scholarly journals DETERMINAN PENGAMBILAN KEPUTUSAN LINDUNG NILAI (HEDGING) DENGAN INSTRUMEN DERIVATIF VALUTA ASING PADA PERUSAHAAN MANUFAKTUR

2020 ◽  
Vol 15 (1) ◽  
pp. 9-26
Author(s):  
Verawaty Verawaty ◽  
Ade Kemala Jaya ◽  
Megawati Megawati
Keyword(s):  
Firm Size ◽  
Significant Influence ◽  
Financial Distress ◽  
Stock Exchange ◽  
Research Result ◽  
Sampling Technique ◽  
Corporate Value ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Growth Opportunity

Abstract: Hedging is an alternative of risk management that aims to protect the assets of company from losses caused by the risk. This research was aimed to analyze the influence of corporate value, liquidity, leverage, growth opportunity, financial distress and firm size to the hedging decision on manufacturing companies listed in Indonesia Stock Exchange. The samples were 24 manufacturing companies which were listed in Indonesia Stock Exchange in the period of 2016-2017 which had been selected by using the purposive sampling technique. The data analysis technique used logistic regression. The research result showed that corporate value, liquidity and growth opportunity did not give any significant influence to the hedging decision whereas leverage, financial distress and firm size had significant influence to the hedging decision. Hedging adalah alternatif manajemen risiko yang bertujuan untuk melindungi aset perusahaan dari kerugian yang diakibatkan oleh risiko. Penelitian ini bertujuan untuk menganalisis pengaruh corporate value, liquidity, leverage, growth opportunity, financial distress dan firm size terhadap keputusan hedging pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Sampel yang digunakan adalah 24 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2016-2017 dengan menggunakan teknik purposive sampling. Teknik analisis data yang digunakan adalah analisis regresi logistik. Hasil penelitian ini menunjukkan bahwa variabel corporate value, liquidity, dan growth opportunity tidak berpengaruh signifikan terhadap keputusan hedging, sedangkan variabel leverage, financial distress dan firm size berpengaruh signifikan terhadap keputusan hedging. 

scholarly journals Struktur Modal dan Determinasi Keputusan Hedging pada Perusahaan Automotive and Allied Products

2020 ◽  
Vol 7 (01) ◽  
pp. 35-42
Author(s):  
Meza Rahmadini ◽  
Dwi Prastowo Darminto ◽  
Suyanto Suyanto
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Growth Opportunity ◽  
The Relationship

ABSTRACT       This study aims to determine the factors that influence hedging decisions with capital structure as a moderating variable in Manufacturing Companies engaged in the Automotive and Allied Product sector which are listed on the Indonesia Stock Exchange. The period used is 2014 - 2018. The design of this research is quantitative research using secondary data. The sample used in this study amounted to 40 companies. The sampling technique was determined using the purposive sampling method. The analytical method used in this study is the Logistic Regression Method using the Eviews10 program. Based on the results of the study, it shows that the Financial Distress and Liquidity variables influence the Hedging Decision while the Growth Opportunity does not affect the Hedging Decision. The results also showed that the Capital Structure as a moderating variable had no effect on the relationship between Financial Distress on Hedging Decisions but influenced the relationship between Growth Opportunity on Hedging Decisions and the relationship between Liquidity on Hedging Decisions.   ABSTRAK       Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi keputusan hedging dengan struktur modal sebagai variabel moderasi pada Perusahaan Manufaktur yang bergerak pada sektor Automotive and Allied Product yang terdaftar di Bursa Efek Indonesia. Periode yang digunakan adalah tahun 2014 – 2018.  Desain penelitian ini adalah penelitian kuantitatif dengan menggunakan data sekunder. Sampel yang digunakan dalam penelitian ini berjumlah 40 perusahaan. Teknik pengambilan sampel ditentukan dengan menggunakan metode purposive sampling.  Metode analisis yang digunakan dalam penelitian ini adalah Metode Regresi Logistik dengan menggunakan program Eviews10. Berdasarkan hasil penelitian, menunjukkan bahwa variabel Financial Distress dan Liquidity berpengaruh terhadap Keputusan Hedging sedangkan Growth Opportunity tidak berpengaruh terhadap Keputusan Hedging. Hasil penelitian juga menunjukkan bahwa Struktur Modal sebagai variable moderasi tidak berpengaruh terhadap hubungan antara Financial Distress terhadap Keputusan Hedging namun berpengaruh terhadap hubungan antara Growth Opportunity terhadap Keputusan Hedging dan hubungan antara Liquidity terhadap Keputusan Hedging. JEL Classification: M40, L25

