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All Journal Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Jurnal Riset Akuntansi dan Keuangan Ilomata International Journal of Tax and Accounting
Rizal, Mohamad Nor
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Analysis of the Impact of Gross Split Production Sharing Contracts in the Upstream Oil and Gas Sector on State Revenue Rizal, Mohamad Nor; Murwani, Sri
Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Vol. 10 No. 1 (2025): Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijak
Publisher : Direktorat Jenderal Perbendaharaan, Kementerian Keuangan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33105/itrev.v10i1.1006

Abstract

Research Originality — Since 2017, Oil and Gas Cooperation Contract Contractors (KKKS) have had the option to use Gross Split (GS) Production Sharing Contracts (PSC) to manage oil and gas (migas) work areas (WK) as an alternative to the Cost Recovery (CR) PSC, which has been in place since the 1960s. However, despite its implementation since 2017, no research has specifically examined the impact of GS PSCs on state revenue. Most studies have instead focused on their effect on KKKS profitability. Research Objectives — This study aims to provide empirical evidence on the impact of GS PSC implementation in managing oil and gas WKs, particularly in relation to state revenue. Research Methods — The study employs a difference test and an impact test. The difference test utilizes data from six relatively similar WKs in 2018, while the impact test is conducted using data from 35 WKs over the period 2018–2022. Empirical Results — The findings indicate that state revenue from a WK decreases after transitioning to the gross split scheme. Additionally, gross split has a significant negative impact on state revenue. Other variables significantly and negatively affecting state revenue include operating costs, lifting, and selling prices. Conversely, contractor profit has a significant positive effect on state revenue. Implications — The results suggest that adopting gross split PSCs and/or increasing operating costs will reduce state revenue in the current year. Conversely, higher lifting volumes, selling prices, and contractor profits contribute to increased state revenue in the same period.
IMPLEMENTASI DATA ANALYTICS DENGAN ORANGE DATA MINING UNTUK PROYEKSI HARGA SAHAM (STUDI KASUS HARGA SAHAM PERBANKAN DI INDONESIA) Rizal, Mohamad Nor; Firmansyah, Sandi; Anggraeni, Ulfa; Paramartha, I Gede Yudi; Saputra, Acwin Hendra
Jurnal Riset Akuntansi & Keuangan Vol 10 No. 2 Tahun 2024
Publisher : UNIKA Santo Thomas

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The purpose of this research is to determine the accuracy of stock price predictions using analytical data using Orange Data Mining application based on the ARIMAX model. The research sample consists of banking stock in Indonesia, with codes BBCA, BBRI, BMRI, and BBNI, from Q1 2011 to Q2 2023. The four stocks were chosen due to their high valuations in Indonesia and are among the ten stocks with the largest valuations in the country. The best ARIMAX model was selected using statistical rules, and Orange application was used to test the model. Data from Q1 2011 to Q4 2022 was considered as training data, and predictions were made for Q1 and Q2 2023. The results showed high accuracy in stock price predictions with a consistently low MAPE value, which is always less than 10. This research suggests that investors can use Orange application for predicting stock prices based on analytical data.
The Influence of Tax Exclusion Policies and Other Factors on the Value of Dividends Paid by Public Companies in Indonesia Rizal, Mohamad Nor; Supriyadi; Fachrudin, Mohammad
Ilomata International Journal of Tax and Accounting Vol. 5 No. 1 (2024): January 2024
Publisher : Yayasan Ilomata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52728/ijtc.v5i1.1031

Abstract

This research aims to determine the effect of the dividend exclusion policy as a tax object as regulated in the Undang-Undang Cipta Kerja and its derivatives on dividends paid by companies. It is hoped that dividend payments can become a source of investment in Indonesia so that an increase in the amount of dividends paid will increase investment in Indonesia. This research also wants to know the effect of net profit, return on assets (ROA), free cash flow (FCF), and debt-to-equity ratio (DER) on the dividends paid by the company. The data used in the research is data from 2017 – 2022 which comes from 30 companies with the largest market capitalization on the IDX. The analysis was carried out using multiple linear regression on panel data using the Stata application version 16. Based on the research results, it is known that the policy of excluding dividends as a tax object does not have a significant effect on the dividends paid by companies. Meanwhile, net profit, ROA, and FCF have a significant and positive effect on the dividends paid by the company. DER is also known to have a significant and negative effect on the dividends paid by companies. The implication of this research is that to increase the dividends paid by the company, the policies implemented must be able to be utilized by the majority shareholders and there will be an increase in the company's net profit, ROA, and FCF as well as a decrease in DER.
Co-Authors Acwin Hendra Saputra, Acwin Hendra Anggraeni, Ulfa Fachrudin, Mohammad Paramartha, I Gede Yudi Sandi Firmansyah Sri Murwani Supriyadi