AgBioForum, 25(2): 61-71. ©2023 AgBioForum Investment in Coffee Farming Based on Community Encouragement Ni Gst Ag.Gde Eka Martiningsih* Faculty of Agriculture and Business, Mahasaraswati University Denpasar, Bali, Indonesia Email:ekamartini@unmas.ac.id I Ketut Arnawa Faculty of Agriculture and Business, Mahasaraswati University Denpasar, Bali, Indonesia Email:arnawaiketut1962@gmail.com I Made Budiasa Faculty of Agriculture and Business, Mahasaraswati University Denpasar, Bali, Indonesia Email:mdbudiasa43@gmail.com *Corresponding author: Ni Gst Ag.Gde Eka Martiningsih; Email: ekamartini@unmas.ac.id The primary objective of the study conducted in the Kintamani District of Bali was to evaluate the economic viability and financial feasibility of engaging in Arabica coffee cultivation. Additionally, the research sought to investigate the possibility of leveraging Arabica coffee production as a means to attract tourists to the region. A rigorous data analysis methodology was implemented, commencing with the identification of a sample of 100 farmers through the utilisation of a multistage sampling technique to guarantee inclusivity of the wider population. The assessment of profitability was conducted with a high degree of rigour, wherein the present value of both the benefits and costs related to Arabica coffee farming were thoroughly compared. The assessment of financial feasibility involved the utilisation of key metrics, namely the Net Benefit Cost Ratio (Net B/C), Net Present Value (NPV), and Internal Rate of Return (IRR). The metrics presented offer quantitative insights, indicating that returns on investment in Arabica coffee farming become evident within the period spanning from the fourth to the thirtieth year. The net benefit-cost (B/C) ratio was calculated to be 4.443, indicating a favourable financial outcome for the venture. Additionally, the venture exhibited a positive net present value (NPV) of Rp. 107,672,034 and an impressive internal rate of return (IRR) of 35.06%. These findings confirm the financial viability of the project. The findings of this study indicate that a majority of the farmers surveyed (85%) expressed a favourable attitude towards the establishment and growth of coffee tourism destinations. These insights were obtained through the use of qualitative research methods, specifically in-depth interviews conducted with a sample size of five informants. This study offers essential insights for farmers and prospective investors pertaining to investment expenditures, economic feasibility, and profitability prospects in the cultivation of Arabica coffee. Furthermore, this highlights the potential opportunities for the development of ecotourism in the Kintamani region of Bangli, Bali, thereby enhancing our comprehension of the local economic environment. Keywords: Arabica coffee, farming, investment, finance, profit, natural tourism Introduction Coffee is a prominent tropical commodity that is globally traded, accounting for approximately 50% of total tropical commodity exports. The global appeal and widespread popularity of this phenomenon can be attributed to its unique flavour profile, which is bolstered by a combination of historical, traditional, social, and economic influences. Moreover, coffee functions as an inherent reservoir of caffeine, a compound recognised for its capacity to activate the brain, augment cognitive functions, and enhance memory. Additionally, the association between the presence of chlorogenic acid in caffeine and a decreased susceptibility to diabetes and heart disease has been established. The global consumption of beverages derived from coffee bean extract is estimated to be approximately 2.25 billion cups per day, signifying a remarkable rate of consumption. According to the International Coffee Organisation (ICO), in 2015, the estimated global demand for ground coffee was approximately 8.77 million metric tonnes (ICO, 2015). Coffee occupies a prominent position in the global market when viewed through an economic lens. Examining the long-term profitability of coffee cultivation yields valuable insights regarding the economic sustainability of this agricultural practice. The financial aspects of Arabica coffee farming are comprehensively assessed through the utilisation of economic theories pertaining to investment, cost-benefit analysis, and agricultural economics. Based on the research conducted by Amanda and Rosiana (2023), Indonesia's ranking as the fourth largest global coffee producer has been displaced to the fifth position as a result of a decline in coffee exports. However, Colombia surpassed Indonesia in this ranking, causing Indonesia to drop to fourth place among the leading coffee-exporting countries globally. According to the Director General of Plantations at the Ministry of Agriculture in 2018, Indonesia is now behind Brazil, Vietnam, and Colombia. The decline in coffee production in Indonesia has been attributed to climate change, resulting in unpredictable patterns of rainfall that have adversely impacted both coffee production and the well-being of farmers. The coffee production in Indonesia in 2021 exhibited a notable surge, marking the highest output achieved in the past ten years (Setyo Andi et al., 2022). The total production volume amounted to 774.6 metric tonnes, reflecting a growth rate of 2.75% compared to the preceding year. The decline in coffee production in Indonesia has been attributed to climate change, specifically the adverse effects of irregular rainfall patterns on both coffee cultivation and the well- being of farmers (Sujatmiko & Ihsaniyati, 2018).The lower productivity of coffee production in Indonesia can be mailto:ekamartini@unmas.ac.id mailto:arnawaiketut1962@gmail.com mailto:mdbudiasa43@gmail.com mailto:ekamartini@unmas.ac.id AgBioForum, 25(2), 2023 | 62 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement attributed to the continued use of traditional coffee plantation techniques (Baso & Anindita, 2018). Currently, the average yield of Indonesian coffee stands at 0.552 metric tonnes per hectare, resulting in a total coffee production of 685,090 metric tonnes. The coffee plantation area in Indonesia spans 1,241,710 hectares. In contrast, Vietnam exhibits a coffee productivity rate of 2.175 metric tonnes per hectare, resulting in a cumulative production of 1,395,600 metric tonnes, encompassing a coffee plantation area spanning 641,700 hectares. Bali is a prominent coffee-producing region in Indonesia, renowned for its contributions to both the domestic and international markets, encompassing Asia and Europe. During the initial semester of 2016, Bali generated a total of US$ 60,131.42 in foreign exchange through its coffee export endeavours. The quantity of coffee shipments experienced a notable surge of 146.22%, rising from 5.15 tonnes in the initial six months of 2015 to 12.68 tonnes in the corresponding period of 2016 (Bali Provincial Office of Industry and Trade, 2016). Bangli Regency is renowned for having the largest coffee cultivation area, estimated