Lived Experiences of Muslim Entrepreneurs in Practicing Barakah-Based Business: A Phenomenological Study in Pesantren Communities

Abstract

Corporate governance research has increasingly recognized the importance of leadership behavior and ethical decision-making in shaping organizational outcomes. However, little is known about how corporate directors experience and interpret stakeholder pressure during organizational crises, particularly within culturally complex environments such as Southeast Asia. Despite extensive literature on governance structures and strategies, existing studies have largely overlooked the subjective, emotional, and interpretative dimensions of high-level decision-making. This study, titled “Lived Experiences of Corporate Directors Under Stakeholder Pressure: A Phenomenological Study in Southeast Asia”, addresses this gap by asking: How do corporate directors make sense of stakeholder tensions during times of crisis? Using an interpretative phenomenological approach, the study explores the lived experiences of twelve directors from Southeast Asia to understand how they construct meaning from such pressures. Data were collected through in-depth semi-structured interviews and analyzed using interpretative phenomenological analysis (IPA), which revealed four key themes: moral accountability, conflicting stakeholder demands, strategic introspection, and emotional isolation. These findings highlight that decision-making processes are shaped not only by institutional demands but also by internal value systems, cultural expectations, and personal leadership identities. The phenomenological lens allowed for a deep exploration of the emotional and ethical dimensions embedded in governance during crisis moments. This study advances our understanding of corporate governance as a human-centered practice and emphasizes the need for leadership development strategies that are sensitive to cultural contexts and personal meaning-making processes. Practically, the findings provide valuable insights for boards and leadership trainers to design governance practices and development programs that account for emotional resilience, ethical reflection, and culturally grounded decision-making. Moreover, by explicitly focusing on Southeast Asian directors operating in diverse socio-cultural landscapes, this research offers contextually rich perspectives that contribute to a more globally inclusive governance discourse.