Islamic Ethical Business Implementation on Family Firm

Islamic Ethical Business Implementation on Family Firm

Wulandari Harjanti, Roy Sumaryono, Teguh  Hardijanto, Ali Farhan
Sekolah Tinggi Ilmu Ekonomi Mahardhika

DOI: https://dx.doi.org/10.47772/IJRISS.2023.701115

Received: 20 September 2023; Revised: 18 October 2023; Accepted: 21 October 2023; Published: 10 November 2023

ABSTRACT

Business is a reflection of human behavior, as advised by Ummar RA, that we do not know someone before we do it; journey (travel), muammalah (business), and amanah (trust). Business as part of muammalah that must be fulfilled by every Muslim based on ethical and sharia guidelines, using a qualitative approach, this research reveals the behavior of family companies in managing their business based on Islamic ethical values. This research discusses the object of this research, raising justice as the main ethical value that drives all management’s strategic choices in running a business and is able to explain the objectives that exist from various ethical points of view and sharia demands, the management of Karnevor Culinary Indonesia raises one consistent behavior, namely justice.

Keywords; Business, Ethics, Islam, Finance, Entrepreneur

BACKGROUNDS

Islam provides space for its adherents to carry out business activities (production, distribution, financing/capital, trading) and does not prohibit this, more than that business activities carried out can be part of worship if carried out in accordance with sharia (Aravik, et al. 2023 ). Islam places trading activities in a very strategic position in the midst of human activities that earn a living and worship (Hastuti & Anggara, 2017). As a form of worship to God, every business activity that is carried out must not be harmed by fraudulent behavior; lie to gain short-term gain, usury, or risk-free profit making.

One of the principles of fiqh in business activities (muammalah) that is commonly understood is ‘everything is originally permissible (mubah), before there is evidence prohibiting it’, however “freedom” here does not mean without limits and free from responsibility (Prasetyo & Pratiwi, 2016). Islam provides instructions that in business activities there must be a harmonious relationship, mutual pleasure, and no elements of exploitation and fraud. Islam provides guidelines for transparent, trustworthy and responsible ethical business fundamentals that demonstrate integrity and fairness for consumers and other stakeholders (Al-Nashmi & Almamary, 2017; Crossan, et al., 2013) and refers to applied ethics that related to the moral principles behind the operations and arrangements of business transactions that occur (Shamsudin et al., 2010). Thus adherence to ethics in business activities can help improve the standards of behavior and life of producers and consumers, ethics in business seeks to recognize the relationship of actions for the good of individuals, companies, business communities, and society (Yesil & O. D, 2012).

Driscoll et al (2019) and (Pirson et al., 2017) believe that honest and fairness behavior, and an understanding of ethics, is largely dependent on the individual’s basic principles and values. Likewise with the findings of Treviño et al. (2006) and Wang & Hackett (2016) who consistently show that values ​​play an important role in shaping an individual’s personal and professional ethos, and ultimately, their decision-making and behavior in a business context. How business decisions are significantly shaped and influenced by these individual ethical and value choices tends to be practiced by family-owned corporate organizations (La Porta, Lopez-de-Silanes, and Shleifer, 1999), differing from their non-family counterparts in their desire to behave ethically. (Blodgett, Dumas, & Zanzi, 2011; Adams, Taschian, & Shore, 1996; Yusof, Mohd Nor, & Edward Hoopes, 2014), although there are some well-known examples of family firms whose behavior was highly unethical, most research results show that family companies have a tendency to maintain ethical behavior, this also includes the protection of stakeholders against ethical attitudes that must be shown by the company (Marques et al., 2014; Cruz et al., 2014).

