The Influence of Regional Political Intervention on Managerial Performance and Financial Governance of Regional-Owned Enterprises (BUMD)  

Authors

  • Nirzam Fahruh Irgy Al Hafidz Universitas Islam Negeri Sunan Ampel Surabaya image/svg+xml Author
  • Mukayat Al Amin Universitas Muhammadiyah Surabaya image/svg+xml Author
  • Eka Firmansyah Universitas Muhammadiyah Palu image/svg+xml Author
  • Kenneth Sulthon Alafi Al Hallaj Universitas Islam Negeri Sunan Ampel Surabaya image/svg+xml Author
  • Muhammad Syafiullah Akbar Universitas Negeri Surabaya image/svg+xml Author

Keywords:

Political Intervention, Regional-Owned Enterprises, Managerial Performance, Financial Governance, Agency Theory

Abstract

Regional-owned enterprises (Badan Usaha Milik Daerah/BUMD) occupy a strategic position in Indonesia's decentralized fiscal architecture, tasked with generating own-source revenue while delivering public services. Their dual mandate as commercial entities and local-policy instruments exposes them to persistent political intervention from regional heads, legislative councils, and local political elites. This study examines how regional political intervention influences BUMD managerial performance and financial governance, via a structured narrative literature review of national and international peer-reviewed studies (1989-2026). Using agency theory and political budget cycle theory as analytical lenses, the study synthesizes findings from twenty Sinta and Scopus-indexed sources identified via a PRISMA-informed search of Scopus, Google Scholar, and Sinta-indexed portals. The discussion centers on three points: how politically motivated appointments erode managerial performance; how BUMD budgeting and financial governance are distorted around electoral cycles; and how good corporate governance and institutional oversight moderate these effects. The review finds that political intervention systematically undermines competence-based managerial selection, encourages election-driven investment and expenditure patterns, and reduces financial governance reliability effects substantially attenuated where transparent appointment mechanisms, independent supervisory boards, and enforced accountability structures exist. The study concludes with policy implications for strengthening BUMD management's institutional insulation from short-term political interests.

References

[1]. Al Hafidz, N. F. I., Al Hallaj, K. S. A., Safira, P. R., Firmansyah, E., & Putra, A. S. E. (2026). The Role of Teacher-Student Relationships in Minimizing Cyberbullying Behavior in the School Environment. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[2]. Al Hallaj, K. S. A., Batubara, D. P., Kurniawan, A. N. A. A., Firmansyah, E., & Arectya, E. A. M. (2026). A Juridical Review of the Implementation of Marital Property (Harta Bersama) in Interfaith Marriages in Indonesia. H-Veritas: Law and Society Research Journal, 1(01).

[3]. Al Hallaj, K. S. A., Firmansyah, E., & Suryadinata, A. M. I. (2026). The Transformation of Religious Moderation Pedagogy in Reshaping the Culture of Student Social Interaction in Heterogeneous School Environments. International Journal of Education and Cultural Transformation, 1(02).

[4]. Al Hallaj, K. S. A., Firmansyah, E., Arectya, E. A. M., Nusantara, H. D., & Setiawati, S. Y. (2026). Religious Pluralism in the Perspective of Muhammadiyah Youth in Surabaya. Journal of Social Sciences and Humanities, 1(01).

[5]. Al Hallaj, K. S. A., Firmansyah, E., Arectya, E. A. M., Zakariah, I., & Junaidi, M. (2026). The Concept of Social Ihsan in the Thought of KH Ahmad Dahlan: A Reactualization of Practical Sufism (Tasawuf Amali) in the Modern Era. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[6]. Al Hallaj, K. S. A., Ramadhan, S., Firmansyah, E., Arectya, E. A. M., & Ramadhan, M. D. U. S. (2026). A Juridical Analysis of the Rights of Indigenous Communities and Religious Minorities in National Law. Journal of Law and Governance, 1(02).

[7]. Al Hallaj, K. S. A., Setiyawan, M. I., Firmansyah, E., Arectya, E. A. M., & Nusantara, H. D. (2026). Economic Valuation of Mangrove Ecosystems as a Climate Change Mitigation Effort on the Surabaya Coast. H-Econexus: Economics, Business and Banking Research Journal, 1(01).

[8]. Alamin, R. L., Febriyanti, A. P., & Firmansyah, E. (2026). Building the Foundation of Education through Learning Philosophy and Theory: A Study on Strengthening the Educational Function of Libraries. Journal of English Language and Education, 11(2), 56-64.

[9]. Albirra, A. M., Firmansyah, E., Kenneth, K. S. A. A. H., Batubara, D. P., & Kurniawan, A. N. A. A. (2026). The Right to Freedom of Expression on Social Media in the Perspective of Hifz al-Aql (Preservation of Reason) and Positive Law. H-Veritas: Law and Society Research Journal, 1(01).

