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"structutally relationship of variables is important in deeply analysis of path models , but the process of effect distribution must be concerned. In this situation, one or more variable would be mediator variable which assessing effect of an independent to a dependent variable. We studied the simple mediation model that is one of path analytical models which contain of one independent variavle, dependent variable and mediator variable...."

"Structurally relationship of variables is important in deeply analysis of path models, but the process of effect distribution must be concerned. In this situation, one or more variable would be a mediator variable which assessing effect of an independent to a dependent variable. We studied the simple mediation model that is one of path analytical models which contain of one independent variable, dependent variable and mediator variable. A necessary component of mediation is effectiveness that is a statistically significant indirect effect, formal significance tests of indirect effects are early conducted by Sobel (1982). According to sequential regression analysis on a simple mediation model, a mediator variable come after an independent variable exist in the model, the contribution of upcoming variable to the model could be obtained. We argue the importance of investigating empirical relationship between the significance of indirect effects and sequential contribution of mediator variable with a normal theory approach using Microsoft Excel simulation tools developed by Myerson (2000). We find that the higher contribution of mediator variable to the model, the more effectiveness is. this result comes up with three level correlation of independent and dependent variable which each 1000 times iteration that gives relatively immediate information about the recent empirical relationship between the significance of indirect ffects and sequential contribution of mediator in the simple mediation models."

"Dalam konteks globalisasi, kebebasan beragama menjadi faktor krusial dalam membentuk iklim investasi yang stabil. Namun, hubungan antara kebebasan beragama dan aliran investasi tidak dapat dijelaskan secara langsung, melainkan dimediasi melalui kualitas institusional didalamnya. Penelitian ini menganalisis pengaruh kebebasan beragama terhadap Outward Foreign Direct Investment (OFDI) China ke negara-negara anggota Organisasi Kerja Sama Islam (OKI), menggunakan data panel dari 53 negara selama periode 2006–2018. Indeks Kohesi Negara digunakan sebagai variabel mediator yang dapat merepresentasikan kemampuan suatu negara dalam mengelola keberagaman identitas secara inklusif, serta menjamin distribusi kekuasaan dan akses ekonomi-politik secara adil lintas kelompok sosial. Kohesi yang tinggi mengindikasikan struktur kelembagaan yang mampu meredam konflik identitas dan menjamin keterwakilan kelompok minoritas, termasuk dalam sistem keagamaan yang dominan. Metodologi yang digunakan mencakup regresi panel dua tahap dengan efek tetap serta analisis mediasi menggunakan Uji Sobel. Hasil analisis menunjukkan bahwa kebebasan beragama memiliki pengaruh tidak langsung yang signifikan melalui kohesi negara. China menunjukkan preferensi terhadap negara-negara dengan kebebasan beragama yang rendah, karena kondisi tersebut memperkuat dominasi kelompok keagamaan tertentu yang dapat menjadi mitra strategis informal. Temuan ini mencerminkan kecenderungan China dalam menjalin hubungan ekonomi dengan struktur kekuasaan dominan berbasis agama di negara-negara OKI.

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In the context of globalization, religious freedom has become a crucial factor in shaping a stable investment climate. However, the relationship between religious freedom and investment flows cannot be explained in a purely direct manner; instead, it is mediated by the quality of domestic institutions. This study examines the effect of religious freedom on China’s Outward Foreign Direct Investment (OFDI) to member countries of the Organization of Islamic Cooperation (OIC), using panel data from 53 countries over the period 2006–2018. The State Cohesion Index is used as a mediating variable, reflecting a country’s capacity to manage identity diversity in an inclusive manner and to ensure fair distribution of power and economic-political access across social groups. High cohesion indicates an institutional structure capable of mitigating identity-based conflict and ensuring minority representation, including within dominant religious systems.

 

The methodology involves a two-stage fixed-effects panel regression, complemented by a mediation analysis using the Sobel test. The results reveal that religious freedom has a significant indirect effect on China’s OFDI through state cohesion. China tends to prefer investment destinations with lower levels of religious freedom, as such environments often reinforce the dominance of specific religious groups that can serve as informal strategic partners. These findings reflect China’s tendency to engage economically with countries that exhibit dominant religion-based power structures, particularly in the OIC region. "

