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Book Chapters by Vita Arumsari

Fiscal Policy Agency, Minister of Finance, The Republic of Indonesia, 2019

The discourse in integrating social and financial functions of Islamic financial institution has ... more The discourse in integrating social and financial functions of Islamic financial institution has emerged as an intellectual critique since the practice of Islamic finance has arguably deviated from the moral expectation of Islamic economy. This argument is further supported by the advent of the interest of combining Islamic finance with impact investing, which should have been in the endogenous facet if Islamic finance since its very beginning. We found several of research papers with theories that Islamic financial and economic institutions, as distinct organisations, require a distinct management framework to be able to achieve their multidimensional purposes. This paper argues that a hybrid organisational management framework could be the most appropriate existing framework to be utilized regarding mission drifts and dysfunctional effects that might happen within such organisations. Hence, this paper provides notions for leaders to develop hybrid organisations culture in terms of time needed for leader to develop selective criterion in hiring different types of organisational structures, and the need of a new set of parameters.

Articles by Vita Arumsari

The World Financial Review, May 2019

The under-performance of Islamic banking might be due to the limited product diversification offe... more The under-performance of Islamic banking might be due to the limited product diversification offered, the low level of differentiation of Islamic banking from its counterpart, and the low literacy level of Islamic banking among society. For a country like Indonesia that has the largest Muslim population in the world, Islamic banking is moving in slow progress-with only less than 6% contribution on the country's total national banking asset and only 8% of the total population knowledgeable on the Sharia-compliant financing. Yet, Indonesia still poses a great potential on boosting the Islamic banking sector, the authors argue.

The Jakarta Post, Jan 10, 2019

This article underlines that by exercising this new standard, it will trigger more people to do w... more This article underlines that by exercising this new standard, it will trigger more people to do waqf no matter what their background are as more people put their trust more to the waqf institution. Thus, it can reach more goals in SDGs.

Papers by Vita Arumsari

Performance, 2021

The purpose of this study to analyze the effect of board of directors diversity and monitoring in... more The purpose of this study to analyze the effect of board of directors diversity and monitoring intensity to profitability. Board of directors diversity measured by a composite index of gender, age, education, citizenship, and independence of the board of directors. Meanwhile, monitoring intensity measured by the composition of audit quality, number of meetings, and the number of committee. The objects are banks listed in the Indonesia Stock Exchange period of 2015-2017 with a panel data regression. Selected samples was 40 banks and 120 observation. The results showed that board of directors diversity had a significant negative on profitability, this result provoke a gap to the previous research. While monitoring intensity is positive significant to profitability. Some practical and implications will be discussed in this study.

JOURNAL OF APPLIED BUSINESS ADMINISTRATION, 2020

This study aims to obtain empirical evidence regarding personality, labor market considerations, ... more This study aims to obtain empirical evidence regarding personality, labor market considerations, professional recognition, financial appreciation and work environment on student interest in taking professional certification in accounting. It uses multiple linear regression analysis with the IBM SPSS (Statistical Package for Social Sciencess) program for Windows version 25. There are 250 respondents in this study from various university in Indonesia. The test results show that personality, job market considerations, professional recognition, financial rewards have an effect on student interest in taking professional certification in accounting, while the work environment does not affect student interest in taking professional certification in accounting.

JOURNAL OF APPLIED BUSINESS ADMINISTRATION, 2020

The low level of financial inclusion for the poor becomes a time bomb amid Islamic finance growth... more The low level of financial inclusion for the poor becomes a time bomb amid Islamic finance growth as an alternative and way of life, particularly for those who believe in the application of Islamic tenets in finance. Further, the evolving of fully-fledged Islamic Financial Non-Bank Institutions, particularly Islamic Microfinance Financial Institutions (IMFIs) are one of the myriad ways in alleviating poverty. Indonesia, with the highest number of the Muslim population in the world, can reduce the poverty percentage by using Islamic social funds, namely infaq, zakah, shadaqoh and waqf. This study sheds light on how to optimise the Islamic social fund benefit for improving the poor’s quality of life; both by injecting money to provide them with a business skill and to feed people them who are poor. We use meta-analysis method to recap different findings related to maximise the usage of Islamic social funds across a different point of view, hence a fit mechanism is found to be applied....