[10]. Aminah, S., Humaira, H., & Firmansyah, E. (2026). DINAMIKA SOSIOLINGUISTIK PEMBELAJARAN BAHASA DI SMP IT ZURRIYATUL QURANI ALMAARIF KOTA LHOKSEUMAWE. Research And Development Journal Of Education (RDJE), 12(01), 073-084.

[11]. Anam, K., Firmansyah, E., & Al Hallaj, K. S. A. (2026). Cultural Transformation as an Instrument of Global Geopolitical Hegemony in the Era of Great Power Contestation. SUNDANO: International Journal of Education, Society and Cultural Transformation, 1(01).

[12]. Ananta, Y., Fahmi, W. A. N., Al Hallaj, K. S. A., Al Hafidz, N. F. I., & Firmansyah, E. (2026). Political Communication of the Civil Society Movement as a Pressure Group in the Prabowo-Gibran Government. Journal of Social Sciences and Humanities, 1(01).

[13]. Andonoska, L., & Alda, E. (2026). Political budget cycle and opportunistic local government revenue policies. Public Administration Quarterly, Advance online publication. https://doi.org/10.1177/07349149251366625

[14]. Angkasa, M. B. B., Kurniawan, D., & Firmansyah, E. (2025). PROYEK MADING SEBAGAI STRATEGI PEMBELAJARAN LITERASI SISWA DI SDN KELING 2 KEDIRI. Pendas: Jurnal Ilmiah Pendidikan Dasar, 10(04), 112-119.

[15]. Arectya, E. A. M., Al Hallaj, K. S. A., Firmansyah, E., Haiba, A. T., & Muhandis, U. K. (2026). Digital Economic Transformation and Its Implications for Economic Growth in Indonesia. H-Econexus: Economics, Business and Banking Research Journal, 1(01).

[16]. Arectya, E. A. M., Ningsih, Z. N., Al Hallaj, K. S. A., Firmansyah, E., & Muhandis, U. K. (2026). Socioeconomic Impacts of Coastal Reclamation on Fishing Communities in the Perspective of Sustainable Development: The Case of the Surabaya Waterfront Land Project. Journal of Social Sciences and Humanities, 1(01).

[17]. Asatryan, Z., Christofzik, D. I., & Nover, J. (2025). Doubling down political budget cycles: The role of state-owned enterprises. Economics & Politics, 38, 306–326. https://doi.org/10.1111/ecpo.70025

[18]. Bakar, M. Y. A., Firmansyah, E., & Abdeljelil, M. B. (2024). Legal framework analysis of Islamic religious education policy implementation. International Journal of Law and Society, 3(3), 217-237.

[19]. Boll, D., & Sidki, M. (2021). The influence of political fragmentation on public enterprises: Evidence from German municipalities. European Journal of Political Economy, 67, Article 101972. https://doi.org/10.1016/j.ejpoleco.2020.101972

[20]. Buehler, M., Nataatmadja, R., & Anugrah, I. (2021). Limitations to subnational authoritarianism: Indonesian local government head elections in comparative perspective. Regional and Federal Studies, 31(3), 381–404. https://doi.org/10.1080/13597566.2021.1918388

[21]. Chen, S., Sun, Z., Tang, S., & Wu, D. (2011). Government intervention and investment efficiency: Evidence from China. Journal of Corporate Finance, 17(2), 259–271. https://doi.org/10.1016/j.jcorpfin.2010.08.004

[22]. de Pilla, L. H. L., Peci, A., & de Oliveira Leite, R. (2025). Financial performance of state-owned enterprises: Does political ideology play a role? Journal of Public Administration Research and Theory, 35(3), 338–351. https://doi.org/10.1093/jopart/muaf014

[23]. Dianang, M. T. R., Hidayat, N., & Firmansyah, E. (2026). Integration of Andragogy and Pedagogy Approaches In Improving Student Learning Capabilities. KREDO: Jurnal Ilmiah Bahasa dan Sastra, 9(2), 87-95.

[24]. Ding, S., Jia, C., Wu, Z., & Zhang, X. (2014). Executive political connections and firm performance: Comparative evidence from privately-controlled and state-owned enterprises. International Review of Financial Analysis, 36, 153–167. https://doi.org/10.1016/j.irfa.2013.12.006

[25]. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74. https://doi.org/10.5465/amr.1989.4279003

[26]. Eka Firmansyah, E. (2025). Akulturasi Nilai-nilai Islam dengan Budaya Lokal Etnik Kaili Da'a Melalui Pesantren Alam (Doctoral dissertation, Universitas Muhammadiyah Malang).

[27]. Elmirna, N., Sahara, L., & Firmansyah, E. (2026). MANAJEMEN SUPERVISI AKADEMIK KEPALA SEKOLAH SEBAGAI UPAYA PENINGKATAN KOMPETENSI PEDAGOGIK GURU SMA NEGERI 02 BOMBANA. Research And Development Journal Of Education (RDJE), 12(01), 098-110.

