THE EFFECT OF CPO (CRUDE PALM OIL) PRICE ON FINANCIAL PERFORMANCE AND ITS IMPACT ON STOCK PRICES OF PALM OIL COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE 2014–2024

Penulis

  • Ani Apriani
  • Muhammad Firmansyah Department of Management Pamulang University

DOI:

https://doi.org/10.52434/mja.v9i1.43612

Kata Kunci:

CPO Price, Financial Performance, ROA, Stock Price

Abstrak

Indonesia is the world's largest producer of crude palm oil (CPO). Global CPO price fluctuations do not always align with the financial performance of palm oil plantation companies. This study aims to analyze  the effect of CPO price on financial performance (ROA) of palm oil companies, the effect of financial performance (ROA) on stock prices; and the mediating role of ROA in the relationship between CPO price and stock prices. A quantitative associative method was employed using balanced panel data from 9 palm oil companies listed on the Indonesia Stock Exchange (IDX) for the period 2014–2024 (99 observations). Panel data regression and Sobel test were conducted using EViews 12. Results show that: (1) CPO price has a significant positive effect on ROA at the 10% significance level (coefficient = 0.0584, p = 0.0504); (2) ROA has a significant positive effect on stock prices at the 5% level (coefficient = 1.499, p = 0.0282); (3) ROA has not been proven as a statistically significant mediator at the 5% level (Sobel statistic = 1.68), although a mediating tendency is observed at the 10% level. These findings suggest that rising CPO prices increase company profitability; however, the effect on stock prices through the profitability channel is limited due to time lag factors and the capital-intensive nature of the palm oil industry.

Referensi

Abdullah, A., Rachma, N., & Marlinah, A. (2022). Pengaruh kinerja keuangan terhadap harga saham perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Nobel Management Review, 3(4), 579–593. https://e-jurnal.nobel.ac.id/index.php/NMaR/article/view/3486

Andini, D. (2024). Pengaruh kinerja keuangan dan makro ekonomi terhadap harga saham pada perusahaan sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2019–2023 [Tesis tidak diterbitkan]. Universitas Diponegoro.

Unduhan

Diterbitkan

2026-07-03

Terbitan

Vol 9 No 1 (2026): Mahatani : Jurnal Agribisnis (Agribusiness and Agricultural Economics Journal)

Bagian

MAHATANI: Jurnal Agribisnis (Agribusiness And Agricultural Economics Journal)

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