Analisis Faktor-Faktor yang Memengaruhi Keputusan Hedging Perusahaan Sektor Industri Pengolahan yang Terdaftar di BEI Tahun 2014-2018
DOI:
https://doi.org/10.26740/jim.v9n1.p112-128Keywords:
foreign currency, hedging, instrument derivative.Abstract
Hedging is an alternative used to minimize risk in the company, especially risks due to exchange rate fluctuations. This study aims to determine the factors that influence corporate hedge decisions. This study uses a quantitative approach and the type of study used in secondary data. The object used in this study is a manufacturing industry sector registered in the Indonesia Stock Exchange in 2014-2018. The research sample was 41 companies through a purposive sampling technique. This study's dependent variable uses leverage, liquidity, profitability, growth opportunity, firm size, interest coverage ratio, managerial ownership, and institutional ownership. The independent variable in this study is the hedging decision. The results of this study indicate that liquidity measured by the current ratio showed a negative effect on corporate hedging decisions. The firm size measured using the natural logarithm of total assets has a positive effect on hedging decisions. Leverage, profitability, growth opportunity, interest coverage ratio, managerial ownership, and institutional ownership variables do not affect its hedging decisions. This study implies that companies with large size and low liquidity should do hedging activities to protect the company from adverse risk.
References
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Ariani, N. N. N. and Sudiartha, G. M. (2017) ˜Pengaruh Leverage, Profitabilitas, dan Likuiditas Terhadap Keputusan Hedging Perusahaan Sektor Pertambangan di Bursa Efek Indonesia, E-Jurnal Manajemen Unud, 6(1), pp. 347374.
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Brealey, R. A., Myers, S. C. and Marcus, A. J. (2008) Dasar-Dasar Manajemen Keuangan Perusahaan. Kelima. Jakarta: Penerbit Erlangga.
Brigham, E. F. and Houston, J. F. (2014) Dasar-Dasar Manajemen Keuangan. Kesatu. Jakarta: Salemba Empat.
Butt, A. A. et al. (2018) ˜Corporate Derivatives and Ownership Concentration: Empirical Evidence of Non-Financial Firms Listed on Pakistan Stock Exchange, Journal of Risk and Financial Management, 11(3), p. 33. doi: 10.3390/jrfm11030033.
Danila, N. and Huang, C. H. (2016) ˜The determinants of exchange rate risk management in developing countries: Evidence from Indonesia, Afro-Asian Journal of Finance and Accounting, 6(1), pp. 5367. doi: 10.1504/AAJFA.2016.074552.
Goklas, F. and Wahyudi, S. (2016) ˜Kebijakan Hedging dan Faktor-Faktor yang Mempengaruhinya (Studi Empiris Pada Perusahaan Non Finansial yang Terdaftar di BEI Periode 2012-2014), Diponegoro Journal of Management, 5(4), pp. 114.
Guniarti, F. (2015) ˜Faktor-Faktor Yang Mempengaruhi Aktivitas Hedging Dengan Instrumen Derivatif Valuta Asing, Jurnal Dinamika Manajemen, 5(1), pp. 6479. doi: 10.15294/jdm.v5i1.3651.
Hidayah, N. and Prasetiono (2014) ˜Faktor Penentu Perusahaan Melakukan Pengambilan Keputusan Hedging pada Derivatif Valuta Asing (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di BEI Periode, International Journal of the History of Sport, 31(18), pp. 24052412. doi: 10.1080/09523367.2014.915518.
Indopremier.com (2019) Empat Sektor Jadi Penyumbang Utama Pertumbuhan Ekonomi Triwulan IV 2018, www.indopremier.com. Available at: https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Empat_Sektor_Jadi_Penyumbang_Utama_Pertumbuhan_Ekonomi_Triwulan_IV_2018&news_id=101206&group_news=IPOTNEWS&news_date=&taging_subtype=ECONOMICS&name=&search=y_general&q=PDB, pertumbuhan ekonomi, konsu (Accessed: 18 October 2019).
Kasmir (2016) Analisis Laporan Keuangan. Jakarta: Rajawali.
Kautsar, A. (2014) ˜Analisis Pengaruh Firm Size, DER, dan Sales Growth Terhadap Dividend Payout Ratio dengan ROE Sebagai Variabel Intervening Pada Perusahaan Non Keuangan yang Listed Di Bei Tahun 2009-2011, 23(2), pp. 113.
