Journal of Trends Economics and Accounting Research

Pengaruh Persepsi Kualitas Pelayanan dan Harga Terhadap Kepuasan Pelanggan dengan Variasi Menu Sebagai Moderasi

Leony Hoki — 2026-06-07

This study aims to analyze the influence of perceived service quality and price on customer satisfaction at Nasi Vegetarian Sentiya, Sukaramai Market, Gang Dahlia, with menu variations as a moderating variable. The research method used is quantitative. The population in this study were customers of Nasi Vegetarian Sentiya, with data collection conducted through distributing questionnaires using a Likert scale to respondents who had experience consuming the product. The results of data analysis show that partially, perceived service quality has a negative but significant effect on customer satisfaction, with a Tcount value (-3.285) smaller than Ttable (1.984) and a significance of 0.001 smaller than 0.05 and price is proven to have a significant effect with a significant value of 0.000 smaller than 0.05 partially on customer satisfaction. Simultaneously, perceived service quality and price have a significant effect with a significant value of 0.000 on customer satisfaction. However, the MRA test results showed that menu variety was not proven to moderate the relationship between perceived service quality and customer satisfaction with a significant value of 0.695, nor the relationship between price and customer satisfaction with a significant value of 0.948 greater than 0.05. Based on the results of the study, it is recommended that the business owner of Nasi Vegetarian Sentiya prioritize improving consistent service quality in serving customers, as well as maintaining an affordable pricing strategy as the main advantage. In addition, businesses do not need to focus too much on adding menu variations, but rather emphasize the quality of taste and mainstay menus, and build customer satisfaction through more personal interactions and regular evaluation of customer feedback to improve satisfaction and business sustainability.

Pengaruh Kinerja Keuangan dan Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Pemoderasi

Siti Robiatul Hasanah — 2026-06-07

The purpose of this study is to examine the relationship between financial performance and capital structure on firm value, while also using firm size as a moderator, among textile and garment companies listed on the Indonesia Stock Exchange (IDX) for the period 2020–2025. Financial performance and capital structure in this study are measured using ROA and DER, while PBV is used to measure firm value. The research method employed is quantitative and utilizes secondary data. The sample was selected using purposive sampling, resulting in 9 companies over a 6-year observation period. The software used in this study was Eviews 13 with data analysis techniques including panel data regression, and the Common Effects Model (CEM) was used to test the research hypotheses. The results revealed that financial performance significantly influences firm value with a significance level of 0.0451; conversely, capital structure does not significantly influence firm value with a significance level of 0.8713. Firm size moderates the effect of financial performance on firm value with a significance level of 0.0000, while firm size does not moderate the effect of capital structure on firm value with a significance level of 0.5220. This study contributes information regarding financial ratios in assessing financial performance and capital structure in explaining firm value, as well as the role of firm size in the textile and garment industry.

Pengaruh Live Streaming dan Ulasan Online dengan Consumer Trust sebagai Moderasi terhadap Keputusan Pembelian

Rusdiana Br Simamora — 2026-06-07

This study aims to analyze the influence of live streaming and online reviews on purchasing decisions for Erigo fashion products on the TikTok Shop platform, with consumer trust as a moderating variable. While previous studies have widely examined purchasing decisions, the use of consumer trust as a moderating variable between live streaming and online reviews remains rarely explored by other researchers. The phenomenon of social commerce through TikTok Shop has transformed how people interact with brands, particularly in urban areas like Medan. This research is a quantitative study with an associative approach. The population consists of individuals in the Medan Kota district who have purchased Erigo products on TikTok Shop. The number of respondents determined by the Lemeshow formula. Data were collected via online questionnaires to 100 respondents and processed using SPSS statistical software. Data analysis techniques included instrument testing (validity and reliability), classic assumption tests, multiple linear regression analysis, and Moderated Regression Analysis. The results indicate that, partially, live streaming has no influence on purchasing decisions with a significance value of 0.071 which is bigger than 0.05. Conversely, the online reviews is proven to have a partial influence on purchasing decisions with a significance value of 0.000 which is smaller than 0.05. However, the moderation test results show that consumer trust is unable to moderate the influence of either live streaming or online reviews on purchasing decisions with a significance value of 0.228 and 0.774. The R² value is 0.807, indicating that the combined contribution of live streaming, online reviews, and consumer trust to purchasing decisions is 80.7%, while the remaining 19.3% is explained by other variables not examined in this study.