at approximately 4,736 hectares, in comparison to other regencies. Bangli Regency, being the foremost producer of Arabica coffee, experienced a marginal rise in production from 2,247 metric tonnes in 2019 to 2,249 metric tonnes in the subsequent year of 2020. The Arabica coffee variety that is grown in a specific region has been granted Geographical Indication status and is officially recognised by the Geographical Indication Protection Society (GIPS). This particular variety is referred to as "Kopi Arabika Kintamani Bali" (Ardana, 2019). The cultivation of Arabica coffee is carried out by individuals who are affiliated with the Subak organisation. Based on the findings of a study conducted by Winantara, Bakar, and Puspitaningsih (2014), it has been determined that investment in the cultivation of civet coffee in Bali yields a profitable outcome. The study reveals that the internal rate of return stands at 21%, while the economic age is estimated to be 5 years. In a similar vein, Rico, Wan Abbas, and Umi (2014) conducted a study that showcases the economic viability of cultivating civet coffee in the region of West Lampung, with positive outcomes observed at both the micro and macro levels. In a study conducted by Wahyuni, Utama, and Mulyasari (2012), it was discovered that Arabica coffee, with a projected lifespan of 10 years, demonstrates a net benefit-cost ratio (B/C ratio) of 2.17, a net present value (NVP) of Rp. 18,847,733, and an internal rate of return (IRR) of 26.60%. Within the framework of market dynamics, coffee is susceptible to variations in worldwide demand and supply. The present study acknowledges the aforementioned market dynamics and proposes to incorporate theories from the field of international trade and market analysis. The objective is to investigate the potential impact of changes in the global coffee market on the long-term profitability of Arabica coffee cultivation. Arabica coffee also experiences notable annual growth in export demand, ranging from 20% to 25%, thereby establishing itself as a feasible and lucrative avenue for economic development. As per the findings of the Indonesian Plantation Research and Development Centre, the Arabica coffee species exhibits an economic lifespan spanning from 20 to 25 years, during which the coffee plants commence fruit production after a period of 4 to 5 years. Nevertheless, there exists a specific timeframe in which the optimisation of coffee production may not be achieved, resulting in a decrease in yields as the coffee plants mature. This issue is further exacerbated by the substantial amount of investment capital needed, as evidenced by a study conducted by Roidah (2013), which revealed that it amounts to IDR 20,000,000 per hectare. The study's significance is derived from its capacity to provide valuable insights to a range of stakeholders. The main objective of this study is to evaluate the economic feasibility of investing in the cultivation of Arabica coffee over a significant time frame of 30 years. The findings of this research are of great importance to potential investors, policymakers, and coffee farmers, as they provide essential information that can assist in making well-informed decisions. In addition, this study makes a valuable contribution to the ongoing scholarly conversation surrounding sustainable agriculture. Specifically, it examines the enduring financial viability of coffee farming and its compatibility with environmental and social factors. The study highlights the significance of local economies and livelihoods by examining particular regions, such as Bali and Bangli Regency. It provides valuable insights into the potential of coffee cultivation to drive regional development and generate income. Furthermore, the research is in accordance with the principles of agricultural sustainability, which is a key area of interest in academic and policy circles. The analysis of long-term profitability in Arabica coffee cultivation serves as a valuable contribution to the discourse surrounding sustainable agricultural practices. The research can draw upon theories pertaining to sustainable agriculture, trends in crop yield, and the enduring environmental consequences of coffee cultivation, thereby elucidating the interplay between economic considerations and environmental and social factors. The central research inquiry examined in this investigation pertains to the financial viability of engaging in the cultivation of Arabica coffee throughout its 30-year economic lifespan. In accordance with the aforementioned inquiry, the research aims to achieve two primary objectives: (1) to examine the cash flow of benefits and costs by employing forecasting techniques throughout the economic lifespan, and (2) to evaluate the advantages associated with the development of Arabica coffee farming over its entire economic existence, utilising investment criteria such as Net Present Value (NPV), Net Benefit Cost Ratio (Net B/C), and Internal Rate of Return (IRR). The observed phenomenon in the context of investing in Arabica coffee farming in Bangli is characterised by a lack of comprehensive understanding among practitioners, particularly within the coffee farming community consisting of members affiliated with the Subak organisation. Historically, these agricultural communities have primarily operated as providers of raw materials, with AgBioForum, 25(2), 2023 | 63 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement limited participation in the process of making investment decisions. This study is motivated by the need to address a knowledge gap pertaining to the responses and expectations of the coffee farming community in Bangli with regards to investment in Arabica coffee cultivation. Consequently, a thorough analysis is required to gain insights into this matter. Literature Review Coffee is a widely cultivated plantation crop with a long history of cultivation and significant economic importance. Approximately 70% of global coffee consumption is derived from the Arabica coffee species, while the remaining 26% is attributed to Robusta coffee. Coffee originates from the African continent, specifically the elevated terrain of Ethiopia. Nevertheless, global recognition of coffee was only achieved subsequent to its cultivation beyond its original region of Yemen in southern Arabia, facilitated by Arab merchants. The research conducted by Gumulya and Helmi (2017) shed light on the historical origins of coffee, revealing its initial cultivation in Ethiopia and subsequent dissemination to global markets facilitated by Arab traders. The historical context underscored the worldwide importance of coffee cultivation. The coffee fruit is composed of various components, specifically the outermost layer known as the excocarp, a flesh layer called the mesocarp, a mucus-like substance referred to as musilage, a thin protective skin known as the spermoderm, and the coffee beans themselves, also known as the endoscarp. The outermost layer of the fruit, known as the exocarp, initially