[28]. Fadhlurohman, I., Arectya, E. A. M., Al Hallaj, K. S. A., & Firmansyah, E. (2026). The Shift in Epistemic Authority in Higher Education in the Era of Artificial Intelligence: A Theoretical Analysis through Paulo Freire's Critical Pedagogy. International Journal of Education and Cultural Transformation, 1(02).

[29]. Faridi, F., & Firmansyah, E. (2024). Kelembagaan pendidikan Islam di Nusantara: Surau, meunasah, masjid, pesantren, madrasah. Iqra: Jurnal Ilmu Kependidikan Dan Keislaman, 19(1), 93-97.

[30]. Firmansyah, E. (2023). Various Paradigms in Islamic Educational Thought: Fundamentalism, Modernism, and Liberalism. International Journal of Health, Economics, and Social Sciences (IJHESS), 5(2), 139-145.

[31]. Firmansyah, E. (2026). Determinants of Social Inclusion from a Gender Perspective Among Vulnerable Populations. SUNDANO: International Journal of Education, Society and Cultural Transformation, 1(01).

[32]. Firmansyah, E. (2026). Integration of Sufistic Epistemology in the Development of Islamic Religious Education Curriculum to Foster Students' Spiritual and Social Piety. International Journal of Education and Cultural Transformation, 1(02).

[33]. Firmansyah, E. (2026). Integrative Islamic Education: A Bayani-Burhani-Irfani Epistemological Framework for Balancing Spirituality and Academic Excellence. International Journal of Education and Cultural Transformation, 1(02).

[34]. Firmansyah, E. (2026). Legal Protection of Children's Right to Education. Journal of Law and Governance, 1(02).

[35]. Firmansyah, E. (2026). Reviving the Spirit of Kenusantaraan: Transformation of Educational Institutions as the Foundation for a Civilized National Identity. International Journal of Education and Cultural Transformation, 1(02).

[36]. Firmansyah, E. (2026). The Constitutional Court in Guaranteeing Citizenship Rights in Indonesia. Journal of Law and Society Review (JLSR), 1(1), 12-21.

[37]. Firmansyah, E., & Haq, M. N. (2026). IMPLEMENTASI PEMBELAJARAN PAI DALAM BINGKAI HOMESCHOOLING DI FIB SCHOOL OF TALENTS JOYOGREEN MALANG. KAJIAN PENDIDIKAN ALAM DAN SOSIAL (KAPAS), 1(01), 42-47.

[38]. Firmansyah, E., & Humaidi, M. N. (2022). Penerapan Media Pembelajaran Berbasis Teknologi dalam Menghadapi Turbulensi Pendidikan yang Berkemajuan. Research and Development Journal of Education, 8(2), 660-665.

[39]. Firmansyah, E., & Idris, A. (2024). Moderation as a Solution to Religious Harmony in Poso Central Sulawesi. International Journal of Law and Society, 3(1), 1-9.

[40]. Firmansyah, E., & Ikwan, A. (2026). Inclusive Education as a Catalyst for Social Transformation: A Systematic Literature Review. SUNDANO: International Journal of Education, Society and Cultural Transformation, 1(01).

[41]. Firmansyah, E., & Khalil, A. I. M. (2026). Epistemic Reclamation of Indigenous Local Wisdom as a Counter-Narrative to Anthropocentrism in Planetary Crisis Governance. International Journal of Education and Cultural Transformation, 1(01).

[42]. Firmansyah, E., & Khozin, K. (2022). Teologi dan filsafat sebagai basis Pengembangan Kurikulum pendidikan agama Islam. Research and Development Journal of Education, 8(2), 546-550.

[43]. Firmansyah, E., & Lasawali, A. A. (2022). Kiat-kiat yang dilakukan Fakultas Agama Islam Universitas Muhammadiyah Palu dalam Menciptakan Lulusan Berkualitas dan Berkemajuan. Iqra: Jurnal Ilmu Kependidikan dan Keislaman, 17(1), 26-31.

[44]. Firmansyah, E., & Masdul, M. R. (2026). Pesantren at the Crossroads of Time: The Anthropology of Islamic Education in the Negotiation of Local Identity and Global Citizenship in Indonesia. International Journal of Education and Cultural Transformation, 1(02).

[45]. Firmansyah, E., & Nurhakim, N. (2022). Strategies for Instilling Muhammadiyah Values within the Faculty of Islamic Religion, University of Muhammadiyah Palu. International Journal of Health, Economics, and Social Sciences (IJHESS), 4(2), 91-98.

[46]. Firmansyah, E., & Romelah, R. (2022). Implementasi Pembelajaran Pai Dengan Metode Discovery Learning Dalam Upaya Melatih Kemandirian Siswa (Studi Kasus: Sd Alam Ar-Rohmah Kec. Dau, Kab. Malang). Research and Development Journal of Education, 8(1), 322-326.

