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"Industri pertambangan batubara adalah jenis industri yang membutuhkan modal besar dan memiliki risiko tinggi, sehingga penting untuk memperhatikan keberlangsungan pengusahaan sektor ini terutama dalam sarana permodalan usaha. Salah satu cara mendapatkan permodalan bagi keberlangsungan perusahaan tambang batu bara adalah melalui pasar modal. Minat investor untuk menanamkan modalnya di sektor tambang batu bara sangat ditentukan naik turunya harga saham sektor tambang batu bara. Penelitian ini bertujuan menganalisis pengaruh harga batubara terhadap harga saham sektor pertambangan batubara. Dengan menggunakan data sekunder runtun waktu dari periode Januari 2012 hingga Desember 2022 dan menerapkan metode Vector Error Correction Model (VECM),  penelitian ini menunjukkan bahwa harga batubara berpengaruh positif signifikan terhadap Harga Saham Sektor Pertambangan Batubara di Indonesia.  Lebih lanjut, penelitian ini juga menunjukkan bahwa pengaruh harga batubara memberikan kontribusi terbesar terhadap Harga Saham Sektor Pertambangan Batubara yaitu sebesar 27,56%. Sementara kontribusi pengaruh suku bunga, kurs, dan inflasi terhadap harga saham masing-masing adalah sebesar 22,09%, 21,65%, dan 17,97%.

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Coal mining is a type of industry that requires huge capital and carries high risks, so it is essential to pay attention to the sustainability of this sector, particularly the business capital. One way to obtain funding capital for the sustainability of coal mining companies is through the capital market. The ups and downs of stock prices determine the interest of investors in the coal mining sector. This study aims to analyze the effect of coal prices on stock prices in this sector. By using secondary data from January 2012 until December 2022 and applying the Vector Error Correction Model (VECM) method, this study shows that coal price has a significant positive correlation to stock prices for the coal mining sector in Indonesia. Furthermore, this study also shows that the effect of coal prices makes the largest contribution to the stock price of the coal mining sector, which is equal to 27.56%. Meanwhile, the contributions of interest rates, exchange rates, and inflation on stock prices were 22.09%, 21.65%, and 17.97%, respectively."

"ABSTRAKIndustri pertambangan batubara menjadi pendukung pembangunan nasional melalui perannya sebagai penyumbang lebih dari 12 persen nilai ekspor Indonesia. Peran dan keberlangsungannya rentan terhadap volatilitas harga komoditas dan perkembangan ekonomi global. Penelitian ini bertujuan menganalisis volatilitas harga batubara selama periode 2009 ndash; 2014 serta dampaknya terhadap kinerja ekspor batubara Indonesia. Dengan menggunakan model ARCH/GARCH volatilitas harga batubara acuan HBA bervariasi antar waktu time varying dan rata-rata dibawah volatilitas harga minyak Indonesian Crude Price ICP . Analisis dengan metode Error Correction Model ECM menunjukkan bahwa volatilitas HBA berpengaruh positif terhadap kinerja ekspor dengan penyesuaian keseimbangan pada periode berikutnya. Volatilitas ICP cenderung berdampak negatif terhadap kinerja ekspor sesuai perannya sebagai faktor produksi batubara.

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ABSTRACTCoal mining industry supporting national development through its role as a contributor to more than 12 percent of Indonesia 39 s export value. The role and sustainability are vulnerable to commodity price volatility and global economic developments. This study aims to analyze coal prices volatility during period 2009 to 2014 and its impact on Indonesian coal exports performance. Analyze using GARCH model shows that reference coal price HBA volatility varies over time and below Indonesian Crude Price ICP volatility. Error Correction Model ECM analysis shows HBA volatility has positive effect on export performance with balance adjustment in the next period. ICP volatility tends to negatively impact on export performance according to the role as a coal production factor."

"Tujuan penelitian ini adalah untuk mengetahui pengaruh harga properti terhadap indeks harga saham di Indonesia pada periode 2007 hingga 2011. Penelitian ini dilakukan karena pada penelitian sejenis yang dilakukan sebelumnya menghasilkan bahwa harga properti di Hong Kong maupun di Singapura berpengaruh terhadap indeks harga saham masing-masing negara tersebut, serta perkembangan bisnis properti di Indonesia yang dinilai menjanjikan dan terus meningkat. Metode penelitian pada penelitian ini menggunakan model Fama- Gibbons. Hasil penelitian menunjukkan bahwa harga properti mempengaruhi perubahan pada IHSG. Di sisi lain, tingkat laju inflasi sebagai variabel kontrol diketahui tidak memiliki pengaruh terhadap perubahan IHSG.

