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

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

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

Jurnal Riset Akuntansi & Perpajakan (JRAP) ◽

10.35838/jrap.v7i01.1342 ◽

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

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

Akuisisi: Jurnal Akuntansi ◽

10.24127/akuisisi.v15i1.281 ◽

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.

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

Journal of Economic Bussines and Accounting (COSTING) ◽

10.31539/costing.v3i2.1064 ◽

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

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STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

Journal of Management and Business ◽

10.24123/jmb.v7i1.122 ◽

2008 ◽

Vol 7 (1) ◽

Author(s):

Masdar Mas’ud

Keyword(s):

Capital Structure ◽

Financial Distress ◽

Stock Exchange ◽

Manufacturing Companies ◽

Company Value ◽

Growth Opportunity ◽

Tax Shields ◽

Manufacturing Company ◽

Size Growth ◽

The Capital Structure

The study attempts to analyze the factors of capital structure determiner and its impact on company value. The research aims at examining and analyzing the effect of profitability, size, growth opportunity, asset structure, cost of financial distress, and tax shields effects as the capital structure determiners on the manufacturing companies registered at Indonesia Stock Exchange. The differences between the factors of capital structure determiners (consisting of profitability, size, growth opportunity, asset structure, cost of financial distress, and tax shields effects) and the value of manufacturing companie registered at Indonesia Stock Exchange. The sample includes 59 companies registered at Indonesia Stock Exchange the data analysis instrument employed was Structural Equation Modeling (SEM) and t-test. The results of the research indicate that the factors of capital structure determiners, which have significant effect on capital structures, are profitability, size, growth opportunity, asset structure and cost of financial distress. The exception may be tax shields effects, which do not give significant effect at all on capital structure. The latter becomes evident because the depreciation and amortization rates of the registered Indonesia manufacturing company do not seem significant to contribute to company cash flow so that it stands out of company debt proportion.The factors of capital structure determiners with significant effect on capital structures involve profitability, size, asset structure, and cost of financial distress and tax shields effects. Size and growth opportunity do not have significant effect on the capital structure because manufacturing companies consider financing their investment using equity financing to deal with little financial risk regardless the size of company. It shows that there is a similarity on these factors of capital structure determiner between manufacturing company registered at Indonesia Stock Exchange the insignificantly defferent determiner factors pertain to growth opportunity, asset structure and company value. Meanwhile, the difference also develops between the factors of capital structure determiner in the manufacturing company registered at Indonesia Stock Exchange. The significantly different determiner factors will be profitability, size, cost of financial distress; tax shields effects and capital structure.

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PENGARUH PERENCANAAN PAJAK, STRUKTUR MODAL DAN KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN DENGAN TRANSPARANSI PERUSAHAAN SEBAGAI VARIABEL MODERASI

JURNAL AKUNTANSI BARELANG ◽

10.33884/jab.v6i1.4660 ◽

2022 ◽

Vol 6 (1) ◽

pp. 1-12

Author(s):

Deaelma Sari ◽

Wiwit Irawati

Keyword(s):

Data Analysis ◽

Capital Structure ◽

Firm Value ◽

Stock Exchange ◽

Sampling Technique ◽

Tax Planning ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Corporate Transparency ◽

The Relationship

This study aims to identify and prove empirically the effect of Tax Planning, Capital Structure and Managerial Ownership on Firm Value with Corporate Transparency as a moderating variable. This type of research is quantitative approach research with explanatory research and associative methods. Samples were taken using the purposive sampling technique using Eviews 9 software for data analysis. The sample consists of 60 data from 12 property and real estate subsector manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. The results show that Tax Planning, Capital Structure and Managerial Ownership simultaneously affect the value of the company which is moderated by corporate transparency, tax planning has no effect on firm value, the capital structure does not affect firm value, managerial ownership does not affect firm value, and corporate transparency does not. effect on firm value, corporate transparency is unable to moderate the relationship between tax planning and firm value, corporate transparency is unable to moderate the relationship between capital structure and firm value, and corporate transparency is unable to moderate the relationship between managerial ownership and firm value.

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PENGARUH GROWTH OPPORTUNITY, STRUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP KEPUTUSAN INVESTASI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

MANAJEMEN DEWANTARA ◽

10.26460/md.v4i2.8585 ◽

2020 ◽

Vol 4 (2) ◽

pp. 123

Author(s):

Maria Karolina Kewa ◽

Gendro Wiyono

Keyword(s):

Capital Structure ◽

Dividend Policy ◽

Stock Exchange ◽

Investment Decisions ◽

Secondary Data ◽

Manufacturing Companies ◽

Growth Opportunities ◽

Growth Opportunity ◽

The Social ◽

Company Growth

This study aims to determine whether there is an influence of growth opportunities, capital structure and dividend policy on investment decisions in manufacturing companies in the consumer goods industry sector which are listed on the Indonesia Stock Exchange (IDX) during the 2015-2018 period. The factors tested are growth opportunities, capital structure and dividend policy and investment decisions. The data used in this study are secondary data and this study uses 18 samples of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2015-2018 period. This study uses the Social Sciences Statistics Package (SPSS) version 17.0 to determine the results of the hypothesis. Tests using SPSS get results that show that: 1) growth opportunities have a positive and significant influence on investment decisions; 2) capital structure has a positive and significant effect on investment decisions; 3) dividend policy has a negative and significant effect on investment decisions; 4) growth opportunity variables (company growth opportunities, capital structure, dividend policy simultaneously influence investment decisions.Kata Kunci: Incentives, Employee Discipline