International Conference of Zakat, 2020

Historically, zakah institution was only run by the state, which was indeed managed under the sta... more Historically, zakah institution was only run by the state, which was indeed managed under the state or public logic. On the other hand, we are now in the era of ‘civic society’, where the ‘bureaucratic decline’ emphasized the incapability of the state to be an efficient actor of development (Bawole, Ibrahim, Hossain, & Mensah, 2017; Hirschmann, 1999). The role of non-state actors is increasingly important to be the better development engines. The fact as mentioned earlier has put these non-state actors of development, including zakah institutions, in a dilemma between two institutional logics: market or commercial logic and public or social logics (Schröer & Jäger, 2015). These institutions must face distinct problems which do not occur in a conventional single-logic organization. They regularly need to deal with the conflict between two logics, financial or social logics. This study aims to conceptualize a further argument that zakah institutions are hybrid institutions, and theref...

4th AIFC - Blending Islamic Finance and Impact Investing for the SDGs, 2019

The discourse in integrating social and financial functions of Islamic financial institution has ... more The discourse in integrating social and financial functions of Islamic financial institution has emerged as an intellectual critique since the practice of Islamic finance has arguably deviated from the moral expectation of Islamic economy. This argument is further supported by the advent of the interest of combining Islamic finance with impact investing, which should have been in the endogenous facet if Islamic finance since its very beginning. We found several of research papers with theories that Islamic financial and economic institutions, as distinct organizations, require a distinct management framework to be able to achieve their multidimensional purposes. This paper argues that a hybrid organizational management framework could be the most appropriate existing framework to be utilized regarding mission drifts and dysfunctional effects that might happen within such organizations. Hence, this paper provides notions for leaders to develop hybrid organization culture in terms of time needed for leaders to develop selective criterion in hiring, different types of organizational structures, and the need of a new set of parameters.

The Proceeding of ISIC 2016 Academic Conference, 2016

The massive trend of new funding sources in the world, called crowdfunding is also surging in Ind... more The massive trend of new funding sources in the world, called crowdfunding is also surging in Indonesia. Many crowdfunding platforms have developed in Indonesia, especially donation-based crowdfunding having the vision to help each other or build social welfare in Indonesia. In term of regulation, crowdfunding regulation (tax issue and investor protection) should be constructed to flourish the equity-based platform. The clarity of law will support the crowdfunding, also in line with the survey conducted among Indonesian people who are having higher eagerness to participate in a donation and equity-based crowdfunding. In the social perspective, financial literacy (internet-based) and trust should be built to complement the development and encouragement in its platform.

Fiscal Policy Agency, Minister of Finance, The Republic of Indonesia, 2019

The discourse in integrating social and financial functions of Islamic financial institution has ... more The discourse in integrating social and financial functions of Islamic financial institution has emerged as an intellectual critique since the practice of Islamic finance has arguably deviated from the moral expectation of Islamic economy. This argument is further supported by the advent of the interest of combining Islamic finance with impact investing, which should have been in the endogenous facet if Islamic finance since its very beginning. We found several of research papers with theories that Islamic financial and economic institutions, as distinct organisations, require a distinct management framework to be able to achieve their multidimensional purposes. This paper argues that a hybrid organisational management framework could be the most appropriate existing framework to be utilized regarding mission drifts and dysfunctional effects that might happen within such organisations. Hence, this paper provides notions for leaders to develop hybrid organisations culture in terms of time needed for leader to develop selective criterion in hiring different types of organisational structures, and the need of a new set of parameters.

The World Financial Review, May 2019

The under-performance of Islamic banking might be due to the limited product diversification offe... more The under-performance of Islamic banking might be due to the limited product diversification offered, the low level of differentiation of Islamic banking from its counterpart, and the low literacy level of Islamic banking among society. For a country like Indonesia that has the largest Muslim population in the world, Islamic banking is moving in slow progress-with only less than 6% contribution on the country's total national banking asset and only 8% of the total population knowledgeable on the Sharia-compliant financing. Yet, Indonesia still poses a great potential on boosting the Islamic banking sector, the authors argue.

The Jakarta Post, Jan 10, 2019

This article underlines that by exercising this new standard, it will trigger more people to do w... more This article underlines that by exercising this new standard, it will trigger more people to do waqf no matter what their background are as more people put their trust more to the waqf institution. Thus, it can reach more goals in SDGs.

Performance, 2021

The purpose of this study to analyze the effect of board of directors diversity and monitoring in... more The purpose of this study to analyze the effect of board of directors diversity and monitoring intensity to profitability. Board of directors diversity measured by a composite index of gender, age, education, citizenship, and independence of the board of directors. Meanwhile, monitoring intensity measured by the composition of audit quality, number of meetings, and the number of committee. The objects are banks listed in the Indonesia Stock Exchange period of 2015-2017 with a panel data regression. Selected samples was 40 banks and 120 observation. The results showed that board of directors diversity had a significant negative on profitability, this result provoke a gap to the previous research. While monitoring intensity is positive significant to profitability. Some practical and implications will be discussed in this study.

