FACTORS AFFECTING HEDGING DECISION IN THE NON-FINANCIAL COMPANIES LISTED ON INDONESIA STOCK EXCHANGE PERIOD 2014-2017

MUHAMMAD HIZBULLAH AL HAKIM, 1511011059 (2019) FACTORS AFFECTING HEDGING DECISION IN THE NON-FINANCIAL COMPANIES LISTED ON INDONESIA STOCK EXCHANGE PERIOD 2014-2017. Fakultas Ekonomi dan Bisnis, UNIVERSITAS LAMPUNG.

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Abstrak (Berisi Bastraknya saja, Judul dan Nama Tidak Boleh di Masukan)

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

Jenis Karya Akhir: Skripsi
Subyek: > HB Economic Theory
Program Studi: Fakultas Ekonomi dan Bisnis > Prodi S1-Manajemen
Pengguna Deposit: UPT Anita Ekarini
Date Deposited: 17 Mar 2022 05:27
Terakhir diubah: 17 Mar 2022 05:27
URI: http://digilib.unila.ac.id/id/eprint/54615

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