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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 Najmah Rizqya Maliha Putri; Adeliya Fernanda
International Journal of Quantitative Research and Modeling Vol. 6 No. 3 (2025): International Journal of Quantitative Research and Modeling
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.
Perbandingan Hasil Peramalan XGBoost Tanpa Dan Dengan Optimisasi Hyperparameter Menggunakan Whale Optimization Algorithm Berbasis Recursive Feature Elimination with Cross-Validation (Studi Kasus: Data Curah Hujan Dasarian Kabupaten Pati) Adeliya Fernanda; Herlina Napitupulu; Nurul Gusriani
BULLET : Jurnal Multidisiplin Ilmu Vol. 5 No. 3 (2026): BULLET : Jurnal Multidisiplin Ilmu (INPRESS)
Publisher : CV. Multi Kreasi Media

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Pati Regency is one of Indonesia's major salt-producing regions, where production remains highly dependent on rainfall conditions. The wet dry-season phenomenon has increased uncertainty in production schedules, highlighting the need for accurate rainfall forecasting. This study aims to identify the most influential features, compare the performance of XGBoost models with and without hyperparameter optimization using the Whale Optimization Algorithm (WOA), and forecast ten-day rainfall in Pati Regency for the next six periods. The research began with feature engineering on historical ten-day rainfall data, followed by feature selection using Recursive Feature Elimination with Cross-Validation (RFECV). The selected features were used to develop both the baseline XGBoost model and the WOA-optimized XGBoost model. Model performance was evaluated using the Root Mean Square Error (RMSE). The optimal feature subset consisted of 12 features: lag 1, lag 2, lag 3, lag 5, lag 6, rolling mean 3, rolling mean 6, rolling standard deviation 6, rolling mean 9, rolling mean 18, rolling standard deviation 18, and the dasarian sine feature. The optimized XGBoost-WOA model achieved a lower RMSE (44.37) than the baseline XGBoost model (50.12). Forecasted rainfall for the next six ten-day periods was 12.65, 32.77, 33.23, 42.66, 48.25, and 48.25 mm per ten-day period, indicating that dry-season conditions remain favorable for salt production despite increasing rainfall toward the end of the forecast horizon. Therefore, XGBoost-WOA provides a promising alternative for ten-day rainfall forecasting to support salt production planning in Pati Regency.