Buren et al (2020) conclude that this behavior is closely related to the fact that in family businesses, family ownership adds an additional layer of control, namely family identity. Family owners invest in maintaining the family’s reputation, thus giving them more motivation and commitment to oversee their business, ensuring alignment with family values ​​and goals, often even beyond financial gain (Cennamo et al., 2012). Olson et al. (2003) argue that it is because of such managerial choices that family firms adhere to the stigma of values-driven organizations, with their core values ​​originating and reinforced by family owners and the business system (Distelberg & Sorenson, 2009), and sometimes – as shown by recent scholars – the third domain: religion or spirituality (Discua Cruz, 2013; Paterson, Specht, & Duchon, 2013; Kellermanns, 2013; Sorenson, 2013). As stated by Al-Nashmi & Almamary (2017) and Crossan, et al. (2013) who argue that business ethics in Islam is openness, trust and responsibility which shows integrity and justice, all of which are applied directly by business owners as policy holders and implementers as stated by Driscoll et al (2019) and (2019). Pirson et al., 2017), this follow-up research will try to review how the process of internalizing religious values ​​and motives (ethics and muammalah) in family companies is carried out and institutionalized, as well as efforts to seek financial profits? With the aim of explaining the process of internalization of religious values ​​and motives (ethics and muammalah).

LITERATURE REVIEWS

Ethics is the main part of philosophy that addresses issues of value or quality. Ethics discusses the analysis and internalization of abstract concepts, such as; right and wrong, good and bad, and responsibility. As quoted from Aravik (2020), ethics as a guideline in community groups will be able to guide and remind its members to stay within the ethical corridor, regarding things that must be obeyed and carried out. Ethics is a theory that talks about the good and bad values ​​of human behavior, as far as reason can determine. There are fundamental differences regarding ethics and morals, ethics are more theoretical and talk about how things should be, while morals are more practical in nature which talk about a behavior being carried out. Ethics does more research, thinking, and considering what is good and bad (Aravik, et al. 2023), while morals are a good measure of human action in certain social units (Hulaimi et al., 2017).

Business ethics is a tool used in exchange transactions to fulfill obligations (Hashim, 2012). Business ethics apply universally (Musa et al., 2020) and are used as business competition controllers so that they are on the path of good business values ​​(Sampurno, 2016). Islam is a perfect teaching that always points to the straight path and does not just let someone work as he pleases to achieve his desires by justifying everything such as committing fraud, fraud, perjury, usury, bribery, and other vanity acts. On the other hand, Islam provides limits or dividing line between what is permissible and what is permissible and what is not, what is right and wrong and what is lawful and unlawful. This boundary or dividing line is known as ethics. Behavior in doing business or trading is also inseparable from the existence of moral values ​​or business ethical values. Business people must integrate the moral dimension into the framework/scope of business Business ethics in Islam has been contained in Islamic business law known as mu’amalah. Economic activities that aim to meet the needs of human life have specific rules, namely rules in terms of buying and selling (ba’iy), investment (Murabaha), business cooperation (musyarakah), using collateral (rahn), transferring debt (hiwalah) and many types of other transactions. A Muslim’s business ethics is formed by faith which is his way of life, which provides basic norms to build and foster all muamalah activities. A Muslim is required by his beliefs to be a pious and moral person, trustworthy, knowledgeable, capable, intelligent, careful, thrifty, diligent, diligent, and determined to work as well as possible to produce the best in the form of maslahah and falah (Idri, 2015) .

More than that, Islam values ​​people who work hard as ethical values ​​towards itqan and falah which bring happiness in the world and the hereafter (Cahyono & Hakim, 2020). Therefore, in every business activity, the ethical aspect is a fundamental thing that must always be considered, for example doing business well. This is based on faith, piety, noble character, honesty, trustworthiness, power, expertise, professionalism, and comfortable wages. It’s the same as not cheating, not robbing, not neglecting anything, not being arbitrary (proportionate), and not doing work that is contrary to God’s law (Idri, 2015).

