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The Linkage Between Palm Oil Producer Prices and Economic Factors Dedi Budiman Hakim; Adi Hadianto; Syamsul Hidayat Pasaribu; Widyastutik Widyastutik; Iwan Hermawan; Lilis Hoeriyah; Triana Anggraenie; Deviyantini; Fikri Aldi Dwi Putro
Jurnal Manajemen dan Agribisnis Vol. 23 No. 1 (2026): JMA Vol. 23 No. 1, March 2026
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jma.23.1.80

Abstract

Background: Despite being the world's dominant CPO producer (contributing approximately 58 percent of global output in 2023), Indonesia structurally operates as a price taker. CPO pricing consistently refers to international exchanges (BMD and Rotterdam) because domestic futures exchanges (BBJ/ICDX) are suboptimal due to the voluntary and inconsistent implementation of Bappebti Regulation No. 7/2023, which leads to low liquidity and transaction fragmentation.Purpose: This study addresses the underexplored gap by analyzing how global market integration and domestic price factors jointly determine Indonesian CPO forward prices and their causal relationship with Malaysia and Rotterdam prices.Design/Methodology/Approach: The study utilized monthly data from May 2010 to January 2025, as this period captures major global economic events, policy changes, and market fluctuations that significantly influenced Indonesia’s CPO price dynamics. The econometric models employed include the Error Correction Model (ECM) and Vector Error Correction Model (VECM), supported by Granger Causality, Impulse Response Function (IRF), and Variance Decomposition (VD) analyses. Findings/Results: The Indonesian CPO forward price is positively and significantly influenced by both Malaysian and Rotterdam CPO prices. Causality analysis confirms the price-taker status, identifying a one-way causal relationship in which Malaysia and Rotterdam predict Indonesian price changes. Dynamically, Indonesian prices exhibit a sensitive adjustment, responding positively to global shocks only briefly before they turn negative. The Rotterdam CPO price is the most significant external contributor to the Indonesian price variance over the long term.Conclusion: The findings confirm the persistent structural dependence of Indonesian CPO prices on international benchmarks. This underscores the urgent need for decisive policy intervention specifically, the mandatory domestic CPO trading policy through the Indonesia Commodity and Derivatives Exchange (ICDX) to foster stronger market liquidity, thereby enabling Indonesia to leverage its global production dominance and effectively transition into a global price reference for CPO.Originality/Value (State of the Art): This study provides a cutting-edge empirical contribution by combining ECM–VECM, IRF, and VD models to measure the structural relationships among major CPO markets. Unlike previous studies that typically examine price transmission using only single-equation models or limited time frames, this study incorporates a longer dataset and a comprehensive multivariate framework to capture both short-run adjustments and long-run causality. This study fills a key gap in the literature regarding the persistent structural dependence of Indonesian CPO prices on international benchmarks and highlights the urgency of strengthening Indonesia's role in the global pricing mechanism.  Keywords: crude palm oil, futures exchange, price integration, causality analysis, econometric models 
MODEL BISNIS PENGEMBANGAN HILIRISASI BAWANG MERAH Diese Septia Gifarani; Farida Ratna Dewi; Widyastutik Widyastutik
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 8, No 1 (2022): Vol 8, No. 1 (2022)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v8i1.4877