Keown, arthur J. et al. (2010) Manajemen Keuangan. Kesepuluh. Jakarta: Indeks.
Kussulistyanti, M. J. W. A. and Mahfudz (2016) ˜Analisis Faktor-Faktor Yang Memengaruhi Keputusan Hedging Dengan Derivatif Valuta Asing (Studi Pada Perusahaan Non-Finansial yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 20112014), Diponegoro Journal Of Management, 5, pp. 114.
Lesmana, N. V. D. and Musdholifah (2019) ˜Faktor-Faktor Internal Keputusan Hedging dan Dampaknya pada Nilai Perusahaan Miscellaneous Industry, Jurnal Ilmu Manajemen (JIM), 7, pp. 857867.
Madura, J. (2011) Keuangan Perusahaan Internasiona Buku 1. Kedelapan. Jakarta: Salemba Empat.
Megawati, I. A. P., Wiagustini, L. P. and Artini, L. G. S. (2016) ˜Determinasi Keputusan Hedging Pada Perusahaan Manufaktur Di Bursa Efek Indonesia, E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 10(5), pp. 33913418.
Muflihah, I. Z. (2017) ˜Analisis Financial Distress Perusahaan Manufaktur Di Indonesia dengan Regresi Logistik, Majalah Ekonomi, XXII(2), pp. 254269.
Prabawati, N. P. H. and Damayanti, C. R. (2019) ˜Pengaruh Faktor Debt to Equity Ratio , Market to Book Value , dan Liquidity Terhadap Keputusan Hedging dengan Menggunakan Instrumen Derivatif ( Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014 2017, Jurnal Administrasi Bisnis (JAB)|Vol, 69(1), pp. 4049.
Purwohandoko et al. (2014) Dasar-Dasar Manajemen Keuangan (Teori, Aplikasi, dan Kasus). Surabaya: Unesa University press.
Saragih, F. and Musdholifah (2017) ˜Pengaruh Growth Opportunity, Firm Size, Dan Liquidity Terhadap Keputusan Hedging Pada Perusahaan Perban Kan Indonesia, Jurnal Ilmu Manajemen (JIM), 5(2), pp. 110.
Sasmita, I. E. and Hartono, U. (2019) ˜Karakteristik Perusahaan, Financial Distress, dan Keputusan Hedging: Studi Pada Perusahaan Manufaktur Indonesia, Jurnal Ilmu Manajemen, 7(1), pp. 120.
Shaari, N. A. et al. (2013) ˜The Determinants of Derivative Usage: A study on Malaysian firms, Journal of Contemporary Research in Business, 5(2), pp. 300316.
Sindonews.com (2019) Kontribusi Ekspor Manufaktur 2018 Ditopang Lima Sektor. Available at: https://ekbis.sindonews.com/read/1380508/34/kontribusi-ekspor-manufaktur-2018-ditopang-lima-sektor-1550668541 (Accessed: 5 November 2019).
Sprcic, D. M. and Sevic, Z. (2012) ˜Determinants of corporate hedging decision: Evidence from Croatian and Slovenian companies, Research in International Business and Finance. Elsevier B.V., 26(1), pp. 125. doi: 10.1016/j.ribaf.2011.05.001.
Sudana, I. M. (2011) Manajemen Keuangan Perusahaan Teori & Praktik. Surabaya: Penerbit Erlangga.
Vural-Yavas, C. (2016) ˜Determinants of Corporate Hedging: Evidence from Emerging Market, International Journal of Economics and Finance, 8(12), p. 151. doi: 10.5539/ijef.v8n12p151.
Wikartika, I. and Fitriyah, Z. (2018) ˜Pengujian Trade Off Theory dan Pecking Order Theory di Jakarta Islamic Index, BISMA (Bisnis dan Manajemen), 10(2), p. 90. doi: 10.26740/bisma.v10n2.p90-101.
Ahmad, N. and Haris, B. (2012) ˜Factors for Using Derivatives: Evidence From Malaysian Non-Financial Companies, Research Journal of Finance and Accounting, 3(9), pp. 7988. Available at: http://iiste.org/Journals/index.php/RJFA/article/view/3152.
Ameer, R. (2010) ˜Determinants of Corporate Hedging Practices in Malaysia, International Business Research, 3(2), pp. 120130. doi: 10.5539/ibr.v3n2p120.