RESEARCH METHODOLOGY

The research method used in this study uses qualitative methods. The research approach used is a case study. Meanwhile, the data sources processed in this research are primary data and secondary data. Primary data will be collected through the method of observation and interviews with respondents using modules and a list of questions that have been prepared, besides that the researcher is also actively involved in several managerial activities of the respondents to be able to get a comprehensive picture of the condition of the respondents. The main respondents in this research are the management of PT Karnevor Kuliner Indonesia; financial manager, operational manager, and managing director. While secondary data will be collected from documentation and other supporting data, such as statistical data from similar industries or relevant research theories and results to be used as analytical tools. Data analysis in this study refers to the model of Miles and Huberman (2007) using the Muammalah Fiqh approach as an analytical tool to understand the context of Islamic business ethics adopted by respondents. The Miles and Huberman analysis model is as follows;

Conceptual Framework

Figrue 1. Conceptual Framework

The researcher must be prepared to move between 4 main processes:

1. Data Collection

In contrast to quantitative data analysis, where the analysis process is carried out after going through various grouping and categorizing procedures, in qualitative research the data analysis process can occur simultaneously with data collection. Qualitative data that ‘interact’ with researchers directly in the data collection process is a distinctive part of a qualitative research.

2. Data reduction

This stage takes place continuously as the implementation of the research takes place. Intended to further sharpen, classify, direct, remove data that is not needed and organize it.

3. Data Presentation

Presentation of data is a set of structured information that gives the possibility of drawing conclusions and taking action. By paying close attention to the presentation of data, it is easier for researchers to understand what happened and what to do. The form of data presented can be in the form of charts, brief descriptions, graphs, charts or tables.

4. Drawing Conclusions/Verification

Based on the data that has been reduced and presented, the researcher draws conclusions that are supported by strong evidence at the data collection stage. The conclusion is the answer to the formulation of the problems and questions that have been expressed by the researcher from the start.

DISCUSSION

An overview for Karnevor Kuliner Indonesia, LLC

Karnevor Kuliner Indonesia, LLC is a business engaged in the food and beverage sector, which is located in Surabaya, East Java. Unlike other food and beverage companies, Karnevor Kuliner Indonesia is a pioneer in the home service sector. This means that Karnevor Kuliner Indonesia, LLC serves the sale of food menus that are delivered to the house and can be cooked at home. So customers can enjoy the sensation of cooking together without having to leave the house. Karnevor Kuliner Indonesia, LLC’s menus include raw and semi-finished food ingredients, such as steaks, short plates, sliced ​​meat, vegetables, mushrooms, and various types of sauces and condiments. The main activities in operations are divided into two, namely, production and marketing. Partnership-based marketing activities are divided into two models, namely dine-in and reseller, for resellers it is further divided into two models, direct resellers and agents/distributors who are referred to as stockists, for more details, here is the chart;

Figure 2. Design Business Model

Source: results of data processing researchers

Business Ethics Practice

Fauzia (2013) formulates several forms of business ethics that refer to the Koran, some of which are;

• Trust (Al-Amanah)

In business activities should put a good sense of trust from sellers to consumers, consumers to sellers, business people to employees. In this case it has been regulated in the Al-Quran. Q.S Al-Baqarah (2) verse 283:

“And if you are on a trip and you don’t get a writer, then there should be collateral held. However, if some of you trust some others, let that trusted person fulfill his trust (his debt) and let him fear Allah, his Lord. And do not hide testimony, because whoever hides it, verily, his heart is dirty (sinful). Allah is All-Knowing of what you do.”

• Getting things done in a fair way (Al-Hukm bi Al-Qist)

If there is a dispute at work, or when consumers buy from sellers, it should be resolved in a fair manner. In this case, it has been explained in the Qur’an Q.S Al-Ahqaf (46) verse 19:

“And everyone gets a level according to what they have done and so that Allah will fulfill their deeds and they will not be harmed.”

• Justice and Truth (Al-Adalah)

In business activities, they should behave fairly, do good deeds, and give rights to relatives, and not commit heinous behavior, evil, and commit violence between humans, both from business actors to employees, business actors to business partners, sellers to buyers. The verse of the Qur’an has explained in Q.S AnNahl (16) verse 90:

“And complete the measure when you measure, and weigh it with the right scales. That is more important (for you) and better consequences.”

