Beyond Resource Dependency The Protective-Economy Model for Institutional Resilience in Faith-Based Enterprises
Main Article Content
Abstract
Prologue: Faith-based educational institutions increasingly face financial and environmental uncertainties that threaten their operational sustainability. Despite the growing role of Islamic social finance and community-based economic initiatives, limited empirical research explains how religious institutions develop integrated economic strategies to withstand systemic shocks.
Objective: This study aims to conceptualize and empirically examine the protective economy as an institutional capability that strengthens resilience in faith-based organizations through the integration of Islamic social finance, circular economy practices, and strategic resource management.
Methods: The research employs an embedded single-case study design at Pondok Pesantren Mambaus Sholihin, East Java, Indonesia. Data were collected through 34 semi-structured interviews, analysis of audited financial statements over a five-year period (2019–2025), and direct field observation. The data were analyzed using reflexive thematic analysis and fuzzy-set Qualitative Comparative Analysis (fsQCA) to identify causal configurations that support institutional resilience.
Results/Findings: The findings demonstrate that the configuration of high income diversification, strong internal consumption loyalty, and adequate liquidity reserves enabled the institution to maintain uninterrupted service delivery during the COVID-19 pandemic and periods of commodity price volatility. Empirical indicators show that tuition dependence declined from 79% to 43%, liquidity reserves increased from 1.7 to 4.6 months of operational expenditure, waste-to-product conversion improved from 18% to 46%, and transparency scores rose from 72 to 88.
Contribution: This study extends Resource Dependence Theory by highlighting the mediating roles of behavioral loyalty and governance transparency in strengthening resilience within faith-based organizations. It also proposes a protective economy dashboard—comprising the financial autonomy ratio, diversification index, waste-to-product ratio, and institutional trust score—as a practical monitoring framework for policymakers, philanthropic investors, and Islamic social finance institutions.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
References
Abramson, Arthur J., S. Toepler, and M. Kim. Nonprofit Sector Recovery: Progress and Challenges Post-COVID-19. Center for Nonprofit and Philanthropic Studies, George Mason University, 2024.
Akerlof, George A., and Rachel E. Kranton. Identity Economics: How Our Identities Shape Our Work, Wages, and Well-Being. Princeton University Press, 2010.
Allen, Erica Illauna. “Financial Sustainability Strategies of Religious Nonprofit Organizations.” Walden University, 2020.
Andayani, Wuryan, E. G. Sukoharsono, M. N. Mukmin, and A. H. B. Abdul Aziz. “Assessing The Financial Sustainability of Micro-Waqf Banks: Insights from Indonesia.” Cogent Social Sciences 11, no. 1 (2025). https://doi.org/10.1080/23311886.2025.2488117.
Ariatin, Adrian, Wawan Dhewanto, and Oktofa Yudha. “Entrepreneurial Muslim Leadership in Islamic Cooperative Business Unit.” Journal of Islamic Accounting and Business Research 15, no. 3 (2023): 499–518.
Baharin. N, Siraj. S.A, Osman@Husin. A.Z, and Mohd Ariffin. Nd. “Enhancing the Sustainability of Waqf: A Thematic Review Exploration Across Financial, Social, and Environmental Governance Dimensions.” International Journal of Academic Research in Business and Social Sciences 15, no. 2 (February 2025): Pages 1301-1324. https://doi.org/10.6007/IJARBSS/v15-i2/24854.
Brasil, Camila Viana, A. A. Bressan, K. M. Vieira, and T. K. Matheis. “Financial Resilience, Financial Ignorance, and Their Impact on Well-Being During the COVID-19 Pandemic: Evidence from Brazil.” International Review of Economics 71, no. 2 (2024): 273–99. https://doi.org/10.1007/s12232-023-00443-6.
Braun, Virginia, and Victoria Clarke. “Using Thematic Analysis in Psychology.” Qualitative Research in Psychology 3, no. 2 (2006): 77–101. https://doi.org/10.1191/1478088706qp063oa.
Casasnovas, Guillermo, and Lisa Hehenberger. Inscribing Impact : Measurement Practices in the Making of Moral Markets. 2025. https://doi.org/10.1111/joms.13184.
Chi, Hsin-kuang, and Hai-thanh Phan. Revealing the Role of Corporate Social Responsibility , Service Quality , and Perceived Value in Determining Customer Loyalty : A Meta-Analysis Study. 2025.
Chun Guo, Grace, X. Chen, V. L. Christian, W. C. Zhou, A. F. Cortes, and S. M. Brown. “Innovation in Nonprofit Organizations in The Post-Pandemic Era: An Exploratory Study.” New England Journal of Entrepreneurship 28, no. 1 (2025): 25–40. https://doi.org/10.1108/NEJE-09-2024-0105.
Cook, Wade D., and Joe Zhu. Data Envelopment Analysis: Modeling Operational Processes and Measuring Productivity. 2008.
Delechat, Corinne. “Economic Diversification in Developing Countries.” Department Paper, no. 1 (2024). https://doi.org/10.5089/9798400240201.087.