appears green in young coffee cherries. As the cherries mature, this layer undergoes a colour transformation, progressing from green to yellow and ultimately turning red when fully ripe. When the fruit reaches ripeness, its flesh will exhibit a slimy texture and possess a mildly sweet taste. The endocarp, which comprises the inner layer of the skin, is characterised by its considerable toughness and is often referred to as horn skin. Mubarok, Suwasono, and Palupi (2014) offered valuable insights by providing a description of the various constituents of the coffee fruit, which encompassed the horn skin, a resilient inner layer. This knowledge was specifically pertinent in comprehending coffee processing techniques, which is a crucial element for coffee farmers aiming to enhance their methodologies. The processing of coffee beans can be conducted using two distinct methods, specifically the wet method and the dry method. The dry processing method involves the direct exposure of coffee cherries to solar radiation for drying purposes. On the other hand, the wet processing method entails a series of sequential stages, resulting in the generation of various forms of waste, such as coffee skin (also known as coffee pulp), which can be repurposed as animal feed. The study by Nadhiroh (2018) examined the production of byproducts like coffee skin as well as the two main methods of processing coffee, wet and dry. The waste management component is relevant to both the sustainability of the environment and the potential for supplementary revenue streams for coffee farmers. In general, the methodology utilised in this study incorporates historical research, archival analysis, literature review, and data analysis techniques to provide a comprehensive understanding of the historical origins of coffee and emphasise its global importance. The objective of this multifaceted approach is to offer a comprehensive and nuanced comprehension of the trajectory of coffee, starting from its origins in Ethiopia and culminating in its status as a globally traded commodity. Moreover, prior research studies play a crucial role by providing solid groundwork and offering indispensable contextual knowledge for the present investigation. The aforementioned studies provide valuable perspectives on the historical importance of coffee, its botanical attributes, and the techniques employed in its processing. These aspects hold great relevance in conducting a thorough examination of the economic viability of cultivating Arabica coffee in Bali for a span of 30 years. Investment Valuation The cultivation of Arabica coffee can be classified as an agricultural enterprise. Business investment activities are undertaken with the expectation of future outcomes or gains. The Arabica coffee plantation development business entails deriving income from the sale of production, while the investment involved encompasses the costs incurred prior to obtaining these benefits. A project proposal is considered feasible or appropriate when the benefits derived from it outweigh the associated costs or sacrifices. Typically, investment endeavours within the plantation industry exhibit a long-term nature. In this context, the evaluation of advantages necessitates the consideration of time. Both receipts and expenses are quantified in monetary terms, thereby necessitating a common measure to determine their equivalence. In this regard, the concept of present value is commonly employed for such calculations. The concept of present value distinguishes the current worth of money from its future value. The act of determining the present value of a future cash flow is commonly referred to as discounting. The financial viability of an investment can be evaluated using various criteria. Investments serve as indicators for measuring and comparing the merits of different projects. By employing investment criteria, it becomes possible to assess the profitability of a project (Husnan & Muhammad, 2000). There are three crucial measures that play a significant role in the evaluation of projects pertaining to discounting principles (Kadariah & Gray, 1978; Vawda, Moock, Price Gittinger, & Patrinos, 2003). (1) Net Present Value (NPV) The Net Present Value (NPV) refers to the disparity in present value that arises from comparing the benefits and costs associated with a given project. Similar to the Net Benefit/Cost (Net B/C) approach, the discount rate employed represents the opportunity cost of capital. The AgBioForum, 25(2), 2023 | 64 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement decision-making criterion entails accepting a project if its net present value is positive. The net present value (NPV) is deemed to be zero, indicating that the project generates returns equivalent to the opportunity cost of capital. Conversely, if the NPV falls below zero, the project is deemed unfavourable and thus rejected. (2) Net Benefit-Cost Ratio (Net B/C) When evaluating the project, it is essential to assess the present value of both its benefits and costs, and express this relationship as a ratio. The discount rate employed typically represents the ratio of capital's opportunity cost. The calculation of the Net Benefit-to-Cost ratio (Net B/C) involves the discounting of gross benefits and gross costs, which encompass investment costs, maintenance expenses, and operating costs associated with production. In the event that the Net Benefit/Cost (Net B/C) ratio exceeds one, the appropriate course of action would be to accept the project. Conversely, if the Net B/C ratio falls below one, it would be advisable to reject the project. (3) Internal Rate of Return (IRR) The term "internal rate of return" refers to a criterion that remains unaffected by external factors such as fluctuations in interest rates or inflation rates. The Internal Rate of Return (IRR) is a financial metric employed to determine the interest rate at which the present value of costs and benefits is equal. In order to optimise the economic evaluation of the project, it is desirable for the Net Benefit- to-Cost ratio (Net B/C) to approach unity, the Net Present Value (NPV) to approach zero, and for the net benefit amount to be positive. The calculation of the internal rate of return (IRR) typically involves a trial-and-error approach, as there is no readily available mathematical formula that can be employed for this purpose. Initially, a specific interest rate is selected for the purpose of computing the net present value (NPV). If the resulting NPV is positive, subsequent attempts are made using a higher discount rate. Conversely, if the NPV is negative, subsequent attempts are made using a lower discount rate. This iterative process continues until an appropriate discount rate is determined. Community Role Community serves as a form of social capital in the context of development. Consequently, the involvement of the community becomes a crucial element in endeavours aimed at fostering self-reliance and facilitating the process of empowerment (Adiyoso, 2018). The