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The objective of this study is to analyze the impact of property prices on stock prices indices in Indonesia within the period of 2007 until 2011. The research was conducted based on prior researches resulted that property prices in Hong Kong and Singapore affected to its stock price indices, as well as the development of the property business in Indonesia is promising and rising. The methodology for this study is the Fama-Gibbons model. The result indicated that the property prices have an impact to the change of Jakarta Composite Index (JCI). On the other hand, the inflation rate as the control variable has no impact to the change of JCI."

"Pemerintah Indonesia mengeluarkan undang-undang Pertambangan yang baru No.4 tahun 2009, Undang-undang Pertambangan Mineral dan Batubara (UU Minerba) di tanggal 12 Januari 2009. Undang-undang yang baru tersebut untuk mengganti Undang-undang Pertambangan No. 11 tahun 1967 tentang Ketentuan-ketentuan Pokok Pertambangan yang dianggap tidak lagi sesuai dengan perkembangan praktek Pertambangan di dalam negeri dan luar negeri. Pasal 169 dari UU Minerba yang baru, menyebutkan bahwa semua Kontrak Karya Pertambangan Batubara (PKP2B) harus mengikuti perubahan regulasi pertambangan yang baru dalam waktu satu tahun semenjak UU Minerba yang baru diundangkan. Mengacu kepada pasal tersebut, Pemerintah selanjutnya meminta negosisasi ulang PKP2B sehingga ketentuan-ketentuan dalam UU Minerba yang baru diakomodasi kedalam semua PKP2B. Setelah memerlukan waktu bertahun-tahun dalam proses negoisasi ulang PKP2B, Pemerintah Indonesia berhasil menerapkan amandement tersebut terhadapa semua PKP2B yang ada mulai 1 Januari 2018. Terdapat 6 isu strategis yang timbul selama proses negosiasi ulang tersebut, yaitu pertama, lisensi operasi tambang batubara yang berkaitan dengan keberlangsungan usaha pertambanganan batubara setelah konsensi PKP2B berakhir; kedua, kewajiban untuk pemrosesan barang tambang didalam negeri; ketiga, kewajiban untuk melakukan pembelian dalam negeri untuk material dan jasa; keempat, kewajiban divestasi yang sesuai dengan jumlah tahun operasi; kelima, luasan area konsesi mengikuti UU Minerba yang baru; keenam, penerimaan Negara dimana UU Minerba yang baru menyatakan PKP2B harus mengikuti peraturan Pajak yang sedang berlaku dengan segala konsekwensinya. Studi ini melakukan pengujian untuk melihat bilamana amandemen kontrak karya memiliki pengaruh yang merugikan terhadap performa Keuangan perusahaan-perusahan tambang barubara. Studi ini membanding performa Keuangan perusahaan-perusahaan tersebut untuk periode 3 tahun sebelum dan 2 tahun setelah amendmen tersebut diberlakukan. Mengambil sampel Perusahaan-perusahaan yang terdaftar di bursa effek Jakarta untuk dianalisa performa keuangannya selama 5 tahun terakhir dari 2015 hingga 2019. Kesimpulan dari studi ini menunjukkan bagaimana perusahaan-perusahaan tambang batubara merespon atas perubahan kebijakan Pemerintah tersebut dan selanjutnya memberikan saran kepada Pemerintah dalam melakukan perubahan kebijakan.

