The Impact of Ore Export Ban and Macroeconomics Variables on Stock Returns of Nickel Mining Companies

Chaniago, Adriansyah and Sembel, Roy and Malau, Melinda (2022) The Impact of Ore Export Ban and Macroeconomics Variables on Stock Returns of Nickel Mining Companies. In: 5 th International CEO Communication, Economics, Organization & Social Sciences Congress. NCM Publishing House, pp. 1307-1324. ISBN 978-605-73822-7-6

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Abstract

This study analyzes and evaluates the impact of the Ore Export Ban and macroeconomic variables to the stock return of nickel mining companies listed on the Indonesia Stock Exchange from 2011 to 2021. This study used macroeconomics variables (GDP growth, Exchange rate, Market returns, Nickel price, and Gold price) and financial performance (Current Ratio, Total Asset Turnover, Debt-to-Equity Ratio, and ROE) as independent variables. The Ore Export Ban is used as independent as well as moderating variable. The universe of nickel mining companies is limited to integrated nickel mining companies; PT Aneka Tambang Tbk and PT Vale Indonesia Tbk. This study used the Wilcoxon Mann-Whitney test and the Regression Data Panel Analysis to answer the research questions. This study concluded that there was no difference in stock returns between the companies. Other outcomes from this study showed that GDP growth, Market return, and the Gold price positively affected stock returns. This study also found that Ore Export Ban only moderated the impact of GDP growth on�stock returns, and the Ore Export Ban did not have moderating effect to other independent variables. Investors who want to invest in the nickel mining sector are encouraged to analyze and closely monitor the GDP Growth, Market return and Gold return because they have a positive effect on the return of their investment. Keywords: Export Ban, Nickel Mining Company, Macroeconomics variables, Stock returns.

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