Elmahgop, Faiza, F. Alsulami, M. G. A. Mohammed, S. Abdel-Gadir, and T. Elhassan. “The Socio-Economic Impacts of Waqf Investment Funds as A Model for Sustainable Financing in Saudi Arabia.” Sustainability 17, no. 9 (2025). https://doi.org/10.3390/su17093805.
Faisol, Mohammad, Muhammad Edy Thoyib, and M. Huda. “OPOP and Economic Resilience During Covid-19 Pandemic: Formulating the Prototype of Independent Pesantrenpreneurs.” IQTISHODUNA: Jurnal Ekonomi Islam 12, no. 1 (2023): 17–36. https://doi.org/10.54471/iqtishoduna.v12i1.2275.
Faiz, Ahmad, and Khudlari Thoha. Visionary Leadership and Dynamic Capabilities : Transforming Pesantren into a Social Enterprise. 9, no. 1 (2024): 46–62.
Grajek, Susan. “2024 EDUCAUSE Top 10: Institutional Resilience.” Preprint, EDUCAUSE, 2024.
Granovetter, Mark. “Economic Action and Social Structure: The Problem of Embeddedness.” American Journal of Sociology 91, no. 3 (1985): 481–510. https://doi.org/10.1086/228311.
Ibrahim, Azharsyah. “Indonesian Horizons in Islamic Finance: Navigating Risk, Innovation, and Social Impact.” Share: Jurnal Ekonomi Dan Keuangan Islam 13, no. 1 (2024): vi–xi. https://doi.org/10.22373/share.v13i1.24266.
Indonesia, Kementerian Agama Republik. Laporan Outlook Pesantren 2020–2022: Kondisi Sosial-Ekonomi, Ketahanan Lembaga, Dan Arah Kebijakan Nasional. Badan Penelitian dan Pengembangan dan Pendidikan dan Pelatihan, 2022.
Jamaluddin, Faridhah, N. M. Saleh, A. Abdullah, M. S. Hassan, N. Hamzah, R. Jaffar, S. A. Abdul Ghani Aziz, and Z. Embong. “Cooperative Governance and Cooperative Performance: A Systematic Literature Review.” SAGE Open 13, no. 3 (2023): 1–21. https://doi.org/10.1177/21582440231192944.
Kementerian PPN/Bappenas. “Peta Jalan dan Rencana Aksi Nasional Ekonomi Sirkular Indonesia 2025–2045.” Kementerian PPN/Bappenas, 2024.
Klafke, Renata, G. M. Pinto, and C. .. T. Picinin. “Loyalty in Cooperatives Through The Service-Dominant-Logic View.” Cooperativismo & Desarrollo 30, no. 124 (2022): 1–22. https://doi.org/10.16925/2382-4220.2022.03.07.
Laius, Anne, Rolf Saarna, and Merike Kont. “Secondary School Students’ Understanding of Circular Economy and Recycling at a Small Rural School.” Interdisciplinary Journal of Environmental and Science Education 20, no. 3 (2024). https://doi.org/10.29333/ijese/14620.
Miner-Romanoff, Karen. “Interpretive and Critical Phenomenological Crime Studies: A Model Design.” The Qualitative Report 17, no. 27 (2015): 1–32. https://doi.org/10.46743/2160-3715/2012.1756.
Mucheru, Victor Wamae. “Factors Affecting Financial Sustainability of Faith-Based Organizations in Kenya.” United States International University-Africa, 2020.
Muriithi, Joseph K., and Innocent O. Ngare. “Transitioning Circular Economy from Policy to Practice in Kenya.” Frontiers in Sustainability 4 (2023). https://doi.org/10.3389/frsus.2023.1190470.
Musa, Armiadi. “Towards a Modern Waqf Management Model: Optimizing the Utilization of Waqf Potential in Islamic Countries.” International Journal of Social Science, Humanity & Management Research 4, no. 4 (2025): 660–66. https://doi.org/10.58806/ijsshmr.2025.v4i4n08.
Musa, Emmanuel Ubandoma, and Adebayo Ola Afolaranmi. “Denominational Loyalty in The Cooperative Programme of the Nigerian Baptist Convention (2013–2023).” Eximia 13, no. 1 (2024): 250–59. https://doi.org/10.47577/eximia.v13i1.470.
Nowicki, Pawel, M. Ćwiklicki, P. Kafel, J. Niezgoda, and M. Wojnarowska. “The Circular Economy and Its Benefits for Pro-Environmental Companies.” Business Strategy and the Environment 32 (2023): 4584–99. https://doi.org/10.1002/bse.3382.
Nurhasanah, Elis, A. Z. Saeful Mubarok, Q. S. Az Zahra, and B. Z. Rahmat. “Developing Sustainable Islamic Boarding Schools: Analysis of One Pesantren One Product Program in Fostering Self-Sufficiency.” Penamas 37, no. 2 (2024): 236–48. https://doi.org/10.31330/penamas.v37i2.772.
OIEC. Christian Schools and The Futures of Education: A Contribution to UNESCO’s Futures of Education Commission. OIEC, 2020.
