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SCIENCE ARTICLE
Harnessing intellectual capital for Islamic value-based
innovation: evidence from Indonesian halal industry SMEs
1
Management, Universitas Muhammadiyah Purwokerto, Indonesia
2
Management, Universiti Teknologi MARA, Malaysia
Submission date: 2025-12-07
Final revision date: 2026-02-23
Acceptance date: 2026-03-05
Online publication date: 2026-05-18
Publication date: 2026-05-15
Corresponding author
Management 2026;(1):409-441
KEYWORDS
JEL CLASSIFICATION CODES
O31
O34
L26
M10
TOPICS
ABSTRACT
Research background and purpose:
The halal industry is expanding rapidly, with small and medium-sized enterprises (SMEs) playing a central role in supporting Shariah-compliant economic development. As halal SMEs grow and compete in dynamic markets, innovation that reflects Islamic values becomes increasingly important. Intellectual capital is expected to shape how these firms develop innovation while remaining aligned with Shariah principles. This study examines how four components of intellectual capital (human, structural, relational, and spiritual capital) influence Islamic value-based innovation among halal industry SMEs in Indonesia.
Design/methodology/approach:
Data were collected from 207 SMEs operating within halal industry value chains in Indonesia. Partial least squares structural equation modelling (PLS–SEM) was employed to test the relationships between intellectual capital components and Islamic innovation. In addition, a measurement instrument for Shariah-aligned innovation was developed and validated. To strengthen the credibility of the findings, robustness checks were conducted by re-estimating the model without the dominant construct, and additional multi-group analyses were performed to assess the stability of relationships across different stages of business age.
Findings:
The findings show that structural, relational, and spiritual capital positively and significantly influence Islamic value-based innovation, while human capital, although positive, is not statistically significant in the full model. Spiritual capital emerges as the strongest driver, emphasizing the importance of ethical awareness and religious commitment. Robustness analyses indicate that these relationships remain stable across alternative model specifications and business age groups.
Value added and limitations:
This study provides several contributions to the literature on Islamic innovation by focusing on Indonesia, the world’s largest Muslim-majority country and an emerging hub for halal industry development. Intellectual capital, especially spiritual capital, supports Shariah-compliant innovation and strengthens the foundations of a resilient halal economy. The study also contributes a validated measurement tool for Islamic innovation that can be used in future research. However, the sample was limited to halal SMEs within selected regency, which may not fully represent the diversity of the broader halal SME population across Indonesia. Future studies could extend this research across different national contexts or adopt longitudinal designs to capture the dynamic evolution of Islamic value-based innovation.
The halal industry is expanding rapidly, with small and medium-sized enterprises (SMEs) playing a central role in supporting Shariah-compliant economic development. As halal SMEs grow and compete in dynamic markets, innovation that reflects Islamic values becomes increasingly important. Intellectual capital is expected to shape how these firms develop innovation while remaining aligned with Shariah principles. This study examines how four components of intellectual capital (human, structural, relational, and spiritual capital) influence Islamic value-based innovation among halal industry SMEs in Indonesia.
Design/methodology/approach:
Data were collected from 207 SMEs operating within halal industry value chains in Indonesia. Partial least squares structural equation modelling (PLS–SEM) was employed to test the relationships between intellectual capital components and Islamic innovation. In addition, a measurement instrument for Shariah-aligned innovation was developed and validated. To strengthen the credibility of the findings, robustness checks were conducted by re-estimating the model without the dominant construct, and additional multi-group analyses were performed to assess the stability of relationships across different stages of business age.
Findings:
The findings show that structural, relational, and spiritual capital positively and significantly influence Islamic value-based innovation, while human capital, although positive, is not statistically significant in the full model. Spiritual capital emerges as the strongest driver, emphasizing the importance of ethical awareness and religious commitment. Robustness analyses indicate that these relationships remain stable across alternative model specifications and business age groups.
Value added and limitations:
This study provides several contributions to the literature on Islamic innovation by focusing on Indonesia, the world’s largest Muslim-majority country and an emerging hub for halal industry development. Intellectual capital, especially spiritual capital, supports Shariah-compliant innovation and strengthens the foundations of a resilient halal economy. The study also contributes a validated measurement tool for Islamic innovation that can be used in future research. However, the sample was limited to halal SMEs within selected regency, which may not fully represent the diversity of the broader halal SME population across Indonesia. Future studies could extend this research across different national contexts or adopt longitudinal designs to capture the dynamic evolution of Islamic value-based innovation.
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