Corporate Governance Strategies for Navigating the VUCA Era: A Case Study of BPRS Barokah Dana Sejahtera Yogyakarta
DOI:
https://doi.org/10.12928/ijiefb.v8i1.12918Keywords:
BPR Syariah, VUCA, Governance, Technology, DigitalizationAbstract
Introduction: Governance is a crucial aspect of financial institutions, including Islamic rural banks (BPR Syariah), to ensure sustainability and competitiveness. PT. BPR Syariah Barokah Dana Sejahtera faces challenges in governance implementation, particularly in the VUCA (Volatility, Uncertainty, Complexity, and Ambiguity) era. Several obstacles, such as inconsistency, insufficiently comprehensive governance guidelines, and lack of intensive socialization, hinder the effectiveness of governance practices.
Purpose: This study aims to examine the implementation of governance at PT. BPR Syariah Barokah Dana Sejahtera and formulate strategies to optimize governance practices in response to the challenges of the VUCA era.
Methodology: This research employs a qualitative approach with a case study method. Data were collected through observations, document analysis, and interviews. The analysis process follows a structured approach, including data collection, data reduction, data presentation, and conclusion verification.
Findings: The study identifies key challenges in governance implementation, including inconsistency, incomplete governance guidelines, and inadequate socialization efforts. Strategies to strengthen governance in the VUCA era are explored, covering aspects such as self-assessment results, governance strengthening, technology and digitalization strategies, risk management, competitiveness enhancement through product innovation, collaboration and synergy strategies, as well as strategies for adapting to regulations and the business environment.
Paper Type: Research Article.
Keywords: BPR Syariah; Digitalization; Governance; Risk Management; Vuca.
References
AlQadasi, A., & Abidin, S. (2018). The effectiveness of internal corporate governance and audit quality: the role of ownership concentration – Malaysian evidence. Corporate Governance (Bingley), 18(2), 233–253. https://doi.org/10.1108/CG-02-2017-0043
Bader, B., Schuster, T., Bader, A. K., & Shaffer, M. (2019). The dark side of expatriation: dysfunctional relationships, expatriate crises, predjudice and a VUCA world. Journal of Global Mobility, 7(2), 126–136. https://doi.org/10.1108/JGM-06-2019-070
Barakat, A., & Hussainey, K. (2013). Bank governance, regulation, supervision, and risk reporting: Evidence from operational risk disclosures in European banks. International Review of Financial Analysis, 30, 254–273. https://doi.org/10.1016/j.irfa.2013.07.002
Buallay, A., Cummings, R., & Hamdan, A. (2019). Intellectual capital efficiency and bank’s performance: A comparative study after the global financial crisis. Pacific Accounting Review, 31(4), 672–694. https://doi.org/10.1108/PAR-04-2019-0039
Chronopoulos, D. K., Wilson, J. O. S., & Yilmaz, M. H. (2023). Regulatory oversight and bank risk. Journal of Financial Stability, 64(May 2022). https://doi.org/10.1016/j.jfs.2023.101105
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689–709. https://doi.org/10.1016/j.ribaf.2017.07.011
Geysi, N., Türkel, S., & Uzunoğlu, E. (2020). Unveiling corporate values in a crisis-prone world: a cross-cultural study. Corporate Communications, 25(1), 67–86. https://doi.org/10.1108/CCIJ-07-2019-0077
Heinonen, S., Karjalainen, J., Ruotsalainen, J., & Steinmüller, K. (2017). Surprise as the new normal – implications for energy security. European Journal of Futures Research, 5(1), 1–13. https://doi.org/10.1007/s40309-017-0117-5
Hernandez-Santibanez, N., & Mastrolia, T. (2019). Contract theory in a VUCA world. SIAM Journal on Control and Optimization, 57(4), 3072–3100. https://doi.org/10.1137/18M1184527
Horstmeyer, A. (2019). How VUCA is changing the learning landscape – and how curiosity can help. Development and Learning in Organizations, 33(1), 5–8. https://doi.org/10.1108/DLO-09-2018-0119
Liu, X., & Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production, 142, 1075–1084. https://doi.org/10.1016/j.jclepro.2016.09.102
Permatasari, I. (2020). Does corporate governance affect bank risk management? Case study of Indonesian banks. International Trade, Politics and Development, 4(2), 127–139. https://doi.org/10.1108/itpd-05-2020-0063
Sakti, M. R. P., Tareq, M. A., & Kamiyama, H. (2021). Corporate Governance from an Islamic Moral Economy Perspective: The Dimensions and Analysis. Signifikan: Jurnal Ilmu Ekonomi, 10(2), 359–378. https://doi.org/10.15408/sjie.v10i2.21511
Schulze, C., Welker, A., Kühn, A., Schwertz, R., Otto, B., Moraldo, L., Dentz, U., Arends, A., Welk, E., Wendorff, J. J., Koller, H., Kuss, D., & Ries, M. (2021). Public health leadership in a vuca world environment: Lessons learned during the regional emergency rollout of sars-cov-2 vaccinations in heidelberg, germany, during the covid-19 pandemic. Vaccines, 9(8). https://doi.org/10.3390/vaccines9080887
Severo, E. A., Perin, M. M. S., De Guimarães, J. C. F., & Taufer, E. (2020). The relationship between sustainable innovation and product or service innovation: a survey in companies in Rio Grande do Sul. Revista de Gestao, 27(4), 319–334. https://doi.org/10.1108/REGE-05-2019-0058
Taskan, B., Junça-Silva, A., & Caetano, A. (2022). Clarifying the conceptual map of VUCA: a systematic review. International Journal of Organizational Analysis, 30(7), 196–217. https://doi.org/10.1108/IJOA-02-2022-3136
Tunay, K. B., & Yüksel, S. (2017). La relación entre gobierno corporativo y propiedad extranjera de los bancos en los países en desarrollo. Contaduria y Administracion, 62(5), 1627–1642. https://doi.org/10.1016/j.cya.2017.05.007
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Universitas Ahmad Dahlan
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
License and Copyright Agreement
In submitting the manuscript to the journal, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal. Please also carefully read Ihtifaz, Journal of Islamic Economics, Finance, and Banking Posting Your Article Policy at http://journal2.uad.ac.id/index.php/ijiefb/about/submissions#onlineSubmissions
- That it is not under consideration for publication elsewhere,
- That its publication has been approved by all the author(s) and by the responsible authorities “tacitly or explicitly“ of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
Copyright
Authors who publish with Ihtifaz, Journal of Islamic Economics, Finance, and Banking agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
_1.png){kind=logo}