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PENGARUH UKURAN PERUSAHAAN, LEVERAGE, DAN PROFITABILITAS TERHADAP INCOME SMOOTHING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2014-2018

JURNAL ILMIAH EDUNOMIKA ◽

10.29040/jie.v5i1.1468 ◽

2021 ◽

Vol 5 (1) ◽

pp. 34

Author(s):

Tri Setyaningsih ◽

Titiek Puji Astuti ◽

Yunus Harjito

Keyword(s):

Firm Size ◽

Quantitative Research ◽

Stock Exchange ◽

Secondary Data ◽

Sampling Technique ◽

Financial Statements ◽

Analysis Data ◽

Income Smoothing ◽

Manufacturing Companies ◽

Positive Effect

This Study aims to examine the effect of firm size, leverage and profitability on income smoothing of the manufacturers registered at the Indonesia’s Stock Exchange in 2014-2018. Type of research in this study is quantitative research. The data used be in the form of secondary data taken based on the company’s financial statements in manufacturing companies listed on Indonesia Stock Exchange in 2014-2018. The sampling technique of this study uses purposive sampling method. The analysis method of this research uses a regression analysis with Eviews 9 Version. Based on the result of analysis data in this research showes that the firm size have a positive effect on income smoothing while the leverage and profitability does not effect on income smoothing in manufacturing companies listed on Indonesia Stock Exchange in 2014-2018. Keywords: Firm Size, Leverage, Profitability, Income Smoothing

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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)

JIMF (JURNAL ILMIAH MANAJEMEN FORKAMMA) ◽

10.32493/frkm.v2i3.3401 ◽

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.

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PENGARUH PROFITABILITAS, LIKUIDITAS, DAN STRUKTUR AKTIVA TERHADAP STRUKTUR MODAL PADA PERUSAHAAN MANUFAKTUR DI BEI PERIODE 2012 DAN 2013

Equity ◽

10.34209/.v18i1.459 ◽

2015 ◽

Vol 18 (1) ◽

pp. 55

Author(s):

Yuda Dwi Saputra ◽

Desmintari Desmintari

Keyword(s):

Capital Structure ◽

Stock Exchange ◽

Sampling Technique ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Analysis Technique ◽

Independent Variable ◽

The Capital Structure

This objective of this research is to test the effect of Profitability,Liquidity and StructureAssets on Capital Structure. The independent variable in this study was Profitability,Liquidity and Structure Assets, while the dependent variable in this study is the CapitalStructure. The population of this research is 139 manufacturing companies listed on theIndonesia Stock Exchange 2012 and 2013 period. The data were obtained from publishedfinancial statements of the company. Through purposive sampling technique obtained atotal sample of 50 companies. The analysis technique used is multiple linear regressionusing IBM SPSS (Statistical Product and Service Solutions) version 21.0. The resultsshowed simultaneous Profitability, Liquidity and Structure Assets significant effect on theCapital Structure. While partially variables that doesn’t significantly influence theprofitability and Structure Assets of Capital Structure, while variable Liquiditysignificantly influence the Capital Structure.

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PENGARUH VARIABILITAS PERSEDIAAN, UKURAN PERUSAHAAN DAN INTENSITAS PERSEDIAAN TERHADAP PEMILIHAN METODE PENILAIAN PERSEDIAAN (Studi Empiris Perusahaan Manufaktur Di Bursa Efek Indonesia Tahun 2014-2017)

EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis ◽

10.37676/ekombis.v8i1.930 ◽

2020 ◽

Vol 8 (1) ◽

pp. 38-46

Author(s):

Erwin Febriansyah ◽

Ade Tiara Yulinda ◽

Lina Rosalinda

Keyword(s):

Quantitative Research ◽

Stock Exchange ◽

Secondary Data ◽

Sampling Technique ◽

Assessment Method ◽

Company Size ◽

Manufacturing Companies ◽

Valuation Methods ◽

Selection Of ◽

Inventory Assessment

Erwin Febriansyah, Ade Tiara Yulinda, Lina Rosalinda; This study purposes to determine the effect of inventory variability and intensity, company size, on the selection of inventory assessment method. This research examined four independent variables namely inventory variability and intensity, companies size, its dependent variable was the FIFO method and the average method. Type of this research was quantitative research by using secondary data. Research population was all manufacturing companies listed on the Indonesia Stock Exchange of the 2014-2017. The sampling technique used purposive sample, with criteria and selected 41 unit analysis companies to be samples and multiplied by the number observation period are obtained 164 samples (41 companies x 4year). The method for data analysis used logistic regression by using SPSS 18.0. There were four research hypotheses; to examine the effect of inventory variability and intensity, companies size on the selection of inventory assessment methods. The result of study showed that inventory variability, companies size, do not affect on the selection of inventory valuation method. Meanwhile, intensity inventory affects the selection of inventory valuation methods and inventory variability and intensity, companies size together influence the selection of inventory valuation methods. Keywords: Inventory Variability, Company Size, Inventory Intensity, FIFO, Average

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