Understanding Generation Z Muslims in Indonesia to switching intention to buy green products: a stimulus-organism-response approach Edy Purwo Saputro, Dewi Probowati Setyaningrum, Ahmad Febriyanto Journal of Islamic Marketing, 2025 Purpose This study aims to investigate the key drivers of Generation Z Muslims consumer behavior to switch purchase green products, using the stimulus-organism-response (SOR) framework. The authors specifically focus on Generation Z Muslims consumers in Indonesia. Design/methodology/approach This study tested 11 hypotheses with six independent constructs and one dependent construct. In addition, the convenience sampling technique was adopted, the study collected responses from 222 Generation Z Muslims participants. Partial least squares structural equation modeling with SmartPLS 3.0 software facilitated data analysis. Findings The results of this study explain that the main factor shifting Generation Z Muslims toward purchasing green products is green self-identity. An increase in green self-identity will be driven by social pressure, environmental knowledge, normative environment and environmental knowledge. Green self-identity also shows an important role in mediating the relationship between environmental concern and intention to switch purchasing green products. In addition, the factors of environmental knowledge, normative environment and green price sensitivity were also found to promote increased environmental concern. Practical implications Practically, companies can focus on educational and literacy activities to promote their green products. Because this generation considering their knowledge to take a decision on purchasing green products. In addition, Islamic educational institutions also play an important rules to enhancing their behavior from implementing the environmentally actions in their surroundings. Finally, for government, the policies and regulations related for companies that produce environmentally friendly products through the provision of financial and non-financial support. Originality/value This study contributes to a relatively sparse field of research by examining the switching behavior of Muslim Generation Z in Indonesia in the context of green products purchases. It further advances the understanding of such behavior by applying the SOR framework, which to the authors’ knowledge has not been widely elaborated in the context of switching behavior.
SHAPING ENTREPRENEURIAL PERFORMANCE IN SMALL BUSINESS SECTORS: DOES ISLAMIC FINANCIAL INSTITUTIONS’ SUPPORT MATTER? RIZALDI YUSFIARTO, ISLAM ABDELJAWAD, LAILATIS SYARIFAH, ROMZIE ROSMAN, AHMAD FEBRIYANTO, MUHAMMAD HANIF IBRAHIM Journal of Developmental Entrepreneurship, 2025 This study explores the role of Islamic financial institutions’ (IFIs) support in the entrepreneurial success of Muslim-owned micro, small and medium-sized enterprises (MSMEs). It also integrates the constructs of Islamic financial literacy, management control systems and the alleviation of financial constraints as key components of business internalization. The study involved 265 Muslim MSME owners, who were analyzed using partial least squares structural equation modeling (PLS-SEM). The empirical results reveal that IFIs play a significant role in enhancing entrepreneurial performance by enabling MSME actors to access both tangible and intangible resources critical to business success. Furthermore, the findings emphasize that IFIs act not only as capital providers but also as entrepreneurial support organizations, facilitating strategic guidance to support economic transformation through a more integrated approach grounded in Islamic values.
CBDC ADOPTION: ALIGNING MODEL TECHNOSTRESS INHIBITORS AND PERCEIVED VALUE AMONG INDONESIAN GENERATION Z Ahmad Febriyanto, Niniek Adenia, Isfiya Annabila, Rizaldi Yusfiarto Journal of Central Banking Law and Institutions, 2025 In this era, all central banks are trying to respond to the increase in Cryptocurrency transactions by establishing a legitimate digital currency service called Central Bank Digital Currency (CBDC). The success of the CBDC program will be closely related to public interest in adopting CBDC. Hence, this study intends to explore the determinants that affect Generation Z. This research involved 239 Generation Z in Indonesia. All data were explored using using Structural Equation Modelling Partial Least Square (SEM-PLS). The result of the test shows that the main determinants driving Generation Z's interest in adopting CBDC are perceived value (epistemic value, monetary value, and convenience value) and general trust. technostress inhibitors (facilitation of literacy and engagement facilitation) had a tendency to influence Generation Z's trust. General trust in this study also shows a partial moderation effect in the relationship between perceived value and intention to use CBDC and a full moderation effect on relationship between technostress inhibitors and intention to use CBDC. The findings of this study can provide advice to Bank Indonesia capable to focus on increasing the usefulness value of CBDC related to monetary value and the value of ease of use the of CBDC to maintain public trust and increase public interest. In addition, increasing literacy and involvement facilitation in increasing public trust.
