THE EUDR AND INDONESIA’S FOREMOST PALM OIL FIRMS’ FINANCIAL PERFORMANCE AND EXPORT DYNAMICS

TALLULAH HUMAIRA IHSAN, Bayu Sutikno, S.E., M.S.M., Ph.D.; I Wayan Nuka Lantara, M.Si., Ph.D.

2025 | Skripsi | MANAJEMEN

Dalam beberapa tahun terakhir, meningkatnya kekhawatiran global atas degradasi lingkungan dan perubahan iklim telah mendorong badan-badan regulasi, khususnya Uni Eropa (UE), untuk memberlakukan persyaratan yang lebih ketat pada rantai pasokan global. Industri minyak kelapa sawit, yang dikenal dengan praktik ekstraktif dan jejak karbon yang signifikan, sangat terpengaruh oleh regulasi ini. Penerapan Regulasi Deforestasi Uni Eropa (EUDR) merupakan upaya legislatif utama untuk memastikan bahwa produk yang diimpor ke UE tidak terkait dengan deforestasi, sehingga mempengaruhi strategi operasional perusahaan minyak kelapa sawit secara global.

Sebagai eksportir utama dalam perdagangan minyak kelapa sawit global, perusahaan-perusahaan minyak sawit Indonesia diperkirakan akan mengalami dampak yang cukup besar dari EUDR. Meskipun penelitian yang ada telah mengeksplorasi dampak yang lebih luas dari kepatuhan regulasi lingkungan terhadap kinerja perusahaan, hanya sedikit penelitian yang berfokus secara spesifik kepada dampaknya regulasi seperti EUDR kepada kinerja keuangan dalam industri minyak kelapa sawit Indonesia. Ditambah lagi, dinamika antara ukuran perusahaan dan kepatuhan terhadap regulasi masih kurang dibahas dengan detil. Namun, dampak pasti EUDR terhadap dinamika ekspor neto dan kinerja keuangan perusahaan-perusahaan minyak kelapa sawit Indonesia belum diteliti.

Studi ini menggunakan analisis data panel pada lima perusahaan minyak kelapa sawit terbesar di Indonesia, yang meneliti perubahan kinerja keuangan dan perilaku ekspor sebelum dan sesudah diadakan EUDR. Temuan studi ini menyoroti efek regulasi keberlanjutan yang bernuansa dan terkadang berlawanan dengan intuisi pada perusahaan yang beroperasi dalam industri yang peka terhadap lingkungan. Meskipun kepatuhan lingkungan dapat meningkatkan posisi perdagangan internasional, hal itu tidak serta merta menghasilkan keuntungan finansial langsung. Studi ini berkontribusi pada semakin banyaknya penelitian tentang tantangan operasional dan trade-off strategis yang dihadapi perusahaan dalam menyelaraskan dengan standar lingkungan global, khususnya dalam konteks ekonomi yang digerakkan oleh sumber daya seperti Indonesia.

Increasing concerns about the state of the climate and environment has led to many countries and global entities, such as the European Union, pushing tighter regulations for sustainability measures in business operations. Considering the deep interconnectedness between corporations embedded in the global supply chain, these sustainability measures have had a considerable impact on their operations. Not excluded from this is palm oil firms. As the natural oils industry is a highly extractive, often destructive industry, it should come as no surprise that its business operations and sustainability measures receive extra attention from lawmakers and legislators in the European Union. With the implementation of the European Union Deforestation Regulation’s strict policies pushing for corporations worldwide to adhere to certain sustainability standards in everyday business operations, said corporations may potentially experience operational and financial setbacks. This study aims to investigate whether the implementation of the EU Deforestation Regulation negatively affects a palm oil firm’s financial and operational performance.

Employing a time-panel, this study analyzes the effect on palm oil firms’ financial performance and net export dynamics before and after the introduction of the EU Deforestation Regulation. The results were measured using a firm’s financial metrics, operationalized using Net Profit Margin and Return on Assets, and a firm’s export dynamics, operationalized using Total Net Exports. Data is collected from Indonesia’s top five palm oil firms to represent actors in the palm oil industry in Indonesia.

As opposed to the expected outcome, a firm’s compliance with the EU Deforestation Regulation does not increase its net profit margin. Meanwhile, as expected, adherence with sustainability regulations improves a firm’s net export dynamics. Interestingly, through our study, it was found that firm size also does not positively moderate the relationship between a firm’s implementation of sustainable measures and its financial performance. This study answers the question regarding the effect that the EU Deforestation Regulation has had on Indonesian palm oil firms to an extent, but can be further improved using a more extensive dataset and time frame. These findings offer insights into the complexities of following global compliance regulations to remain within a successful line of business for firms acting within extractive industries, especially due to rising climate concerns.

Kata Kunci : Palm Oil Exports, European Union Deforestation Regulation, Environmental Value, Financial Performance, Export Dynamics, Indonesian Palm Oil, Palm Oil Industry