners. Thus, the discussion paper will discuss in more depth theoretically about sukuk and implementation. The discussion on the definition of sukuk in etymology and terminology, history of the development of sukuk, Islamic legal basis of the sukuk, sukuk investment types, the development potential of sukuk in Indonesia, mechanism of profit sharing investment securities, as well as the difference between Sukuk and Bonds.
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Thesis Chapters by Muhammad Iqbal Fasa
Untuk memaksimalkan hal tersebut, diperlukan manajemen unit usaha pesantren yang efektif, efisien, serta profesional dalam pengelolaannya. Sehingga, penelitian ini dipandang perlu dilakukan dengan melakukan suatu penelitian dalam bentuk Tesis berjudul: Manajemen Unit Usaha Pesantren dengan mengajukan fokus permasalahan terkait implementasi manajemen unit usaha dan karakteristik unit usaha pondok Modern Darussalam Gontor. Metodologi yang digunakan dalam penelitian ini menggunakan jenis penelitian kualitatif (qualitatif research). Proses penelitian dilakukan dalam penelitian lapangan (field research).
Hasil dalam penelitian berupa temuan karakteristik dalam pengelolaan (manajemen) unit usaha Pondok Modern Darussalam Gontor, yakni: perencanaan (planning) berbasis nilai Pondok; pengorganisasian (organizing) berbasis kaderisasi; kepemimpinan kolektif transformatif; total quality control berbasis sentralisasi keuangan terpusat. Dalam proses implementasi, karakteristik pengelolaan tersebut membentuk karakteristik secara umum, seperti: pelaksanaan kegiatan unit usaha berbasis learning by doing; implementasi prinsip self berdruing system; terbentuknya kemandirian ekonomi pesantren; serta keseimbangan kesejahteraan lahiriyah dan batiniyah.
Papers by Muhammad Iqbal Fasa
Methodology: This research method is quantitative and causal associative. The regression method is used in data analysis in research.
Results: It was found that managerial ownership has a significant impact on debt policy with a significant value, positive relationship with the telecommunications sub-sector company. This means that the amount of share ownership by managerial will make the Manager use a high debt policy so that the benefits received can be distributed to shareholders and not used for company capital. Institutional ownership does not significantly influence debt policy with its negative relationship with telecommunications companies in the sub sector. This means that the amount of share ownership by the institutional party will not make the supervision or monitoring more closely the management behavior, so it will not influence decisions about the use of debt made by the Manager. The specified investment opportunity does not strengthen the effect of managerial ownership on the debt policies of the telecommunications sub-sector companies. This means that when a company has a substantial investment opportunity set, managers will prefer to take investment opportunities. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub-sector companies. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub-sector companies. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub sector companies.
Implication:The investment opportunity set does not strengthen the effect of managerial ownership on debt policy. This means that when a company has a substantial investment opportunity set, managers will prefer to take investment opportunities. Because by investing, the company will get a profit and will turn around if the company decides to use debt because making a debt decision will make the company have a high risk when the company cannot pay the debt. So the investment opportunity moderation variable outlined in this study cannot strengthen the effect of managerial ownership on debt policy. Managerial ownership has a significant impact on loan policy. This implies that managerial ownership increases profits because company profits are distributed to managers as shareholders. The influence of investment opportunity sets has not been proven to affect institutional ownership on debt policy; this implies that high institutional ownership will not affect the level of loans to be used by the company, which can also involve a higher level of institutional will not make the loan according to the choices needed because the company will prefer to invest.
Keywords: ownership structure, agency, investment opportunity set, debt policy, investment opportunity
Untuk memaksimalkan hal tersebut, diperlukan manajemen unit usaha pesantren yang efektif, efisien, serta profesional dalam pengelolaannya. Sehingga, penelitian ini dipandang perlu dilakukan dengan melakukan suatu penelitian dalam bentuk Tesis berjudul: Manajemen Unit Usaha Pesantren dengan mengajukan fokus permasalahan terkait implementasi manajemen unit usaha dan karakteristik unit usaha pondok Modern Darussalam Gontor. Metodologi yang digunakan dalam penelitian ini menggunakan jenis penelitian kualitatif (qualitatif research). Proses penelitian dilakukan dalam penelitian lapangan (field research).
Hasil dalam penelitian berupa temuan karakteristik dalam pengelolaan (manajemen) unit usaha Pondok Modern Darussalam Gontor, yakni: perencanaan (planning) berbasis nilai Pondok; pengorganisasian (organizing) berbasis kaderisasi; kepemimpinan kolektif transformatif; total quality control berbasis sentralisasi keuangan terpusat. Dalam proses implementasi, karakteristik pengelolaan tersebut membentuk karakteristik secara umum, seperti: pelaksanaan kegiatan unit usaha berbasis learning by doing; implementasi prinsip self berdruing system; terbentuknya kemandirian ekonomi pesantren; serta keseimbangan kesejahteraan lahiriyah dan batiniyah.
Methodology: This research method is quantitative and causal associative. The regression method is used in data analysis in research.
Results: It was found that managerial ownership has a significant impact on debt policy with a significant value, positive relationship with the telecommunications sub-sector company. This means that the amount of share ownership by managerial will make the Manager use a high debt policy so that the benefits received can be distributed to shareholders and not used for company capital. Institutional ownership does not significantly influence debt policy with its negative relationship with telecommunications companies in the sub sector. This means that the amount of share ownership by the institutional party will not make the supervision or monitoring more closely the management behavior, so it will not influence decisions about the use of debt made by the Manager. The specified investment opportunity does not strengthen the effect of managerial ownership on the debt policies of the telecommunications sub-sector companies. This means that when a company has a substantial investment opportunity set, managers will prefer to take investment opportunities. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub-sector companies. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub-sector companies. The specified investment opportunities do not strengthen the effect of institutional ownership on debt policies in the telecommunications sector of the sub-sector companies. The investment opportunity set does not affect the impact of managerial ownership, institutional ownership over the debt policies of the telecommunications sub sector companies.
Implication:The investment opportunity set does not strengthen the effect of managerial ownership on debt policy. This means that when a company has a substantial investment opportunity set, managers will prefer to take investment opportunities. Because by investing, the company will get a profit and will turn around if the company decides to use debt because making a debt decision will make the company have a high risk when the company cannot pay the debt. So the investment opportunity moderation variable outlined in this study cannot strengthen the effect of managerial ownership on debt policy. Managerial ownership has a significant impact on loan policy. This implies that managerial ownership increases profits because company profits are distributed to managers as shareholders. The influence of investment opportunity sets has not been proven to affect institutional ownership on debt policy; this implies that high institutional ownership will not affect the level of loans to be used by the company, which can also involve a higher level of institutional will not make the loan according to the choices needed because the company will prefer to invest.
Keywords: ownership structure, agency, investment opportunity set, debt policy, investment opportunity
"Islamic Business for Environment and Sustainable Development towards Attaining Social Wellbeing"
1st International conference on Islamic economics, business development and studies (ICIEBDS) 2023 is an international Islamic academic conference discussing the analyzing new research initiation also new products and services in sustanaible Islamic economics development on international business to achieve social welfare with issues of Islamic development studies from various fields. ICIEBDS 2023 invites all researchers to publish qualified papers with reference and theme "Islamic Business for Environment and Sustainable Development towards Attaining Social Wellbeing”