PENGARUH NILAI PERUSAHAAN, LEVERAGE DAN NILAI PASAR TERHADAP EKSPOSUR EKONOMI PERUSAHAAN DI INDONESIA TAHUN 2011-2016
Abstract: Indonesia as one of
the countries whose currency value (IDR) is often weakened against the US$
value, making the company obliged to pay attention to the rate of IDR changes
in the forex market and prepare a plan for the risk of foreign exchange that
will be faced. Economic exposure is one type of risk that very important for
company to know how the condition of company’s value is influenced by forex
rate. Based on data in 2011-2016 shows that the average company in Indonesia is
exposed to economic exposure by 5,02%. The strategies of companies often do to
minimize losses on forex are hedging. Although hedging is often used to
minimize foreign exchange losses, the right strategy is needed to determine of
contract’s value. Based on results of this study indicates that three companies
exposed the economic exposure and used hedging within six years occurred 2
times, from three companies there is one company that experienced negative
economic exposure. Thus, in order for a company to control the economic exposure,
it is not only to use hedging but it can be done by showing an excellent
financial performance (firm size, debt to equity ratio, and market to book
value of equity as independent variabels). Among three independent variables
are only DER which positively affects economic exposure, thus indicating that
for company to pay attention to ability companys equity to debt, especially
debt by using foreign currency.
Keywords: foreign exchange,
economic exposure, financial performance
Penulis: NILA HILIYAH YUSUF,
MUSDHOLIFAH
Kode Jurnal: jpmanajemendd180490
