Determinasi Faktor-faktor Keputusan Hedging dengan Instrumen Derivatif pada Perusahaan Manufaktur

Anindya Anggun Larasati, Erric Wijaya

Abstract


This study was conducted to determine the effect of independent variables used such as leverage, liquidity, growth opportunity, firm size, and financial distress on hedging decisions with derivative instruments in manufacturing companies on the IDX for the 2017-2021 period. The data used is secondary data downloaded from the Indonesia Stock Exchange website and the company's official website in the research sample. In selecting the sample, this study used a purposive sampling technique. The sample used was 47 manufacturing companies listed on the IDX for the 2017-2021 period. Logistic regression analysis was used in this study to test the hypothesis of each variable used. The test results show that the variables of leverage, growth opportunity, and firm size have a positive influence on hedging decisions with derivative instruments, and financial distress has a negative influence on hedging decisions with derivative instruments, while liquidity has no effect on hedging decisions with derivative instruments.


Full Text:

PDF

References


Abdul, H. (2015). Manajemen Keuangan Bisnis: Konsep dan Aplikasinya. Mitra Wacana Media. Jakarta.

Aditya, A. T., & Asandimitra, N. (2019). Pengaruh Leverage, Likuiditas, Market To Book Value, Financial Distress, dan Firm Size Terhadap Keputusan Hedging (Studi Perusahaan Sektor Consumer Goods Industri Periode 2011-2016). Jurnal Ilmu Manajemen (JIM), 7(2), 334-43.

Ahmad, G. N., Mardiyati, U., & Nashrin, A. S. (2015). Analysis of Hedging Determinants With Foreign Currency Derivative Instruments on Companies Listed on BEI Period 2012-2015. JRMSI-Jurnal Riset Manajemen Sains Indonesia, 6(2), 540-557.

Ahmad, N., & Haris, B. (2012). Factors for using derivatives: Evidence from Malaysian non-financial companies. Research Journal of Finance and Accounting, 3(9), 79-87.

Allayannis, G., & Ofek, E. (2001). Exchange rate exposure, hedging, and the use of foreign currency derivatives. Journal of International Money and Finance, 20(2), 273-296.

Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609.

Ameer, R. (2010). Determinants of corporate hedging practices in Malaysia. International Business Research, 3(2), 120-130.

Andrade, G., & Kaplan, S. N. (1998). How costly is financial (not economic) distress? Evidence from highly leverage d transactions that became distressed. The Journal of Finance, 53(5), 1443-1493.

Aretz, K., Bartram, S. M., & Dufey, G. (2007). Why hedge? Rationales for corporate hedging and value implications. The Journal of Risk Finance.

Aslikan, I., & Fuadati, S. R. (2017). Faktor-Faktor yang Mempengaruhi Keputusan Hedging pada Perusahaan Manufaktur. Jurnal Ilmu Dan Riset Manajemen (JIRM), 6(5).

Ayuningtyas, V., Warsini, S., & Mirati, E. (2019). Analisis faktor yang mempengaruhi pengambilan keputusan hedging menggunakan instrumen derivatif valuta asing. Account: Jurnal Akuntansi, Keuangan dan Perbankan, 6(1).

Buyukkara, G., Baha Karan, M., Temiz, H., & Yildiz, Y. (2019). Exchange rate risk and corporate hedging: evidence from Turkey. Emerging Markets Finance and Trade, 55(8), 1737-1753.

Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1993). Risk management: Coordinating corporate investment and financing policies. The Journal of Finance, 48(5), 1629-1658.

Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25.

Guniarti, F. (2014). Faktor-Faktor yang Mempengaruhi Aktivitas Hedging dengan Instrumen Derivatif Valuta Asing. JDM (Jurnal Dinamika Manajemen), 5(1).

Hull, J. C. (2008). Options, Futures, and Other Derivatives with Derivagem CD. Prentice Hall, 7, 427-438.

Idawati, W. (2020). Analisis Financial Distress: Operating Capacity, Leverage, Dan Profitabilitas. Jurnal Akuntansi Bisnis, 13(1).

Indawan, F., Fitriani, S., Karlina, I., & Grace, M. V. (2015). The Role of Currency Hedging on Firm Performance: A Panel Data Evidence in Indonesia. Buletin Ekonomi Moneter dan Perbankan, 17(3), 279-298.

Jayanti, D. A. N., & Yadnya, I. P. (2020). The Effect of Leverage, Liquidity and Growth Opportunity on Hedging Decision Making in Mining Companies at Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(12), 251-257.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Kasmir. (2010). Pengantar Manajemen Keuangan. Edisi Pertama. Jakarta: Kencana Prenada Media Group.

Kurniawan, D. P., & Asandimitra, N. (2018). Analisis Faktor Yang Mempengaruhi Penggunaan Instrumen Derivatif Sebagai Pengambilan Keputusan Hedging Pada Perusahaan Sektor Keuangan Yang Terdaftar Di Bei Periode 2011-2015. Jurnal Ilmu Manajemen, 6(1), 1-11.

