scholarly journals ANALISIS FAKTOR YANG MEMPENGARUHI PENGAMBILAN KEPUTUSAN HEDGING MENGGUNAKAN INSTRUMEN DERIVATIF VALUTA ASING

account ◽  
2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Vincentia Ayuningtyas ◽  
Sabar Warsini ◽  
Elly Mirati
Keyword(s):  
Financial Distress ◽  
Foreign Currency ◽  
Stock Exchange ◽  
Secondary Data ◽  
Foreign Exchange Risk ◽  
Risk Hedging ◽  
Growth Opportunity ◽  
Derivative Instruments ◽  
Exchange Risk ◽  
Research Period

ABSTRACT  This research aims at knowing factors that influences the hedging decision withforeign currency derivative instruments. This research uses the sample from non-financialcompanies listed on Indonesia Stock Exchange in the periode of 2013-2017. The data used inthis research are secondary data taken from Indonesia Stock Exchange and the analyzedcompany's websites. The samples from the analyzed company are taken using the purposivesampling method. Based on the selected samples, there were 35 companies which did thehedging activity during the research period and have the data to be analyzed. The model wasanalysed  by using logistics regression. The result of the research shows that leverage,liquidity and growth opportunity have positive and significant factore that influence hedgingdecision with the foreign currencies by using derivative instrument, However, financialdistress has negative and significant influances while fluctuation of exchange rate did notsignificantly influence it.  Keywords: derivative instrument, foreign currency, foreign exchange risk, hedging, risk management ABSTRAK Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh pengambilankeputusan hedging menggunakan instrumen derivatif valuta asing. Penelitian inimenggunakan sampel perusahaan non keuangan yang terdaftar di BEI tahun 2013-2017.Data yang digunakan dalam penelitian ini adalah data sekunder yang diunduh dari websiteBursa Efek Indonesia dan website perusahaan yang diteliti. Sampel perusahaan dipilihmenggunakan metode purposive sampling. Hasil dari seleksi sampel memperoleh 35perusahaan yang melakukan aktivitas hedging selama periode penelitian dan memilikikelengkapan data untuk diteliti. Analisis model penelitian menggunakan analisis regresilogistik. Hasil pengujian menunjukkan ketepatan klasifikasi model analisis sebesar 80,6%.Hasil penelitian menunjukkan bahwa variabel leverage, likuiditas, growth opportunityberpengaruh positif signifikan dan variabel financial distress berpengaruh negatif signifikan,sedangkan variabel fluktuasi nilai tukar berpengaruh tidak signifikan terhadap prosespengambilan keputusan hedging menggunakan instrumen derivatif valuta asing. Kata Kunci: hedging, instrumen derivatif, manajemen risiko, risiko nilai tukar, valuta asing

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI AKTIVITAS HEDGING DENGAN INSTRUMEN DERIVATIF VALUTA ASING

2015 ◽  
Vol 5 (1) ◽  
Author(s):  
Fay Guniarti
Keyword(s):  
Logistic Regression ◽  
Firm Size ◽  
Financial Distress ◽  
Firm Value ◽  
Foreign Currency ◽  
Stock Exchange ◽  
Secondary Data ◽  
Analysis Model ◽  
Growth Opportunity ◽  
Probability Prediction