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Government Indonesia issued new mining law No. 4 tahun 2009, Undang-undang Pertambangan Mineral dan Batubara (UU Minerba) on 12 January 2009. This new mining law is to overrule Undang-undang Pertambangan No. 11 Year 1967 about Ketentuan-ketentuan Pokok Pertambangan which was considered no longer compatible with development of mining practices both domestic and international. Article 169 of new UU Minerba, cites that any existing Coal Contract of Work (CCoW) has to follow the new mining regulation within one year after UU Minerba issuance date. By referring to the article Government then called out for CCoW renegotiation so clauses in new UU Minerba accommodated into all CCoW. After taking several years in CCoW renegotiation, Government Indonesia has managed to impose the amendment to all CCoW by 1 January 2018. There are six strategic issues called out during the renegotiation consist of 1st. mining operation license which dealing with business continuity after CCoW period expired, 2nd. Domestic processing obligation to where Coal mining company has to establish coal processing in country, 3rd. Domestic purchase obligation for material and services, 4th. Percentage divestment obligation to fulfil according years of operation, 5th. Size of area concession where coal mining company only allow much lesser area concession for mining operation, 6th. State revenue under new UU Minerba required to follow prevailing tax law and its consequences. This study is to examine whether the amendment has significant unfavourable impact toward coal mining companies’ performance. The study compares their financial performance for the period of 3 years before and 2 years after coal contract of work applied. Taking sample from coal mining companies listed in Jakarta stock exchange to analysis financial performance for the period from 2015 to 2019. The finding from this study shows how coal industry responding the change in government regulation and further provides suggestion to Government in changing regulation. "

"ABSTRAKPenelitian ini dilakukan untuk melihat hubungan jangka pendek dan jangka panjang harga emas dunia dan harga minyak mentah dunia terhadap Indeks Harga Saham Gabungan(IHSG) pada 8 negara di Asia. Pada awalnya dilakukan uji stasioneritas pada data IHSG, harga minyak mentah dunia dan harga emas dunia dengan periode 19 tahun yaitu dari1999 hingga 2018. Setelah itu, uji regresi dilakukan dengan menggunakan metode ARDL untuk melihat pengaruh dari pergerakan harga minyak mentah dunia dan harga emasdunia terhadap pergerakan IHSG di 8 negara di Asia. Hasil penelitian menunjukan terdapat kointegrasi pada negara China, Filipina, Indonesia, Korea, Malaysia, Singapuradan Thailand. Berdasarkan hasil uji jangka panjang ditemukan bahwa terdapat hubungan positif jangka panjang signifikan antar harga emas dunia terhadap indeks pada negara China, Filipina, Indonesia, Korea, Malaysia, Singapura dan Thailand. Selanjutnya, terdapat hubungan negatif signifikan jangka panjang atara harga minyak mentah dunia dan indeks harga saham gabungan pada negara Thailand dan Indonesia. Hasil uji jangka pendek menunjukan terdapat hubungan positif signifikan antar harga minyak mentah dunia dan indeks harga saham gabungan pada negara Filipina, Korea, Malaysia, Singapura dan Thailand. Selanjutnya, ditemukan hubungan positif signifikan jangka.

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ABSTRACTThis study was conducted to see the long term and short term influence of crude oil prices and gold prices rate movement on the movement of Composite Stock Price Index (IHSG) and its significance in eight Asian Countries such as China, Indonesia, India, Korea, Malaysia, Philippines, Singapore and Thailand. Initially, stationary test was conducted on gold price, crude oil price and IHSG of Asian countries with a period of 19 years, ie from 1999 to 2018. After that, regression test was done by using ARDL method to see the effect of gold price and crude oil movement on the movement of IHSG of eight Asian countries. First of all, a cointegration test using F-Bound Test is conducted and resulted of cointegration in seven out of eight countries where India has no cointegration. Based on the long term test, it is found that there is a significant positive relationship betweengold and indices of China, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand. Furthermore, we found that there is a significant negative long termrelationship between crude oil prices and Indonesia and Thailand Indicies. Based on the short term test, it is found that there is a significant positive relationship between crude oil and Korea, Malaysia, Philippines and Singapore indices. Furthermore, it is found that there is a positive significant relationship between gold prices and Philippines and Thailand Indices."

"Berbagai model prediksi kebangkrutan telah digunakan untuk mengukur pergerakan harga saham dan sekaligus kinerja perusahan. Penelitian ini bertujuan untuk mengeksploitasi secara empiris kegunaan model olhson, Almant Modification, Grover, Springate, dan Zmijewski dalam memprediksi kebangkrutan terhadap harga saham perusahaan pertambangan batubara di Indonesia. Teknik analisis yang dipergunakan oleh penelitian ini ialah teknik regresi panel. Hasil penelitian ini menemukan bukti bahwa model prediksi ohlson dan modifikasi ALmant merupakan model prediksi dominan yang mempengaruhi harga saham perusahaan batubara di Indonesia. Hal ini megindikasikan bahwa model prediksi kebangkrutan dapat digunakan untuk memprediksikan pergerakan harga saham dan sekaligus kinerja keuangan industri batubara di Indonesia."