Pengaruh Harga dan Kualitas Pelayanan Terhadap Keputusan Pembelian

Apsari Aristawidya — 2026-06-07

Competition in the culinary business requires companies to set appropriate prices and provide good service quality in order to improve customer purchasing decisions. This study aims to analyze the influence of price and service quality on the purchasing decisions of Kaka Cerdas Membership customers at Bolekaka Dimsum Jatiwaringin Branch. This research employed a quantitative approach with a population of 515 active customers and a sample of 84 respondents determined through probability sampling using the Slovin formula. The data were analyzed using multiple linear regression with the assistance of SPSS version 26. The results showed that price and service quality partially and simultaneously had a positive and significant effect on purchasing decisions, with a significance value of 0.000 < 0.05. Partially, the price variable contributed 30.3%, while service quality contributed 35.7% to purchasing decisions. Simultaneously, both variables contributed 50.9% to customer purchasing decisions. This study contributes to the consumer behavior literature by demonstrating that price and service quality are important factors influencing purchasing decisions among customers participating in a membership program in the culinary sector Therefore, improving service quality and setting appropriate prices can increase customer purchasing decisions at Bolekaka Dimsum Jatiwaringin Branch.

Islamic Social Responsibility, Islamic Corporate Governance, Manajemen Laba, dan Kinerja Keuangan Pada Perusahaan Syariah

Putri Salbiah Sukma Br. Nst — 2026-06-07

This study aims to examine the effect of Islamic Corporate Social Responsibility (ICSR) and Islamic Corporate Governance (ICG) on financial performance with earnings management as a moderating variable in sharia public companies within the financial and banking sector listed in the Sharia Securities List during the 2020–2024 period. This study employed a quantitative approach using secondary data obtained from annual reports and sustainability reports. The sampling technique used purposive sampling, resulting in 30 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS version 25. The results indicate that ICSR has a positive and significant effect on financial performance, with a regression coefficient of 18.558 and a significance value of 0.029 (< 0.05). In contrast, ICG does not have a significant effect on financial performance, as indicated by a significance value of 0.200 (> 0.05). Earnings management also does not significantly affect financial performance, with a significance value of 0.678 (> 0.05). Furthermore, earnings management is unable to moderate the relationship between ICSR and ICG on financial performance because the significance values of the interaction variables are 0.435 and 0.449 (> 0.05), respectively. The coefficient of determination test shows an Adjusted R Square value of 0.028 or 2.8%, indicating that the research variables explain only 2.8% of the variation in financial performance, while the remaining 97.2% is influenced by other factors outside the research model. These findings demonstrate that sharia-based social responsibility disclosure plays a more dominant role than sharia governance mechanisms in improving the financial performance of sharia companies.

Pengaruh Sumber Daya Alam Terhadap Indikator Sosial Ekonomi

Teuku Muhammad Irfansyah — 2026-06-07

Natural resource extraction in Kalimantan has long been a cornerstone of both local and national economic development. While such resources can stimulate growth, their impact on socio-economic indicators depends on the intensity of interaction between economic and social dimensions. This study analyzes the effects of coal mining, oil and gas extraction, and oil palm plantations on poverty and open unemployment rates across 55 districts and cities in the five provinces of Kalimantan (West, East, North, South, and Central Kalimantan) over the period 2010 to 2023. Panel data regression is employed, with robustness checks conducted by dividing the analysis into two subperiods: 2010-2016 and 2017-2023. The results show that coal mining has not contributed to reducing either poverty or unemployment. Oil and gas extraction has no significant impact on poverty and has not reduced unemployment during the 2010-2016 period. In contrast, oil palm plantations consistently reduce open unemployment across the entire period and are associated with poverty reduction in the 2017-2023 subperiod. These findings suggest the need for governance reform in the mining sector to improve its contribution to poverty and unemployment reduction, along with stronger policy support for the palm oil sector, which has demonstrated more consistent socio-economic benefits.

