The Influence of Macroeconomic Effects on Company Financial Performance with CPO Prices as an Intervening Variable in Palm Oil Companies Listed on the Indonesia Stock Exchange (IDX) in 2011-2021
Abstrak
This study aims to determine the effect of Inflation, interest rates and exchange rates on company financial performance with CPO prices as an intervening variable for oil palm companies listed on the IDX for the 2011-2021 period. The data used in this research is secondary data. This type of research uses an associative method with a quantitative approach. The number of samples in this study is 110 data based on the criteria obtained for 11 periods with the Eviews 12 testing tool. The analysis technique used is panel data regression and the Sobel test. The results of this study include: (1) Inflation has a positive but not significant effect on CPO prices, (2) Interest rates have a negative and significant effect on CPO prices, (3) The rupiah exchange rate has a negative but not significant effect on CPO prices, (4) Inflation, interest rates and the rupiah exchange rate simultaneously have a significant effect on CPO prices, (5) Inflation has a negative but not significant effect on the performance of palm oil companies, (6) Interest rates have a positive but not significant effect on the performance of palm oil companies, (7) The exchange rate has a negative and significant effect on the performance of palm oil companies, (8) CPO prices have a positive and significant effect on the performance of palm oil companies, (9) Inflation, interest rates,the rupiah exchange rate and CPO prices simultaneously affect the performance of palm oil companies, (10) CPO prices cannot mediate the effect of Inflation on the performance of palm oil companies, (11) CPO prices can edition of the effect of interest rates on the performance of palm oil companies, and (12) CPO prices cannot mediate the effect of the exchange rate on the performance of palm oil companies.
Referensi
Andiana, S & Amanah, L. (2018). The Effect of Macroeconomic Variables and Leverage on Company Financial Performance. Journal of Accounting Science and Research E-ISSN: 2460-0585
Azhari, L. (2020). The Influence of Macroeconomic Variables and Corporate Financial Ratios on Profitability Performance of 19 World Oil and Gas Companies. Thesis: Pertamina University
Bank Indonesia. (2022). BI 7-Day (Reverse) Repo Rate. Accessed May 7, 2022 [Https://Www.Bi.Go.Id/Id/Statistik/Indikator/Bi-7day-Rr.Aspx]
Bapebbti. (2021). Exchange Prices ( Forward-Futures-Spot ). Accessed January 2022 [Https://Bappebti.Go.Id/harga_Komoditi_Bursa]
BPS. (2021). Directory of Oil Palm Plantation Companies 2020. Central Statistics Agency: Jakarta
BPS. (2021). Indonesian Palm Oil Statistics 2020. Central Bureau of Statistics: Jakarta
BPS. (2022). Indonesia's Consumer Price Index and Monthly Inflation. Accessed May 8, 2022 [Https://Www.Bps.Go.Id/Statictable/2009/06/15/907/Indeks-Prices-Consumers-Dan-Inflation-Monthly-Indonesia-2006-2020.Html]
BPS. (2022). Middle Exchange Rates of Several Foreign Currencies Against Rupiah at Bank Indonesia and Gold Prices in Jakarta (Rupiah). Accessed May 6, 2022 [Https://Www.Bps.Go.Id/Indicator/13/284/2/Kurs-Tengah-Several-Mata-Uang-Asing-Terhadap-Rupiah-Di-Bank-Indonesia-Dan- Gold-Price-In-Jakarta.Html]
Burhanudin, Mega P, Et. Al. (2019). The Influence of Inflation and the Rupiah Exchange Rate on the Financial Performance of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange for the 2014-2017 Period. JOM Accounting Vol 6, No 4 (2019)
Character, Dick. (2021). List of Issuers of Palm Oil Companies (CPO) Shares on the Indonesia Stock Exchange. Accessed May 8, 2022 [Https://Bigalpha.Id/News/Daftar-Emiten-Saham-Perusahaan-Sawit-Cpo-Di-Bursa-Efek-Indonesia]
Hakim, L., Sunardi, N. (2017). Determinant of leverage and it's implication on company value of real estate and property sector listing in IDX period of 2011-2015. Man in India, 97(24), pp. 131-148.
Harianto (2008). Factors Affecting the Domestic Price of Palm Oil (Cpo) in Indonesia, 1980-2007. thesis; IPB
Hasbullah (2009). The Effect of CPO (Crude Palm Oil) Price Fluctuations in the Global Market on Domestic Palm Cooking Oil Prices. Thesis: University of Indonesia
Husain, T., & Sunardi, N. (2020). Firm's Value Prediction Based on Profitability Ratios and Dividend Policy. Finance & Economics Review, 2(2), 13-26.
Kadim, A., & Sunardi, N. (2022). Financial Management System (QRIS) based on UTAUT Model Approach in Jabodetabek. International Journal of Artificial Intelligence Research, 6(1).
Kadim, A., Sunardi, N & Husain, T. (2020). The modeling firm's value based on financial ratios, intellectual capital and dividend policy.Accounting, 6(5), 859-870.
Kotler, P.; Armstrong, Garry, (2008). Marketing Principles, Volume 1, Erlangga: Jakarta.