Ariani, N. N. N. and Sudiartha, G. M. (2017) ˜Pengaruh Leverage, Profitabilitas, dan Likuiditas Terhadap Keputusan Hedging Perusahaan Sektor Pertambangan di Bursa Efek Indonesia, E-Jurnal Manajemen Unud, 6(1), pp. 347374.
Badan Pusat Statistik (2019) Analisis Komoditas Ekspor, 2012-2018, Sektor Pertanian, Industri, dan Pertambangan. Available at: https://www.bps.go.id/publication/2019/08/02/8790fedf90b47c11b009a5ca/analisis-komoditas-ekspor--2012-2018--sektor-pertanian--industri--dan-pertambangan.html (Accessed: 18 October 2019).
Bank Indonesia (2019) Posisi Pinjaman Luar Negeri Swasta (Bukan Bank) Menurut Sektor Ekonomi. Available at: https://www.bi.go.id/en/statistik/seki/terkini/eksternal/Contents/Default.aspx (Accessed: 11 October 2019).
Bhagawan, M. P. and Lukose, P. J. J. (2017) ˜The determinants of currency derivatives usage among Indian non-financial firms: An empirical study, Studies in Economics and Finance, 34(3), pp. 363382. doi: 10.1108/SEF-09-2014-0172.
BPS.go.id (2019) Produk Domestik Bruto. Available at: https://www.bps.go.id/subject/11/produk-domestik-bruto--lapangan-usaha-.html#subjekViewTab1 (Accessed: 25 October 2019).
Brealey, R. A., Myers, S. C. and Marcus, A. J. (2008) Dasar-Dasar Manajemen Keuangan Perusahaan. Kelima. Jakarta: Penerbit Erlangga.
Brigham, E. F. and Houston, J. F. (2014) Dasar-Dasar Manajemen Keuangan. Kesatu. Jakarta: Salemba Empat.
Butt, A. A. et al. (2018) ˜Corporate Derivatives and Ownership Concentration: Empirical Evidence of Non-Financial Firms Listed on Pakistan Stock Exchange, Journal of Risk and Financial Management, 11(3), p. 33. doi: 10.3390/jrfm11030033.
Danila, N. and Huang, C. H. (2016) ˜The determinants of exchange rate risk management in developing countries: Evidence from Indonesia, Afro-Asian Journal of Finance and Accounting, 6(1), pp. 5367. doi: 10.1504/AAJFA.2016.074552.
Goklas, F. and Wahyudi, S. (2016) ˜Kebijakan Hedging dan Faktor-Faktor yang Mempengaruhinya (Studi Empiris Pada Perusahaan Non Finansial yang Terdaftar di BEI Periode 2012-2014), Diponegoro Journal of Management, 5(4), pp. 114.
Guniarti, F. (2015) ˜Faktor-Faktor Yang Mempengaruhi Aktivitas Hedging Dengan Instrumen Derivatif Valuta Asing, Jurnal Dinamika Manajemen, 5(1), pp. 6479. doi: 10.15294/jdm.v5i1.3651.
Hidayah, N. and Prasetiono (2014) ˜Faktor Penentu Perusahaan Melakukan Pengambilan Keputusan Hedging pada Derivatif Valuta Asing (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di BEI Periode, International Journal of the History of Sport, 31(18), pp. 24052412. doi: 10.1080/09523367.2014.915518.
Indopremier.com (2019) Empat Sektor Jadi Penyumbang Utama Pertumbuhan Ekonomi Triwulan IV 2018, www.indopremier.com. Available at: https://www.indopremier.com/ipotnews/newsDetail.php?jdl=Empat_Sektor_Jadi_Penyumbang_Utama_Pertumbuhan_Ekonomi_Triwulan_IV_2018&news_id=101206&group_news=IPOTNEWS&news_date=&taging_subtype=ECONOMICS&name=&search=y_general&q=PDB, pertumbuhan ekonomi, konsu (Accessed: 18 October 2019).
Kasmir (2016) Analisis Laporan Keuangan. Jakarta: Rajawali.
Kautsar, A. (2014) ˜Analisis Pengaruh Firm Size, DER, dan Sales Growth Terhadap Dividend Payout Ratio dengan ROE Sebagai Variabel Intervening Pada Perusahaan Non Keuangan yang Listed Di Bei Tahun 2009-2011, 23(2), pp. 113.
