Article Sidebar

Download
PDF
Statistic
Read Counter : 0 Download : 0

Main Article Content

Abstract

Purpose: This study examines the associations of tin prices and a Cost of Goods Sold (COGS)-based cost proxy with PT Timah Tbk’s Net Profit Margin (NPM) and evaluates the moderating role of the rupiah–US dollar exchange rate during 2018–2025.


Research Method: The study uses a quantitative time-series design comprising 32 quarterly observations obtained from PT Timah Tbk, the London Metal Exchange, and Bank Indonesia. Daily tin prices and exchange rates were aggregated into quarterly arithmetic averages. Data were analyzed using descriptive statistics, diagnostic tests, multiple linear regression, and Moderated Regression Analysis in EViews 13.


Results and Discussion: Tin prices are positively associated with NPM, whereas the COGS-based cost proxy has no statistically supported association with NPM. The interaction results provide insufficient evidence that the exchange rate moderates either relationship. Thus, insignificant interaction directions are not interpreted as strengthening or weakening effects.


Implications: Management and investors should evaluate commodity-price movements alongside production volume, sales, cost composition, and foreign-currency exposure. The findings represent associations and do not establish causal or dominant determinants of profitability.


Originality: This study integrates tin prices, reported costs, and exchange-rate interactions using recent quarterly data from an Indonesian tin-mining company.

