KEBIJAKAN HEDGING DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA (Studi Empiris Pada Perusahaan Non Finansial yang Terdaftar Di BEI Periode 2012-2014)
Abstract: Foreign
exchange risk is one of the biggest risks facing the company in its activities in
international trade. Changes in foreign currency exchange rates may result in
losses to the company. Therefore, companies must anticipate doing risk
management one of which is through hedging policy. This study aimed to analyze
the effect of liquidity, managerial ownership, dividend policy, leverage, cash
flow volatility, growth opportunity and control variables company size on the
derivative instruments hedging policy on non-financial companies listed on the
Stock Exchange 2012-2014.
This study using purposive
sampling method in order to obtain a total of 27 sample companies. This study
used logistic regression analysis to determine the variables that affect the
use of derivative instruments as hedging policy tool. Tests using logistic regression
analysis only Overall Model Fit Test, Cox and Snell's R Square and Nagelkerke's
R Square, Hosmer and Lemeshow Goodness of Fit Test, Classification Table and
logistic regression analysis, so it does not require normality test.
The results showed empirical
evidence there are two variables that significantly influence the policy of
hedging derivative instruments. Variable liquidity and volatility of cash flow
positive and significant effect and in accordance with the predicted against
the policy of hedging with derivatives insturmen. As for the other independent
variables that significantly affect dividend policy does not however have the
effect as predicted direction. In variable managerial ownership, leverage and
growth opportunity not show direction as predicted. Control variables firm size
did not show significant results on the dependent variable..
Keywords:
Hedging, DerivativesLiquidity, Managerial Ownership, Dividend Policy, mLeverage,
Cash Flow Volatility, Growth Opportunity, Size
Penulis: Fernando Goklas, Sugeng Wahyudi
