PENGARUH KEBIJAKAN MANDATORI BIODIESEL B35 TERHADAP KINERJA KEUANGAN PERUSAHAAN KELAPA SAWIT DI INDONESIA

Mulya, Sintia Ahla (2025) PENGARUH KEBIJAKAN MANDATORI BIODIESEL B35 TERHADAP KINERJA KEUANGAN PERUSAHAAN KELAPA SAWIT DI INDONESIA. Skripsi thesis, Politeknik Keuangan Negara STAN.

	Text (Cover) 01. Cover_Sintia Ahla Mulya_4112230001.pdf - Draft Version Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (51kB)
	Text (Abstrak) 02. Abstrak_Sintia Ahla Mulya_4112230001.pdf Available under License Creative Commons Attribution Non-commercial Share Alike. Download (165kB)
	Text (Daftar Isi) 03. Daftar Isi_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (262kB)
	Text (Bab I) 05. Bab I_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (215kB)
	Text (Bab II) 06. Bab II_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (355kB)
	Text (Bab III) 07. Bab III_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (345kB)
	Text (Bab IV) 08. Bab IV_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (432kB)
	Text (Bab V) 09. Bab V_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (40kB)
	Text (Daftar Pustaka) 10. Daftar Pustaka_Sintia Ahla Mulya_4112230001.pdf Restricted to Repository staff only Available under License Creative Commons Attribution Non-commercial Share Alike. Download (218kB)

Abstract

ABSTRAK Penelitian ini bertujuan untuk menelaah indikator apa saja yang memiliki pengaruh terhadap kinerja keuangan perusahaan kelapa sawit dan menganalisis pengaruh kebijakan mandatori biodiesel B35 terhadap kinerja keuangan perusahaan kelapa sawit di Indonesia yang diukur menggunakan indikator Return on Assets (ROA). Metode penelitian menggunakan regresi data panel menggunakan Fixed Effect Model (FEM) dengan robust standard error pada 19 perusahaan kelapa sawit yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019–2023 yang dipilih melalui purposive sampling. Hasil penelitian menunjukkan bahwa kebijakan mandatori biodiesel B35 dan profitabilitas yang diukur dengan Net Profit Margin (NPM) secara parsial berpengaruh signifikan terhadap ROA sedangkan variabel likuiditas, solvabilitas, dan aktivitas tidak memiliki pengaruh signifikan secara parsial. Namun, secara simultan, kebijakan mandatori biodiesel B35, likuiditas, solvabilitas, aktivitas, dan profitabilitas memiliki pengaruh signifikan terhadap kinerja keuangan perusahaan kelapa sawit. Secara teoritis, penelitian ini mendukung Resource-Based View Theory dan Dynamic Capability Theory yang menunjukkan bahwa adaptasi strategi rantai pasok dan efisiensi operasional penting dalam menghadapi regulasi energi terbarukan. Implikasi praktis dari penelitian ini menunjukkan perusahaan kelapa sawit perlu mengoptimalkan biaya, rantai pasok, dan diversifikasi produk untuk meningkatkan daya saing. Investor perlu mempertimbangkan profitabilitas dan inovasi rantai pasok sementara pemerintah dapat menggunakan temuan ini untuk mengevaluasi implementasi kebijakan biodiesel B35 demi keberlanjutan industri kelapa sawit dan memberikan manfaat bagi pelaku industri kelapa sawit dari hulu hingga hilir. Kata kunci: kebijakan biodiesel B35, kinerja keuangan, Return on Assets (ROA), industri kelapa sawit, sawit berkelanjutan ABSTRACT This study aims to examine the indicators that influence the financial performance of palm oil companies and to analyze the impact of the B35 mandatory biodiesel policy on the financial performance of palm oil companies in Indonesia, measured using the Return on Assets (ROA) indicator. The research method uses panel data regression using the Fixed Effect Model (FEM) with robust standard errors on 19 palm oil companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period, selected through purposive sampling. The results show that the B35 biodiesel mandatory policy and profitability, measured by Net Profit Margin (NPM), partially have a significant effect on ROA while liquidity, solvency, and activity variables have no significant effect partially. However, simultaneously, the B35 biodiesel mandatory policy, liquidity, solvency, activity, and profitability have a significant influence on the financial performance of palm oil companies. Theoretically, this study supports the Resource-Based View Theory and Dynamic Capability Theory, indicating that supply chain strategy adaptation and operational efficiency are essential in responding to renewable energy regulations. The practical implications suggest that palm oil companies need to optimize costs, supply chains, and product diversification to enhance competitiveness. Investors should consider profitability and supply chain innovation while the government can use these findings to evaluate the implementation of the B35 biodiesel policy for the sustainability of the palm oil industry and deliver benefits across the value chain. Keywords: B35 biodiesel policy, financial performance, Return on Assets (ROA), palm oil industry, sustainable palm oil

Actions (login required)

View Item