"Dalam konteks globalisasi, kebebasan beragama menjadi faktor krusial dalam membentuk iklim investasi yang stabil. Namun, hubungan antara kebebasan beragama dan aliran investasi tidak dapat dijelaskan secara langsung, melainkan dimediasi melalui kualitas institusional didalamnya. Penelitian ini menganalisis pengaruh kebebasan beragama terhadap Outward Foreign Direct Investment (OFDI) China ke negara-negara anggota Organisasi Kerja Sama Islam (OKI), menggunakan data panel dari 53 negara selama periode 2006–2018. Indeks Kohesi Negara digunakan sebagai variabel mediator yang dapat merepresentasikan kemampuan suatu negara dalam mengelola keberagaman identitas secara inklusif, serta menjamin distribusi kekuasaan dan akses ekonomi-politik secara adil lintas kelompok sosial. Kohesi yang tinggi mengindikasikan struktur kelembagaan yang mampu meredam konflik identitas dan menjamin keterwakilan kelompok minoritas, termasuk dalam sistem keagamaan yang dominan. Metodologi yang digunakan mencakup regresi panel dua tahap dengan efek tetap serta analisis mediasi menggunakan Uji Sobel. Hasil analisis menunjukkan bahwa kebebasan beragama memiliki pengaruh tidak langsung yang signifikan melalui kohesi negara. China menunjukkan preferensi terhadap negara-negara dengan kebebasan beragama yang rendah, karena kondisi tersebut memperkuat dominasi kelompok keagamaan tertentu yang dapat menjadi mitra strategis informal. Temuan ini mencerminkan kecenderungan China dalam menjalin hubungan ekonomi dengan struktur kekuasaan dominan berbasis agama di negara-negara OKI.

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In the context of globalization, religious freedom has become a crucial factor in shaping a stable investment climate. However, the relationship between religious freedom and investment flows cannot be explained in a purely direct manner; instead, it is mediated by the quality of domestic institutions. This study examines the effect of religious freedom on China’s Outward Foreign Direct Investment (OFDI) to member countries of the Organization of Islamic Cooperation (OIC), using panel data from 53 countries over the period 2006–2018. The State Cohesion Index is used as a mediating variable, reflecting a country’s capacity to manage identity diversity in an inclusive manner and to ensure fair distribution of power and economic-political access across social groups. High cohesion indicates an institutional structure capable of mitigating identity-based conflict and ensuring minority representation, including within dominant religious systems.

 

The methodology involves a two-stage fixed-effects panel regression, complemented by a mediation analysis using the Sobel test. The results reveal that religious freedom has a significant indirect effect on China’s OFDI through state cohesion. China tends to prefer investment destinations with lower levels of religious freedom, as such environments often reinforce the dominance of specific religious groups that can serve as informal strategic partners. These findings reflect China’s tendency to engage economically with countries that exhibit dominant religion-based power structures, particularly in the OIC region. "

"Penelitian ini bertujuan untuk menganalisis pengaruh langsung dan tidak langsung kinerja Environmental, Social, and Governance (ESG) terhadap kebijakan cash holdings pada perusahaan yang terdaftar secara konsisten di Indeks Saham Syariah Indonesia (ISSI) selama periode 2018-2023 dengan mempertimbangkan peran mediasi likuditas saham. Berdasarkan stakeholder theory, signaling theory, pecking order theory, dan trade-off theory, penelitian ini menjelaskan bagaimana integrasi prinsip keberlanjutan dan kepatuhan syariah memengaruhi preferensi perusahaan dalam menyimpan kas. Metode penelitian yang digunakan adalah metode kuantitatif eksplanatori dengan pendekatan panel data regression dan analisis mediasi menggunakan Sobel Test. Sampel terdiri dari 23 perusahaan yang memenuhi kriteria inklusi yakni konsisten terdaftar di ISSI selama 2018-2023 dan memiliki skor kinerja ESG yang berkala. Hasil penelitian menunjukkan bahwa kinerja ESG berpengaruh positif signifikan terhadap cash holdings yang mencerminkan dorongan etis dan kehati-hatian dalam pengelolaan likuiditas oleh perusahaan dengan kepatuhan syariah. Di sisi lain, likuiditas saham terbukti menjadi mediator signifikan dan negatif antara ESG dan cash holdings. Temuan ini menegaskan adanya transmisi ESG terhadap kebijakan kas melalui mekanisme pasar modal sekaligus mencerminkan keterbatasan akses pembiayaan eksternal oleh perusahaan syariah. Penelitian ini memberikan kontribusi teoretis terhadap literatur ESG dan keuangan Islam dalam memahami strategi likuiditas perusahaan syariah di tengah tuntutan keberlanjutan global.

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The study aims to analyze the direct and indirect effects of Environmental, Social, and Governance (ESG) performance on corporate cash holdings policies among companies consistently listed in the Indonesia Sharia Stock Index (ISSI) during the 2018-2023 period by considering the mediating role of stock liquidity. Drawing upon stakeholder theory, signaling theory, pecking-order theory, and trade-off theory, this research explains how the integration of sustainability principles and Shariah compliance influences corporate preferences in cash holdings retention. The research employs an explanatory quantitative method using panel data regression and mediation analysis using the Sobel Test. The sample comprises 23 companies that meet the inclusion criteria that continuous listing in ISSI for 2018-2023 and regular availability of ESG performance scores. The result show that ESG performance has a significant positive effect on cash holdings, reflecting ethical motivations and prudence in liquidity management by Shariah-compliant firms. On the other hand, stock liquidity is found to be a significant and negative mediator between ESG and cash holdings. These findings confirm the transmission of ESG influence on cash policy through capital market mechanisms while also reflecting the limited external financing access of Shariah-compliant firms. This study contributes theoretically to the ESG and Islamic finance literature in understanding liquidity strategies of Shariah-compliant firms under global sustainability demands. "