[47]. Firmansyah, E., & Romelah, R. (2022). Tanggapan Guru Terhadap Perannya Dalam Melaksanakan Pembelajaran Di Sdit Al-Qolam Kecamatan Marawola Kabupaten Sigi. Research and Development Journal of Education, 8(1), 345-353.

[48]. Firmansyah, E., & Wardati, N. A. (2022). Implementasi Pendidikan Muhammadiyah di Sekolah Dasar Muhammadiyah 6 Kota Batu. Iqra: Jurnal Ilmu Kependidikan dan Keislaman, 17(2), 75-80.

[49]. Firmansyah, E., & Wardati, N. A. (2022). Implementation of Islamic Morning Stories in Implementing Student's Religious Character in SD Alam Ar-Rohmah. International Journal of Health, Economics, and Social Sciences (IJHESS), 4(3), 180-186.

[50]. Firmansyah, E., Anwar, S., & Khozin, K. (2023). Anthropological Approach to Islamic Education: Establishing Noble Spirituality in Overcoming Social Conflict. Al-Hayat: Journal of Islamic Education, 7(1), 163-172.

[51]. Firmansyah, E., Arifin, S., & Humaidi, M. N. (2023). Kebijakan Pendidikan Agama Islam di Sekolah Umum Zaman Jepang. JIIP-Jurnal Ilmiah Ilmu Pendidikan, 6(12), 10446-10453.

[52]. Firmansyah, E., Hamka, H., & Khalil, A. I. M. (2025). TRANSFORMATIVE DIALOGUE OF PESANTREN THROUGH TASAWUF VALUES IN POST-CONFLICT DERADICALIZATION IN POSO REGENCY. Edukasi Islami: Jurnal Pendidikan Islam, 14(001), 195-204.

[53]. Firmansyah, E., Khalil, A. I. M., Zakin, N. Z., & Alwalid, M. A. (2026). Pesantren Alam as a Transformative Da'wa Strategy in the Phases of Islamization of the Kaili Da'a Ethnic Community in Central Sulawesi. Journal of Social Sciences and Humanities, 1(01).

[54]. Firmansyah, E., Khozin, K., & Masdul, M. R. (2022). Implementasi Piaud Terhadap Anak–Anak Suku Kaili Pedalaman Di Desa Kalora Kabupaten Sigi. Research and Development Journal of Education, 8(1), 386-390.

[55]. Firmansyah, E., Setiyawan, M. I., & Vhalery, R. (2026). Ralph W. Tyler Curriculum Model in Instilling Islamic Values Through Storytelling Method for Children Aged 4-5 Years at the Early Childhood Education Level:-. The Nexus-Education and Society Research Journal, 1(1).

[56]. Firmansyah, E., Sumantri, P. A. H., Mutmainna, N., & Azizah, N. (2025). Implementasi Ta'awun dan Ukhuwah Wathaniyah melalui Tradisi Gotong Royong di Desa Pombewe. Iqra: Jurnal Ilmu Kependidikan Dan Keislaman, 20(1), 14-25.

[57]. Firmansyah, E., Tobroni, T., & Khozin, K. (2024). Anthropological Approach as a Strategy to Increase Interest in Learning Islamic Education. JIE (Journal of Islamic Education), 9(1), 114-125.

[58]. Firmansyah, E., Tobroni, T., & Romelah, R. (2023). Anthropology of Islamic Education as A Socio-Cultural-Religious Modernization Strategy in Alam Al-Kudus Islamic Boarding School. Edukasi Islami: Jurnal Pendidikan Islam, 12(03).

[59]. Firmansyah, E., Tobroni, T., & Rusady, A. T. (2023). Internalisasi Ajaran Islam Dalam Aktivitas Budaya Etnik Kaili Prespektif Antropologi Pendidikan Islam. Research and Development Journal of Education, 9(1), 285-299.

[60]. Firmansyah, E., Tobroni, T., Lasawali, A. A., & Marhum, A. M. A. (2022). MERANGKAI PERKEMBANGAN LEMBAGA PENDIDIKAN PESANTREN DAN USAHANYA DALAM MELAHIRKAN TOKOH-TOKOH TERBAIK BANGSA. Research and Development Journal of Education, 8(2), 702-706.

[61]. Firmansyah, E., Ummah, M., & Tsaqiif, N. (2025). REPRESENTASI IDENTITAS BUDAYA LOKAL DALAM DESAIN KEMASAN PRODUK UMKM. Chester: Art and Design Journal, 1(1), 1-13.

[62]. Giosi, A., & Caiffa, M. (2021). Political connections, media impact and state-owned enterprises: An empirical analysis on corporate financial performance. Journal of Public Budgeting, Accounting & Financial Management, 33(3), 261–288. https://doi.org/10.1108/JPBAFM-12-2019-0188

[63]. Habibi, M. T. I., Arectya, E. A. M., Al Hallaj, K. S. A., & Firmansyah, E. (2026). Generation Z's Experience of Shifting Digital Ethics on Social Media. Journal of Social Sciences and Humanities, 1(01).

