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All Journal International Journal of Quantitative Research and Modeling International Journal of Mathematics, Statistics, and Computing
Fernanda, Adeliya
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Computer Science & IT Decision Sciences, Operations Research & Management Engineering Environmental Science Mathematics Physics

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Journal : International Journal of Quantitative Research and Modeling

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The Influence of Capital Structure on Profitability: Panel Regression Analysis of Indonesian State-Owned Enterprises in the Energy and Mining Sector from 2019 to 2023 Putri, Najmah Rizqya Maliha; Fernanda, Adeliya
International Journal of Quantitative Research and Modeling Vol. 6 No. 3 (2025): International Journal of Quantitative Research and Modeling (IJQRM)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v6i3.1028

Abstract

Capital structure is an important factor in financial decision-making that can influence a company's profitability level. Indonesian state-owned enterprises (BUMN) in the energy and mining sector have high capital needs and significant exposure to external risks, making capital structure efficiency crucial. This study aims to analyze the impact of Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER) on Return on Equity (ROE) as a profitability indicator for Indonesian state-owned enterprises in the energy and mining sector in Indonesia during the period 2019–2023. This research uses six companies as samples, namely PT Aneka Tambang Tbk., PT Bukit Asam Tbk., PT Indonesia Asahan Aluminium, PT Pertamina (Persero), and PT Timah Tbk. The study employs a quantitative approach with a panel data regression method. Data was obtained from the annual financial statements of the company. The analysis process was conducted thoroughly using Eviews 12 software, including data processing, assumption testing, selection of the panel regression model, and final estimation. The results of the analysis indicate that the Random Effect Model is the most suitable approach. Simultaneously, DER and DAR have a significant effect on ROE. However, partially, only DER has a significant negative effect, while DAR is not significant. These findings indicate that the capital structure, specifically the proportion of debt to equity, plays an important role in determining the company's profitability. Therefore, optimal management of the financing structure becomes an important strategy for the company in maintaining long-term financial performance.
Actuarial Analysis of PNS Group III/D Pension Fund: Comparison of Projected Unit Credit and Individual Level Premium Methods Fernanda, Adeliya; Putri, Najmah Rizqya Maliha
International Journal of Quantitative Research and Modeling Vol. 6 No. 3 (2025): International Journal of Quantitative Research and Modeling (IJQRM)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v6i3.1026

Abstract

Indonesia’s Civil Servants (PNS) pension system uses a defined benefit scheme managed by PT Taspen (Persero). However, the scheme faces serious challenges such as increasing life expectancy, a growing number of retirees, and an imbalance in pension contributions and liabilities. Evaluation of the liability calculation method is important to ensure the sustainability of the system. This study aims to compare the Projected Unit Credit (PUC) and Individual Level Premium (ILP) methods in calculating the pension fund for PNS Group III/D. This research uses a quantitative approach through actuarial simulation of data on civil servants of Group III/D with the assumptions of salary, retirement age, and annual salary increase. The analysis is done by calculating Actuarial Liability and Normal Cost for each method. The results show that the PUC method produces a Normal Cost that increases with the age of participants, while ILP provides a fixed contribution even though it is larger at the beginning. Both Actuarial Liability values also increase as the retirement age approaches, but ILP tends to be higher at all ages. From the manager's perspective, ILP is more stable and planned, while PUC is lighter on participants at the beginning and takes into account salary increases. Therefore, the choice of method must consider the ability of the agency to pay contributions consistently and the expectations of participants to get decent retirement benefits. The results of this study are expected to be taken into consideration in improving a fairer and more sustainable pension system for PNS, especially Group III/D.
Co-Authors Putri, Najmah Rizqya Maliha