Building Strategic Planning Models Based on Digital Technology in the Sharia Capital Market

  • Basrowi BASROWI Public Administration, Faculty of Social and Political Sciences, Universitas Muhammadiyah, Jakarta, Indonesia
  • Pertiwi UTAMI Student at Sharia Economics Postgraduate Program, Universitas Islam Negeri (UIN) Raden Intan Lampung, Indonesia
DOI: https://doi.org/10.14505/jarle.v11.3(49).06

Abstract

Digital technology is able to give a new face to the development of the capital market industry in Indonesia. Licensing process, wider reach and ease in transactions (financial technology) become faster, more efficient, cheaper, and transparent. However, the development of digital or scripless systems is still constrained by various factors. The purpose of this study is to try to dig deeper into the basic concepts of digital planning for issuers in the list of Islamic securities. A development model based on the results of the literature review is expected to contribute to the acceleration of digital technology in the capital market. The results of the study suggest that it is important for digital planning so that organizations have planning standards with special characteristics to create a 'positioning' that is in accordance with Islamic principles. The novelty in this research is that social cognitive theory and technology adoption can also be applied to sharia-based digital planners in the capital market. Sharia-based digital technology will have a positive impact on the empowerment of issuers, prospective issuers, and investors in the list of sharia securities.

References

[1] Acuña-Carvajal, F. et al. 2019. An Integrated Method to Plan, Structure and Validate a Business Strategy Using Fuzzy DEMATEL and the Balanced Scorecard, Expert Systems with Applications, 122: 351-68. https://doi.org/10.1016/j.eswa.2019.01.030.
[2] Anggraeni, R. 2019. OJK Dorong Industri Pasar Modal Ikuti Perkembangan Teknologi Digital [OJK Encourages Capital Market Industry to Follow Digital Technology Development], Sindonews. Com. https://ekbis.sindonews.com/read/1434377/178/ojk-dorong-industri-pasar-modal-ikuti- perkembangan-teknologi-digital-1567000861.
[3] Annabi, C.A., Mujtaba, U.H., and Hassan, F. 2017. Sharia Compliance in the Construction Industry : Is This Something to Build Upon ?, Journal of Emerging Economies and Islamic Research, 5: 1-16.
[4] Benghi, C. 2019. Automated Verification for Collaborative Workflows in a Digital Plan of Work, Automation in Construction, 107, 102926. https://doi.org/10.1016/j.autcon.2019.102926.
[5] Cardoni, A. et al. 2018. Strategic Planning for Value Creation in Business Networks. Conceptual Framework and Theoretical Proposals, Management Control, 17-44. https://doi.org/10.3280/maco2018-001002.
[6] Christian, M., Hess, T. and Benlian, A. 2015. Digital Transformation Strategies, Business and Information Systems Engineering, 57: 339-43. https://doi.org/10.1007/s12599-015-0401-5.
[7] Chwolka, A., and Raith, M.G. 2012. The Value of Business Planning before Start-up - A Decision-Theoretical Perspective, Journal of Business Venturing, 27: 385-99. https://doi.org/10.1016/j.jbusvent.2011.01.002.
[8] Coltman, T. et al. 2015. Strategic IT Alignment: Twenty-Five Years On, Journal of Information Technology, 30: 91-100. https://doi.org/10.1057/jit.2014.35.
[9] Creswell, J.W. 2012. Research Design Pendekatan Kualitatif, Kuantitatif Dan Mixed [Research Design Qualitative, Quantitative And Mixed Approaches], Pustaka Pelajar, Yogyakarta.
[10] Davis, F.D. and Venkatesh, V. 1996. A Critical Assessment of Potential Measurement Biases in the Technology Acceptance Model: Three Experiments, International Journal of Human Computer Studies, 45: 19-45. https://doi.org/10.1006/ijhc.1996.0040.
[11] Ferreira, A., Loiola, E., and Guedes Gondim, S.M. 2017. Motivations, Business Planning, and Risk Management: Entrepreneurship among University Students, RAI Revista de Administração e Inovação, 14: 140-50. https://doi.org/10.1016/j.rai.2017.03.003.
[12] Hamza, H. 2013. Sharia Governance in Islamic Banks: Effectiveness and Supervision Model, International Journal of Islamic and Middle Eastern Finance and Management, 6: 226-37. https://doi.org/10.1108/imefm-02-2013-0021.
[13] Handoko, T.H. 2012. Manajemen Personalia Dan Sumber Daya Manusia [Personnel Management and Human Resources], Yogyakarta: BPEE.
[14] Henderson, J.C. and Thomas, J.B. 1992. Aligning Business and Information Technology Domains: Strategic Planning in Hospitals, Hospital and Health Services Administration, 37: 71-87.
[15] Hervert-Escobar, L., and Alexandrov, V. 2018. Territorial Design Optimization for Business Sales Plan, Journal of Computational and Applied Mathematics, 340: 501-7. https://doi.org/10.1016/j.cam.2018.02.010.
[16] Honig, B., and Samuelsson, M. 2014. Data Replication and Extension: A Study of Business Planning and Venture-Level Performance, Journal of Business Venturing Insights, 1: 18-25. https://doi.org/10.1016/j.jbvi.2014.09.006.
[17] Imran, K.A.S. 2015. The Digital Divide and Social Inclusion among Refugee Migrants, Information Technology & People, 28: 344-65. https://doi.org/http://dx.doi.org/10.1108/ITP-04-2014-0083.