Nardi Sunardi Et Al (2020). Determinants of Debt Policy and Company’s Performance, International Journal of Economics and Business Administration Volume VIII Issue 4, 204-213
Nugraha, Nita N & Manda, Gusganda S. (2021). The Influence of Inflation, Bi 7 Days Reverse Repo Rate, and Exchange Rates on Banking Profitability (Case Study of Conventional Commercial Banks Registered on the IDX in 2016 2020). Indonesian Science Management Research Journal (JRMSI) | Vol 12, No. 2, 2021
Prahastuti, Beautiful. (2000). Analysis of the Factors Influencing the Palm Oil (CPO) Trade, As well as the Linkages to the CPO and Palm Cooking Oil Markets in Indonesia: Bogor Agricultural University: Bogor
Puspitasari, Dewi G. (2021). The Influence of Macroeconomic Variables on the Financial Performance of State-Owned Companies in Indonesia in 2017-2019. Business Journal Net Volume: IV No. 1
Riany, N. (2016). Analysis of the Effect of Export Taxes and CPO Prices on the Financial Performance of the Palm Oil Industry in 2010-2014. Thesis : Trisakti University
Safrudin. et. Al. (2019). The Effect of Macroeconomic Variables on Company Performance in Consumer Goods Industry Issuers on the Indonesia Stock Exchange. Proceeding of the Lhokseumawe State Polytechnic National Seminar Vol.3 No.1 October 2019 | ISSN: 2598-3954
Saputro, Seno H. (2020). Analysis of the Effect of Macroeconomic Variables on Profitability in Mining Companies. Monetary Volume 6 No. 1 April 2019 P-ISSN 2355-2700 E-ISSN 2550-0139
Sari, N., & Abundanti, N. (2016). The Effect of Dpk, ROA, Inflation and SBI Interest Rates on Credit Distribution at Commercial Banks. Udayana University Management E-Journal, 5(11), 254484.
Setyaningsih, Cornelia A.Et. Al. (2018). Analysis of the Influence of Interest Rates, Inflation, and the Rupiah Exchange Rate on the Profitability of National Private Commercial Banks on the Indonesia Stock Exchange. Journal of Economics and Entrepreneurship Vol. 18 No. June 2, 2018: 323 – 331
Sunardi, N. (2019). Relevansi Intelectual Capital terhadap Harga dan Retun Saham di Industri Perbankan Pemerintah di Indonesia. JIMF (Jurnal Ilmiah Manajemen Forkamma), 3(1).
Sunardi, N. (2020). Penilaian Kinerja Keuangan menggunakan Economic Value Added (EVA) dan Market Value Added (MVA) dengan Time Series Approach pada Industri Semen di Indonesia. JIMF (Jurnal Ilmiah Manajemen Forkamma), 3(2).
Sunardi, N. (2022). Liquidity and Asset Growth on Telecommunications Companies Value. Jurnal SEKURITAS (Saham, Ekonomi, Keuangan dan Investasi), 5(3), 299-307.
Sunardi, N., & Lesmana, R. (2020). Konsep Icepower (Wiramadu) sebagai Solusi Wirausaha menuju Desa Sejahtra Mandiri (DMS) pada Masa Pandemi Covid-19. JIMF (Jurnal Ilmiah Manajemen Forkamma), 4(1).
Supriyatna. (2020). The Effect of Macroeconomic Factors and Company Characteristics on the Financial Performance of Manufacturing Companies Listed on the Indonesia Stock Exchange. Thesis: Trisaksi University
Syahputri, Lia Lindri and Kananto, Kananto (2020). Analysis of the Factors Influencing the Timeliness of Financial Reporting (Empirical Study of Banking Companies Registered on the IDX for the 2016-2019 Period)
Widodo, Clara H. (2017). Analysis of the Effect of Macroeconomic Variables on Banking Performance in Indonesia. FEB Scientific Journal of Brawijaya University – Malang
##submission.copyrightStatement##
##submission.license.cc.by4.footer##Open Access
IDEA (International Development of Economics and Administration Journal) is a national peer reviewed and open access journal that publishes significant and important research from all area of Development of Economics and Administration.
This journal provides immediate open access to its content that making research publish in this journal freely available to the public that supports a greater exchange of knowledge.
Copyright
Submission of a manuscript implies that the submitted work has not been published before (except as part of a thesis or report, or abstract); that it is not under consideration for publication elsewhere; that its publication has been approved by all co-authors. If and when the manuscript is accepted for publication, the author(s) still hold the copyright and retain publishing rights without restrictions. Authors or others are allowed to multiply article as long as not for commercial purposes. For the new invention, authors are suggested to manage its patent before published. The license type is CC-BY-SA 4.0.
Disclaimer
No responsibility is assumed by publisher and co-publishers, nor by the editors for any injury and/or damage to persons or property as a result of any actual or alleged libelous statements, infringement of intellectual property or privacy rights, or products liability, whether resulting from negligence or otherwise, or from any use or operation of any ideas, instructions, procedures, products or methods contained in the material therein.
