Yuliansyah, M. Roby
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Pengeluaran R&D dan Kinerja PerusahPengeluaran R&D dan Kinerja Perusahaan Perkebunan yang Terdaftar di Bursa Efek Indonesia (BEI), 2019–2023aan Perkebunan yang Terdaftar di Bursa Efek Indonesia (BEI), 2019–2023 Yuliansyah, M. Roby; Sembel, Roy; Haymans Manurung, Adler
Jurnal Penelitian Kelapa Sawit Vol 33 No 2 (2025): Jurnal Penelitian Kelapa Sawit
Publisher : Pusat Penelitian Kelapa Sawit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22302/iopri.jur.jpks.v33i2.323

Abstract

This study investigates the impact of R&D expenditure and firm characteristics on the financial performance of Indonesian plantation companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, using quantile regression analysis. Return on Equity (ROE) serves as the performance metric across the 25th, 50th, and 75th quantiles. The results show that R&D expenditure has a significantly negative effect at the median quantile, while Debt to Equity Ratio (DER) negatively affects ROE at both lower and median quantiles. Capital Intensity and Firm Size do not show significant effects, whereas Firm Age has a slight positive effect in the upper quantile. These findings suggest that while R&D investments may burden short-term profitability, they remain essential for long-term performance if managed strategically. The study highlights the importance of partnerships with credible R&D institutions, technological adoption, and government support to overcome sector-specific limitations. Limitations include the sector-specific focus and lack of qualitative dimensions, indicating the need for broader and mixed-method research in the future. Moreover, given the five-year observation period and limited sample size, the findings should be interpreted cautiously and are not intended to be generalized beyond the observed context.
Dampak Ukuran Perusahaan, Beta, dan Peringkat ESG terhadap Efisiensi Perusahaan Kelapa Sawit yang Terdaftar di IDX Selama Periode Krisis Pritasari Wybawa, Erika; Yuliansyah, M. Roby
Jurnal Penelitian Kelapa Sawit Vol 34 No 1 (2026): Jurnal Penelitian Kelapa Sawit
Publisher : Pusat Penelitian Kelapa Sawit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22302/iopri.jur.jpks.v34i1.305

Abstract

The palm oil industry proves to be a resilient sub-sector of agriculture, particularly during the COVID-19 crisis, contributing significantly to Indonesia's national GDP and supporting financial recovery in the post-pandemic period. This research examines the influence of company size, Beta (stock volatility), and ESG ratings on the efficiency scores of palm oil companies. A total of 20 entities listed on the Indonesia Stock Exchange (IDX) are analyzed over a 5-year period (2019–2023), including 9 ESG-rated companies. A DEA double bootstrap with left-truncated linear regression at 1 is employed to estimate the model. The results show that company size does not significantly affect efficiency, while Beta negatively impacts efficiency, indicating that higher volatility reduces performance. ESG-rated companies consistently outperform non-rated counterparts, demonstrating the positive effects of sustainable practices. This study provides a novel contribution, as no previous research explores these variables in Indonesia's palm oil industry. The findings offer valuable insights for industry practitioners and policymakers, emphasizing the importance of ESG integration for improved efficiency and sustainable growth, and supporting the formulation of policies to enhance the sector's resilience in future crises.