Keown, arthur J. et al. (2010) Manajemen Keuangan. Kesepuluh. Jakarta: Indeks.
Kussulistyanti, M. J. W. A. and Mahfudz (2016) ˜Analisis Faktor-Faktor Yang Memengaruhi Keputusan Hedging Dengan Derivatif Valuta Asing (Studi Pada Perusahaan Non-Finansial yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 20112014), Diponegoro Journal Of Management, 5, pp. 114.
Lesmana, N. V. D. and Musdholifah (2019) ˜Faktor-Faktor Internal Keputusan Hedging dan Dampaknya pada Nilai Perusahaan Miscellaneous Industry, Jurnal Ilmu Manajemen (JIM), 7, pp. 857867.
Madura, J. (2011) Keuangan Perusahaan Internasiona Buku 1. Kedelapan. Jakarta: Salemba Empat.
Megawati, I. A. P., Wiagustini, L. P. and Artini, L. G. S. (2016) ˜Determinasi Keputusan Hedging Pada Perusahaan Manufaktur Di Bursa Efek Indonesia, E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 10(5), pp. 33913418.
Muflihah, I. Z. (2017) ˜Analisis Financial Distress Perusahaan Manufaktur Di Indonesia dengan Regresi Logistik, Majalah Ekonomi, XXII(2), pp. 254269.
Prabawati, N. P. H. and Damayanti, C. R. (2019) ˜Pengaruh Faktor Debt to Equity Ratio , Market to Book Value , dan Liquidity Terhadap Keputusan Hedging dengan Menggunakan Instrumen Derivatif ( Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014 2017, Jurnal Administrasi Bisnis (JAB)|Vol, 69(1), pp. 4049.
Purwohandoko et al. (2014) Dasar-Dasar Manajemen Keuangan (Teori, Aplikasi, dan Kasus). Surabaya: Unesa University press.
Saragih, F. and Musdholifah (2017) ˜Pengaruh Growth Opportunity, Firm Size, Dan Liquidity Terhadap Keputusan Hedging Pada Perusahaan Perban Kan Indonesia, Jurnal Ilmu Manajemen (JIM), 5(2), pp. 110.
Sasmita, I. E. and Hartono, U. (2019) ˜Karakteristik Perusahaan, Financial Distress, dan Keputusan Hedging: Studi Pada Perusahaan Manufaktur Indonesia, Jurnal Ilmu Manajemen, 7(1), pp. 120.
Shaari, N. A. et al. (2013) ˜The Determinants of Derivative Usage: A study on Malaysian firms, Journal of Contemporary Research in Business, 5(2), pp. 300316.
Sindonews.com (2019) Kontribusi Ekspor Manufaktur 2018 Ditopang Lima Sektor. Available at: https://ekbis.sindonews.com/read/1380508/34/kontribusi-ekspor-manufaktur-2018-ditopang-lima-sektor-1550668541 (Accessed: 5 November 2019).
Sprcic, D. M. and Sevic, Z. (2012) ˜Determinants of corporate hedging decision: Evidence from Croatian and Slovenian companies, Research in International Business and Finance. Elsevier B.V., 26(1), pp. 125. doi: 10.1016/j.ribaf.2011.05.001.
Sudana, I. M. (2011) Manajemen Keuangan Perusahaan Teori & Praktik. Surabaya: Penerbit Erlangga.
Vural-Yavas, C. (2016) ˜Determinants of Corporate Hedging: Evidence from Emerging Market, International Journal of Economics and Finance, 8(12), p. 151. doi: 10.5539/ijef.v8n12p151.
Wikartika, I. and Fitriyah, Z. (2018) ˜Pengujian Trade Off Theory dan Pecking Order Theory di Jakarta Islamic Index, BISMA (Bisnis dan Manajemen), 10(2), p. 90. doi: 10.26740/bisma.v10n2.p90-101.
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2021-03-31
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Meridelima, E., & Isbanah, Y. (2021). Analisis Faktor-Faktor yang Memengaruhi Keputusan Hedging Perusahaan Sektor Industri Pengolahan yang Terdaftar di BEI Tahun 2014-2018. Jurnal Ilmu Manajemen, 9(1), 112–128. https://doi.org/10.26740/jim.v9n1.p112-128
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