scholarly journals Analisis Faktor yang Mempengaruhi Penggunaan Instrumen Derivatif Valuta Asing sebagai Pengambilan Keputusan Hedging (Studi pada Perusahaan Manufaktur Sub Sektor Automotive and Allied Products yang terdaftar di BEI Periode 2011-2017)

2019 ◽  
Vol 11 (2) ◽  
pp. 262-275
Author(s):  
Ivonne Bonita
Keyword(s):  
Logistic Regression ◽  
Firm Size ◽  
Financial Distress ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Annual Data ◽  
Manufacturing Companies ◽  
Growth Opportunity ◽  
Derivative Instruments ◽  
Equity Ratio

This paper aims to examine the effect of the variable debt equity ratio (DER), financial distress, growth opportunity, liquidity and firm size on the use of derivative instruments as a means of taking hedging decisions. The population and sample of the company are classified as automotive and allied products sub sector manufacturing companies with annual data obtained from the Indonesia Stock Exchange in the period 2011 to 2017, based on the Indonesia Capital Market Directory 2015. To obtain valid research results, the sampling technique used in the study is a purposive sampling method. Hypothesis testing uses a logistic regression model. Keywords: Hedging, DER, Financial Distress, Firm Size, Logistic Regression

scholarly journals Struktur Modal dan Determinasi Keputusan Hedging pada Perusahaan Automotive and Allied Products

2020 ◽  
Vol 7 (01) ◽  
pp. 35-42
Author(s):  
Meza Rahmadini ◽  
Dwi Prastowo Darminto ◽  
Suyanto Suyanto
Keyword(s):  
Capital Structure ◽  
Financial Distress ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Growth Opportunity ◽  
The Relationship

ABSTRACT       This study aims to determine the factors that influence hedging decisions with capital structure as a moderating variable in Manufacturing Companies engaged in the Automotive and Allied Product sector which are listed on the Indonesia Stock Exchange. The period used is 2014 - 2018. The design of this research is quantitative research using secondary data. The sample used in this study amounted to 40 companies. The sampling technique was determined using the purposive sampling method. The analytical method used in this study is the Logistic Regression Method using the Eviews10 program. Based on the results of the study, it shows that the Financial Distress and Liquidity variables influence the Hedging Decision while the Growth Opportunity does not affect the Hedging Decision. The results also showed that the Capital Structure as a moderating variable had no effect on the relationship between Financial Distress on Hedging Decisions but influenced the relationship between Growth Opportunity on Hedging Decisions and the relationship between Liquidity on Hedging Decisions.   ABSTRAK       Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi keputusan hedging dengan struktur modal sebagai variabel moderasi pada Perusahaan Manufaktur yang bergerak pada sektor Automotive and Allied Product yang terdaftar di Bursa Efek Indonesia. Periode yang digunakan adalah tahun 2014 – 2018.  Desain penelitian ini adalah penelitian kuantitatif dengan menggunakan data sekunder. Sampel yang digunakan dalam penelitian ini berjumlah 40 perusahaan. Teknik pengambilan sampel ditentukan dengan menggunakan metode purposive sampling.  Metode analisis yang digunakan dalam penelitian ini adalah Metode Regresi Logistik dengan menggunakan program Eviews10. Berdasarkan hasil penelitian, menunjukkan bahwa variabel Financial Distress dan Liquidity berpengaruh terhadap Keputusan Hedging sedangkan Growth Opportunity tidak berpengaruh terhadap Keputusan Hedging. Hasil penelitian juga menunjukkan bahwa Struktur Modal sebagai variable moderasi tidak berpengaruh terhadap hubungan antara Financial Distress terhadap Keputusan Hedging namun berpengaruh terhadap hubungan antara Growth Opportunity terhadap Keputusan Hedging dan hubungan antara Liquidity terhadap Keputusan Hedging. JEL Classification: M40, L25

scholarly journals Analisis Profitabilitas, Ukuran Perusahaan, Struktur Aset, Likuiditas, dan Risiko Bisnis terhadap Struktur Modal Perusahaan Manufaktur di Indonesia