<p>Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi aktivitas hedging dengan instrumen derivatif valuta asing pada perusahaan non keuangan yang terdaftar di BEI tahun 2010-2012. Data yang digunakan adalah<br />data sekunder yang diunduh dari website Bursa Efek Indonesia. Populasi dalam penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2010-2012. Sedangkan sampel penelitian ini sejumlah 77 perusahaan yang memiliki eksposur transaksi dan memiliki kelengkapan data untuk diteliti. Dari sampel tersebut sebanyak 28 perusahaan melakukan aktivitas hedging selama periode pengamatan dan 49 perusahaan tidak melakukan aktivitas hedging.Analisis Logistic Regression digunakan untuk menguji hipotesis. Hasil pengujian menunjukkan bahwa model analisis menghasilkan ketepatan 79.2% dan variabel leverage, liquidity, firm size dan financial distress berpengaruh signifikan terhadap prediksi probabilitas aktivitas hedging dengan tingkat signifikansi 5%, sedangkan variabel firm value dan growth opportunity berpengaruh tidak signifikan.</p><p> </p><p>The objective of the study was to know the factors which influence the hedging activity with foreign currency derivative instruments at non-financial companies listed on the Indonesia Stock Exchange in 2010-2012. The data of the research were secondary data which was downloaded from the Indonesia Stock Exchange website. The population of the study was all companies listed in Indonesia Stock Exchange in the period of 2010-2012. There were 77 companies which had the transaction exposure andcomplete data for analysis. From those samples, only 28 companies did hedging activities during the period of observation and 49 companies did not do hedging activities.The data were analyzed by Logistic Regression Analysis to test the hypothesis. The test result showed that analysis model gave the accuracy 79.2% and the research variables; leverage, liquidity, firm size, and financial distress significantly influenced the probability prediction of hedging activity with 5% level of significancy, while the research variables; firm value and growth opportunity did not give significant influence.</p>

scholarly journals ANALYSIS THE EFFECT OF GROWTH OPPORTUNITY, LIQUIDITY, LEVERAGE, AND VOLATILITY OF CASH FLOWS TO HEDGING DECISIONS

2019 ◽  
Vol 7 (12) ◽  
pp. 307-312
Author(s):  
Ayudia Dwi Puspitasari
Keyword(s):  
Foreign Currency ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Secondary Data ◽  
Financial Statements ◽  
Cash Flows ◽  
Growth Opportunity ◽  
Exchange Risk ◽  
Cash Flow Volatility ◽  
The Relationship

Companies operating internationally will surely experience the risk of foreign currency fluctuations. The use of foreign exchange raises an exchange risk profile that must be addressed. One way to overcome the exchange rate risk is to use currency derivatives as hedging tools. research This is a conceptual paper that aims to determine the effect of growth opportunity, liquidity, leverage, and cash flow volatility on hedging decisions. This study uses secondary data in the form of annual financial statements of manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2018. Updates in this study are samples and research years and the addition of control variables to control the relationship between the dependent and independent variables.

scholarly journals PENGARUH GROWTH OPPORTUNITY, FINANCIAL DISTRESS, CEO RETIREMENT TERHADAP KONSERVATISME AKUNTANSI

2020 ◽  
Vol 28 (1) ◽  
pp. 13-34
Author(s):  
Hasina Tazkiya ◽  
Sulastiningsih Sulastiningsih
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Accounting Conservatism ◽  
Manufacturing Companies ◽  
Growth Opportunity ◽  
Selection Of

This research aims to examine and analyze the influence of growth opportunity, financial distress, and CEO retirement to the accounting conservatism at manufacturing companies listed on the Indonesia Stock Exchange. The population of the research is the manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period of 2013-2017. This research used a purposive sampling method in the selection of the sample based on predetermined criteria. Based on these criteria, obtained samples as much as 37 companies during a five years period of observation. The data used a secondary data. The data collection method used a documentation method. This research using multiple linear regression analysis and hypothesis testing using t-test, F-test and the determination of the coefficient. The results of this research indicate some of the factors that influences positively significant to accounting conservatism, such as growth opportunity and financial distress. CEO retirement has influences negatively significant to accounting conservatism. 

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 PENGARUH LIKUIDITAS, LEVERAGE, DAN SALES GROWTH TERHADAPFINANCIAL DISTRESS

2019 ◽  
Vol 8 (1) ◽  
Author(s):  
Hesty Erviani Zulaecha ◽  
Atik Mulvitasari
Keyword(s):  
Data Analysis ◽  
Real Estate ◽  
Financial Distress ◽  
Stock Exchange ◽  
Secondary Data ◽  
Sampling Technique ◽  
Sales Growth ◽  
Purposive Sampling ◽  
Research Period ◽  
Positive Effect

This study aims to determine the effect of liquidity, leverage, and salesgrowth on partial financial distress on property, real estate and buildingconstruction companies listed on the Indonesia Stock Exchange (IDX).The research period is 3 years in 2015-2017. The population of thisstudy covers all sectors of property, real estate and building constructioncompanies listed on the Indonesia Stock Exchange (BEI) in 2015-2017.The sampling technique uses purposive sampling technique. Based onpredetermined criteria obtained 50 samples of the company. Type ofdata which is secondary data obtained from the site Burssa EfekIndonesia. Data analysis used is regression data panel. The resultsshowed that liquidity had a positive effect on financial distress andnegative leverage on financial distress while sales growth did not affectfinancial distress.