Abstract

ABSTRAKTujuan penelitian ini adalah: (i) menganalisis kondisi internal dan eksternal; (ii) merumuskan rancangan model bisnis pengembangan hilirisasi bawang merah; serta (iii) mengidentifikasi strategi pengembangan hilirisasi bawang merah di PT Sinergi Brebes Inovatif (PT SBI). Penelitian dilakukan di PT Sinergi Brebes Inovatif (PT SBI) yang berlokasi di Brebes, Jawa Tengah.  Pengumpulan data dilakukan dengan melakukan wawancara dengan para responden baik dari internal PT SBI maupun pihak ekstrenal yang terkait. Metode analisis yang digunakan yaitu analisis deskriptif, business model canvas, dan analisis SWOT. Hasil penelitian menunjukkan bahwa masih ada segmen pasar yang berpotensi untuk PT. SBI. Implikasi penelitian ini menyarankan PT. SBI untuk melakukan research market ulang untuk meninjau kebutuhan konsumen,  menambah variasi produk inovatifnya, serta memperluas koneksi dengan perusahaan lain.ABSTRACTThe aims of this research are: (i) analyzing internal and external conditions; (ii) formulating a business model design for the development of downstream shallots; and (iii) identify a strategy for the development of downstream shallots at PT Sinergi Brebes Inovatif (PT SBI). The research was conducted at PT Sinergi Brebes Inovatif (PT SBI) located in Brebes, Central Java. Data were collected by conducting interviews with respondents both from internal PT SBI and related external parties. The analytical method used is descriptive analysis, business model canvas, and SWOT analysis. The results showed that there are still potential market segments for PT. SBI. The implications of this research suggest PT. SBI to conduct re-market research to review consumer needs, add a variety of innovative products, and expand connections with other companies.
Co-Authors . Hariyono A. Anditta A. Faroby Falatehan Abdul Kharis Almasyhari Adawiya Taufani Adi Hadianto, Adi Ahmad Zaenal Ashiqin Ahmad, Fahmi Salam Al Qodri, Muhammad Iqbal Alexandi, Muhammad Findi Alfian Helmi Almasyhari, Abdul Kharis Almuttaqin Almuttaqin Alqodri, Muhammad Iqbal Amandra, Miko Novri Aminah, Mimin Amzul Rifin Anditta, A. Arief Daryanto Arien Rosetika Arif Satria Arno Nugroho Astari Ayuwangi Bayu Krisnamurthi Birka Septy Meliany Birka Septy Meliany Br Sembiring Bugi Biruloma Lagaida Bustanul Arifin Citra Shabira Deden Djaenudin Dedi Budiman Hakim Deviyantini Dewi Sukmawati Dewi, Farida Ratna Dian Verawati Panjaitan Diese Septia Gifarani Djamester Simarmata Dominicus Savio Priyarsono Dwiki Cacala Gumelar Adhimandala Eisha Maghfiruha Rachbini Eka I. K. Putri Eka Intan Kumala Putri Eka Puspitawati Eko Ruddy Cahyadi Endang Sari Simanullang Erliza Noor Eva Anggraini Fadhilah, Muhammad Arief Fahmi A Salam Fajrian, Muhammad Aja Fasya Miftah Akbar Feryanto Feryanto Fikri Aldi Dwi Putro Fikri Aldi Dwi Putro Firdaus, Muhammad Firdaus Fitria Yuliani Florika Malau Florika Malau Ghina Saarah Nibras Guntur Riyanto Guntur Riyanto Hafid Raharjo Harianto Heny Daryanto Hermanto Siregar Heti Mulyati Hotsawadi Hubbansyah, Aulia Keiko I Dewa Gede Bagus Biantara Ika Yulisyawati Inda Dwi Setiawati Indah Indra Putri, Dennis Iskandar Panjaitan Iskandar Panjaitan Iwan Hermawan Iwan Hermawan Kartika Rahma Sari Kuntoro, Eri Kurniawan Khristianto Kurniawan Khristianto Lagaida , Bugi Biruloma Lilis Hoeriyah Lina Yanti Lisa Dwi Lestari Lukytawati Anggraeni Masbantar Sangadji Meidah Azhari Meliany, Birka Septy Miko Novri Amandra Muhammad Aja Fajrian Muhammad Fawaiq, Muhammad Muhammad Firdaus Nadiah Hidayati Nia Kurniawati Hidayat, Nia Kurniawati Nia Puspita Sari, Nia Puspita Nimmi Zulbainarni Nisrina Rofifah Nugraheni, Sri Retno Wahyu Nunung Kusnadi Nunung Nuryartono Pini Wijayanti Prihartono, Rendy Putro, Fikri Aldi Dwi Raditya Anggoro Raharjo, Hafid Raiyatu Imadidin Ranti Wiliasih Reni Kristina Arianti Reni Kristina Arianti Reni Kristina Arianti Reny Andriyanty Rina Oktaviani Rina Oktaviani Rizal Rahman H. Teapon Rizky Savitri Sahara Salahuddin El Ayyubi Setyawati, Dewi Sri Amanda Fitriani Sri Hartoyo Sri Hartoyo Sri Mulatsih Suahasil Nazara Syamsiar, Syamsiar Syamsul Hidayat Pasaribu Syarifah Amaliah Toni Irawan Trian Maulana Triana Anggraenie Ucik Indrawati Vadilaksono, Muhammad Ivan Yenni Nur 'Aini Yenni Nur’aini Youshy Fahreiza Yusman Syaukat Yusuf Yusuf Zahra, Zhena Nofhatiaz