• Prohibition of taking human property in a vanity way (Man’u Akl Amwal Al-Nas bi Al-Batil)

In business activities, it is forbidden to carry out false activities such as usury, ghashab, stealing, betrayal, giving false testimony, denying the truth. In the verses of the Al-Qur’an it has been explained in Q.S An-Nisa’

(4) verses 29-30:

“ O you who believe, do not eat each other’s wealth in a vanity way, except by way of trade that applies with your likes. And do not kill yourselves; verily Allah is Most Mercifulto you. And whoever does this by violating rights and being persecuted, then we will later put him in hell, which is easy for Allah.”

• Prohibition to do falsehood

In business activities, do not do false things, and do not confuse falsehood with the truth. And it has been explained in the Qur’an Q.S Al-Baqarah (2) verse 42:

“And do not combining the truth with falsehood and (do not) hide it, while you know it.”

• Work (Charity)

In this case the Prophet Muhammad was ordered to convey to his people that when working they should be in accordance with the potential and inclinations of each. Everyone is welcome to work according to their own character, character, will, and inclination.

The Al-Quran has explained in Q.S Al-Isra ‘(17) verse 84:

“Say (Muhammad), “Everyone acts according to his own character.” Then your Lord knows best who is more righteous in his way.

• Balanced (Al-Tawazun)

If you have reached the predetermined profit target, business people should do zakat, and not do anything that goes beyond the limit such as waste. And this has been determined in Q.S Al-An’am (6) verse 141:

“And it is He who makes the gardens which are crowned and which are not crowned, the palm trees are plants of various fruits, olives and pomegranates that are similar (shape and color) and not the same (taste). Eat from its fruit (of which there are various kinds) if it is fruitful, fulfill its right on the day it reaps the fruit (by giving it to the poor); and do not exaggerate. Verily, Allah does not likesuperfluous person.”

• Kindness (Al-Birr)

In business activities, mutual help is the foundation for building harmonious relations between community entities. Because, please help reflect behavior that benefits others. In addition, if the work is done in mutual cooperation with one division, the work will be completed quickly. In this case it has been described in

Al-Qur’am Q.S Al-Maidah (5) verse 2:

“O you who believe! Don’t violate the symbols of the sanctity of Allah, and don’t (break the honor) of the sacred months, don’t disturb hadyu, and qalaid and don’t disturb people who visit the baitulharam; they seek bounty andthe pleasure of his Lord. But when you have finished ihram, then you may hunt. Don’t let your hatred for a people because they hinder you from the Masjidil Haram, pushing you to do beyond the limits. And help you in doing good and piety, and do not help in sin and enmity. Fear Allah, indeed Allah is very severe in His torment.”

Correspondence with Management

Our discussions and interactions with Karnevor’s management team during the data collection process were really interesting, we discussed many things, starting with what is the business model? The risks faced by management, the worldview of the business? How he views the constellation between family, business and religion. Some of the excerpts of our discussion are summarized and reviewed, as follows;

How does this Karnevor run its business?

“Our sales product is a home service system, so we also rent grilling tools, there we use a deposit, that is a form of our trust in consumers, so we minimize the loss of tools, then if there is damage, it will be deducted from the deposit.”

Trust, between the customer and the company is not just built on a void, there is a kind of financial guarantee for the company that must be fulfilled by the customer when the company’s assets in the form of a grill are lent as part of a business process. This of course does not contradict the Qur’an’s view on doing business, as taken from the quote in the previous paragraph, regarding God’s commandment in surah al-Baqarah verse 283. Of course, guarantees or rahn in the treasures of fiqh are also not new, as the Prophet once guaranteed clothes his war to be in debt to a Jew.

Furthermore, Karnevor’s management added,

“Although not well structured in company regulations, we always try to be fair to all colleagues, investors and employees by trying to fulfill work contracts and rights that we have mutually agreed upon.”

“We try our best to be fair to anyone, be it co-workers, employees or consumers”

“We produce the product according to a predetermined measure, so if for example the US shortplate product weighs 500 grams, if during the production process the weight cannot be 500 grams just right then we will always add 10-20 grams per pcs, so instead of reducing it, it will increase it. .”