Determinasi Kualitas Laporan Keuangan Bank Syariah: Peran Opini Audit, Audit Delay, dan Profitabilitas

Zahrina Sazida Afra — 2026-06-07

This study aims to examine the effect of audit opinion and audit delay on financial reporting quality with profitability as a moderating variable in Islamic Commercial Banks during the 2022–2024 period. This research employed a quantitative approach using secondary data obtained from annual financial statements. The sample was determined using purposive sampling, resulting in 33 observations. Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS version 25. The results reveal that audit delay has a negative and significant effect on financial reporting quality, with a regression coefficient of -0.006 and a significance value of 0.006 (< 0.05). This finding indicates that longer audit completion periods tend to reduce the timeliness and relevance of financial information. Meanwhile, audit opinion does not significantly affect financial reporting quality, as indicated by a significance value of 1.000 (> 0.05). Simultaneously, audit opinion and audit delay significantly affect financial reporting quality, with an F-statistic value of 4.533 and a significance level of 0.019 (< 0.05). Furthermore, the coefficient of determination test shows an R Square value of 0.232, indicating that 23.2% of the variation in financial reporting quality can be explained by the independent variables, while the remaining 76.8% is influenced by other factors outside the research model. The findings also demonstrate that profitability is unable to moderate the relationship between audit opinion and audit delay on financial reporting quality because the interaction variables show significance values above 0.05. This study contributes to the literature on Islamic banking and financial reporting quality by emphasizing the importance of audit efficiency in enhancing the credibility and timeliness of financial reporting in Islamic financial institutions.

Pengaruh ROA, DER dan DPR terhadap Sustainable Growth Rate

Areja Amaulana — 2026-06-16

Driven by the growth volatility observed among LQ45-indexed enterprises on the Indonesia Stock Exchange—highlighted by an 8.27% aggregate profit contraction in the first quarter of 2023—and persistent discrepancies in prior empirical literature regarding the determinants of sustainable corporate expansion, this study examines how financial metrics dictate growth boundaries. Specifically, it investigates the individual impacts of profitability (Return on Assets), capital structure (Debt to Equity Ratio), and dividend policy (Dividend Payout Ratio) on the Sustainable Growth Rate (SGR). Adopting a causal-associative quantitative framework, financial statements from 27 purposively sampled corporations spanning the 2021–2024 period were analyzed. The panel data regression utilized a Fixed Effect Model (FEM) executed via EViews 13 software. The empirical findings demonstrate that ROA exerts a significant positive influence on SGR with a coefficient of 0.3473 (p=0.0000), thereby reinforcing the Du Pont Model and Pecking Order Theory. Conversely, DPR exhibits a significant negative correlation with SGR, yielding a coefficient of -0.0192 (p=0.0003), which confirms a critical trade-off between dividend distribution and internal reinvestment capacity. Meanwhile, DER demonstrates a negative but non-significant impact (p=0.6620), indicating that financial leverage is not a primary driver of growth sustainability for these blue-chip issuers. This analytical model possesses an explanatory power of 64.63% regarding SGR variability. These outcomes underscore the vital importance of operational efficiency and prudent earnings retention strategies in maintaining long-term growth trajectories without relying on external capital. Ultimately, this research contributes a novel empirical guide grounded in comparative theoretical frameworks (Du Pont, Pecking Order, and Agency Theory) to assist Indonesian blue-chip companies in establishing safe growth thresholds amidst post-pandemic economic fluctuations.

Pengaruh Work-Life Balance dan Dukungan Atasan Terhadap Employee Well-Being Pada Perusahaan Startup

Wanda Rizki Yuliyanti — 2026-06-16

This study is oriented toward investigating the contributions of Work-life Balance and supervisor support in constructing Employee Well-Being among personnel at a startup company. Utilizing a quantitative-verificative approach, data were gathered through the distribution of questionnaires to 34 respondents, encompassing the entire employee population (saturated sampling). Hypothesis testing was completed using a multiple linear regression model. The research findings confirm that partially, both Work-life Balance and supervisor support exert a positive and significant influence on employee well-being. Similarly, in the simultaneous test, both predictors proved to have a significant impact. Descriptively, it was noted that Employee Well-Being is in the moderately good category, whereas the level of Work-life Balance is classified as relatively low, and the supervisor support variable falls into the low criterion. Based on these results, startup management is advised to prioritize improving the Work-life Balance climate and strengthening leadership roles to optimize the psychological well-being of employees.