failure to prioritise community involvement in development initiatives serves as the initial catalyst for the ineffective implementation of empowerment strategies in supporting overall development efforts. The active involvement of the community is crucial in the process of development, and they should be regarded as active participants rather than passive recipients. It is imperative to promote the empowerment of communities in determining their own objectives for action and guiding their development autonomously and conscientiously (Edelia & Aslami, 2022). Individuals are likely to experience a sense of belonging when they possess a clear comprehension of the objectives pertaining to development and empowerment (Ife, 2016). The assessment of community involvement in a development activity is contingent upon the significance of the community's response to the development plan. This study provides novel perspectives on multiple significant aspects. The initial section of the paper presents an innovative investment framework for Arabica coffee cultivation, which incorporates the use of surveys and interviews to thoroughly assess its economic viability. Furthermore, in contrast to numerous studies that primarily examine immediate benefits, the present research investigates the extended financial viability of coffee cultivation spanning a duration of 30 years, thereby shedding light on its temporal dynamics. Moreover, this approach adopts a community-centric perspective, taking into account the roles and expectations of local farmers and stakeholders rather than solely focusing on financial considerations. Furthermore, the system acknowledges the ecological consequences, particularly in mountainous areas susceptible to landslides, underscoring the significance of implementing sustainable methodologies. The present study investigates the potential of coffee tourism as an innovative area of research that extends beyond conventional agricultural studies. It aims to identify novel approaches for enhancing local economies and advancing environmental sustainability within the context of coffee farming. Collectively, these distinctive elements offer a comprehensive and invaluable viewpoint on the cultivation of Arabica coffee. Research Methods Location and Time The study was carried out among coffee farmers cultivating Arabica coffee in the villages of Serahi, Bantang, and Sukawana, located in the Kintamani District of the Bangli Regency. The study was conducted between the years 2020 and 2021. The selection of research locations was conducted using the purposive sampling method, taking into account the ongoing production of Arabica coffee and its extensive years of cultivation. Research Framework When making the decision to invest in Arabica coffee farming, it is essential to carefully evaluate the economic lifespan of the investment and analyse the associated benefits and costs. In order to predict the advantages, a quadratic equation was utilised, taking into account the notion that coffee production attains a peak level. In order to predict costs, a basic regression equation was employed, considering the expenses linked to the production process. Arabica coffee farmers employ three investment criteria to evaluate the profitability of their business ventures, namely Net Present Value (NPV), Internal Rate of Return (IRR), and Net Benefit/Cost Ratio (Net B/C/R). The investment framework for Arabica coffee farming is illustrated in Figure 1. AgBioForum, 25(2), 2023 | 65 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement Source: Researcher’s Data Figure 1: Research Framework Population and Sample The study population consisted of Arabica coffee farmers who had cultivated Arabica coffee plants between the years 2015/2016 and 2019/2020, with a division based on five distinct planting years. The sample was chosen utilising the multistage sampling technique, which entails the selection of the sample in a step-by-step manner, where each stage corresponds to a distinct subset of the population. A sample size of 100 participants was selected using the proportional random sampling technique, which was applied to each stratum of the population. Table 1: Number of Respondent Farmers in Each Sample Village No Village Year of Planting 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 Amount 1 Serahi 20 10 10 0 0 40 2 Bantang 0 10 10 10 0 30 3 Sukawan a 0 10 10 0 10 30 Amount 20 30 30 10 10 100 Data Collection The study employed a comprehensive data collection methodology that incorporated a combination of quantitative and qualitative methods as its primary techniques. The structured surveys were meticulously developed to collect quantitative data pertaining to different facets of Arabica coffee farming, such as production costs, revenue, and investment criteria. This development process involved a rigorous approach, which encompassed a thorough literature review and consultations with experts. Subsequently, the surveys underwent pre-testing to ensure their clarity and effectiveness. In contrast, the study employed a qualitative approach to gather insights. In-depth interviews were conducted with a carefully selected sample of five informants. A structured interview guide made up of open-ended questions served as the interview's direction. The purpose of these interviews was to explore the potential of Arabica coffee as a tourist attraction. Prior to the main data collection, the interview guide was pilot-tested to ensure its effectiveness and make necessary refinements. The data collection process adhered to a methodical sequence, commencing with the identification of research locations through purposive sampling and subsequently selecting a representative sample of Arabica coffee farmers via multistage sampling. The research endeavour was guided by ethical principles, which included important considerations such as obtaining informed consent, ensuring anonymity and confidentiality, promoting voluntary participation, and implementing rigorous data security measures. Data Analysis The present study employs the cash flow method to analyse the investment advantages associated with the development of Arabica coffee farming enterprises. This method entails the assessment of both incoming revenues and outgoing expenses. 