[18] Kachaner, N., King, K., and Stewart, S. 2016. Four Best Practices for Strategic Planning, Strategy and Leadership, 44: 26-31. https://doi.org/10.1108/SL-06-2016-0046.
[19] Khorshed, A. et al. 2018. Assessing Regional Digital Competence: Digital Futures and Strategic Planning Implications, Journal of Rural Studies, 60: 60-69. https://doi.org/10.1016/j.jrurstud.2018.02.009.
[20] Kim, W.C., and Mauborgne, R. 2005. Value Innovation: A Leap into the Blue Ocean, Journal of Business Strategy, 26: 22-28. https://doi.org/10.1108/02756660510608521.
[21] Komal, J. 2015. Continuity Planning: The Importance of Including Digital Property, Strategic Direction, 31: 33-36. https://doi.org/10.1108/SD-01-2015-0017.
[22] Lillegraven, T.B., and Wilberg, E. 2016. Editor, Executive and Entrepreneur: Strategic Paradoxes in the Digital Age, Nordicom Review, 37: 115-30. https://doi.org/10.1515/nor-2016-0014.
[23] Marler, J.H., and Parry, E. 2016. Human Resource Management, Strategic Involvement and e-HRM Technology, International Journal of Human Resource Management, 27: 2233-53. https://doi.org/10.1080/09585192.2015.1091980.
[24] Muñoz-Leiva, F., Climent-Climent, S., and Liébana-Cabanillas, F. 2017. Determinants of Intention to Use the Mobile Banking Apps: An Extension of the Classic TAM Model, Spanish Journal of Marketing - ESIC, 21: 25-38. https://doi.org/10.1016/j.sjme.2016.12.001.
[25] Paolini, P., Kollmannsberger, S., and Rank, E. 2019. Additive Manufacturing in Construction: A Review on Processes, Applications, and Digital Planning Methods, Additive Manufacturing, 437-53. https://doi.org/10.1016/j.addma.2019.100894.
[26] Park, H. et al. 2013. A Patent Intelligence System for Strategic Technology Planning, Expert Systems with Applications, 40: 2373-90. https://doi.org/10.1016/j.eswa.2012.10.073.
[27] Řehoř, P. 2015. How to Improve Strategic Planning of Municipal Organizations in Czech Republic?, Procedia Economics and Finance, 34: 521-27. https://doi.org/10.1016/s2212-5671(15)01663-9.
[28] Rockart, J.F. and Morton, S. 1984. Implications of Changes in Information Technology for Corporate Strategy, Interfaces (Providence, Rhode Island), 14: 84-95. https://doi.org/10.1287/inte.14.1.84.
[29] Saefullah, E.T.S.danK. 2008. Pengantar Manajemen [Introduction to Management], Jakarta: Kencana Prenada Media Group.
[30] Safei El Deen, H. 1993. Seeing the Environment through Islamic Eyes: Application of Shariah to Natural Resources Planning and Management, Journal of Agricultural and Environmental Ethics, 6: 145-64. https://doi.org/10.1007/BF01965481.
[31] Saiful Azhar, R. 2010. Shariah Parameters Reconsidered, International Journal of Islamic and Middle Eastern Finance and Management, 3: 134-46.
[32] Sari, R.C.B.danB.K. 1982. Qualitative Research for Education: An Introduction to Theory and Methods Authors, Allyn and Bacon, Inc, Boston London.
[33] Shane, S., and Delmar, F. 2004. Planning for the Market: Business Planning before Marketing and the Continuation of Organizing Efforts, Journal of Business Venturing, 19: 767-85. https://doi.org/10.1016/j.jbusvent.2003.11.001.
[34] Sula, H.K.danM.S. 2006. Syariah Marketing Authors, Bandung: Mizan Pustaka.
[35] Taylor, F.W. 2006. The Principles of Scientific Management, New York: Cosimo.
[36] Tegar, A. 2018. Sistem Pasar Modal: Digitalisasi IPO Di Depan Mata [Capital Market System: IPO Digitalization in Front of Eyes], Surabaya. Bisnis. Com, https://surabaya.bisnis.com/read/ 20180910/442/836707/sistem-pasar-modal-digitalisasi-ipo-di-depanmata.
[37] Torsten, W., Meissner, P., and Stubner, S. 2010. A Scenario-Based Approach to Strategic Planning – Integrating Planning and Process Perspective of Strategy, Management, 32.
[38] Utami, P. 2019. Digital Banking Reflection and Zakat Accoutability Sharia Banking in Indonesia, Eastern Journal of Economics and Finance, 4: 31-40. https://doi.org/10.20448/809.4.1.31.40.
[39] Vecchiato, R. 2015. Strategic Planning and Organizational Flexibility in Turbulent Environments, Foresight, 17: 257-73. https://doi.org/10.1108/FS-05-2014-0032.
[40] Weill, P., and Olson, M.H. 1989. Managing Investment in Information Technology: Mini Case Examples and Implications, MIS Quarterly: Management Information Systems, 13: 3-17. https://doi.org/10.2307/248694.
[41] Yuan, B.J.C. et al. 2012. An Application of a Foresight-Based New Product Planning Model: A Case Study of a Large Household Appliance Manufacturer in China, Chinese Management Studies, 6: 444-61. https://doi.org/10.1108/17506141211259131.
[42] Zhu, H., and Jing Li, 2018. Research on Three-Dimensional Digital Process Planning Based on MBD, Kybernetes, 47: 816-30. https://doi.org/10.1108/K-05-2017-0170.
Published
2020-06-15
How to Cite
BASROWI, Basrowi; UTAMI, Pertiwi. Building Strategic Planning Models Based on Digital Technology in the Sharia Capital Market. Journal of Advanced Research in Law and Economics, [S.l.], v. 11, n. 3, p. 747 – 754, june 2020. ISSN 2068-696X. Available at: <https://journals.aserspublishing.eu/jarle/article/view/5154>. Date accessed: 02 may 2024. doi: https://doi.org/10.14505/jarle.v11.3(49).06.
Citation Formats
Issue
Vol 11 No 3 (2020): JARLE Volume XI Issue 3(49) Summer 2020
Section
Articles