Perilaku Konsumtif Generasi Z dalam Paparan Content Marketing TikTok

Muhammad Rifqi Lubis — 2026-06-16

This study aims to analyze the influence of TikTok content marketing on Generation Z’s consumer behavior. The research problem stems from the increasing exposure to digital marketing content that has the potential to drive purchases through trends, product visualizations, and algorithmic recommendations. This study employs an explanatory quantitative approach, distributing a questionnaire to 300 Generation Z respondents who actively use TikTok; the sample for analysis was determined using the Slovin formula, resulting in 75 respondents as the study sample. Content marketing variables were measured using indicators of relevance, accuracy, value, ease of understanding, ease of discovery, and consistency, while consumer behavior was measured using indicators of rewards, packaging, prestige, price, status symbols, influencer influence, self-confidence, and brand experimentation. Data were analyzed using validity, reliability, normality, linearity, simple linear regression, and t-tests via SPSS 25. The results indicate that the instrument is reliable, with a Cronbach’s Alpha of 0.796 for the content marketing variable and 0.849 for the consumer behavior variable. The normality test yielded an Asymp. Sig. value of 0.200, while the linearity test showed a deviation from linearity of 0.067. The regression results produced the equation Y = 14.431 + 1.153X, with a calculated t-value of 6.382, which is greater than the critical t-value of 1.993 and a significance level of 0.000. These findings confirm that TikTok content marketing has a positive and significant impact on the consumption behavior of Generation Z. This study provides an empirical contribution to the development of digital marketing research based on the Stimulus-Organism-Response theory, as well as to the enhancement of digital and financial literacy among young consumers.

Pengaruh Return On Asset, Current Ratio, dan Firm Size Terhadap Kebijakan Dividen

Roni Romansyah — 2026-06-16

This study aims to analyze the determinants of dividend policy, focusing on the effects of Return on Assets (ROA), Current Ratio (CR), and Firm Size on the Dividend Policy. The primary background of this research is the fluctuation in dividend distributions among companies listed on the LQ45 index during the 2021–2024 period, particularly within the context of post-pandemic economic recovery strategies. The research method employs an associative quantitative approach with multiple linear regression analysis using SPSS software. The research sample was selected through a purposive sampling method, resulting in 18 companies with a total of 72 observations over the four-year study period. The results indicate that, only ROA has a positive and significant effect on dividend policy, with a significance value of 0.014 (< 0.05) and a regression coefficient of 1.236. This finding supports the Signaling Theory, suggesting that profitability serves as a fundamental signal for investors. Conversely, CR (sig. 0.337) and Firm Size (sig. 0.739) do not have a significant effect, indicating that liquidity and asset scale are not the primary determinants of profit distribution for LQ45 issuers. This model is able to explain 7.2% of the variation in dividend policy, as shown by the Adjusted R Square value. The managerial implications of this study suggest that companies should optimize asset efficiency to increase profitability as the main attraction for shareholders

Profitability in Non-Public Palm Oil Companies: The Role of Liquidity, Capital Structure, and Asset Structure

Sius — 2026-06-22

This study aims to examine the effects of liquidity, capital structure, and asset structure on profitability in a non-public palm oil company. Profitability is measured using Return on Assets (ROA), while liquidity, capital structure, and asset structure are proxied by the Current Ratio (CR), Debt-to-Equity Ratio (DER), and Fixed Asset Ratio (FAR), respectively. The study is motivated by the phenomenon of declining profitability despite increases in liquidity, leverage, and fixed asset proportions during the observation period. A quantitative approach with a single-case study design was employed using secondary data obtained from the company’s financial statements covering the period 2013–2024. Data were analyzed using descriptive statistics and multiple linear regression after satisfying the classical assumption tests. The results indicate that liquidity (CR) does not significantly affect profitability (t = -2.099; p = 0.069), while capital structure (DER) also shows no significant effect on profitability (t = 0.167; p = 0.871). In contrast, asset structure (FAR) has a significant negative effect on profitability (t = -2.802; p = 0.023). Simultaneously, liquidity, capital structure, and asset structure do not significantly affect profitability (F = 3.800; p = 0.058). The regression model explains 58.8% of the variation in profitability (R² = 0.588), with an adjusted R² of 0.433. These findings suggest that excessive investment in fixed assets, without corresponding improvements in operational efficiency, may reduce profitability. This study contributes to the limited literature on profitability determinants in non-public palm oil companies and provides practical implications for improving financial management and asset utilization efficiency.