1) Receipt Current Calculation (Bt) Revenue is obtained from the multiplication of dry coffee production with the selling price of dry coffee. The available production data is 5 times, this data is used to estimate production at the age of t year, using the quadratic equation, on the basis of the consideration that Arabica coffee production has a maximum production. The quadratic equation used with the following formulation: Yt = a + bt + ct2 Yt is dry coffee production in year t, while a,b,c and c are the estimated parameters, t is time. 2) Expenditure Flow Calculation (Ct) Expenditures refer to the expenses associated with investment and production activities. Due to the limited availability of production cost data, it is utilised to estimate future production costs for a period of t years. This estimation is achieved through the application of a simple regression equation, formulated as follows: Ct = a + bY Ct, is production cost in t year, Y is production, while a,b are the estimated parameters 3) Profit Analysis of Arabica Farming Investment The present study focuses on the analysis of investment returns utilising the cash flow method. Specifically, this method involves examining the inflow and outflow of funds to achieve a balance in the value of money. This balance is achieved by multiplying the cash inflows (Bt) and cash outflows (Ct) by the discount factor, as indicated by the following formula: Po = St (1 + i) t Po is the present value of money, St, is the value of money in t year, i is the discount factor, t is the time. Criteria for Net Benefit Cost Ratio (Net B/C) Profits from investment in Arabica coffee development are analyzed using the Net-Benefit Cost Ratio criteria, with the formulation: Net B/C=(∑_(t=1) ^n▒((Bt-Ct))/〖(1+i)〗^t )/(∑_(t=1)^n▒((Ct- Bt))/〖(1+i)〗^t ) NetB/C is the Net Benefit Cost Ratio, Bt is the net benefit in year-t (Rp), Ct is the cost in year-t (Rp), i is the prevailing interest rate, n is the economic age of Arabica coffee, and t is year. AgBioForum, 25(2), 2023 | 66 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement Criteria of Net Present Value (NPV) The Net Present Value (NPV) refers to the present value of the disparity between benefits and costs, considering a specific discount rate. The Net Present Value (NPV) metric demonstrates the favourable outcomes of benefits in relation to costs. NPV = ∑_(t-1) ^n▒((Bt-Ct))/〖(1+i)〗^t The Net Present Value (NPV) represents the difference between the present value of net benefits (Bt) and the present value of costs (Ct) in a given year (t) for a specific economic age (n) of Arabica coffee. The net benefit (Bt) is measured in Rp (Indonesian Rupiah), while the cost (Ct) is also measured in Rp. The prevailing interest rate (i) is a factor that influences the calculation of NPV. If NPV > 0, then Arabica coffee farming is profitable, and if NPV < 0, Arabica coffee farming is unprofitable. Criteria for Internal Rate of Return (IRR) The Internal Rate of Return (IRR) is a financial technique used to determine the interest rate at which the present value of all cash inflows from an investment in developing an Arabica coffee farming business is equal to the cash outflows. This calculation is based on a specific formulation. IRR= i_1 〖+ 〖NPV〗^+/((〖NPV〗^+-〖NPV〗^(- ))) (i_2-i_(1 ))〗^ The value denoted as i1 represents the initial discount rate required to achieve a positive Net Present Value (NPV), while i2 represents the subsequent discount rate needed to yield a negative NPV. The profitability of the proposed investment in Arabica coffee is determined by comparing its Internal Rate of Return (IRR) to the prevailing interest rate at the time of execution. If the IRR exceeds the prevailing interest rate, the investment is deemed profitable. Conversely, if the IRR falls below the prevailing interest rate, the investment is considered unprofitable. Research Findings Benefits of Arabica Coffee Farming The average age of the Arabica coffee plants cultivated by farmers starts at the age of 4. From the results of the regression calculation, the relationship between age and production is obtained by the equation of the production function estimator Yt = 199.1019 + 73.1031 t*** – 2.4702 t2***t- count is significant at 1 % level real. Table 2 shows that cultivated Arabica coffee starts producing at the age of 4. The increase in production is not the same every year, as well as the increase in benefits. The increase in production and benefits increases, maximum at 15 years of age, product at 740 kg/ha and benefits of IDR 48,100,000/ha. Then at 16 years of age, production and benefits decrease until the economic age is 30 years. The average price of dry coffee/rice coffee in farmer level is IDR 65,000/kg, Arabica coffee production in Kintamani is oriented to the export market, different from research ((A) (D) (B) Π∗, n.d.) in Kenya coffee production is oriented to the local market, in Costa Rica, the research results of Babin (2020) many farmers left coffee farming because of low coffee prices. Research by Draeger (2002) many farmers left the agricultural industry, on the other hand coffee farmers rejoice because there is an increase in coffee prices. Table2. Benefits and relationship between plant age and Arabica Coffee production in Kintamani District, Bangli, Bali Coffee Age (Year) Production* (Kg/Ha) Benefit (Rp/Ha) 1 0 0 2 0 0 3 0 0 4 452 29380000 5 503 32695000 6 549 35685000 7 590 38350000 8 626 40690000 9 657 42705000 10 683 44395000 11 704 45760000 12 721 46865000 13 732 47580000 14 738 47970000 15 740 48100000 16 736 47840000 17 728 47320000 18 715 46475000 19 696 45240000 20 673 43745000 21 645 41925000 22 612 39780000 23 574 37310000 24 531 34515000 25 483 31395000 26 430 27950000 27 372 24180000 28 309 20085000 29 242 15730000 30 169 10985000 Description: *) estimated from the equation of Yt = 199.1019 + 73.1031 t – 2.4702 t2 Cost of Arabica Coffee Farming Table 3 displays the investment and maintenance costs associated with Arabica coffee farming. The initial year incurs investment and maintenance expenses totaling Rp. 25,365,500/ha, encompassing costs related to seed procurement, protective trees, land preparation, hole digging, manure application, and expenditures associated with non-productive plants. The cumulative expenses incurred from the second to the third-year amount to Rp. 6,517,110 per hectare. These costs encompass various components, such as the acquisition of fertilisers and pesticides, the depreciation of tools, land taxes, and labour wages. The costs associated with plant-related activities are initiated in the fourth year of production, totaling IDR 6,596,708 per hectare. These expenses encompass various aspects, such as the maintenance of productive plants, harvesting, and processing. By employing regression analysis, we are able to establish a correlation between the costs associated with harvesting and processing and the level of production. Consequently, we derive an estimated cost function, denoted as Ct = 175.9730 + 0.1292 Y ***. The t-statistic exhibits statistical significance at a confidence level of 1%. AgBioForum, 25(2), 2023 | 67 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement Table 3: Cost of Arabica Coffee Farming in Kintamani District, Bangli, Bali Coffee Age (Year) Maintenance and Investment Cost (Rp/Ha) Processing and Harvesting Cost* (Rp/Ha) Total Cost (Rp/Ha) 1 25365500 0 25365500 2 6517110 0 6517110 3 6517110 0 6517110 4 6517110 79598 6596708 5 6517110 88579 6605689 6 6517110 96680 6613790 7 6517110 103900 6621010 8 6517110 110240 6627350 9 6517110 115699 6632809 10 6517110 120278 6637388 11 6517110 123976 6641086 12 6517110 126970 6644080 13 6517110 128907 6646017 14 6517110 129963 6647073 15 6517110 130316 6647426 16 6517110 129611 6646721 17 6517110 128202 