Madura, J. (2020). International financial management. Cengage Learning.

Mediana, I., & Muharam, H. (2016). Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Lindung Nilai (Hedging) Menggunakan Instrumen Derivatif (Studi Kasus pada Perusahaan Manufaktur dan Perusahaan Energi Dan Sumber Daya Mineral yang Terdaftar di BEI Periode 2010-2014) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).

Munawir, (2010), Analisis Laporan Keuangan, edisi keempat, cetakan ketiga belas, Yogyakarta : Liberty.

Nance, D. R., Smith Jr, C. W., & Smithson, C. W. (1993). On the determinants of corporate hedging. The journal of Finance, 48(1), 267-284.

Nuzul, H., & Lautania, M. F. (2015). Pengaruh Leverage, Financial Distress dan Growth Options terhadap Aktivitas Hedging Pada Perusahaan Non-Keuangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Dinamika Akuntansi dan Bisnis, 2(2), 104-113.

Pangestuti, D. C., Fadila, A., & Nugraheni, S. (2020). Analisis Regresi Logistik: Faktor—Faktor Yang Mempengaruhi Keputusan Hedging Menggunakan Instrumen Derivatif. Jurnal ASET (Akuntansi Riset), 12(2), 227-240.

Parendra, A., Firmansyah, A., & Prakosa, D. K. (2020). Ukuran perusahaan, leverage, risiko saham di perusahaan perbankan. Dinamika Akuntansi Keuangan dan Perbankan, 9(2), 119-132.

Rossi Jr, J. L. (2004). Foreign Exposure, Corporate Financial Policies and the Exchange Rate Regime in Emerging Markets: Evidence from Brazil.

Sanusi, A. (2014). Meteodologi Penelitian Bisnis. Cetakan Kedua. Jakarta: Salemba Empat

Saragih, F., & Musdholifah, M. (2017). Pengaruh growth opportunity, firm size, dan liquidity terhadap keputusan hedging pada perusahaan perban kan indonesia. Jurnal Ilmu Manajemen (JIM), 5(2), 1-10.

Saraswati, A. P., & Suryantini, N. P. S. (2019). Pengaruh Leverage, Firm Size, Profitabilitas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 8(5), 2999-3027.

Sasmita, I. E., & Hartono, U. (2019). Karakteristik Perusahaan, Financial Distress, dan Keputusan Hedging: Studi pada Perusahaan Manufaktur di Indonesia. Jurnal Ilmu Manajemen, 7(1), 1-20.

Sirait, K. B., & Simatupang, B. M. (2019, August). Exchange rate forecasting and value-at-risk estimation on Indonesian currency using copula method. In 3rd International Conference on Accounting, Management and Economics 2018 (ICAME 2018) (pp. 49-62). Atlantis Press.

Smith, C. W., & Stulz, R. M. (1985). The determinants of firms' hedging policies. Journal of Financial and Quantitative Analysis, 20(4), 391-405.

Suhartanto, D. (2015). Analisa data untuk riset bisnis dengan SPSS. Politeknik Negeri Bandung.

Tiwary, A. R. (2019). Study of currency risk and the hedging strategies. Journal of Advanced Studies In Finance (JASF), 10(19), 45-55.

Van Horne, J. C., & Wachowicz Jr, J. M. (2013). Prinsip-Prinsip Manajemen Keuangan Buku 1. Edisi Ketiga Belas. Jakarta: Salemba Empat.

Vural-Yavas, C. (2016). Determinants of corporate hedging: evidence from emerging market. International Journal of Economics and Finance, 8(12), 151.

Wahyudi, S. (2019). The determinants of corporate hedging policy: A case study from Indonesia. International Journal of Economics and Business Administration, 7(1).

Whitaker, R. B. (1999). The early stages of financial distress. Journal of economics and finance, 23(2), 123-132.

Wijaya, E. (2020). Analisis Faktor-Faktor yang Mempengaruhi Nilai Tukar Rupiah Periode 1999Q1-2019Q2. Jurnal Samudra Ekonomi Dan Bisnis, 11(2), 197-209.

Wijayani, D. R., & Harsanti, P. (2020). Determinant Of Hedging Activities In Soe Companies Listed In Indonesia Stock Exchange Period 2015-2019. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 5(1), 800-817.




DOI: https://doi.org/10.26905/jbm.v9i2.8853

Refbacks

  • There are currently no refbacks.


Jurnal Bisnis dan Manajemen
Faculty of Social and Political Science University of Merdeka Malang

Mailling Address:
  • Address: Terusan Dieng Street 62-64 Malang, Indonesia
  • Website: http://jurnal.unmer.ac.id/index.php/jbm
  • Email: jbm.unmermlg@unmer.ac.id
  • Phone: +62 813-9393-3938
Free counters!

View Stat JBM

 
Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.