The Effect of Accountability and Transparency on Foundation Fund Management Effectiveness with Islamic Values as Moderator
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Effective management of foundation funds is essential for sustaining Islamic educational institutions, particularly where accountability, transparency, and Islamic values shape financial governance. However, empirical evidence on how these factors jointly influence the effectiveness of foundation fund management, particularly the moderating role of Islamic values, remains limited in Islamic educational foundations. This study examined the effects of accountability and transparency on the effectiveness of foundation fund management and investigated whether Islamic values moderated these relationships at the As'adiyah Foundation in Polewali Mandar Regency. A quantitative confirmatory design was employed using primary data collected through a five-point Likert-scale questionnaire. The population comprised 190 staff members across seven educational units, with 170 respondents selected using purposive sampling based on predefined involvement and experience criteria. Data were analyzed using covariance-based structural equation modeling with SmartPLS 4, including measurement-model assessment, construct validity and reliability testing, model-fit evaluation, and structural and moderation analysis. The results showed that accountability had a positive and significant effect on fund-management effectiveness (β = 0.570, t = 2.685, p = 0.008), whereas transparency had a significant negative effect (β = −0.488, t = 2.413, p = 0.017). Islamic values did not significantly moderate the effects of accountability (β = −0.091, t = 0.898, p = 0.370) or transparency (β = 0.175, t = 1.634, p = 0.104). However, Islamic values had a positive and highly significant direct effect on effectiveness (β = 0.782, t = 5.027, p < .001). The findings reinforce the relevance of Islamic values and accountability in foundation fund management and suggest that Islamic values may operate more strongly as a direct predictor than as a moderating mechanism.
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