"Tujuan dari penelitian ini adalah untuk memberikan bukti empiris mengenai pengaruh variabel makro ekonomi, yaitu: kurs USD/IDR, tingkat suku bunga, inflasi dan variabel mikro ekonomi, yaitu: Volume Perdagangan, Price Earning Ratio (PER) dan Debt to Equity Ratio (DER) dari indeks harga saham gabungan dan indeks saham sektoral terhadap harga saham. Metode penelitian yang digunakan dalam menganalisis pengaruh variabelvariabel di atas adalah ARCH/GARCH. Data yang dibutuhkan dalam penelitian ini didapat dari Bank Indonesia dan Bursa Efek Indonesia. Hasil penelitian ini menunjukkan bahwa kurs USD/IDR, tingkat suku bunga, inflasi, Debt Equity Ratio berpengaruh negatif terhadap indeks harga saham Gabungan dan mayoritas indeks saham sektoral di Bursa Efek Indonesia. Sedangkan untuk variabel volume perdagangan dan price earning ratio (PER) memiliki pengaruh yang positif terhadap Indeks Harga Saham Gabungan dan mayoritas Indeks Saham Sektoral.

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The purpose of this research is to provide evidence on the impacts of macro economics variables, namely USD/IDR exchange rate, interest rate, inflation, and micro economics variable such as: Trading Volume, Price Earning Ratio (PER), and Debt to Equity Ratio (DER) of the Composite Index Stock and The Sectoral Index Stocks on a stock price.

The research methodology used in analyzing the above mentioned variables are ARCH/GARCH. The source of data for this research is from Bank Indonesia and the Indonesia Stock Exchange.

The result of this research showed that USD/IDR exchange rate, interest rate, inflation, Debt to Equity Ratio have negative impacts on the Composite Index Stock Prices and Sectoral Index Stock Prices. While the Trading Volume and Price Earning Ratio has a positive impacts on the Composite Index Stock Prices and the Sectoral Index Stock Prices."

"Berdasarkan fakta, fluktuasi harga minyak akan selalu diiringi dengan fluktuasi harga gas dan harga batubara. Hal ini menjadi bahan pertanyaan apakah dalam jangka panjang harga ketiga komoditas ini selalu akan berada dalam keseimbangan. Jika berada dalam keseimbangan, bagaimana pengaruh harga minyak terhadap harga gas dan harga batubara.Untuk mengetahui hubungan jangka panjang antara ketiga komoditas ini, dianalisis dengan metode kointegrasi serta persamaan jangka panjang antara harga gas dengan harga minyak dan harga batubara dengan harga minyak.Hasil penelitian ini raenunjukan terdapat kointegrasi antara harga gas dengan harga minyak serta harga batubara dengan harga minyak, hal ini menunjukan dalam jangka panjang ketiga komoditas ini selalu dalam keseimbangan.Dari persamaan jangka panjang, perubahan kenaikan harga minyak 1% akan berpengaruh terhadap kenaikan harga gas sebesar 0,85% dan kenaikan harga batubara sebesar 0,54%. Hal tersebut juga menunjukan bahwa gas dibandingkan dengan batubara lebih bersifat substitusi terhadap minyak.

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Based on fact, oil price fluctuations always are followed by the fluctuations of gas price and coal price. These are subjected to questions will be these commodities always in equilibrium in the long run. If in the equilibrium, how does oil price effect to gas price and coal price.

In the long run, to answer these relationships among these commodities are used cointegration methods and long run equations both gas price with oil price, and coal price with oil price.

This studies is resulting the cointegration both gas price with oil price and coal price with oil price. These results show that in the long run, these commodities always be in the equilibrium.

From the long run equations, the change of increasing oil price 1% will affect to increasing gas price 0,85% and increasing coal price 0,54%. These results show that gas closer substitute to oil than coal."