Pfeffer, Jeffer, and G. R. Salancik. The External Control of Organizations: A Resource Dependence Perspective. Stanford University Press, 2003.
Pfeffer, Jeffrey, and Gerald R. Salancik. The External Control of Organizations: A Resource Dependence Perspective. 2nd ed. Stanford University Press, 2003.
PPN/Bappenas, Kementerian. Peta Jalan Dan Rencana Aksi Nasional Ekonomi Sirkular Indonesia 2025–2045. Kementerian PPN/Bappenas, 2024.
Ragin, Charles. Fuzzy-set/Qualitative Comparative Analysis. University of Chicago Press, 2008.
———. Fuzzy-Set/Qualitative Comparative Analysis. University of Chicago Press, 2008.
Rahayu, Solihah Sari. “Measuring Productivity of Pesantren Cooperative Using Malmquist Index.” The Economic Review of Pesantren 2, no. 1 (2023). https://doi.org/10.58968/erp.v2i1.281.
Rahmasiwi, Amining. “The Acceptance of Biogas in Islamic Boarding School Surakarta.” Sustinere: Journal of Environment and Sustainability 8, no. 1 (2024): 54–67.
Rahmasiwi, R. Wahyuningsih, A. M. M. Nasoha, and S. P. Astuti. “The Acceptance of Biogas in Islamic Boarding Schools in Surakarta.” Sustinere: Journal of Environment and Sustainability 8, no. 1 (2024): 54–67. https://doi.org/10.22515/sustinere.jes.v8i1.368.
Ratnasari, Yulia, and Ralf Aschemann. “Study on Monitoring Indonesia’s Circular Economy: An Indicator System Proposal.” Journal of Circular Economy 2, no. 3 (2024): 1–48. https://doi.org/10.55845/RUTA7582.
Rusydiana, Aam Slamet, Raditya Sukmana, Nisful Laila, and Ririn Riani. Waqf Development Models for Sustainable Development Goals : An Analytic Network. 1, no. 1 (2025): 51–74.
Salonen, Anna, M. Zimmer, and J. Keränen. “Theory Development in Servitization Through The Application of fsQCA and Experiments.” International Journal of Operations & Production Management 41, no. 5 (2021): 746–69. https://doi.org/10.1108/IJOPM-08-2020-0537.
Salonen, Anna, Marcus Zimmer, and Joona Keränen. “Theory Development in Servitization through the Application of fsQCA and Experiments.” International Journal of Operations & Production Management 41, no. 5 (August 2021): 746–69. https://doi.org/10.1108/IJOPM-08-2020-0537.
Schugurensky, Daniel, and Tara Bartlett. Educating for Democracy: The Case for Participatory Budgeting in Schools. Edward Elgar, 2024. https://doi.org/10.4337/9781035302178.
Šergo, Zdravko, Jasmina Gržinić, and Anita Silvana Ilak Peršurić. “Testing Baumol’s Cost Disease in Tourism: Productivity, Prices, and Labor Costs in Selected EU Countries Amid COVID-19 and the Russo–Ukrainian War.” Sustainability 17, no. 14 (July 2025): 6651. https://doi.org/10.3390/su17146651.
Shah, Ritesh, J. Flemming, J. Chinnery, and G. Heaner. “Building Back Better? The Role of Education Sector Responses in Strengthening or Eroding Societal Resilience During The COVID-19 Pandemic.” Frontiers in Education 9 (2024). https://doi.org/10.3389/feduc.2024.1089422.
Sinervo, Lotta Maria, L. Bartocci, P. Lehtonen, and C. Ebdon. “Toward Sustainable Governance with Participatory Budgeting.” Journal of Public Budgeting, Accounting and Financial Management 36, no. 1 (2024): 1–19. https://doi.org/10.1108/JPBAFM-11-2023-0205.
Thoyib, Muhammad Edy, Agwin Degaf, Anton Abdul Fatah, and Miftahul Huda. “Religious Tolerance among Indonesian Islamic University Students: The Pesantren Connection.” Journal of Al-Tamaddun 19, no. 2 SE-Articles (December 2024): 239–50. https://doi.org/10.22452/JAT.vol19no2.16.
Vaughn, Kristofer Alan. “Financial Resilience of Nonprofits in the Postpandemic Future.” Walden University, 2024.
Waerder, Rebecca. “The Role of Nonprofit–Private Collaboration for Nonprofits’ Organizational Resilience.” VOLUNTAS: International Journal of Voluntary and Nonprofit Organizations 33, no. 4 (2021): 672–84.
Yin, Robert K. Case Study Research and Applications: Design and Methods. SAGE, 2018.
Young, Charlena, and Charlena Young. Financial Strategies Nonprofit Organizations Use for Sustainability Walden University This Is to Certify That the Doctoral Study By. 2024.
Zahirah, Sayyidah Yasmin, and Wirawan Suhaedi. Optimizing Financial Management and Reporting to Increase Accountability and Transparency in Islamic Boarding Schools. 11, no. 1 (2025): 25–44.