Pengaruh Mekanisme Good Corporate Governance terhadap Kualitas Integrated Reporting

Dwiky Dzakwan Yandira Putra — 2026-06-23

The purpose of this study is to test and analyze the influence of Good Corporate Governance on the quality of Integrated Reporting. The research method used is quantitative, with the type and source of data obtained from the annual reports of companies listed on the Indonesia Stock Exchange. The population and sample in this study consist of the financial reports of the banking sector listed on the Indonesia Stock Exchange for the period 2020-2024. The sampling technique used is purposive sampling, resulting in 220 processed data samples that meet the criteria. The analysis methods employed include descriptive statistical tests, classical assumption tests, multiple regression analysis, and hypothesis testing. The results of this study indicate that: (1) the size of the board of commissioners does not affect the quality of Integrated Reporting; (2) the independence of the board of commissioners does not affect the quality of Integrated Reporting; (3) gender diversity of the board of commissioners does not affect the quality of Integrated Reporting; (4) financial capability of the board of commissioners does not affect the quality of Integrated Reporting; (5) the size of the audit committee does not affect the quality of Integrated Reporting; (6) the financial capability of the audit committee positively affects the quality of Integrated Reporting; (7) audit committee meetings positively affect the quality of Integrated Reporting; (8) institutional ownership does not affect the quality of Integrated Reporting.

The Flexibility Paradox: Kelelahan Digital dan Otonomi Kerja Karyawan Startup

Muhammad Rizky — 2026-06-26

The increasing adoption of flexible work practices and Agile methodologies in modern organizations has highlighted the need for a deeper understanding of the factors that influence employees’ Work–Life Integration. Therefore, this study aims to examine the effects of Agile Scrum and Workplace Flexibility on Work–Life Integration among startup employees in Depok City, Indonesia, while investigating the mediating role of Perceived Autonomy. Primary data were collected through a questionnaire survey involving 20 respondents and analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) approach with SmartPLS software. Statistical significance was assessed through a non-parametric bootstrapping procedure. The results revealed that Agile Scrum had a positive and significant effect on Work–Life Integration (β = 0.462, p = 0.003), whereas Workplace Flexibility had a positive and significant effect on Perceived Autonomy (β = 0.675, p < 0.001). In contrast, Agile Scrum did not have a significant effect on Perceived Autonomy, Workplace Flexibility did not significantly affect Work–Life Integration, and Perceived Autonomy did not significantly influence Work–Life Integration. These findings suggest that Agile Scrum contributes directly to enhancing employees’ Work–Life Integration, while Workplace Flexibility primarily strengthens employees’ perceptions of autonomy rather than directly improving the integration of work and personal life. The study provides empirical insights into the mechanisms through which Agile work practices and flexible work environments influence employee well-being in startup organizations.

Pengaruh PSAK Syariah dan CSR terhadap Kepercayaan Investor dengan Mediasi Reputasi Perusahaan

Keisya Fitri Wulandari — 2026-06-28

This study aims to examine the effect of the implementation of Sharia Financial Accounting Standards (PSAK Syariah) and Sharia-based Corporate Social Responsibility (CSR) disclosure on investor trust, with corporate reputation as a mediating variable in companies listed in the Sharia Securities List on the Indonesia Stock Exchange. This research employs a quantitative approach using secondary data obtained from annual reports and sustainability reports over the observation period. The sample consists of 16 companies with 48 observations, selected using purposive sampling. Data analysis is conducted using panel data regression combined with path analysis, and mediation testing is performed using the Sobel test. The results indicate that partially, the implementation of PSAK Syariah and Sharia CSR disclosure do not have a significant effect on investor trust. However, simultaneously, these variables along with corporate reputation have a significant effect on investor trust. Furthermore, PSAK Syariah and CSR disclosure have a positive effect on corporate reputation, but corporate reputation is not able to mediate the relationship between the independent variables and investor trust. These findings suggest that although companies have implemented Sharia principles in financial reporting and social responsibility, investors tend to prioritize financial performance indicators over Sharia compliance aspects in making investment decisions. This study implies that enhancing investor trust in the Islamic capital market requires not only compliance with Sharia accounting standards and CSR disclosure but also improvements in the quality, relevance, and transparency of financial information, as well as stronger integration between Sharia values and economic performance.