"[ABSTRAKLahirnya harga patokan batubara (HPB) merupakan sebuah kebijakan yang penting dalam rangka menata kembali manfaat yang optimal dalam pengelolaan batubara di Indonesia. Indonesia memiliki sumberdaya dan cadangan yang cukup besar, yaitu cadangan saat ini sekitar 41 miliar ton. Sedangkan produksi tahun lalu sudah mencapai sekitar 450 juta ton sehingga telah menjadi negara pengekspor batubara no.1 di dunia. Oleh karena itu HPB merupakan sebuah kebijakan yang diharapkan dapat menguntungkan beberapa pihak. Pihak pelaku baik produsen dan konsumen telah memiliki alat bantu yang cukup jelas dalam penentuan harga batubara baik untuk harga spot atau kontrak. Sedangkan bagi pemerintah, tentu saja salah satu pusat perhatiannya adalah ketentuan harga untuk penetapan penerimaan negara semakin jelas dan transparan. Oleh karena itu penelitian ini perlu dilakukan untuk mengkaji keefektifan perhitungan harga patok batubara yang telah ditetapkan oleh Kementrian ESDM melalui Peraturan Direktur Jenderal Mineral dan Batubara.Selain itu penelitian ini dilakukan guna memberikan manfaat terhadap perusahaan tambang batubara untuk bagaimana melakukan aktivitas kegiatannya agar dapat tetap bertahan di dalam menghadapi dan mengantisipasi perubahan harga batubara yang fluktuatif dan semakin cenderung menurun. Penelitian ini menggunakan data amatan perusahaan energi yang beroperasi di salah satu area tambang di Indonesia. Penelitian ini diharapkan dapat menghasilkan suatu model perhitungan untuk menentukan keefektifan dan kelayakan keekonomiannya dalam usaha pertambangan batubara. Model perhitungan dan analisa dalam penelitian ini juga bertujuan memberikan gambaran pengaruh penetapan harga jual batubara terhadap eksistensi perusahaan tambang batubara pemegang IUP atau PKP2B sumberdaya alam batubara di wilayah Indonesia pada khususnya.

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ABSTRACTThe emergence of reference price (HPB) is an important policy in order to reorganize the optimum benefit in the management of coal in Indonesia. Indonesia has the resources and reserves are large enough, the current reserves of about 41 billion tons. While last year's production has reached about 450 million tons that has become the no.1 coal exporting country in the world. Therefore HPB is a policy that is expected to benefit some parties. The offender both producers and consumers have had a fairly clear tools in determining the price of coal is good for spot prices or contracts. As for the government, of course, one of the central concern is the conditions for the establishment of state revenues increasingly clear and transparent. Therefore this research should be conducted to assess the effectiveness of stakes coal price calculation set by the Ministry of Energy through the Director General of Mineral and Coal.In addition, research is conducted for the benefit of the coal mining companies to how to perform their activities in order to survive in the face and anticipate changes in coal price fluctuations and increasingly cenderun decreased. This study uses data observations energy company that operates in one area of ​​the mine in Indonesia. This research is expected to produce a model of computation to determine the effectiveness and economical feasibility in the coal mining business. Model calculations and analysis in this study also aims to provide an overview influence setting the selling price of coal on the existence of a coal mining company IUP holder or PKP2B natural resources of coal in Indonesia in particular. ;he emergence of reference price (HPB) is an important policy in order to reorganize the optimum benefit in the management of coal in Indonesia. Indonesia has the resources and reserves are large enough, the current reserves of about 41 billion tons. While last year's production has reached about 450 million tons that has become the no.1 coal exporting country in the world. Therefore HPB is a policy that is expected to benefit some parties. The offender both producers and consumers have had a fairly clear tools in determining the price of coal is good for spot prices or contracts. As for the government, of course, one of the central concern is the conditions for the establishment of state revenues increasingly clear and transparent. Therefore this research should be conducted to assess the effectiveness of stakes coal price calculation set by the Ministry of Energy through the Director General of Mineral and Coal.In addition, research is conducted for the benefit of the coal mining companies to how to perform their activities in order to survive in the face and anticipate changes in coal price fluctuations and increasingly cenderun decreased. This study uses data observations energy company that operates in one area of ​​the mine in Indonesia. This research is expected to produce a model of computation to determine the effectiveness and economical feasibility in the coal mining business. Model calculations and analysis in this study also aims to provide an overview influence setting the selling price of coal on the existence of a coal mining company IUP holder or PKP2B natural resources of coal in Indonesia in particular. , he emergence of reference price (HPB) is an important policy in order to reorganize the optimum benefit in the management of coal in Indonesia. Indonesia has the resources and reserves are large enough, the current reserves of about 41 billion tons. While last year's production has reached about 450 million tons that has become the no.1 coal exporting country in the world. Therefore HPB is a policy that is expected to benefit some parties. The offender both producers and consumers have had a fairly clear tools in determining the price of coal is good for spot prices or contracts. As for the government, of course, one of the central concern is the conditions for the establishment of state revenues increasingly clear and transparent. Therefore this research should be conducted to assess the effectiveness of stakes coal price calculation set by the Ministry of Energy through the Director General of Mineral and Coal.In addition, research is conducted for the benefit of the coal mining companies to how to perform their activities in order to survive in the face and anticipate changes in coal price fluctuations and increasingly cenderun decreased. This study uses data observations energy company that operates in one area of ​​the mine in Indonesia. This research is expected to produce a model of computation to determine the effectiveness and economical feasibility in the coal mining business. Model calculations and analysis in this study also aims to provide an overview influence setting the selling price of coal on the existence of a coal mining company IUP holder or PKP2B natural resources of coal in Indonesia in particular. ]"