6645312 18 6517110 125913 6643023 19 6517110 122567 6639677 20 6517110 118517 6635627 21 6517110 113586 6630696 22 6517110 107775 6624885 23 6517110 101083 6618193 24 6517110 93510 6610620 25 6517110 85057 6602167 26 6517110 75724 6592834 27 6517110 65510 6582620 28 6517110 54416 6571526 29 6517110 42617 6559727 30 6517110 29761 6546871 Description: *) estimated from the equation of Yt = 175.9730 + 0.1292 Y The Analysis of Arabica Farming Investment Profit The primary objective of the Arabica coffee farming industry's development is to enhance the financial earnings of small-scale farmers. In accordance with previous studies conducted by Duaja, Kartika, and Johannes (2020) and Sunanto, Salim, and Rauf (2019), it is imperative to provide support and resources to farmers in order to enhance their capabilities and improve the overall productivity of coffee cultivation. Examining the financial perspective, particularly the benefits received by farmers as the main actors in the implementation process, is essential in order to evaluate the benefits of investment. The findings of the present value analysis pertaining to the benefits and costs associated with Arabica coffee farming over a 30-year economic lifespan are depicted in Figure 2 below. Source: Researcher’s Data Figure 2: The Ratio of Present Value Benefit and Cost Arabica Coffee Farming In Figure 2, it can be observed that the initial year's investment has a present value of IDR 22,056,957. However, the present value of benefits from the first to the third year is nonexistent (zero) due to the absence of coffee production and profitability in coffee farming. This is evident from the overlapping present value curve of costs on the benefit curve. The emergence of benefits, with a present value of IDR 16,113,894, begins in the fourth year when coffee production commences and coffee farming becomes profitable. This is indicated by the benefit value curve surpassing the present value curve of costs. As the coffee plants age, there is a tendency for the earned profit to decline. Eventually, at 30 years of age, the coffee plants need to be rejuvenated due to the low profit of only Rp 131,535. This is illustrated in Figure 2 by the present benefit value curve intersecting with the already tight costs. Discussions Financial Feasibility Analysis The purpose of conducting this financial feasibility analysis was to determine the profitability of Arabica coffee farming. This analysis is based on the following assumptions: (1) The projected lifespan of the project is 30 years, (2) The interest rate (discount rate) is 15% per annum, (3) The production of Arabica coffee aligns with the projected coffee production, and (4) The production costs adhere to the projected cost of coffee farming. The outcomes of the financial analysis computations are presented in Table 4. Table 4: The results of the feasibility analysis of Arabica coffee farming in Kintamani District, Bangli Bali Criteria Value Feasibility Indicator Result NPV Rp. 107.672.034 NPV > 0 Proper Net B/C 4,443 Net B/C > 1 Proper IRR 35,05 IRR > DF Proper Note: DF = Discount Factor 1) Net Present Value The findings of the Net Present Value (NPV) analysis indicate that the current value of the net benefits acquired over the duration of the business period amounts to IDR 107,672,034 (where NPV > 0). The NPV value indicates the profitability of the Arabica coffee farming business, with an average annual net profit of IDR 8,972,670. According to the Net Present Value (NPV) investment criterion, this business demonstrates feasibility as it exhibits profitability. This study aligns with the research conducted by Rico, Wan Abbas, and Umi (2014), Wahyuni, Utama, and Mulyasari (2012), and Winantara, Bakar, and Puspitaningsih (2014) on the financial viability of civet coffee production in Bali, West Lampung, and South Sulawesi. The analysis primarily focuses on assessing the profitability of the venture through the Net Present Value (NPV) analysis. 2) Net Benefit-Cost Ratio (Net B/C) The Net Benefit-Cost Ratio (Net B/C) represents the relationship between the net profits that accrue as a result of positive impacts on the business and the net profits that arise from negative impacts on the business. The Net Benefit/Cost (B/C) ratio of 4.444 suggests that investing in the utilisation of costs in Arabica coffee farming is highly efficient. This means that an investment of IDR 1,000 will yield a return of IDR 4,444. The Net B/C value exceeds one, indicating that investing in Arabica coffee farming yields benefits that outweigh the associated costs. This AgBioForum, 25(2), 2023 | 68 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement implies that investing in Arabica coffee farming is a profitable endeavour (Rico, Wan Abbas, & Umi, 2014; Wahyuni, Utama, & Mulyasari, 2012; Winantara, Bakar, & Puspitaningsih, 2014). This study examines the financial viability of civet coffee production in Bali, West Lampung, and South Sulawesi. The analysis focuses on the profitability of the venture, as indicated by the Net Benefit- Cost (Net B/C) ratio (Rusadi & Paramarta, 2023). 3) Internal Rate of Return (IRR) The purpose of conducting an Internal Rate of Return (IRR) analysis is to assess the profitability potential of investing in Arabica coffee farming. The internal rate of return (IRR) quantifies the interest rate derived from investments in Arabica coffee farming, expressed as a percentage. The assessment of feasibility criteria involves a comparison between the internal rate of return (IRR) value and the prevailing interest rate. According to the findings of the analysis, the internal rate of return (IRR) was determined to be 35.05 percent. This indicates that the internal interest rate of return for Arabica coffee farming in relation to the initial investment was 35.05 percent. The internal rate of return (IRR) obtained exceeded the utilised interest rate of 15%, indicating that Arabica coffee farming was both profitable and viable for cultivation. This study generally agrees with earlier research on the financial viability of civet coffee in Bali, West Lampung, and South Sulawesi by Rico, Wan Abbas, and Umi (2014), Wahyuni, Utama, and Mulyasari (2012), and Winantara, Bakar, and Puspitaningsih (2014). This alignment is evident in the analysis of the project's profitability, as indicated by the positive net present value (NPV), favourable net benefit-cost ratio (Net B/C), and satisfactory internal rate of return (IRR). The research findings presented in this study offer significant insights for coffee farmers and potential investors, shedding light on the practical viability of Arabica coffee farming as a financially lucrative and environmentally sustainable enterprise. The findings of the study emphasise that Arabica coffee cultivation is not solely an agricultural endeavour but rather a dynamic and economically sustainable enterprise that is closely connected to the wider context of coffee production in the region. The cultivation of Arabica coffee holds great significance as