Descriptive statistics by EUDR tier
| Variable | Mean | SD | P25 | Median | N |
|---|---|---|---|---|---|
| All Firms | |||||
| Log Market Cap (IDR) | 30.603 | 1.526 | 29.506 | 30.445 | 75 |
| Book-to-Market | 0.861 | 0.745 | 0.334 | 0.619 | 75 |
| Leverage (Debt/Assets) | 0.205 | 0.187 | 0.034 | 0.161 | 75 |
| Return on Assets | 0.086 | 0.097 | 0.031 | 0.059 | 75 |
| Market Beta | 1.393 | 0.867 | 0.684 | 1.319 | 75 |
| Physical Risk Score | 0.176 | 0.260 | 0.000 | 0.108 | 75 |
| RSPO Certified (=1) | 0.133 | 0.342 | 0.000 | 0.000 | 75 |
| ISPO Certified (=1) | 0.147 | 0.356 | 0.000 | 0.000 | 75 |
| CAR[−1,+1] at E1 (%) | −0.155 | 4.763 | −2.704 | −0.486 | 75 |
| CAR[−5,+5] at E1 (%) | −0.734 | 7.530 | −4.542 | −1.159 | 75 |
| Tier 1 (Upstream Producers) | |||||
| Log Market Cap (IDR) | 29.431 | 1.083 | 28.699 | 29.479 | 17 |
| Book-to-Market | 1.115 | 0.724 | 0.481 | 1.157 | 17 |
| Leverage (Debt/Assets) | 0.321 | 0.201 | 0.174 | 0.303 | 17 |
| Return on Assets | 0.066 | 0.058 | 0.034 | 0.043 | 17 |
| Market Beta | 0.898 | 0.664 | 0.356 | 0.753 | 17 |
| Physical Risk Score | 0.469 | 0.368 | 0.108 | 0.384 | 17 |
| RSPO Certified (=1) | 0.588 | 0.507 | 0.000 | 1.000 | 17 |
| ISPO Certified (=1) | 0.647 | 0.493 | 0.000 | 1.000 | 17 |
| CAR[−1,+1] at E1 (%) | −1.428 | 2.797 | −2.242 | −0.486 | 17 |
| CAR[−5,+5] at E1 (%) | −3.803 | 5.679 | −6.375 | −3.898 | 17 |
| Tier 2 (Intermediate Processors) | |||||
| Log Market Cap (IDR) | 31.587 | 0.884 | 31.350 | 31.526 | 5 |
| Book-to-Market | 0.443 | 0.394 | 0.306 | 0.382 | 5 |
| Leverage (Debt/Assets) | 0.233 | 0.154 | 0.083 | 0.248 | 5 |
| Return on Assets | 0.117 | 0.106 | 0.040 | 0.087 | 5 |
| Market Beta | 0.228 | 0.162 | 0.140 | 0.280 | 5 |
| Physical Risk Score | 0.086 | 0.048 | 0.108 | 0.108 | 5 |
| RSPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 5 |
| ISPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 5 |
| CAR[−1,+1] at E1 (%) | −0.046 | 3.781 | −1.893 | −0.312 | 5 |
| CAR[−5,+5] at E1 (%) | 3.189 | 3.972 | 0.853 | 3.184 | 5 |
| Tier 3 (Reference Group) | |||||
| Log Market Cap (IDR) | 30.886 | 1.506 | 30.091 | 30.734 | 53 |
| Book-to-Market | 0.819 | 0.760 | 0.339 | 0.612 | 53 |
| Leverage (Debt/Assets) | 0.165 | 0.172 | 0.027 | 0.113 | 53 |
| Return on Assets | 0.089 | 0.107 | 0.029 | 0.059 | 53 |
| Market Beta | 1.662 | 0.805 | 0.972 | 1.704 | 53 |
| Physical Risk Score | 0.091 | 0.133 | 0.000 | 0.000 | 53 |
| RSPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 53 |
| ISPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 53 |
| CAR[−1,+1] at E1 (%) | 0.242 | 5.299 | −2.850 | −0.423 | 53 |
| CAR[−5,+5] at E1 (%) | −0.120 | 8.037 | −3.809 | −0.985 | 53 |
| Variable | Mean | SD | P25 | Median | |
|---|---|---|---|---|---|
| Log Market Cap (IDR) | 30.603 | 1.526 | 29.506 | 30.445 | 75 |
| Book-to-Market | 0.861 | 0.745 | 0.334 | 0.619 | 75 |
| Leverage (Debt/Assets) | 0.205 | 0.187 | 0.034 | 0.161 | 75 |
| Return on Assets | 0.086 | 0.097 | 0.031 | 0.059 | 75 |
| Market Beta | 1.393 | 0.867 | 0.684 | 1.319 | 75 |
