Waqf Productive Efficiency: Evidence from Yayasan Badan Wakaf Sultan Agung, Semarang

摘要

This research is aimed to gain understanding of the influence of production factors, namely, capital, workforce and waqf assets, on the output (revenues) of waqf assets' productivity by using the Cobb-Douglas production function. The research object is focused on Yayasan Badan Wakaf Sultan Agung (YBWSA) Semarang, which has been serving in managing waqf assets productively in the education and healthcare sectors since 1950. This research used primary data from interview and secondary data from monthly financial statements in the 2010-2012 period. This research was conducted using quantitative analysis technique through a double linear regression model modified from the Cobb-Douglas function equation. Furthermore, in order to obtain inter-variable partial and simultaneous correlation, t-test and F-test were conducted. Tests result show that production factors, partially and simultaneously, have insignificant correlation to output (revenues) of waqf assets. On the other hand, output production scale of YBWSA is classified as decreasing return to scale.