it has the potential to enhance the financial well-being and livelihoods of local farmers while also exerting a substantial influence on the broader economic dynamics of the region. As it progresses, this coffee enterprise emerges as a symbol of economic stability and advancement, yielding consistent financial gains for farmers and enhancing the regional economy. This study provides further evidence to support the notion that Arabica coffee serves not only as an agricultural product but also as a means of generating sustainable income, promoting environmental stewardship, and fostering community development. These interconnected aspects are integral to the overall economic landscape of the region. Apart from the economic advantages derived from investing in Arabica coffee cultivation, there are additional benefits that arise. These include the augmentation of plantation commodity exports, the cultivation orientation of farmers towards Arabica coffee for the purpose of the export market, and the preservation of nature to mitigate the occurrence of landslides in the hilly and landslide-prone Kintamani District area. The coffee farming industry contributes significantly to the local community's economy by generating employment opportunities and absorbing a substantial amount of labour. The implications of the findings of this study have significant relevance for Arabica coffee farming and its impact on the local economy in the real world. The study places significant importance on the enduring profitability of coffee cultivation, extending for a period of more than three decades. This focus is congruent with the practical aspirations of coffee producers in areas such as Kintamani. Farmers, who frequently work with constrained resources, demonstrate a strong desire to ensure that their investments generate sustainable returns over prolonged durations. The financial viability of Arabica coffee farming is indicated by the positive net present value (NPV) and net benefit-cost ratio (Net B/C). This empirical observation serves as a catalyst for both established farmers and prospective investors to contemplate coffee cultivation as a financially lucrative pursuit. These insights have the potential to enhance engagement in Arabica coffee cultivation, thereby strengthening the domestic sector and making a positive contribution to economic stability. The possibility of coffee farming yielding significant returns on investment is indicated by the Internal Rate of Return (IRR) surpassing the current interest rate. This observation implies that Arabica coffee cultivation has the potential to yield better returns compared to other investment alternatives in practical contexts, thereby attracting financial resources and promoting economic development. Moreover, the study's recognition of the environmental factors in mountainous regions susceptible to landslides aligns with the practical difficulties faced by the local area. The implementation of sustainable coffee farming practices not only yields enduring economic advantages but also functions as a protective measure against the deterioration of the environment. This is consistent with the community's imperative for ecological conservation, especially in regions where coffee cultivation takes place. The investigation conducted in this study regarding coffee tourism as a supplementary revenue stream for the community aligns with the overarching pattern of economic diversification observed in rural areas. Coffee tourism has the potential to positively impact local revenue streams, facilitate cultural exchange, and generate novel employment prospects. In actuality, this has the potential to uplift the entire community and enhance the attractiveness of coffee farming as a multifaceted enterprise. Community Role In order to ensure a successful development, it is imperative to consider the perspectives, opinions, and expectations of farmers with regards to investing in Arabica coffee farming. Therefore, this study incorporates the use of the NVIVO R1 application to analyse data, specifically focusing on the predetermined informants' expectations. The initial step in the analysis process involves inputting a data file that comprises information records obtained from informants. The coding process was subsequently conducted by utilising AgBioForum, 25(2), 2023 | 69 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement nodes and cases, as indicated by the data provided by the informant. Nodes refer to the practice of categorising or coding information based on the semantic relationships between phrases or sentences, whereas cases serve the purpose of classifying individuals providing information. The nodes examined in this study encompass various expressions pertaining to informants' expectations. These expressions have been categorised into five distinct child nodes, namely capital facilities, market certainty, good management, involvement in training, and enhancing the quality of community resources (see Figure 3). Source: Researcher’s Data Figure 3: The Community Role for Coffee Investment Based on the results of the processed visualization of coding data and cases, it can be concluded as follows: 1. Child nodes capital facilities are the hope of the Department of Agriculture [Agricultural Extension] and coffee farmers. Community involvement including local farmers is given more attention and priority so that they can compete if there are large investors who enter and involve local communities for all tourism activities. 2. Child node integration and training is the hope of the Tourism Office, tourists, youth leaders, and community leaders. Integration includes connecting various locations [views] and attractions around the coffee tourism area (Itamar, Alam, & Rahmatullah, 2014). Integration is important to create diverse new activities and avoid development stagnation. this can be started by identifying products and attractions that are mutually supportive and related, then a tourist itinerary is made in one travel package. 3. Child nodes Involving in training is the hope of the Tourism Office, youth leaders, community leaders, and tourists. Quality improvement includes services to tourists, tourism knowledge, and training related to tourism activities and coffee plantation management. 