[64]. Haiba, A. T., Muhandis, U. K., Al Hallaj, K. S. A., Arectya, E. A. M., & Firmansyah, E. (2026). Digital Political Communication Ecology and the Dynamics of Public Opinion in Indonesia. Journal of Social Sciences and Humanities, 1(01).

[65]. Haq, M. N., & Firmansyah, E. (2026). DESAIN PEMBELAJARAN BERBASIS YOUTUBE KIDS PADA MATERI DOA SEHARI-HARI DI TK SURYA GEMILANG. KAJIAN PENDIDIKAN ALAM DAN SOSIAL (KAPAS), 1(01), 24-33.

[66]. Haq, M. N., Firmansyah, E., & Alwan, M. (2026). DERADIKALISASI MODERASI BERAGAMA MELALUI PENDIDIKAN ISLAM DI ERA DIGITAL: SISTEMATIS LITERATUR REVIEW. KAJIAN PENDIDIKAN ALAM DAN SOSIAL (KAPAS), 1(01), 34-41.

[67]. Hendra, H., Vhalery, R., Haq, M. N., Firmansyah, E. F., & Setiyawan, M. I. (2026). Integrative Model of Moral Education in the Perspective of Ibn Miskawaih, Al-Ghazali, and Ibn Khaldun and Its Relevance to Student Character Education:-. The Nexus-Education and Society Research Journal, 1(1).

[68]. Huda, M. T., Al Hallaj, K. S. A., Batubara, D. P., Arectya, E. A. M., & Firmansyah, E. (2026). State Responsibility in Protecting Indonesian Citizens as Migrant Workers Abroad. H-Veritas: Law and Society Research Journal, 1(01).

[69]. Huda, M. T., Al Hallaj, K. S. A., Firmansyah, E., Batubara, D. P., & Setiawati, S. Y. (2026). Progressive Islam and the Future of Nationhood: Tracing the Consistency of Muhammadiyah's Political Thought. Journal of Social Sciences and Humanities, 1(01).

[70]. Insani, A. P., Meilani, A., & Iman, N. (2026). Political dynasties undermine democratic governance and constitutional integrity in Indonesia. Academia Open, 11, Article 13009. https://doi.org/10.21070/acopen.11.2026.13009

[71]. Jamil, A. I. B., & Firmansyah, E. (2025). Embracing diversity: Navigating religious identity in multicultural societies. Online Journal of Research in Islamic Studies, 12(1), 37-60.

[72]. Jati, A. P., Al Hallaj, K. S. A., Firmansyah, E., Arectya, E. A. M., & Nusantara, H. D. (2026). Noble Character Formation Through Transformative Spirituality Habituation Among Cadres of Ikatan Mahasiswa Muhammadiyah (IMM) Universitas Islam Negeri Sunan Ampel Surabaya (UINSA). H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[73]. Khozin, K., & Firmansyah, E. (2024). Development of a holistic spiritual education model in higher college: A multidisciplinary perspective. International Journal of Health, Economics, and Social Sciences (IJHESS), 6(3), 591-594.

[74]. Kurniawan, A. N. A. A., Al Hallaj, K. S. A., Firmansyah, E., Batubara, D. P., & Malihah, G. R. (2026). Extradition of Cross-Border Cybercrime Perpetrators: A Comparative Study of Indonesia and Singapore. H-Veritas: Law and Society Research Journal, 1(01).

[75]. Lasawali, A. A., Al Hallaj, K. S. A., & Firmansyah, E. (2026). Cultural Transformation of Traditional to Modern Pesantren: A Study of Islamic Pedagogical Adaptation in Facing Digital Cultural Disruption. International Journal of Education and Cultural Transformation, 1(02).

[76]. Lee, S.-T., Jung, S.-M., & Utami, N. P. (2026). Related party transactions, political connection, and firm performance: Evidence from Indonesia. SAGE Open, 16(1). https://doi.org/10.1177/21582440251386608

[77]. Lewis, B. D., & Dong, S. (2025). The transition to direct mayoral elections in clientelistic environments: Causal public spending and service delivery effects. Journal of Development Economics, 172, Article 103380. https://doi.org/10.1016/j.jdeveco.2024.103380

[78]. Liu, L., Liu, Q., Tian, G., & Wang, P. (2018). Government connections and the persistence of profitability: Evidence from Chinese listed firms. Emerging Markets Review, 36, 110–129. https://doi.org/10.1016/j.ememar.2018.04.002

[79]. Maaloul, A., Chakroun, R., & Yahyaoui, S. (2018). The effect of political connections on companies' performance and value: Evidence from Tunisian companies after the revolution. Journal of Accounting in Emerging Economies, 8(2), 185–204. https://doi.org/10.1108/JAEE-12-2016-0105

[80]. Malihah, G. R., Sajidan, M. F., Al Hallaj, K. S. A., Arectya, E. A. M., & Firmansyah, E. (2026). The Internationalization of the Muhammadiyah Movement: Strategies, Networks, and Its Impacts. Journal of Social Sciences and Humanities, 1(01).

