Published date: Mar 22 2024

Journal Title: KnE Social Sciences

Issue title: International Conference on Engineering Management and Sustainable Innovative Technology (ICEMSIT)

Pages: 40–51

DOI: 10.18502/kss.v9i10.15694

Bunga MaharaniUniversity of Jember, Jember, Indonesia

Bayu Aprilliantobayu_aprillianto@unej.ac.idUniversity of Jember, Jember, Indonesia

Agung Budi SulistiyoUniversity of Jember, Jember, Indonesia

Novi Wulandari WidiyantiUniversity of Jember, Jember, Indonesia

Muhammad MiqdadUniversity of Jember, Jember, Indonesia

This qualitative research aimed to explore the financial policies and strategies adopted by companies in the agro-industrial sector in an effort to improve their financial performance, especially during the COVID-19 pandemic. The research used a case study approach conducted at PTPN X Jember. PTPN X Jember is an agro-industry company that produces world-class tobacco as its main product. Through in-depth interviews and periodic observations, data mining was carried out by considering one finance director as the main informant and supplemented by an in-depth review of financial report documents as secondary data reinforcement. Data analysis adopts Miles and Huberman’s technique consisting of three activities, i.e. data reduction, data display, and drawing conclusions/verification. The results of the study indicated that there is a strong preference for PTPN X to carry out a cost optimization strategy to encourage increased performance, which had an impact on increasing the quantity and quality of products. Quality products had a direct effect on increasing profits despite the COVID-19 pandemic situation. This research contributed to the development of financial management literature, especially corporate financial strategies during times of crisis in the agro-industrial sector.

Keywords: agro-industry, financial performance, Human Resources, cost optimization strategy

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