Exploring technology adoption in the Islamic capital market: how neo-brokers shape investment behavior? Joko Setyono, Rizaldi Yusfiarto, Abdul Qoyum, Fitri Zaelina, Ahmad Febriyanto Journal of Islamic Accounting and Business Research, 2025 Purpose This study aims to explore investment behavior in the Islamic capital market by examining the adoption of neo-broker technology. It combines the innovation diffusion theory (IDT) and the technology acceptance model (TAM) to analyze how neo-broker technology supports investment in the Islamic capital market. Design/methodology/approach This study analyzed data from 208 neo-broker users investing in the Islamic capital market using partial least squares structural equation modeling, encompassing model specification, data analysis, estimation and result evaluation. Findings The findings indicate that constructs from the IDT, specifically result demonstrability and compatibility, significantly contribute to enhancing perceived usefulness and perceived ease of use. Conversely, relative advantage is observed to influence only perceived ease of use. Furthermore, within the TAM, perceived usefulness is found to be the primary determinant of investment intention in the Islamic capital market. This construct also functions as an intermediary, linking perceived ease of use to investment behavior. Practical implications This study provides practical guidance for technology developers and neo-broker service providers in the Islamic capital market. Enhancing perceived usefulness requires user-friendly interfaces, real-time data, optimized performance and Shariah-compliant instruments. Demonstrability and compatibility are ensured through transparent reporting, case studies and adherence to Shariah principles. Overall, these measures can strengthen neo-broker competitiveness and effectively shape investment behavior in the Islamic capital market. Originality/value This study makes a novel contribution by investigating investment intentions in the Islamic capital market through the adoption of neo-broker technology, an area that remains underexplored. Furthermore, it adopts an innovative approach by integrating constructs from the IDT-TAM to provide a comprehensive understanding of individual behavior in the adoption of neo-brokers.
From Social Trust to Halal Industry Dynamic: The Synergy of Islamic Social Capital and Financial Capability in Small Enterprises Sectors Afdawaiza Afdawaiza, Rizaldi Yusfiarto, Galuh Tri Pambekti, Hisham Al Ghunaimi, Ahmad Febriyanto Mazahib Jurnal Pemikiran Hukum Islam, 2025 This study aims to examine the determinants of performance in Halal micro, small, and medium enterprises (MSMEs) by positioning Islamic Social Capital (ISC) as the primary explanatory construct. To provide a more comprehensive framework, Islamic Financial Literacy (IFL) and Islamic Financial Inclusion (IFI) are integrated into the model to capture the knowledge and financial accessibility dimensions essential for Halal MSME development. A quantitative approach was employed, utilizing partial least squares structural equation modeling (PLS-SEM) on survey data from 242 Muslim-owned Halal MSMEs in Indonesia. The results reveal that ISC significantly enhances IFL, which in turn promotes IFI and ultimately strengthens MSME performance. These findings highlight the pivotal role of cohesive and ethically grounded social networks in facilitating financial literacy and access to Sharia-compliant financial services. The novelty of this study lies in integrating ISC with IFL and IFI within a single model, a relationship that has not been comprehensively explored in prior research. By bridging Islamic social capital with financial capability from an Islamic legal-ethical perspective, this study contributes new insights into how community-based mechanisms can drive the growth and resilience of Halal MSMEs.