[81]. Marhum, A. M. A., & Firmansyah, E. (2026). Transformational Leadership in Education: The Role of Organizational Culture in Improving School Quality. International Journal of Education and Cultural Transformation, 1(02).

[82]. Masdul, M. R., Al Hallaj, K. S. A., & Firmansyah, E. (2026). School Culture Transformation toward a Digital Literacy Culture: A Case Study on Building Students' Self-Directed Learning Culture. International Journal of Education and Cultural Transformation, 1(02).

[83]. Masdul, M. R., Firmansyah, E., Kuliawati, K., & Wekke, I. S. (2024). Islamic Religious Education and Its Transformation through The Implementation of E-Learning and Interactive Technology. Available at SSRN 4737464.

[84]. Muhandis, U. K., Arectya, E. A. M., Haiba, A. T., Firmansyah, E., & Al Hallaj, K. S. A. (2026). Objectivity and the Ethics of Freedom of Expression in the Perspective of Democracy in Indonesia. Journal of Social Sciences and Humanities, 1(01).

[85]. Nasution, M. F. R., & Firmansyah, E. (2026). Kemampuan Literasi Digital Siswa Madrasah Tsanawiyah Madinatussalam pada Materi Bahasa Indonesia. Jurnal Pendidikan dan Pembelajaran Indonesia (JPPI), 6(1), 206-216.

[86]. Nurafiah, N., Lestariningsih, O. S., Balan, O. F., & Firmansyah, E. (2026). PERSEPSI GURU TERHADAP IMPLEMENTASI DEEP LEARNING DALAM PEMBELAJARAN BAHASA INDONESIA DI MTS DIPONEGORO KOTA BLITAR. Research And Development Journal Of Education (RDJE), 12(01), 123-133.

[87]. Nurhakim, M., Tobroni, T., Hasan, I., & Firmansyah, E. (2023). TRANSFORMASI PEMIKIRAN JAMAAH SALAFI DALAM MERESPON TUNTUTAN PEMBAHARUAN KURIKULUM PENDIDIKAN AGAMA ISLAM: Paham. keagamaan, transformasi. pemikiran, pimpinan pesantren. Salafi. TAJDID: Jurnal Pemikiran Keislaman Dan Kemanusiaan, 7(2), 195-205.

[88]. Nurhidayanti, F., Listari, S., & Efrianti, D. (2023). Pengaruh good corporate governance terhadap kinerja keuangan dan nilai perusahaan: Studi kasus pada perusahaan Badan Usaha Milik Negara (BUMN) periode 2018 s.d 2020. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 199–210. https://doi.org/10.37641/jiakes.v11i1.1769

[89]. Nusantara, H. D., Firmansyah, E., Wijoyo, M. B., Al Hallaj, K. S. A., & Al Hafidz, N. F. I. (2026). ISLAM-BASED MODERN EDUCATION: THE PARADIGM OF MUHAMMADIYAH EDUCATIONAL CHARITY ENDEAVORS. Journal of Social Sciences and Humanities, 1(01).

[90]. Nusantara, H. D., Setiyawan, M. I., Firmansyah, E., Al Hallaj, K. S. A., & Wijoyo, M. B. (2026). Analysis of Potential and Legal Risks of Sharia Paylater in the Perspective of Contemporary Fiqh Muamalah. H-Econexus: Economics, Business and Banking Research Journal, 1(01).

[91]. Nusantara, H. D., Wijoyo, M. B., Al Hallaj, K. S. A., Firmansyah, E., & Jati, A. P. (2026). The Impact of Artificial Intelligence (AI) Utilization as a Learning Assistant on Student Learning Independence at Universitas Islam Negeri Sunan Ampel Surabaya. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[92]. Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., & Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, Article n71. https://doi.org/10.1136/bmj.n71

[93]. Payuhi, F., Al Hallaj, K. S. A., & Firmansyah, E. (2026). Transformation of Learning Culture in Indigenous Communities through Sustainable Inclusive Education Programs. International Journal of Education and Cultural Transformation, 1(02).

[94]. Purmasari, I., Rahma, U., & Firmansyah, E. (2025). Pengaruh motivasi belajar terhadap emosional dan prestasi akademik siswa SMP Negeri 1 Uluiwoi. Pendas: Jurnal Ilmiah Pendidikan Dasar, 10(04), 368-377.

