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All Journal Journal of Regional Economics Indonesia Global Economic, Social, and Development Review (GESDR)
Ramadhan, Ahmad Fajar
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Economics, Econometrics & Finance Social Sciences

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Does Capital Structure Adjustment Improve Bank Profitability? Evidence from Dynamic Panel Models of Indonesian State-Owned Banks Ramadhan, Ahmad Fajar; Bayu, Felix Fisabilillah; Wibowo, Wisnu
Journal of Regional Economics Indonesia Vol. 7 No. 1 (2026): February 2026
Publisher : University Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jrei.v7i1.16917

Abstract

This study examines the effect of capital restructuring on the profitability of Indonesian state-owned banks. Profitability is measured using Return on Assets (ROA), while capital restructuring is represented by the Debt-to-Equity Ratio (DER) and Capital Adequacy Ratio (CAR). Non-performing loans (NPL) and operating expenses to operating income (BOPO) are included as control variables. The study uses panel data from four Indonesian state-owned banks—Bank Rakyat Indonesia, Bank Negara Indonesia, Bank Tabungan Negara, and Bank Mandiri—over the period 2019–2023. The analysis employs both static and dynamic panel regression methods, including Pooled Least Squares (PLS), Fixed Effects Model (FEM), Random Effects Model (REM), Difference GMM, and System GMM. The results indicate that operational efficiency, represented by BOPO, consistently has a negative and significant effect on bank profitability. The System GMM estimation suggests that capital restructuring variables significantly influence profitability. These findings highlight the importance of efficient cost management and sound capital structure policies in improving the financial performance of state-owned banks.
Economic Growth in Indonesia during the COVID-19 Pandemic: Exports, Domestic Investment, and Government Expenditure: English Beon, Julius Innosensius; Ramadhan, Ahmad Fajar; Listia, Listia; Afini, Nur
Global Economic, Social, and Development Review Vol. 30 No. 1 (2026): Global Economic, Social, and Development Review (GESDR) (in press)
Publisher : Economics Departement, Faculty of Business and Economics, Universitas Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24123/gesdr.v30i1.8674

Abstract

This study examines the impact of exports, domestic investment, and government expenditure on economic growth in Indonesia during the COVID-19 period (2020–2023). Using balanced panel data from 33 provinces, the analysis applies a Fixed Effects Model with Driscoll–Kraay standard errors to address heteroscedasticity, autocorrelation, and cross-sectional dependence. The results indicate that domestic investment and government expenditure have a positive and statistically significant effect on Gross Domestic Product (GDP), highlighting their critical role in supporting economic resilience during periods of crisis. Exports also exhibit a positive effect, although with weaker statistical significance, reflecting their vulnerability to global demand fluctuations and external shocks. In contrast, the COVID-19 pandemic has had a significant negative impact on economic growth, confirming the extent of economic disruption caused by the crisis. These findings underscore the importance of strengthening domestic economic drivers, particularly through investment promotion and effective fiscal policy, while reducing overreliance on external trade. Methodologically, this study contributes by employing a robust panel data approach that improves the reliability of estimation under complex data conditions. Overall, the study provides policy-relevant insights for enhancing economic stability and promoting sustainable recovery in the post-pandemic period.
Co-Authors Afini, Nur Bayu, Felix Fisabilillah Beon, Julius Innosensius Listia, Listia Wibowo, Wisnu