Fairness/ Justice is a conspicuous value construct in the carnevore business management process. Fair is defined as an act that prioritizes/prioritizes the rights of others, is balanced in attitude, gives equal rights according to the measure, and fulfills the rights of Allah ta’ala (Hosen, 2008; Shihab, 1999). This is also reflected in several other statements made by Management;

“An example of a form of justice for business partners is the stipulation of payment of bills in accordance with the MoU, namely H + 1 after receipt … there is one partner that I gave dispensation for payments not in accordance with the MoU but in accordance with the ability to pay”

“We always hasten the payment of debt bills that are due, if the bill falls but the financial division has time off, then the debt is paid one day before, so we never cancel debts to vendors”

“For wages to employees to be paid according to the mutually agreed time, we also never postpone the payment of employee salaries, I take our example when going on Eid holidays, on the first of the admins it’s time for payday but Karnevor.id has Eid holidays on the 28th, then the salary we pay at the end of the date they entered. And it should be like that instead of delaying payment of salary when it comes to work “

Providing convenience to debtors for debt payments and prioritizing debt payments to vendors and employees is a representation of fairness shown by management, this is as ordered by the Prophet Muhammad;

“Give workers their wages before their sweat dries up” (HR. Ibn Majah).

“Delaying the settle down of obligations (for those who are able) is tyranny” (HR. Al-Bukhari & Muslim)

Ja’far bin Muhammad Rahimahullah said, “If something comes to you from your brother that you deny, then give him an excuse of up to 70 excuses. If you don’t get an excuse, then say, “Maybe he has an excuse that I don’t know about.” (Reported by Al Baihaqi in Syu’abul Iman no 8344

Fulfilling God’s rights by doing His commands and staying away from His prohibitions is another form of fair behavior embodied by Management, including among others; avoid business from usury practices, ensure that the products sold are halal products, and fulfill zakat payments.

“The net profit target that I set in the budget for last year was 5%. And in my opinion, the predetermined margin does not include usury because according to my understanding in the Qur’an, if not greetings in surah Al-Baqarah verse 275 which explains that Allah has permitted trading and Allah has prohibited usury. The Prophet also once said, which means more or less like this “profit is the reward for the readiness to bear the loss”. So from there we are of the opinion that the profit from buying and selling is lawful, as long as the sale and purchase are carried out in accordance with sharia; it’s not illegal, it’s fully controlled (not dropshiping), the transactions are not gharar, yes, thank God, so far all the transactions that we have made with our partners have been carried out under valid contracts.”

“Looking for vendors who ensure their products are halal, use halal products, do not use ribawi financing via banking, we prefer to use sharia contracts such as buying and selling/murabahah, always trying to pay zakat every year, giving alms, joining the Muslim entrepreneur community, maximizing worship as an individual as best as possible. We believe that if the prayers are taken care of, God willing, we will take care of our efforts.”

Fairness, which is the main ethic, then becomes other forms of ethical goodness which are the construction of management values ​​and awareness, as the following management quote;

“We are a family business, from the beginning we also agreed to always share. We share in the form of sharing mukenah, sarongs, koko clothes, and money to our neighbors, then if we donate to our relatives to our nephews, whereas if we go to our parents every year we have a holiday with our family, that’s one way to make them happy. ”

From the many opportunities to discuss and understand how management divides profits, decides prices for resellers and partners, shares responsibilities, and business risks, the author comes to understand that the main construction of ethical values ​​built into Karnevor Kuliner Indonesia, LLC’s business is ethics about justice, of course this justice is in the realm of Islam which is driven by religious orders; stay away from usury, prioritize the rights of others (vendors, employees, partners), be informative, not manipulative, and please each other.