Keywords

COGS exchange rate Net Profit Margin PT Timah Tbk tin price

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Nabilla, H., Nugroho, A. A., & Saputra, D. (2026). The Influence of Tin Prices and Production Costs on the Net Profit Margin of PT Timah Tbk with Exchange Rate as a Moderating Variable (2018–2025). Advances in Economics & Financial Studies, 4(3), 412–430. https://doi.org/10.60079/aefs.v4i3.1033
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Ady, S. U. (2021). The effect of world oil prices, gold prices, and other energy prices on the Indonesian mining sector with the exchange rate of Indonesian rupiah as the moderating effect. International Journal of Energy Economics and Policy, 11(5), 369–376. https://doi.org/10.32479/ijeep.11351
  2. Agung Nugroho, A., & Yanuar, D. (2023a). Analysis of Tin Stock Investment Projections during the Covid-19 Pandemic. In Technology, and Organizational Behavior (IJBTOB) (Vol. 3, Number 1). https://ijbtob.org
  3. Al-Khazaleh, S., Badwan, N., Qubbaj, I., & Almashaqbeh, M. (2024). Level of financial disclosures for listed insurance companies using ISO 31000: empirical evidence from Jordan and Palestine. Asian Review of Accounting, 33(2), 386–407. https://doi.org/10.1108/ARA-05-2024-0151
  4. Aparatunisa, S., Yulianah, Y., Sulistiyanto, S., Septiana, A., & Putri, M. A. (2026). The Role of Interest Rate Policy in Controlling Indonesian Government Debt. Advances: Jurnal Ekonomi & Bisnis, 4(3 SE-Articles), 558–571. https://doi.org/10.60079/ajeb.v4i3.834
  5. Asyifa, H. N. (2026). Adjustment in Indonesia’s Exports to the United States: A Perspective from the Partial Adjustment Model. Advances: Jurnal Ekonomi & Bisnis, 4(3), 676–693. https://doi.org/10.60079/ajeb.v4i3.851
  6. Badakhshan, N., Shahriar, K., Afraei, S., & Bakhtavar, E. (2023). Determining the environmental costs of mining projects: A comprehensive quantitative assessment. Resources Policy, 82, 103561. https://doi.org/https://doi.org/10.1016/j.resourpol.2023.103561
  7. Bang, R. N., & Trellevik, L.-K. L. (2023). Reserve-dependent capital efficiency, cross-sector competition, and mineral security considerations in mineral industry transition. Mineral Economics, 36(3), 383–400. https://doi.org/10.1007/s13563-022-00329-z
  8. Barasyid, A. I., & Setiawati, R. I. S. (2023). Analisis pengaruh kurs, inflasi dan harga batubara acuan terhadap ekspor batubara Indonesia ke China. PROMOSI: Jurnal Program Studi Pendidikan Ekonomi, 11(1), 23–33.
  9. Bielak, Ł., Grzesiek, A., Janczura, J., & Wyłomańska, A. (2021). Market risk factors analysis for an international mining company. Multi-dimensional, heavy-tailed-based modeling. Resources Policy, 74, 102308. https://doi.org/10.1016/J.RESOURPOL.2021.102308
  10. Bradley, J. E., Auping, W. L., Kleijn, R., Kwakkel, J. H., & Sprecher, B. (2024). Reassessing tin circularity and criticality. Journal of Industrial Ecology, 28(2), 232–246. https://doi.org/10.1111/jiec.13459
  11. Christiani, V., Annicha, C., Wiranata, E., & Nugroho, A. (2021). Stock Price Determinant of PT Timah Tbk During the Covid-19 Pandemic. International Journal of Business, Technology and Organizational Behavior (IJBTOB), 1, 447–460. https://doi.org/10.52218/ijbtob.v1i6.147
  12. Darendeli, A., Law, K. K. F., & Shen, M. (2022). Green new hiring. Review of Accounting Studies, 27(3), 986–1037. https://doi.org/10.1007/s11142-022-09696-y
  13. Febrianti, R., & Rahmadani, R. (2022). Analisis Perbandingan Penentuan Harga Pokok Produksi Untuk Menentukan Harga Jual Produk Menggunakan Metode Full Costing dan Variable Costing. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 47–52. https://doi.org/10.37641/jiakes.v10i1.1190
  14. Firmanto, A. B., Wibisono, D., Siallagan, M. P. S., Mubarok, M. Z., Febrianti, R., & Andariesta, D. T. (2025). System dynamics approach to Indonesia’s national tin production planning. The Extractive Industries and Society, 24, 101742. https://doi.org/https://doi.org/10.1016/j.exis.2025.101742
  15. García Osma, B., Guillamón Saorín, E., & Mercado, F. (2023). Quarterly earnings guidance and real earnings management. Journal of Business Finance & Accounting, 50(5–6), 1029–1059. https://doi.org/10.1111/jbfa.12683
  16. Gil-Alana, L. A., & Poza, C. (2024). Volatility persistence in metal prices. Resources Policy, 88, 104487. https://doi.org/https://doi.org/10.1016/j.resourpol.2023.104487
  17. Gong, X., Xu, J., Liu, T., & Zhou, Z. (2022). Dynamic volatility connectedness between industrial metal markets. The North American Journal of Economics and Finance, 63, 101814. https://doi.org/https://doi.org/10.1016/j.najef.2022.101814
  18. He, H. (2023). Inventory overproduction and managerial ability. Journal of Corporate Accounting & Finance, 34(3), 265–281. https://doi.org/10.1002/jcaf.22624
  19. Heriqbaldi, U., Esquivias, M. A., Handoyo, R. D., Rifami, A. C., & Rohmawati, H. (2022). Exchange rate volatility and trade flows in Indonesia and ten main trade partners: asymmetric effects. Studies in Economics and Finance, 40(4), 708–739. https://doi.org/10.1108/SEF-10-2021-0451
  20. Huang, W., & Zhang, W. (2024). Exchange rate and corporate investment: Heterogeneous effects via the global value chain networks. Journal of International Money and Finance, 147, 103159. https://doi.org/https://doi.org/10.1016/j.jimonfin.2024.103159
  21. Istiqomah, & Mardiana, ; (2020). Pengaruh Kinerja Keuangan Terhadap Return Saham Dengan Nilai Tukar (Kurs) Sebagai Variabel Moderasi. In Online) Business Management Analysis Journal (BMAJ (Vol. 3, Number 1).
  22. Jang, E. M., Roussanov, N., & Safra, M. Y. (2023). Relative Levels of Financialization of the London Metal Exchange-Traded Base Metal Derivatives.
  23. Jin, H., & Marshall, B. B. (2024). Shedding light on foreign currency cash flow hedges: transparency and the hedging decision. Review of Quantitative Finance and Accounting, 63(2), 397–432. https://doi.org/10.1007/s11156-024-01263-7
  24. Kaya, A., Pamucar, D., Gürler, H. E., & Ozcalici, M. (2024). Determining the financial performance of the firms in the Borsa Istanbul sustainability index: integrating multi criteria decision making methods with simulation. Financial Innovation, 10(1), 21. https://doi.org/10.1186/s40854-023-00512-3
  25. Lal, M., Kumar, S., Pandey, D. K., Rai, V. K., & Lim, W. M. (2023). Exchange rate volatility and international trade. Journal of Business Research, 167, 114156. https://doi.org/https://doi.org/10.1016/j.jbusres.2023.114156
  26. Lee, C.-C. (2023). Analyses of the operating performance of information service companies based on indicators of financial statements. Asia Pacific Management Review, 28(4), 410–419. https://doi.org/https://doi.org/10.1016/j.apmrv.2023.01.002
  27. Lee, K. Y., & Naknoi, K. (2024). Exchange rates, invoicing currencies and the margins of exports. Journal of International Money and Finance, 141, 103016. https://doi.org/https://doi.org/10.1016/j.jimonfin.2024.103016
  28. Mengstie, B., Mosisa, T., & Mosisa, T. (2024). Impact of working capital management on profitability of private commercial banks in Ethiopia. Journal of Innovation and Entrepreneurship. https://doi.org/10.1186/s13731-024-00379-3
  29. Radebe, N., & Chipangamate, N. (2024). Mining industry risks and future critical minerals and metals supply chain resilience in emerging markets. Resources Policy, 91, 104887. https://doi.org/https://doi.org/10.1016/j.resourpol.2024.104887
  30. Savolainen, J., Rakhsha, R., & Durham, R. (2022). Simulation-based decision-making system for optimal mine production plan selection. Mineral Economics, 35(2), 267–281. https://doi.org/10.1007/s13563-021-00297-w
  31. Schischke, A., Papenfuß, P., & Rathgeber, A. (2024). The three co’s to jointly model commodity markets are co-production, co-consumption, and co-trading. Empirical Economics, 66(2), 883–925. https://doi.org/10.1007/s00181-023-02471-1
  32. Wahyuni, T. M. (2022). Pengaruh Rasio Profitabilitas, Leverage, Likuiditas Terhadap Return Saham Perusahaan Yang Terdaftar Di Lq45 Dengan Nilai Tukar Sebagai Variabel Moderasi. Jurnal Riset Mahasiswa Ekonomi (RITMIK), 4(2 SE-Articles), 104–117. https://journal.stieken.ac.id/index.php/ritmik/article/view/606
  33. Zainuddin, E., Wahab, A., & Masse, R. A. (2023a). Analisis Pengaruh Biaya Produksi terhadap Laba Bersih pada PT. Aneka Tambang Tbk. BALANCA : Jurnal Ekonomi dan Bisnis Islam, 5(1), 55–62. https://doi.org/10.35905/balanca.v5i1.2869