NGOs and the development of Islamic entrepreneurship: enhancing absorptive capacity innovation, and performance through an institutional lens Mukhamad Yazid Afandi, Rizaldi Yusfiarto, Aam Slamet Rusydiana, Lu’liyatul Mutmainah, Ahmad Febriyanto, Imas Hasanah Journal of Islamic Accounting and Business Research, 2025 Purpose This study aims to examine the role of nongovernmental organization (NGO) partnerships in enhancing absorptive capacity, innovation and performance among Muslim entrepreneurs in small businesses. It offers a novel perspective by focusing specifically on Muslim entrepreneurs and the unique dynamics of NGO−small business partnerships within the context of Muslim societies. Design/methodology/approach This study analyzed data from 218 Muslim entrepreneurs in the small business sector using structural equation modeling-partial least squares (SEM-PLS). The SEM-PLS process included the measurement model, structural model and PLS-Predict. Findings The empirical findings indicate that partnerships with NGOs have a positive impact on both potential absorptive capacity and realized absorptive capacity. These mechanisms serve as key drivers of innovation capability among Muslim entrepreneurs in the small business sector. Furthermore, innovation capability has been found to have the most significant influence on overall entrepreneurial performance. Originality/value This study provides a novel contribution by examining the role of NGO partnerships in enhancing absorptive capacity, innovation and entrepreneurial performance among Muslim small business owners, an underexplored area. Anchored in the institutional-based view, this study highlights how external institutional forces, particularly NGOs, serve as enabling mechanisms that shape entrepreneurial behavior and strategic capacity-building in response to institutional environments. By embedding IBV, this research sheds light on how institutional supports influence knowledge-related processes and innovation dynamics within the context of Islamic entrepreneurship.
The impact of foreign direct investment on carbon emissions: A comparative study in the ASEAN countries with the highest foreign direct investment Ahmad Febriyanto, Abdullah Azzam, Hanifah Ramadhani Kutia, Achmad Rizal, Rizaldi Yusfiarto Innovation and Green Development, 2024 The main objective of this study is to investigate the short- and long-term effects of Foreign Direct Investment (FDI) on CO 2 in some ASEAN countries having high levels of FDI, including Singapore, Indonesia, Malaysia, and Vietnam. This study applied Autoregressive Distributed Lag (ARDL) analysis in estimating the short- and long-term relationship of FDI on CO 2 . The test results showed that the short-term positive impact of FDI on CO 2 was shown in Singapore and Indonesia, while the negative effect was seen in Vietnam. In the long-term relationship, a positive impact was found in Vietnam and Singapore.
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Inovasi kebijakan dan evaluasi insentif perpajakan Indonesia SE Julia, I Ahmadsyah, M Novikasari, GT Pambekti, IP Lestari, R Yusfiarto, ... Gramedia Pustaka Utama , 2023 2023
MOST CITED SCHOLAR PUBLICATIONS
The impact of foreign direct investment on carbon emissions: a comparative study in the ASEAN countries with the highest foreign direct investment A Febriyanto, A Azzam, HR Kutia, A Rizal, R Yusfiarto Innovation and Green Development 3 (4), 100181 , 2024 2024 Citations: 14
Digitalisasi Perbankan: Prospek, Tantangan & Kinerja EP Saputro, M Nasir, MM SE, SE Muhammad Arif, M Ec, ... Muhammadiyah University Press , 2022 2022 Citations: 14