4. Child nodes the facilities are the hope of visitors, tour guides, tourists, travel agents, and farming communities. Facilities include adding and improving the quality of facilities to support tourist activities 5. Child nodes management is the hope of community leaders, tourists, and travel agents. Good management includes maintaining security, creating visitor comfort, and being able to manage tourism activities efficiently. Conclusions Based on the findings and subsequent deliberation, it can be deduced that the initial investment required for Arabica coffee cultivation in the first-year totals Rp. 25,365,500 per hectare. Production begins in the fourth year, with the peak level of production being reached in the fifteenth year, resulting in a total output of 740 kilogrammes of dry bean coffee. The period of coffee farming profitability occurs between the fourth and thirtieth years, requiring the rejuvenation of coffee plants. The financial feasibility of efficiently utilising expenses is evident through a net benefit-to-cost ratio of 4.443, a net present value (NPV) of IDR 107,672,034, or an annual net profit of IDR 8,972,670 per hectare. The investment demonstrates the potential to generate profits, as evidenced by an internal rate of return (IRR) of 35.05%. Based on the examination of the three investment criteria, it can be inferred that the cultivation of Arabica coffee demonstrates both viability and profitability. The active involvement of the coffee farming community, government support, the participation of community leaders, and a shared commitment to sustainability are essential for the establishment and development of coffee tourism destinations. AgBioForum, 25(2), 2023 | 70 Martiningsih, Arnawa, Budiasa — Investment in Coffee Farming Based on Community Encouragement The findings of the study conducted in Kintamani regarding Arabica coffee cultivation reveal that one of the key factors influencing the preference for Arabica coffee over robusta coffee as the primary focus of coffee farming in Bali is its capacity to generate a net profit of Rp. 8,972,670 per hectare, accompanied by an internal rate of return (IRR) value of 35.05%. Consequently, the investment in Arabica coffee yields significant profitability. An additional factor to consider is the broader international consumer base of Arabica coffee, which enhances its competitiveness within the global market. The potential for enhancing product value and expanding business opportunities is significant in the realm of coffee tourism destination development. The promotion of Arabica coffee cultivation is imperative due to its advantageous financial viability and profitability. It is imperative for local and regional agricultural agencies to proactively endorse the cultivation of Arabica coffee by providing comprehensive assistance such as training programmes, high-quality planting materials, and financial incentives. This support is crucial in order to stimulate the growth and expansion of Arabica coffee production. It is recommended that financial institutions and government entities offer readily available loans in order to alleviate the burden of initial investment expenses. The promotion of sustainable practices, particularly those that prioritise environmentally friendly farming methods, is of utmost importance. The establishment of collaborative partnerships between local governments and coffee farming communities has the potential to foster the development of coffee tourism destinations, thereby facilitating the diversification of income streams. Additional areas of research that could be explored encompass the examination of the long-term viability of Arabica coffee farming, the analysis of consumer preferences in relation to this particular variety of coffee, and the exploration of global market trends pertaining to Arabica coffee production. Furthermore, conducting an evaluation of the wider economic implications associated with coffee cultivation in the region, exploring the potential of coffee tourism, and undertaking a comparative examination of Arabica and robusta coffee farming can provide valuable insights for both farmers and policymakers. These insights can contribute to the advancement and long-term viability of the coffee industry. It is advisable, from a practical standpoint, for local agricultural agencies to assume an active role in the promotion of Arabica coffee cultivation. This involves the provision of training programmes aimed at equipping farmers with the requisite knowledge and skills, facilitating access to high-quality planting materials, and providing financial incentives to promote wider engagement. Additionally, it is recommended that financial institutions and government entities take into account the customization of loans and credit facilities to cater to the unique requirements of coffee farmers. This approach would effectively reduce the financial obstacles faced by these farmers and consequently encourage greater investment in the coffee industry. Promoting sustainable farming practices is of utmost importance. It is imperative to provide farmers with education regarding environmentally sustainable practices in order to safeguard the long-term sustainability of coffee plantations and mitigate any potential negative ecological consequences. In conclusion, the exploration of coffee tourism destinations holds significant promise, and the establishment of cooperative initiatives involving governmental bodies, farmers, and local enterprises can contribute to the creation of captivating and culturally immersive coffee tourism encounters, thereby generating supplementary economic benefits for the community. In terms of policy, it is crucial for policymakers to develop regulations that facilitate the expansion of the coffee farming sector. This entails the development of policies that promote sustainable agricultural practices and prioritise the welfare of local farmers. Furthermore, it is imperative to make investments in rural infrastructure, including the development of road networks and processing facilities, in order to effectively facilitate the transportation of coffee products and optimise the overall efficiency of the supply chain. Regarding the pursuit of additional research, there are numerous prospective avenues that warrant exploration. A thorough evaluation of the sustainability of Arabica coffee cultivation, encompassing its ecological, societal, and financial ramifications, would offer a more comprehensive and well-rounded viewpoint. Examining the dynamic shifts in consumer preferences and market trends for Arabica coffee at a global level can provide significant insights for farmers and exporters seeking to adjust their strategies in response to evolving demand. A comprehensive examination of the economic and environmental aspects of Arabica and robusta coffee cultivation can provide valuable insights for farmers in making well-informed choices regarding diversification. In conclusion, conducting further research to evaluate the wider economic ramifications of coffee cultivation in the region, encompassing factors such as employment generation and income distribution, can provide additional clarity regarding its contribution to local development. Limitations The present study acknowledges several inherent limitations. Initially, the study's scope was limited to a specific geographic region and a comparatively small sample size, thereby constraining the generalizability of its findings to larger populations or broader regions. Additionally, the study incorporated certain assumptions, such as the presence of fixed interest rates, which may not fully capture the intricacies of real-world financial markets. 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