2020 ◽  
Vol 3 (2) ◽  
pp. 282-291
Author(s):  
Velda Lianto ◽  
Annisa Nauli Sinaga ◽  
Elvi Susanti ◽  
Christina Yaputra ◽  
Veronica Veronica
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Manufacturing Companies ◽  
Business Risk ◽  
Purposive Sampling ◽  
The Capital Structure

Capital structure reflects the extent to which companies can manage existing capital to generate profits. The purpose of this research is to examine and analyze the influence of variables of profitability, firm size, asset structure, liquidity, and business risk on the capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the period of 2015 - 2018. The sampling technique uses purposive sampling by determining 3 criteria. From total of 155 companies, only 69 companies were sampled. The result of this research indicate that profitability has a positive and significant effect on capital structure, firm size has a positive and no significant effect on capital structure, asset structure has no effect and no significant on capital structure, liquidity and business risk have a negative and significant effect on capital structure in Manufacturing companies listed on the Indonesia Stock Exchange in the periode of 2015 -  2018. Keywords: Profitability, Firm Size, Asset Structure, Liquidity, Business Risk and Capital Structure

scholarly journals PENGARUH KINERJA KEUANGAN, RISK BASED CAPITAL, UKURAN PERUSAHAAN DAN MAKROEKONOMI TERHADAP FINANCIAL DISTRESS

2021 ◽  
Vol 10 (1) ◽  
pp. 55
Author(s):  
Agustina Nilasari
Keyword(s):  
Firm Size ◽  
Financial Distress ◽  
Annual Report ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Insurance Company ◽  
Z Score ◽  
Research Information ◽  
Purposive Sampling

                                                     ABSTRACTThis research intends to examine the effect of insurance company financial ratios, namely solvency margin ratio, risk based capital, firm size, inflation and exchange rate on the estimated financial distress of life insurance companies. As well as general public listed on the Indonesia Stock Exchange from 2015 to 2019. This research is important considering that there have been cases of default by insurance companies. The research information in this research is secondary data obtained in the annual report which is sourced from BEI website and insurance company websites. The sample technique in this research is a purposive sampling technique, there are 35 samples that meet the standards to become samples. Insurance companies experiencing financial distress are determined based on the non-manufacturing Altman Z-score method. Multiple linear regression is the research technique chosen by researchers. This research results in the conclusion that only the firm size variable has an influence on financial distress estimates. The independent variables are able to explain the financial distress variable as much as 32.8%, the deficiency as much as 67.2%, which illustrates the variables that cannot be taken into account in the analysis of this study.                                                 ABSTRAKRiset ini bermaksud untuk menelaah pengaruh rasio keuangan perusahaan asuransi yakni solvency margin ratio (SMR), risk based capital (RBC), ukuran perusahaan (UK), inflasi (INF) serta nilai tukar (NT) terhadap perkiraan timbulnya keadaan financial distress perusahaan asuransi jiwa serta umum yang tercatat pada Bursa Efek Indonesia dari rentang waktu 2015 sampai 2019. Penelitian ini penting mengingat adanya kasus gagal bayar perusahaan asuransi. Informasi penelitian di dalam riset ini merupakan data sekunder yang didapatkan pada annual report yang bersumber dari website BEI serta website perusahaan asuransi. Teknik sampel di dalam riset ini merupakan teknik purposive sampling, terdapat 35 sampel yang memenuhi standar untuk menjadi sampel. Perusahaan asuransi yang mengalami financial distress ditentukan berdasarkan metode Altman Z-score non manufaktur. Regresi linier berganda menjadi teknik penelitian yang dipilih oleh peneliti. Riset ini menghasilkan kesimpulan bahwa hanya variabel ukuran perusahaan (UK) yang ada pengaruh terhadap perkiraan financial distress. Variabel bebas mampu memaparkan variabel financial distress sebanyak 32,8%, kekurangan sebanyak 67,2% digambarkan variabel yang tidak dapat diperhitungkan di dalam analisis penelitian ini.

