TY  - GEN
CY  - UNIVERSITAS LAMPUNG
ID  - eprints54615
UR  - http://digilib.unila.ac.id/54615/
A1  - MUHAMMAD HIZBULLAH AL HAKIM, 1511011059
Y1  - 2019///
N2  - The biggest risk faced by companies conducting international trade are the risk of 
fluctuations in foreign exchange rates. Unforeseen changes in the value of foreign 
currencies  could had an  important impact on the company, therefore companies 
need to carry out risk management, one of which is by hedging. This study aims to 
determined the effect of financial distress, leverage, growth opportunity, firm size, 
and liquidity on the probability of hedging decisions on non-financial companies 
listed on the Indonesia Stock Exchange in 2014-2017. The samples in this study 
are  around  131  companies  and  using  purposive  sampling  techniques.  The  data 
analysis method used was logistic regression analysis.
The results of this study indicate that the variable leverage, growth opportunity, 
and  firm  size  have  a  positive  and  significant  effect  on  hedging  decisions,  while 
financial distress and liquidity variables do not affect hedging decisions. From the 
logistic regression results found that the variables of financial distress, leverage, 
growth opportunity, firm size and liquidity could explained decisions of hedging 
were about 15,9% and the rest explained by other variables outside the model.
Keywords :  Hedging,  Derivative  Instrument,  Risk  Management,  Leverage, 
Financial Distress, Growth Opportunity, Firm Size, and Liquidity

Risiko  terbesar  yang  dihadapi  oleh  perusahaan  yang  melakukan  perdagangan 
internasional adalah risiko fluktuasi kurs valuta asing. Perubahan nilai mata uang 
asing yang tidak terduga dapat berdampak penting pada perusahaan, oleh karena 
itu  perusahaan  perlu  untuk  melakukan  manajemen  risiko  salah  satunya  adalah 
dengan melakukan  hedging. Penelitian ini bertujuan untuk mengetahui pengaruh 
financial distress, leverage, growth opportunity, firm size,  dan likuiditas terhadap 
probabilitas  keputusan  hedging  pada  perusahaan  non-financial  yang  terdaftar  di 
Bursa  Efek  Indonesia  tahun  2014-2017.  Sampel  dalam  penelitian  sebanyak  131 
perusahaan dengan menggunakan teknik purposive sampling. Metode analisis data 
yang digunakan adalah analisis regresi logistik. 
Hasil  penelitian  ini  menunjukkan  bahwa  variabel  leverage,  growth  opportunity, 
dan  firm  size  berpengaruh  positif  dan  signifikan  terhadap  keputusan  hedging, 
sedangkan  variabel  financial  distress  dan  likuiditas  tidak  mempengaruhi 
keputusan hedging. Dari hasil regresi logistik ditemukan bahwa variabel  financial 
distress, leverage, growth opportunity, firm size  dan likuiditas dapat menjelaskan 
keputusan hedging  sebesar 15,9% dan sisanya dijelaskan oleh variabel lain di luar 
model.
Kata kunci :   Hedging, Instrumen Derivatif, Manajemen Risiko, Financial 
Distress, Leverage, Growth Opportunity, Firm Size, dan Likuiditas
PB  - Fakultas Ekonomi dan Bisnis
TI  - FACTORS AFFECTING HEDGING DECISION IN THE 
NON-FINANCIAL COMPANIES LISTED ON INDONESIA STOCK 
EXCHANGE PERIOD 2014-2017
AV  - restricted
ER  -