"Konteks reformasi regulasi secara tepat menjadi penting untuk menunjang agendareformasi birokrasi di Indonesia. Eksistensi regulasi di Indonesia saat ini tidak terlepasdari isu tumpang tindih yang tidak menjamin kepastian hukum terutama di sektorpertambangan, mineral, dan batu bara. Adapun hal ini dapat dibenahi melalui strategireformasi regulasi sebagai upaya dalam mencapai tujuan nasional. Maka dari itu, skripsiini bertujuan untuk menganalisis regulatory reform pada sektor pertambangan, mineraldan batubara di Indonesia menggunakan konsep Modern Mining Code yangdikembangkan oleh Nguyen, Boruff & Tonts (2019). Penelitian ini menggunakanparadigma post-positivist dengan teknik pengumpulan data yang dilakukan melaluiwawancara mendalam dan studi kepustakaan. Temuan penelitian menunjukkan bahwaregulatory reform pada sektor pertambangan, mineral, dan batubara telah memberikanbeberapa manfaat mengenai kepastian investasi, hukum, dan simplifikasi permasalahanyang ada sebelumnya. Hasil penelitian menunjukkan hanya terdapat 5 indikator yangtidak sesuai dengan regulatory reform perspektif modern mining code yaitu Foreignexchange access, Elimination of political pressure, Arbitration of impacts on localpeoples, Address indigenous issues, dan Stipulate rights of regulatory authority,sedangkan 24 indikator sisanya dari 10 dimensi yang ada pada teori Modern Mining codesudah sesuai dan terakomodir pada upaya regulatory reform sektor mineral dan batubara.

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The proper context of regulatory reform is important to support the bureaucratic reform

agenda in Indonesia. The existence of regulations in Indonesia today is inseparable from

overlapping issues that do not guarantee legal certainty, especially in the mining, mineral,

and coal sectors. This can be addressed through a regulatory reform strategy as an effort

to achieve national goals. Therefore, this thesis aims to analyze regulatory reform in the

mining, mineral, and coal sector in Indonesia using the Modern Mining Code concept

developed by Nguyen, Boruff & Tonts (2019). This study uses a post-positivist paradigm

with data collection techniques carried out through in-depth interviews and literature

study. Research findings indicate that regulatory reform in the mining, mineral, and coal

sectors has provided several benefits regarding investment certainty, law, and

simplification of previous problems. The research results show that there are only 5

indicators that are not by regulatory reform from the perspective of modern mining code,

namely Foreign exchange access, Elimination of political pressure, Arbitration of impacts

on local peoples, Address indigenous issues, and Stipulate rights of regulatory authority,

while the remaining 24 indicators are from The 10 dimensions in the Modern Mining

code theory are appropriate and accommodated in the regulatory reform efforts of the

mineral and coal sector."