scholarly journals Increasing Firm Value via Conservatism in Accounting

2021 ◽  
Vol 9 (2) ◽  
pp. 1-11
Author(s):  
Moh. Ubaidillah
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Accounting Conservatism ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Analysis Technique

This study aims to determine the effect of firm size and profitability on firm value with accounting conservatism as a moderating variable. The population of this study are manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019 as many as 183 companies. The sampling technique used purposive sampling which resulted in 72 manufacturing companies. The data analysis technique uses regression analysis with SPSS 24. The results of this study indicate that firm size and profitability have a positive and significant effect on firm value. Furthermore, the variable of accounting conservatism is able to moderate the effect of firm size and profitability on firm value in a positive and significant way.

scholarly journals COMPANY VALUE DETERMINANTS STUDY ON MANUFACTURING COMPANY LISTED IN INDONESIA STOCK EXCHANGE

2017 ◽  
Vol 14 (02) ◽  
pp. 111
Author(s):  
Oyong Lisa
Keyword(s):  
Firm Size ◽  
Firm Value ◽  
Research Method ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Positive Influence ◽  
Coefficient Of Determination ◽  
Corporate Value ◽  
Manufacturing Companies ◽  
Company Value

The purpose of this study to determine the effect of firm size, leverage, and profitability to the value of companies in manufacturing companies listed on the Indonesia Stock Exchange (BEI) partially or simultaneously. This research tested the hypothesis that there is influence of firm size, leverage, and profitability to the value of companies in manufacturing companies listed on the Indonesia Stock Exchange (BEI). The sampling technique used was purposive sampling. The research method used is multiple linear regression statistic method.The results showed that firm size variables have no effect on firm value, leverage has no effect on firm value, profitability has positive influence to firm value. While simultaneously there is influence of firm size, leverage, and profitability to firm value with coefficient of determination (adjusted R2) obtained equal to 0,28, indicating that 28% company value can be influenced by firm size, leverage, and profitability, while side 72% The value of the company is influenced by the variables that are not examined in this research. The limitations of this study is to examine the effect of firm size, leverage, and profitability on firm value. While other variables that affect the value of the company is expected to be examined by further researchers.Keywords: Firm Size, Leverage, Profitability, Corporate Value

scholarly journals Pengaruh Leverage, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan Manufaktur Sektor Industri Dasar dan Kimia yang Terdaftar di BEI

2021 ◽  
Vol 5 (1) ◽  
pp. 77
Author(s):  
Hanseto Suhardi
Keyword(s):  
Firm Size ◽  
Chemical Industry ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Company Size ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
Size Variable

Investor perception of the company as seen from the Firm Value, much factors can affect Firm Value, but the authors only examine three variables, namely Leverage (DAR), Profitability (ROA), and Company Size = Ln (Total assets). This study aims to determine and analyze the effect of Leverage (DAR), Profitability (ROA), and Firm Size on Firm Value of manufacturing companies of the basic and chemical industry. The population in this study is manufacturing companies of the basic and chemical industry which are listed on the Indonesia Stock Exchange for the period of 2016 - 2018. The sampling technique uses purposive sampling, based on the sampling criteria has succeeded in gathering 31 of 76 companies manufacturing basic and chemical sectors. The results showed that the Leverage variable had no effect on Firm Value, the Profitability variable had an effect on Firm Value, and the Firm Size variable had an effect on Firm Value. Persepsi Investor terhadap suatu perusahaan dilihat dari Nilai Perusahaan, Banyak faktor yang bisa mempengaruhi Nilai Perusahaan, tetapi penulis hanya meneliti tiga variabel yaitu Leverage (DAR), Profitabilitas (ROA), dan Ukuran Perusahaan. Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh Leverage (DAR), Profitabilitas (ROA), dan Ukuran Perusahaan terhadap Nilai Perusahaan. Populasi dalam penelitian ini adalah perusahaan manufaktur sektor industri dasar dan kimia yang terdaftar di Bursa Efek Indonesia periode 2016 – 2018. Teknik pengambilan sampel menggunakan purposive sampling, berdasarkan kriteria sampling telah berhasil mngumpulkan 31 dari 76 perusahaan manufaktur sektor dasar dan kimia. Hasil penelitian menunjukkan bahwa variabel Leverage tidak berpengaruh terhadap Nilai Perusahaan, variabel Profitabilitas berpengaruh terhadap Nilai Perusahaan, dan variabel Ukuran Perusahaan berpengaruh terhadap Nilai Perusahaan.