| Physical Risk Score | 0.176 | 0.260 | 0.000 | 0.108 | 75 |
| RSPO Certified (=1) | 0.133 | 0.342 | 0.000 | 0.000 | 75 |
| ISPO Certified (=1) | 0.147 | 0.356 | 0.000 | 0.000 | 75 |
| CAR[−1,+1] at E1 (%) | −0.155 | 4.763 | −2.704 | −0.486 | 75 |
| CAR[−5,+5] at E1 (%) | −0.734 | 7.530 | −4.542 | −1.159 | 75 |
| Log Market Cap (IDR) | 29.431 | 1.083 | 28.699 | 29.479 | 17 |
| Book-to-Market | 1.115 | 0.724 | 0.481 | 1.157 | 17 |
| Leverage (Debt/Assets) | 0.321 | 0.201 | 0.174 | 0.303 | 17 |
| Return on Assets | 0.066 | 0.058 | 0.034 | 0.043 | 17 |
| Market Beta | 0.898 | 0.664 | 0.356 | 0.753 | 17 |
| Physical Risk Score | 0.469 | 0.368 | 0.108 | 0.384 | 17 |
| RSPO Certified (=1) | 0.588 | 0.507 | 0.000 | 1.000 | 17 |
| ISPO Certified (=1) | 0.647 | 0.493 | 0.000 | 1.000 | 17 |
| CAR[−1,+1] at E1 (%) | −1.428 | 2.797 | −2.242 | −0.486 | 17 |
| CAR[−5,+5] at E1 (%) | −3.803 | 5.679 | −6.375 | −3.898 | 17 |
| Log Market Cap (IDR) | 31.587 | 0.884 | 31.350 | 31.526 | 5 |
| Book-to-Market | 0.443 | 0.394 | 0.306 | 0.382 | 5 |
| Leverage (Debt/Assets) | 0.233 | 0.154 | 0.083 | 0.248 | 5 |
| Return on Assets | 0.117 | 0.106 | 0.040 | 0.087 | 5 |
| Market Beta | 0.228 | 0.162 | 0.140 | 0.280 | 5 |
| Physical Risk Score | 0.086 | 0.048 | 0.108 | 0.108 | 5 |
| RSPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 5 |
| ISPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 5 |
| CAR[−1,+1] at E1 (%) | −0.046 | 3.781 | −1.893 | −0.312 | 5 |
| CAR[−5,+5] at E1 (%) | 3.189 | 3.972 | 0.853 | 3.184 | 5 |
| Log Market Cap (IDR) | 30.886 | 1.506 | 30.091 | 30.734 | 53 |
| Book-to-Market | 0.819 | 0.760 | 0.339 | 0.612 | 53 |
| Leverage (Debt/Assets) | 0.165 | 0.172 | 0.027 | 0.113 | 53 |
| Return on Assets | 0.089 | 0.107 | 0.029 | 0.059 | 53 |
| Market Beta | 1.662 | 0.805 | 0.972 | 1.704 | 53 |
| Physical Risk Score | 0.091 | 0.133 | 0.000 | 0.000 | 53 |
| RSPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 53 |
| ISPO Certified (=1) | 0.000 | 0.000 | 0.000 | 0.000 | 53 |
| CAR[−1,+1] at E1 (%) | 0.242 | 5.299 | −2.850 | −0.423 | 53 |
| CAR[−5,+5] at E1 (%) | −0.120 | 8.037 | −3.809 | −0.985 | 53 |
Note(s): CAR values are in percentage points. Tier 1 = EUDR-exposed upstream producers (N = 17); Tier 2 = intermediate processors (N = 5); Tier 3 = reference firms (N = 53). Physical Risk Score is the province-level composite of BII deficit and normalised GFW deforestation intensity. E1 = EUDR adoption event (26 April 2023 IDX trading date; seven-day lag from the 19 April 2023 European Parliament vote due to the Eid al-Fitr trading halt). All variables are reported for the full sample of 75 firms in every tier; missing book-equity and market-beta observations present in earlier data vintages have since been resolved through the price-based fallback estimation described in the Sample, Data Sources and Variable Construction subsection. Tier 2 statistics are based on N = 5 and should be interpreted with caution
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