The Copyright Transfer Form to ASERS Publishing (The Publisher)
This form refers to the manuscript, which an author(s) was accepted for publication and was signed by all the authors.
The undersigned Author(s) of the above-mentioned Paper here transfer any and all copyright-rights in and to The Paper to The Publisher. The Author(s) warrants that The Paper is based on their original work and that the undersigned has the power and authority to make and execute this assignment. It is the author's responsibility to obtain written permission to quote material that has been previously published in any form. The Publisher recognizes the retained rights noted below and grants to the above authors and employers for whom the work performed royalty-free permission to reuse their materials below. Authors may reuse all or portions of the above Paper in other works, excepting the publication of the paper in the same form. Authors may reproduce or authorize others to reproduce the above Paper for the Author's personal use or for internal company use, provided that the source and The Publisher copyright notice are mentioned, that the copies are not used in any way that implies The Publisher endorsement of a product or service of an employer, and that the copies are not offered for sale as such. Authors are permitted to grant third party requests for reprinting, republishing or other types of reuse. The Authors may make limited distribution of all or portions of the above Paper prior to publication if they inform The Publisher of the nature and extent of such limited distribution prior there to. Authors retain all proprietary rights in any process, procedure, or article of manufacture described in The Paper. This agreement becomes null and void if and only if the above paper is not accepted and published by The Publisher, or is with drawn by the author(s) before acceptance by the Publisher.