Another interesting finding in this research is that the upholding of these spiritual ethical values ​​does not grow solely from one aspect of life, the management team that is the correspondent in this study is a member of a Muslim family, where they all intensely and interact and live according to Islamic guidelines; praying five times a day, giving alms, zakat, wearing the headscarf for Muslim women, is their daily life and their environment, so that in many ways in business management this ethical-religious concept is very thick with Islamic nuances. The research results of this study are generally relevant to Marques et al., (2014; Cruz et al. (2014). Buren et al (2020) that family companies are intensely inclined to maintain their ethical and moral values ​​and implement them. in business.

CONCLUSION

Karnevor Kuliner Indonesia LLC is a family company that runs its business with ethical principles of justice based on Islamic values, as written in the Al-Quran and Hadith, this is reflected in the choice of managerial attitudes, such as; determining partner prices, paying vendors, paying employees, fulfilling investor rights, deciding on financing models, designing business models and culture within the organization so that the application of these religious values ​​in the company cannot be separated from daily life and the lives of its administrators, which are closely related to traditions and rituals as well as Islamic values, so that the business they run represents the values ​​of life what they believe.

DAFTAR PUSTAKA

1. Adams, J. S., Taschian, A., & Shore, T. H. (1996). Ethics in family and non-family owned firms: An exploratory study. Family Business Review, 9(2), 157-170
2. Al-Nashmi, Murad Mohammed, and Abdulkarim Abdullah Almamary. 2017. “The relationship between Islamic marketing ethics and brand credibility: A case of pharmaceutical industry in Yemen.” Journal of Islamic Marketing (2017).
3. Aravik, Havis. Harun, Makmun. Febrianti, Rahma.     2023. The Urgency Of Islamic Business Ethics In The Era Of The Industrial Revolution 4.0. Islamic Banking: Jurnal Pemikiran dan Pengembangan Perbankan Syariah Volume 8 Nomor 2 Edisi Februari 2023.
4. Buren, Harry J. Syed, Jawad. Mir, Raza. 2020. Religion as a Macro Social Force Affecting Business: Concepts, Questions, and Future Research. Business & Society 2020, Vol. 59(5) 799–822 sagepub.com/journals-permissions. DOI: 10.1177/0007650319845097. journals.sagepub.com/home/bas
5. Blodgett, M. S., Dumas, C., & Zanzi, A. (2011). Emerging trends in global ethics: Acomparative study of US and international family business values. Journal of BusinessEthics, 99(1), 29-38
6. Cahyono, B., & Hakim, A. (2020). Green Intellectual Capital and Competitive Advantage : The Moderating Effect of Islamic Business Ethics. Advances in Economics, Business and Management Research, 135(Aicmbs 2019), 78–84.
7. Cennamo, C., Berrone, P., Cruz, C., & Gomez–Mejia, L. R. (2012). Socioemotional wealthand proactive stakeholder engagement: Why family–controlled firms care more about their stakeholders. Entrepreneurship Theory and Practice, 36(6), 1153-1173.
8. Crossan, M., Mazutis, D., & Seijts, G. (2013). In search of virtue: The role of virtues, values and character strengths in ethical decision making. Journal of Business Ethics, 113(4), 567-581.
9. Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014). Are family firms really more socially responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316.
10. Discua Cruz, A. (2013). Christian Family Businesses: Opportunities for Future Research.Journal of Biblical Integration in Business, 16(2).
11. Distelberg, B., & Sorenson, R. L. (2009). Updating systems concepts in family businesses A focus on values, resource flows, and adaptability. Family Business Review, 22(1), 65-81