PENGARUH GROWTH OPPORTUNITY, FINANCIAL DISTRESS, CEO RETIREMENT TERHADAP KONSERVATISME AKUNTANSI

2020 ◽  
Vol 28 (1) ◽  
pp. 13-34
Author(s):  
Hasina Tazkiya ◽  
Sulastiningsih Sulastiningsih
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Accounting Conservatism ◽  
Manufacturing Companies ◽  
Growth Opportunity ◽  
Selection Of

This research aims to examine and analyze the influence of growth opportunity, financial distress, and CEO retirement to the accounting conservatism at manufacturing companies listed on the Indonesia Stock Exchange. The population of the research is the manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the period of 2013-2017. This research used a purposive sampling method in the selection of the sample based on predetermined criteria. Based on these criteria, obtained samples as much as 37 companies during a five years period of observation. The data used a secondary data. The data collection method used a documentation method. This research using multiple linear regression analysis and hypothesis testing using t-test, F-test and the determination of the coefficient. The results of this research indicate some of the factors that influences positively significant to accounting conservatism, such as growth opportunity and financial distress. CEO

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 THE EFFECT OF FINANCIAL DISTRESS, COMPANY SIZE, AND PREVIOUS YEAR’S AUDIT OPINION ON GOING CONCERN AUDIT OPINION OF TEXTILE AND GARMENT SUB SECTOR COMPANIES

2021 ◽  
Vol 9 (9) ◽  
pp. 55-68
Author(s):  
Dyah Mieta Setyawati
Keyword(s):  
Regression Analysis ◽  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Company Size ◽  
Audit Opinion ◽  
Going Concern ◽  
Analysis Technique ◽  
Research Period

ABSTRACT Going concern audit opinion is an audit opinion that given by the auditors when they have doubts about the company's ability to sustain its business. The purpose of this study is to determine the influence of financial distress, company size, and the previous year’s audit opinion on going concern audit opinion. The data used is secondary data of textile and garment sub-sector companies listed on the Indonesia Stock Exchange. The sampling method used was purposive sampling method. The samples used were 15 companies in the textile and garment sub-sector with the 2016-2019 research period.  The analysis technique used was the modified Altman method and logistic regression analysis with the help of SPSS version 26. The results of the analysis show that financial distress and the previous year's audit opinion have an effect on going-concern audit opinion. Meanwhile, company size has no effect on going concern audit opinion. And the overall results show that financial distress, company size, and previous year's affect on going concern audit opinion.    

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 Pengaruh Growth Opportunity, Net Working Capital, Cash Conversion Cycle Dan Dividend Payout Terhadap Cash Holding

2019 ◽  
Vol 1 (3) ◽  
pp. 1259-1274
Author(s):  
Endah Ayu Wulandari ◽  
Mia Angelina Setiawan
Keyword(s):  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Cash Holding ◽  
Working Capital ◽  
Dividend Payout ◽  
Cash Conversion Cycle ◽  
Analysis Technique ◽  
Growth Opportunity ◽  
Research Period

This study aims to determine the effect of Growth Opportunity, Net Working Capital, Cash Conversion Cycle and Dividend Payout on Cash Holding property and real estate companies listed on the Indonesia Stock Exchange. The research period used is the period 2014-2017. The design of this study is causal associative research. The sample in this study was obtained by purposive sampling method. Based on the existing criteria, 42 companies were included in the study sample. The data used is secondary data. The data analysis technique used is panel regression analysis. The results showed that Growth Opportunity and Dividend Payout had no significant effect on Cash Holding. Meanwhile, Net Working Capital and Cash Conversion Cycle have a significant effect on Cash Holding. The ability of independent variables to explain the dependent variable is 10.89% and 89.11% is explained by other variables outside of this study.

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