ANALISIS EKSPOSUR EKONOMI DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA PADA PERUSAHAAN ROKOK YANG TERCATAT DI BEI

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 98-109
Author(s):  
Ida Musdafia Ibrahim ◽  
Arif Haryono
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Cash Flow ◽  
Firm Value ◽  
Tobacco Industry ◽  
Cash Flows ◽  
Least Square ◽  
Exchange Rate Risk ◽  
Positive Effects ◽  
Rate Risk

This study aims to analyze economic exposures and its factors namely exchange rates and inflation, that influence firm value as reflected through firm cash flow. Analytical method used Ordinary Least Square and eviews as analytical tool. This study used secondary data and cigarette industry companies listed on the Indonesia Stock Exchange as samples along 2008 to 2017. Samples choosing method used purposive sampling based on determined criterias. The results showed that partially economic exposure had positive effects on firm value but insignificant. These could be seen from the economic exposure factors influncenced namely exchange rates and inflations.The exchange rate risk has low influenced cash flow was caused of the tobacco industry has low level of export/import.Enhance,inflation also had low effect on cash flow was caused of the tendency of cigarette consumers will continue to buy cigarettes even though its price increases. In short, economic exposure in the tobacco industry has low influence toward firms value. Hence, simultaneously changes in exchange rates and inflation which are economic exposure indicators have a significant effect on cash flows.  Keywords: Economic Exposure, Exchange Rate Risk, Inflation Risk, Firms Value, Cash Flow

ANALISIS EKSPOSUR EKONOMI DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA PADA PERUSAHAAN ROKOK YANG TERCATAT DI BEI

Wahana ◽  
2019 ◽  
Vol 21 (2) ◽  
pp. 98-109
Author(s):  
Ida Musdafia Ibrahim ◽  
Arif Haryono
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Cash Flow ◽  
Firm Value ◽  
Tobacco Industry ◽  
Cash Flows ◽  
Least Square ◽  
Exchange Rate Risk ◽  
Positive Effects ◽  
Rate Risk

This study aims to analyze economic exposures and its factors namely exchange rates and inflation, that influence firm value as reflected through firm cash flow. Analytical method used Ordinary Least Square and eviews as analytical tool. This study used secondary data and cigarette industry companies listed on the Indonesia Stock Exchange as samples along 2008 to 2017. Samples choosing method used purposive sampling based on determined criterias. The results showed that partially economic exposure had positive effects on firm value but insignificant. These could be seen from the economic exposure factors influncenced namely exchange rates and inflations.The exchange rate risk has low influenced cash flow was caused of the tobacco industry has low level of export/import.Enhance,inflation also had low effect on cash flow was caused of the tendency of cigarette consumers will continue to buy cigarettes even though its price increases. In short, economic exposure in the tobacco industry has low influence toward firms value. Hence, simultaneously changes in exchange rates and inflation which are economic exposure indicators have a significant effect on cash flows.  Keywords: Economic Exposure, Exchange Rate Risk, Inflation Risk, Firms Value, Cash Flow

scholarly journals The effect of hedging exchange rate risk, interest rate risk and commodity price risk with derivative instruments on firm value

2021 ◽  
pp. 1707-1714
Author(s):  
Nadhifah Almas ◽  
Chandra Wijaya ◽  
Fibria Indriati ◽  
Sekar Anindyaswari
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Interest Rates ◽  
Firm Value ◽  
Commodity Price ◽  
Interest Rate Risk ◽  
Price Risk ◽  
Exchange Rate Risk ◽  
Rate Risk ◽  
Derivative Instruments

The purpose of this paper is to analyze the effects of firm value on hedging for exchange rates, interest rates and commodity price risks using derivative instruments as well as examining different types of derivative instruments, including forward contract, future contract, option contract, and swap contract, used as hedging instruments to assess their various effects on firm value. The proxy used for the firm value variable is Tobin’s Q, and the ordinary least squares regression is employed for the research method. The study used 348 records from non-financial companies listed on the Indonesia Stock Exchange over the period 2015–2018. There are different results. First of all, the use of hedging for exchange rate risk with derivative instruments has a positive and significant effect on firm value. Secondly, the use of hedging for interest rate risk with derivative instruments has a negative but not significant effect on firm value. In addition, the use of hedging for commodity price risk with derivative instruments has a positive but not significant effect on firm value. Moreover, the effects from hedging using derivative contracts in general on firm value does not give results that are different from the use of hedging risk for exchange rates, interest rates and commodity prices with derivative instruments.