Understanding Generation Z Muslims in Indonesia to switching intention to buy green products: a stimulus-organism-response approach EP Saputro, DP Setyaningrum, A Febriyanto Journal of Islamic Marketing 16 (9), 2617-2640 , 2025 2025 Citations: 10
CBDC adoption: aligning model technostress inhibitors and perceived value among Indonesian Generation Z A Febriyanto, N Adenia, I Annabila, R Yusfiarto Journal of Central Banking Law and Institutions 4 (1), 49-78 , 2025 2025 Citations: 9
Factors affecting the sustainability of halal MSMEs in Yogyakarta: A study on literacy, digitalization, and fintech MF Maskuri, A Febriyanto, H Baroroh, S Nurullaily Diponegoro Journal of Economics 13 (4), 37-56 , 2024 2024 Citations: 9
Impact Of Green Financing and Financial Factors on Islamic Banks' Performance in Indonesia: a Regression Analysis A Febriyanto, LFA Nabiela, FN Agisti Journal of Islamic Economic Scholar 4 (2), 62-77 , 2023 2023 Citations: 9
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The Role of Islamic Financial Literacy in Shaping Economic Behavior: Evidence from Generation Z P Muninggar, MST Azka, F Haq, A Febriyanto Diponegoro Journal of Economics 14 (2) , 2025 2025 Citations: 6
Shaping entrepreneurial performance in small business sectors: does Islamic financial institutions’ support matter? R Yusfiarto, I Abdeljawad, L Syarifah, R Rosman, A Febriyanto, ... Journal of Developmental Entrepreneurship 30 (2), 2550014 , 2025 2025 Citations: 6
NGOs and the development of Islamic entrepreneurship: enhancing absorptive capacity innovation, and performance through an institutional lens MY Afandi, R Yusfiarto, AS Rusydiana, L Mutmainah, A Febriyanto, ... Journal of Islamic Accounting and Business Research , 2025 2025 Citations: 5
Relationship between customer experience and digital Islamic-only banks: A serial mediation of brand trust and brand equity A Febriyanto, MS Taqiyyudin, AN Khoirunnisa El-Barka: Journal of Islamic Economics and Business 6 (2), 349-382 , 2023 2023 Citations: 5
Extending of TAM Model in E-Filing Adoption EP Saputro, CK Wardana, DP Setyaningrum, A Febriyanto Riset Akuntansi dan Keuangan Indonesia 10 (1), 24-35 , 2025 2025 Citations: 3
Determinan Pembangunan Desa Tertinggal, Terdepan, dan Terluar (3T) di Indonesia A Febriyanto EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi 3 (4), 1693-1707 , 2024 2024 Citations: 3
From Social Trust to Halal Industry Dynamic: The Synergy of Islamic Social Capital and Financial Capability in Small Enterprises Sectors A Afdawaiza, R Yusfiarto, GT Pambekti, HA Ghunaimi, A Febriyanto Mazahib Jurnal Pemikiran Hukum Islam 24 (2), 248-281 , 2025 2025 Citations: 1
Exploring technology adoption in the Islamic capital market: how neo-brokers shape investment behavior? J Setyono, R Yusfiarto, A Qoyum, F Zaelina, A Febriyanto Journal of Islamic Accounting and Business Research, 1-20 , 2025 2025 Citations: 1
Intensi Penggunaan Digital Payment pada UMKM: Analisis Multigroup High and Low Trust A Febriyanto, EP Saputro, DP Setyaningrum Jurnal Persaingan Usaha 4 (2), 134-146 , 2024 2024 Citations: 1
Fostering Circular Economy in Micro, Small, and Medium-Sized Enterprises: Aligning with the Triple-Helix of Innovation Framework Y Yolanda, R Yusfiarto, MST Azka, L Hamdani, A Febriyanto Circular Economy and Sustainability 6 (2), 47 , 2026 2026
The Trigger of SMEs Performance: Considering Islamic Financial Literacy, Financial Access, and Technical Support AR Abdillah, A Febriyanto JURNAL EKONOMI SYARIAH 9 (2), 200-217 , 2024 2024
Development of Disadcantaged, Frontier, and Outermost Villages in Manokwari A Febriyanto Journal of Community Service and Rural Development 1 (2), 47-57 , 2024 2024
Modernitas Layanan Perbankan Digitalisasi & Globalisasi EP Saputro, SE Lintang Kurniawati, DP Setyaningrum, MM SE, ... Muhammadiyah University Press , 2024 2024