[95]. Raditya, B., Arectya, E. A. M., Al Hallaj, K. S. A., Firmansyah, E., & Muhandis, U. K. (2026). DEEPFAKE IN THE PERSPECTIVE OF HYBRID THREATS TO INDONESIA'S NATIONAL RESILIENCE. H-Veritas: Law and Society Research Journal, 1(01).

[96]. Raditya, B., Arectya, E. A. M., Firmansyah, E., Al Hallaj, K. S. A., & Muhandis, U. K. (2026). Government Political Communication Resilience in Facing Digital Information Disruption in Indonesia. Journal of Social Sciences and Humanities, 1(01).

[97]. Rajindra, R., & Firmansyah, E. (2026). Knowledge Management Perguruan Tinggi.

[98]. Ramadhan, D. U. S., Al Hallaj, K. S. A., Firmansyah, E., Ramadhan, S., & Arectya, E. A. M. (2026). Reconstructing the Reasoning of Guardianship Jurisprudence: A Bayānī, Burhānī, and'Irfānī Epistemological Analysis of the Position of the Marriage Guardian. Journal of Law and Governance, 1(02).

[99]. Ramadhan, S., Al Hallaj, K. S. A., Firmansyah, E., Ramadhan, M. D. U. S., & Arectya, E. A. M. (2026). The Interaction of Customary Law (Adat), Islamic Law, and National Law in a Pluralistic Society. Journal of Law and Governance, 1(02).

[100]. Ramadhani, A. F., Suhendro, S., & Siddi, P. (2022). Pengaruh good corporate governance terhadap kinerja keuangan perusahaan Badan Usaha Milik Negara (BUMN). Forum Ekonomi, 24(1), 204–212. https://doi.org/10.30872/jfor.v24i1.10735

[101]. Rismawati, S., Lasawali, A. A., Firmansyah, E., & Anirah, A. (2025). PROBLEMATIKA PENERAPAN KURIKULUM MERDEKA DI SMP ISLAM TERPADU BINA INSAN PALU. Research and Development Journal of Education, 11(2), 760-770.

[102]. Romelah, R., & Firmansyah, E. (2026). EKOP Model of Islamic Cultural History (SKI) Learning for Islamic Religious Education Teacher Candidates. Tafkir: Interdisciplinary Journal of Islamic Education, 7(1), 219-233.

[103]. Safira, P. R., Al Hallaj, K. S. A., Firmansyah, E., & Putra, A. S. E. (2026). Environmental Ethics Based on Akhlaq Tasawwuf: The Perspective of Majelis Tarjih dan Tajdid Muhammadiyah. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[104]. Safira, P. R., Al Hallaj, K. S. A., Firmansyah, E., Setiawati, S. Y., & Arectya, E. A. M. (2026). Adaptation of Artificial Intelligence in Learning and Teacher Professional Well-Being in the Era of Educational Transformation. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[105]. Sahrul, M. R. A., Ramadhan, D. U. S., Firmansyah, E., Ramadhan, S., & Al Hallaj, K. S. A. (2026). Risywah as a Moral Crime: A Study of Hadith on Bribery and Its Implications for Public Governance. Journal of Law and Governance, 1(02).

[106]. Setiawati, S. Y., Al Hallaj, K. S. A., Arectya, E. A. M., Firmansyah, E., & Albirra, A. M. (2026). Constitutionality of E-Voting Implementation in Indonesia's Electoral System: Opportunities and Juridical Challenges. Journal of Law and Governance, 1(02).

[107]. Setiawati, S. Y., Al Hallaj, K. S. A., Firmansyah, E., Safira, P. R., & Junaidi, M. (2026). The Influence of Parenting Styles on Reading Interest of Elementary School Students. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[108]. Setiawati, S. Y., Al Hallaj, K. S. A., Nusantara, H. D., Al Hafidz, N. F. I., & Malihah, G. R. (2026). Islam in England: Revitalizing the Positive Image of the British Muslim Community. Journal of Social Sciences and Humanities, 1(01).

[109]. Setiyawan, I., Firmansyah, E., Haq, M. N., & Vhalery, R. (2026). Implementation and Application of Public Relations Management at SMA Negeri 1 Batu:-. The Nexus-Education and Society Research Journal, 1(1).

[110]. Setiyawan, M. I., Al Hallaj, K. S. A., Firmansyah, E., Arectya, E. A. M., & Nusantara, H. D. (2026). Management Policy of Zakat, Infaq, and Sedekah (ZIS) as an Instrument for Extreme Poverty Alleviation: A Maqashid Shariah Perspective. H-Econexus: Economics, Business and Banking Research Journal, 1(01).

[111]. Setiyawan, M. I., Vhalery, R., & Haq, M. N. (2026). An Integrative Model of Moral Education: Ibn Miskawaih, Al-Ghazali, and Ibn Khaldun and Their Relevance to Student Character Education:-. The Nexus-Education and Society Research Journal, 1(1).