Book Reviews

2012 ◽  
Vol 50 (1) ◽  
pp. 187-191
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Empirical Evidence ◽  
Rational Expectations ◽  
University Of California ◽  
Exchange Rate Risk ◽  
Exchange Rate Dynamics ◽  
Rate Risk ◽  
Currency Trading

Richard K. Lyons of University of California, Berkeley reviews “Exchange-Rate Dynamics” by Martin D. D.Evans. The EconLit Abstract of the reviewed work begins: Explores recent research on the sources and consequences of exchangerate variations. Discusses macro models without frictions; macro models with frictions; empirical macro models; rational expectations models; sequential trade models; currency-trading models; currency-trading models--empirical evidence; identifying order flow; order flows and the macroeconomy; exchange rates, order flows, and macro data releases; and exchange-rate risk. Evans is Professor of Economics in the Department of Economics and Professor of Finance in the McDonough School of Business at Georgetown University. Index.

scholarly journals The Effect of Exchange Rates on Agricultural Goods for Export: A Case of Thailand

2015 ◽  
Vol 7 (1) ◽  
pp. 1-11
Author(s):  
Sirikul Tulasombat ◽  
Somchai Ratanakomut .
Keyword(s):  
Qualitative Research ◽  
Exchange Rate ◽  
Exchange Rates ◽  
Exchange Rate Risk ◽  
Strong Fluctuation ◽  
Rate Risk ◽  
Depth Interview

This paper examined the relationships between exchange rates and the volumes of Thailand’s top two majors agricultural goods export which were rice and rubber exports. The results indicated that exchange rates had negative significant effects on Thailand’s agricultural goods export volumes. Results also showed that the exchange rates influenced total agricultural, rubber, and rice goods export volumes respectively. For the qualitative research, interviewing 17 business men who came from rice exports companies 6 persons and from rubber exports companies 11 persons used the in-depth interview. The results showed the effect of exchange rate had strong fluctuation then exporters could not handle it on time, and make the problems all parts of working in companies. Moreover, the best way to do hedging exchange rate risk for exporters, Companies had to book the forward contact in order to reduce the risk.

Divested Interests: Globalization and the New Politics of Exchange Rates

2010 ◽  
Vol 12 (2) ◽  
pp. 1-28 ◽  
Author(s):  
Sarah Cleeland Knight
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Exchange Rate Policy ◽  
Political Activity ◽  
Exchange Rate Risk ◽  
Trade Associations ◽  
New Politics ◽  
Rate Risk ◽  
Original Survey ◽  
The One

The globalization of production and finance is responsible for much of the variation in political contestation over exchange rates since the end of Bretton Woods. On the one hand, globalization increases the salience of the policy decisions that affect exchange rates, as more firms and their workers engage more in international trade and compete more against imports. On the other hand, globalization offers firms a myriad of opportunities to manage their exchange rate risk, through operational and financial hedging. But hedging is available to only certain types of economic actors and in certain situations of exchange rate risk. In this way, globalization has redrawn traditional political cleavages on exchange rates. This argument is tested with an original survey of US firms, labor unions, and trade associations on their preferences and political activity on exchange rate policy.

PENGARUH PERUBAHAN NILAI TUKAR RUPIAH TERHADAP RETURA' SAHAM MELALUI PERUBAHAN ARUS KAS DAN PERUBAHAN EARNING PER SHARE (EPS): BUKTI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ

2006 ◽  
Vol 2 (2) ◽  
pp. 107
Author(s):  
LIA INDRIYATI KURNIAWAN
Keyword(s):  
Exchange Rate ◽  
Cash Flow ◽  
Abnormal Return ◽  
Stock Return ◽  
Positive Influence ◽  
Exchange Rate Risk ◽  
Cumulative Abnormal Return ◽  
Flow Alteration ◽  
Rate Risk ◽  
Simple Regression

The srudy is ot empirical one wlnse pwposes or,e to prove if exclwnge rate'risk have a positive inJluence in stock return from earning per share alteration and cash flow alteration. Samples which are used in this stu$t are 192 data of manufacturing corporations that listed inBEI. The period of sudy is 199&2004. &atistic mdels which are used in this study are simple regression od multiple regression analysis. Tlwre,wefow models used in this study. TTtere ue, model I and model II are used to prove if information of eorning per share alteration and cash flow alteration ltove a positive intluence for cumulative abnormal return. Model III and Model IY are used to pnove if exchange rate risk have a positive infiuence for earning per share alteration and cash flow alteration.The results are information of earning per share alteraion and cash flow alteration have not a positive inJluence for cumulative abnormal return, exchange rate risk have not a positive influence in eorning per share, but exchange rate risk altergtion have a positive influence for cash flow alteration.Keywords: Real Exchange Rate, Earning Per Share, Cash Flow

Exchange Rate Risk Related to MICEX and RTS Indices

2015 ◽  
Vol 6 (7) ◽  
pp. 1375-1383
Author(s):  
Hana Florianová ◽  
Barbora Chmelíková
Keyword(s):  
Exchange Rate ◽  
Exchange Rate Risk ◽  
Rate Risk
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