scholarly journals PENGARUH GROWTH OPPORTUNITY, PROFITABILITY, BUSINESS RISK DAN SIZE TERHADAP STRUKTUR MODAL (Studi Pada Perusahaan Property dan Real Estate Yang Terdaftar Di BEI Periode 2009-2017)

2019 ◽  
Vol 2 (3) ◽  
Author(s):  
Ashop Barqoya
Keyword(s):  
Real Estate ◽  
Capital Structure ◽  
Significant Influence ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Quantitative Approach ◽  
Business Risk ◽  
Purposive Sampling ◽  
Real Estate Sector ◽  
Growth Opportunity

The purpose of this study was to determine the effect of growth opportunity, profitability, business risk, and size on the company's capital structure either partially or simultaneously.The object of research used is the property and real estate sector companies listed on the Indonesia Stock Exchange in 2009-2017. This study uses a purposive sampling technique in determining research samples. the number of companies selected as the study sample were 18 companies registered in the property and real estate sector. This study uses a quantitative approach. The results showed that partially growth opportunity and size had not significant effect, while  profitability and business risk had a significant effect on capital structure. the results of testing simultaneously growth opportunity, profitability, business risk, and size have a significant influence on the capital structure. 

scholarly journals Financial Distress Terhadap Manajemen Laba

2021 ◽  
Vol 3 (3) ◽  
pp. 151-156
Author(s):  
Putri Kristyaningsih ◽  
Diyah Santi Hariyani ◽  
Muhammad Agus Sudrajat
Keyword(s):  
Earnings Management ◽  
Financial Distress ◽  
Quantitative Method ◽  
Management Practices ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Analytical Tool ◽  
Manufacturing Companies ◽  
Purposive Sampling ◽  
The Future

Abstract– This study aims to empirically examine the effect of financial distress on earnings management in manufacturing companies listed on the Indonesia Stock Exchange. The sample in this study used a purposive sampling technique with a sample of 12 manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2016-2019. The method used in this study is a quantitative method, while the analytical tool uses E-views 9. The results in the study obtained a t count of 0.334640 and a t table of 1.68595 so that it was concluded that t count < t table, so that the financial distress variable had no effect to earnings management. Companies experiencing financial distress assume that earnings management practices will actually harm the company in the future, so that company management prefers to report actual earnings. Abstrak– Penelitian ini bertujuan menguji empiris pengaruh financial distress terhadap manajemen laba pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Sampel dalam penelitian ini menggunakan teknik purposive sampling dengan jumlah sampel 12 perusahan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2016-2019. Metode yang digunakan dalam penelitian ini adalah metode kuantitatif, sedangkan alat analisis menggunakan E-views 9. Hasil dalam penelitian memperoleh t hitung sebesar 0,334640 dan t tabel sebesar 1.68595 sehingga diperoleh kesimpulan bahwa t hitung < t tabel, sehingga variabel financial distrees tidak berpengaruh terhadap manajemen laba. Perusahaan yang mengalami financial distress menganggap bahwa praktik manajemen laba sebetulnya akan merugikan perusahaan untuk kedepannya, sehingga manajemen perusahaan lebih menyukai untuk melaporkan laba yang sesungguhnya.  

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