JOURNAL OF APPLIED BUSINESS ADMINISTRATION, 2020

This study aims to obtain empirical evidence regarding personality, labor market considerations, ... more This study aims to obtain empirical evidence regarding personality, labor market considerations, professional recognition, financial appreciation and work environment on student interest in taking professional certification in accounting. It uses multiple linear regression analysis with the IBM SPSS (Statistical Package for Social Sciencess) program for Windows version 25. There are 250 respondents in this study from various university in Indonesia. The test results show that personality, job market considerations, professional recognition, financial rewards have an effect on student interest in taking professional certification in accounting, while the work environment does not affect student interest in taking professional certification in accounting.

JOURNAL OF APPLIED BUSINESS ADMINISTRATION, 2020

The low level of financial inclusion for the poor becomes a time bomb amid Islamic finance growth... more The low level of financial inclusion for the poor becomes a time bomb amid Islamic finance growth as an alternative and way of life, particularly for those who believe in the application of Islamic tenets in finance. Further, the evolving of fully-fledged Islamic Financial Non-Bank Institutions, particularly Islamic Microfinance Financial Institutions (IMFIs) are one of the myriad ways in alleviating poverty. Indonesia, with the highest number of the Muslim population in the world, can reduce the poverty percentage by using Islamic social funds, namely infaq, zakah, shadaqoh and waqf. This study sheds light on how to optimise the Islamic social fund benefit for improving the poor’s quality of life; both by injecting money to provide them with a business skill and to feed people them who are poor. We use meta-analysis method to recap different findings related to maximise the usage of Islamic social funds across a different point of view, hence a fit mechanism is found to be applied....

International Conference of Zakat, 2020

Historically, zakah institution was only run by the state, which was indeed managed under the sta... more Historically, zakah institution was only run by the state, which was indeed managed under the state or public logic. On the other hand, we are now in the era of ‘civic society’, where the ‘bureaucratic decline’ emphasized the incapability of the state to be an efficient actor of development (Bawole, Ibrahim, Hossain, & Mensah, 2017; Hirschmann, 1999). The role of non-state actors is increasingly important to be the better development engines. The fact as mentioned earlier has put these non-state actors of development, including zakah institutions, in a dilemma between two institutional logics: market or commercial logic and public or social logics (Schröer & Jäger, 2015). These institutions must face distinct problems which do not occur in a conventional single-logic organization. They regularly need to deal with the conflict between two logics, financial or social logics. This study aims to conceptualize a further argument that zakah institutions are hybrid institutions, and theref...

4th AIFC - Blending Islamic Finance and Impact Investing for the SDGs, 2019

The discourse in integrating social and financial functions of Islamic financial institution has ... more The discourse in integrating social and financial functions of Islamic financial institution has emerged as an intellectual critique since the practice of Islamic finance has arguably deviated from the moral expectation of Islamic economy. This argument is further supported by the advent of the interest of combining Islamic finance with impact investing, which should have been in the endogenous facet if Islamic finance since its very beginning. We found several of research papers with theories that Islamic financial and economic institutions, as distinct organizations, require a distinct management framework to be able to achieve their multidimensional purposes. This paper argues that a hybrid organizational management framework could be the most appropriate existing framework to be utilized regarding mission drifts and dysfunctional effects that might happen within such organizations. Hence, this paper provides notions for leaders to develop hybrid organization culture in terms of time needed for leaders to develop selective criterion in hiring, different types of organizational structures, and the need of a new set of parameters.

The Proceeding of ISIC 2016 Academic Conference, 2016

The massive trend of new funding sources in the world, called crowdfunding is also surging in Ind... more The massive trend of new funding sources in the world, called crowdfunding is also surging in Indonesia. Many crowdfunding platforms have developed in Indonesia, especially donation-based crowdfunding having the vision to help each other or build social welfare in Indonesia. In term of regulation, crowdfunding regulation (tax issue and investor protection) should be constructed to flourish the equity-based platform. The clarity of law will support the crowdfunding, also in line with the survey conducted among Indonesian people who are having higher eagerness to participate in a donation and equity-based crowdfunding. In the social perspective, financial literacy (internet-based) and trust should be built to complement the development and encouragement in its platform.