ANALISIS FAKTOR YANG MEMPENGARUHI PENGGUNAAN INSTRUMEN DERIVATIF SEBAGAI PENGAMBILAN KEPUTUSAN HEDGING PADA PERUSAHAAN SEKTOR KEUANGAN YANG TERDAFTAR DI BEI PERIODE 2011-2015
Abstract: As debt foreign
Indonesia increases in financial sector has
caused risk of foreign exchange. It can threatening company health. One
of the ways to manage the risk, company must apply hedge. But, Based on the
information annual report obtained from Indonesia exchange period 2011-2015. It
show decrease on 2013 and still until 2015. Therefore in this research intends
to analyze factors that influence of hedge. Researchers use leverage (DER),
liquidity (current asset), profitability (ROA), growth opportunity (MTBV), firm
value (Tobin’s Q) as independent variable and hedge as a dependent variable.
Sample used as many as 53 listed companies in Indonesia exchange and report
annual report from 2011-2015. The method of analysis used is logistic
regression. Results data or output SPSS shows leverage sig of 0.000 smaller
than 0.05 so it can be concluded leverage have a significant positive effect on
hedging decisions. The result of liquidity sig output of 0.214 is greater than
0.05 so it can be concluded that liquidity is not significant to hedging.
Result of profitability significance equal to 0,081 bigger than 0,05 so no
effect to hedging. The result of significance obtained by growth oppurtunity of
0.000 is smaller than 0.05 so it has a significant positive effect on hedging
The result of significance obtained by the company value of 0.002 is smaller
than 0.05 and the regression coefficient of -1.669 so that a significant
negative effect on hedging.
Keywords: Hedging, Leverage, Liquidity, Profitability, Growth Oppurtunity,
Firm value
Penulis: DIMAS PRASETYO
KURNIAWAN
Kode Jurnal: jpmanajemendd180448