[112]. Setiyawan, R., Hamsiah, W., Wahyuni, H. I., Ramadhan, S., & Firmansyah, E. (2026). Local Kyai's Religious Elite Transformation and Governance Paradox: A Comparative Study of Indonesia and Iran. International Journal of Law and Society, 5(2), 290-306.

[113]. Setyaningrum, D., & Martani, D. (2018). Determinants of local government performance in Indonesia. Proceeding of the 6th International Accounting Conference, 7–12. https://doi.org/10.2991/iac-17.2018.2

[114]. Setyaningrum, D., & Saragih, H. A. (2019). Political dynasties and the moderating role of good public governance. Signifikan: Jurnal Ilmu Ekonomi, 8(2), 135–144. https://doi.org/10.15408/sjie.v8i2.11636

[115]. Suryadinata, A. M. I., Pratama, M. W., & Firmansyah, E. (2025). MODEL PEMBELAJARAN PAI INTERDISIPLINER BERBASIS PEACE EDUCATION DAN DERADIKALISASI DI PONDOK PESANTREN MODERN AL-ISTIQAMAH NGATABARU. Research and Development Journal of Education, 11(2), 780-785.

[116]. Syah, E. F., Khozin, K., & Haris, A. (2023). Merenda The History of Sheik Sya'ban in The Framework of Banggai Ethnic Islamic Educational Anthropology 8th Century Ad. Edukasi Islami: Jurnal Pendidikan Islam, 12(03).

[117]. Syamsuddin, S. D., & Firmansyah, E. (2025). Developing Khuluqin'Adzim Through Tarbiyah Yaumiyah Program. Al-Hayat: Journal of Islamic Education, 9(4), 766-781.

[118]. Tobroni, T., & Firmansyah, E. (2022). Tipologi manajemen tradisional dan modern dalam perkembangan pendidikan pesantren. Research and Development Journal of Education, 8(1), 333-338.

[119]. Tobroni, T., Firmansyah, E., Masdul, M. R., & Anwar, S. (2024). Strengthening Islamic Education Values through Kaili Da'a Local Ethnic Cultural Symbol. Al-Hayat: Journal of Islamic Education, 8(1), 113-122.

[120]. Tobroni, T., Firmansyah, E., Rajindra, R., & Fadli, N. (2023). Spirituality as a paradigm of peace education. Multicultural Islamic Education Review, 23-32.

[121]. Vhalery, R., Haq, M. N., Setiyawan, M. I., & Firmansyah, E. (2026). Implementation of Islamic Religious Education Based on Religious Moderation Through Digital Literacy in Preventing Radicalism Among Students in Indonesia: Study in Indonesia. The Nexus-Education and Society Research Journal, 1(1).

[122]. Wati, L. N., Primiana, H. I., Pirzada, K., & Sudarsono, R. (2019). Political connection, block holder ownership, and performance. Entrepreneurship and Sustainability Issues, 7(1), 52–68. https://doi.org/10.9770/jesi.2019.7.1(5)

[123]. Widyatama, W., & Firmansyah, E. (2026). PENGARUH PENGGUNAAN MEDIA PODCAST TERHADAP KEMAMPUAN MENYIMAK SISWA KELAS X SMK NEGERI 1 POGALAN. Pendas: Jurnal Ilmiah Pendidikan Dasar, 11(01), 92-102.

[124]. Wijoyo, M. B., Al Hallaj, K. S. A., Firmansyah, E., Setiyawan, M. I., & Huda, M. T. (2026). Analysis of the Concept of Khidmat and Community Welfare in Abu Ubaid's Economic Thought: Its Relevance to Modern Fiscal Policy. Journal of Economics, Business and Banking, 1(01).

[125]. Wijoyo, M. B., Firmansyah, E., Al Hallaj, K. S. A., Zakariah, I., & Junaidi, M. (2026). The Impact of Academic Stress Levels and Grit (Perseverance) on Burnout Behavior Among Final Year Students Writing Their Theses at Universitas Islam Negeri Sunan Ampel Surabaya. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[126]. Yazar, F., Farhan, F. A., Faqih, A., & Firmansyah, E. (2026). THE ROLE OF SOCIAL MEDIA IN SHAPING GENDER IDENTITY AMONG GENERATION Z. H-Luminia: Education, Psychology and Social Behavior Research Journal, 1(01).

[127]. Yazid, S., & Firmansyah, E. (2022). Analisis problematika dan solusi atas motivasi belajar peserta didik dalam pendidikan Islam. Research and Development Journal of Education, 8(1), 339-344.

Additional Files

Published

2026-09-01

Issue

Section

Articles

How to Cite

The Influence of Regional Political Intervention on Managerial Performance and Financial Governance of Regional-Owned Enterprises (BUMD)  . (2026). Journal of Economics, Business and Banking, 1(02). https://jurnal.haizumsaintek.com/index.php/econexus/article/view/86