12. Driscoll, C., McIsaac, E. M., & Wiebe, E. (2019). The material nature of spirituality in the small business workplace: from transcendent ethical values to immanent ethical actions. Journal of Management, Spirituality & Religion, 16(2), 155-177.
13. Fauzia, Ika Yunia. 2013. Etika Bisnis dalam Islam. Jakarta: Kencana.
14. Hastuti, E. W., & Anggara, F. S. A. (2017). Implementation of Islamic Business Ethics Values based on IFSB 09 : BMT La Tansa Ponorogo Experience. Al Tijarah, 3(2), 119–134
15. Hulaimi , Ahmad. Sahri. Huzaini, Mohammad. 2017. Etika Bisnis Islam Dan Dampaknya Terhadap Kesejahteraan Pedagang Sapi. Ministry of Religious Affairs Reference. Vol 2, No 1 (2017) : Januari – Juni 2017.
16. Hashim, M. (2012). Islamic Perception of Business Ethics and the Impact of Secular Thoughts on Islamic Business Ethics. International Journal of Academic Research in Business and Social Sciences, 2(3), 98–120.
17. Idri. (2015). Hadis Ekonomi : Ekonomi dalam Perspektif Hadis Nabi. Jakarta: PrenadaMedia Group.
18. Marques, P., Presas, P., & Simon, A. (2014). The heterogeneity of family firms in CSRengagement: The role of values. Family Business Review, 27(3), 206-227.
19. Miles, Mattew B dan A Michael Huberman. (2007). Analisis Data Kualitatif, Buku  Sumber Tentang Metode-Metode Baru. Jakarta: Universitas Indonesia Press.
20. Muhamad Nadratuzzaman Hosen, dkk, 2008, Lembaga BisnisSyariah,  Jakartapkes publishing.
21. Musa, M. A. (2015). Islamic business ethics and finance: An exploratory study of Islamic banks in Malaysia. In Ethics, Governance and Regulation in Islamic Finance. Bloomsbury Qatar Foundation
22. Olson, P. D., Zuiker, V. S., Danes, S. M., Stafford, K., Heck, R. K., & Duncan, K. A. (2003). The impact of the family and the business on family business sustainability. Journal of business venturing, 18(5), 639-666.
23. Paterson, T. A., Specht, D., & Duchon, D. (2013). Exploring costs and consequences of religious expression in family businesses. Journal of Management, Spirituality & Religion, 10(2), 138-158.
24. Pirson, M., Martin, K., & Parmar, B. (2017). Formation of stakeholder trust in business andthe role of personal values. Journal of Business Ethics, 145(1), 1-20.
25. Prasetyo, A., & Pratiwi, I. K. (2016). Islamic Business Ethics Implementation In Marketing Communication Of Hajj / Umroh Travel Agency “ X ” Surabaya. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics), 8(4), 81–100. https://doi.org/10.15408/aiq.v8i1.2510
26. Sampurno, W. M. (2016). Implementation of Islamic business ethics and its impacts onfamily business. Journal of Islamic Economics Lariba, 2(1), 25–30.
27. Shihab, M. Quraish, 1999,Wawasan Al Quran, Bandung, Mizan
28. Shamsudin, A. S., Mohd Kassim, A. W., Hassan, M. G., & Johari, N. A. (2010). Preliminary insights on the effect of Islamic Work Ethic on relationship marketing and customer satisfaction. The Journal of Human Resource and Adult Learning, 6(June 2010), 106–114.
29. Sorenson, R. L. (2013). How moral and social values become embedded in family firms.Journal of Management, Spirituality & Religion, 10(2), 116-13
30. Yesil, S., & . O. D. (2012). An Investigation into the Implications of Islamic Work Ethic (IWE) in the Workplace. Journal of Economics and Behavioral Studies, 4(11), 612–624. https://doi.org/10.22610/jebs.v4i11.362
31. Kellermanns, F. W. (2013). Spirituality and religion in family firms. Journal of Management, Spirituality & Religion, 10(2), 112-115
32. La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around theworld. The journal of finance, 54(2), 471-517.
33. Treviño, L. K., Weaver, G. R., & Reynolds, S. J. (2006). Behavioral ethics in organizations: A review. Journal of Management, 32(6), 951-990.
34. Wang, G., & Hackett, R. D. (2016). Conceptualization and measurement of virtuousleadership: Doing well by doing good. Journal of Business Ethics, 137(2), 321-345
35. Yusof, M., Mohd Nor, L., & Edward Hoopes, J. (2014). Virtuous CSR: an Islamic familybusiness in Malaysia. Journal of Family Business Management, 4(2), 133-148.