Analysis of Influence of Mineral Export Policy on Mining Company Value

Abstract

This study aims to analyze the influence of mineral export policy through government regulation No.1 Tahun 2014 and No.1 Tahun 2017. Export policy refers to the government regulation that mining companies must carry out mineral processing in Indonesia before export is carried out. This study compares the value of mining companies before, during, and after the regulation is applied which is analyzed using market performance and accounting performance. The mining companies are listed in Indonesia Stock Exchange (IDX) period 2011-2017 that has criteria according to UU No.4 Tahun 2009. This study used purposive sampling which had a population of 49 companies with the sampel of 20 companies. The data were processed by using Friedman and wilcoxon analysis. The results of this study indicate that there is a difference in the value of the company due to the policy applied to decrease the value of the company. The decline in the value of the company occurred after the government imposed government regulation No.1 Tahun 2014, after the government regulation was not implemented the value of the company gradually improved. The result of this study shows that the value of Market Performance that has chi square 6.100(p=0.047) is significant. Meanwhile, the result is not siqnificant for the accounting performance based on DER has chi square 1.300(p=0.500). The results are significant for  ROA which has chi square 14.700 (p=0.001), chi square of ROE is 15.600 (p=0,000) and  chi square of ROI is 14.800 (p=0.000).