Pengaruh Ukuran Perusahaan, Umur Perusahaan dan Audit Fee Terhadap Audit Delay

Zahraturrina — 2026-06-30

This study aims to examine the effect of firm size, firm age, and audit fee on audit delay in manufacturing companies within the consumer goods industry subsector listed on the Indonesia Stock Exchange during the 2022–2024 period. The research problem is based on the phenomenon that audit delay still frequently occurs in recent years and has even shown an increasing trend over time. This condition is a significant concern, as delays in the submission of financial statements may disrupt transparency and reduce investor confidence. This study employs a quantitative approach, with the sample selected using purposive sampling based on predetermined criteria. The sample consists of 26 companies, with a total of 78 observations from the consumer goods industry subsector. The data used in this study are secondary data in the form of annual financial statements and annual reports. The data were analyzed using panel data regression analysis supported by statistical techniques processed with EViews 13 software. The stages of data analysis include classical assumption tests and model selection, where the best model selected is the Random Effect Model (REM). Previous studies have shown mixed results. The findings of this study indicate that firm size has a positive effect on audit delay, while firm age and audit fee have a negative effect on audit delay. These three variables reflect the complexity of internal and external factors influencing audit delay. This study is expected to provide a theoretical contribution by enriching insights into audit delay in manufacturing companies.

Analysis of Road Infrastructure Performance Audit on Gatot Subroto Underpass User Satisfaction

Indah Permatasari — 2026-06-30

This study aims to analyze the performance audit of road infrastructure and its impact on user satisfaction at the Gatot Subroto Underpass, North Sumatra. High-quality road infrastructure plays a vital role in improving mobility, safety, and public convenience; therefore, periodic evaluation through a performance audit based on user perceptions is essential. This study employed a descriptive quantitative method using a survey approach involving 75 respondents who were users of the Gatot Subroto Underpass. Data were collected using a Likert-scale questionnaire and analyzed descriptively by measuring the level of user satisfaction across each road infrastructure service indicator. The findings indicate that the performance audit effectively identified both service aspects that have performed well and those requiring further improvement. The level of user satisfaction before the evaluation was 65%, categorized as moderately satisfied, while after the evaluation and analysis it increased to 78%, categorized as satisfied, representing an improvement of 13%. The highest levels of user satisfaction were found in traffic flow and road surface conditions, whereas the lowest levels were associated with the drainage system, street lighting, and environmental cleanliness within the underpass. The study further reveals that the quality of road infrastructure services has a significant influence on users' perceptions and overall satisfaction. A performance audit based on user satisfaction provides comprehensive information for determining service improvement priorities and can serve as a valuable basis for developing more effective road infrastructure management policies that are responsive to community needs while supporting the development of a safe, comfortable, and sustainable urban transportation system.

Pengaruh DER, CR, dan TA terhadap PBV pada Perusahaan JII 2021–2025

Siswandaru Kurniawan — 2026-06-30

This study aims to analyze the effect of Debt to Equity Ratio (DER), Current Ratio (CR), and Total Asset (TA) on Price to Book Value (PBV) of companies listed on the Jakarta Islamic Index (JII) for the 2021–2025 period. This quantitative study uses secondary data in the form of annual financial statements from the Indonesia Stock Exchange. Samples were selected through purposive sampling yielding 16 companies with 80 valid observations after bootstrapping processing. The novelty of this study lies in the application of bootstrapping estimation with 5,000 iterations as a solution to the normality assumption violation, producing more robust estimates than conventional parametric regression. Results show that simultaneously DER, CR, and TA significantly affect PBV. Partially, DER has a positive and significant effect on PBV, CR has no significant effect on PBV, while TA has a negative and significant effect on PBV. An Adjusted R² of 29.9% indicates the three variables explain a portion of PBV variation. This study contributes to strengthening signaling theory in the Islamic capital market and critically notes that large asset size does not always positively correlate with firm value among JII sharia issuers. This study's added value lies in the empirical evidence regarding the limits of economies of scale applicability in the Islamic capital market, as well as the methodological innovation using bootstrapping estimation to produce a more precise model.