Leverage, Firm Size, Likuiditas, Financial Distress, dan Aktivitas Hedging Dengan Instrumen Derivatif
Abstract
This research aims to determine the effect of leverage, firm size, liquidity and financial distress on hedging activities in textile and garment subsector companies listed on the Indonesia Stock Exchange due to unstable exchange rate changes. The sample method used is purposive sampling with 65 observations collected during the 2017-2021 period. The secondary data used is obtained from the company's financial reports available on the website of the Indonesia Stock Exchange (IDX) and other sources. Data analysis was performed using logistic regression method. The findings of this research show that leverage does not have a significant influence on hedging activities, while firm size and financial distress have a positive influence on hedging activities, and liquidity has a negative influence on hedging activities.
Keywords: Leverage; Firm Size; Liquidity; Financial Distress; Hedging Activities
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References
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Gewar, M. M., & Suryantini, N. P. S. (2020). The Effect of Leverage, Managerial Ownership, And Dividend Policy On Hedging Decisions In Manufacturing Companies. American Journal of Humanities and Social Sciences Research, 4(1), 382–389. www.ajhssr.com
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Krisdian, N. P. C., & Badjra, I. B. (2017). Pengaruh Ukuran Perusahaan, Tingkat Hutang, dan Kesulitan Keuangan Terhadap Keputusan Hedging Pada Perusahaan Mnaufaktur Indonesia. E-Jurnal Manajemen, 6(3), 1452–1477.
Leland, H.E. (1998). Agency Cost, Risk Management and Capital Structure. Journal of Finance, 53(4), 1213-1243.
Kinasih, R., & Mahardika, D. P. K. (2019). Pengaruh Likuiditas, Leverage, dan Nilai Tukar Rupiah Terhadap Penggunaan Instrumen Derivatif Sebagai Keputusan Hedging. Jural Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 3(1), 63–80.
Krisdian, N. P. C., & Badjra, I. B. (2017). Pengaruh Ukuran Perusahaan, Tingkat Hutang, dan Kesulitan Keuangan Terhadap Keputusan Hedging Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 6(3), 1452–1477.
Mahasari, A. A. K., & Rahyuda, H. (2020). The Effect of Firm Size, Leverage, and Liquidity on Hedging Decisions of Consumer Goods Industryon the Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(10), 106–113. www.ajhssr.com
Marhaenis, L. G., & Artini, L. G. S. (2020). Pengaruh Financial Distress, Growth Opportunities dan Liquidity Terhadap Keputusan Hedging Pada Perusahaan Pertambangan BEI. E-Jurnal Manajemen Universitas Udayana, 9(5), 1778. https://doi.org/10.24843/ejmunud.2020.v09.i05.p07
Mello, A.S. & Parsons, J.E. (2000). Hedging and liquidity. The Review of Financial Studies, 13(1), 127-153.
Nguyen, H. & Faff, R. (2002). On The Determinants of Derivative Usage by Australian Companies. Australian Journal of Management, 27(1), 1-24.
Nur’aini, F., & Widanaputra, A. (2021). Business Risk as a Moderating The Effect of Institutional Ownership and Managerial Ownership on Dividend Policies. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 482–486.
Purba, E. L. D., & Rajagukguk, M. A. (2020). Pengaruh Financial Distress, Growth Options, Institutional Ownership, dan Debt to Equity Ratio (DER) Terhadap Aktivitas Hedging Pada Perusahaan. Jurnal Akuntansi, Keuangan & Perpajakan Indonesia (JAKPI), 8(2), 71–82.
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Sakti, R. A., & Suprihhadi, H. (2018). Pengaruh Leverage, Financial Distress, dan Likuiditas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur. Jurnal Ilmu Dan Riset Manajemen, 7(4), 1–18.
Saraswati, A. P. S., & Suryantini, N. P. S. (2019). Pengaruh Leverage, Firm Size, Profitabilitas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 8(5), 2999-3027. https://doi.org/10.24843/EJMUNUD.2019.v08.i05.p15
Sartono, A. (2014). Manajemen Keuangan : Teori dan Aplikasi (4th ed.). BPFE.
Scott, R. William. 2015. Financial Accounting Theory. Seventh Edition. Pearson Prentice Hall: Toronto.
Sofia, R., & Yuneline, M. H. (2019). Determinasi Pengambilan Keputusan Lindung Nilai pada Instrumen Derivatif Valuta Asing Hedging Decision-Making Determination on Exchange Rate as Derivative Instrument. ISEI Business and Management Review, III(1), 16–25. http://jurnal.iseibandung.or.id/index.php/ibmr
Sudarma, I. P., & Sari, M. M. R. (2020). Financial Distress, Growth Opportunities, and Dividend Policy on Firm Value through Company Hedging Policies: Empirical Study on Property and Real Estate Companies Listed on the Indonesian Stock Exchange. International Research Journal of Management, IT and Social Sciences, 8(1), 47–59. https://doi.org/10.21744/irjmis.v8n1.1054
Sugiyono. 2018. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Penerbit Alfabeta
Smith, C., & Stulz, RmM., (1985). The Determinants of Firms Hedging Policies. Journal of Financial and Quantitive Analysis, 20, 391-405.
Wijayani, D. R., & Harsanti, P. (2020a). Determinant of Hedging Activities in SOE Companies Listed in Indonesia Stock Exchange Period 2015-2019. Jurnal Riset Akutansi Dan Bisnis Airlangga, 5(1), 800–817.
Wijayani, D. R., & Harsanti, P. (2020b). Determinant Of Hedging Activities in SOE Companies Listed In Indonesia Stock Exchange Period 2015-2019. Jurnal Riset Akuntasi Bisnis Airlangga, 5(1), 800–817.
Windari, I. G. M. D., & Purnawati, N. K. (2019). Pengaruh Leverage, Ukuran Perusahaan, Dan Likuiditas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur Terdaftar Di BEI. E-Jurnal Manajemen Universitas Udayana, 8(8), 4815. https://doi.org/10.24843/ejmunud.2019.v08.i08.p04
Yanti, N., & Artini, L., (2020). The Influence of Using Derivatives For Hedging On The Value of Firms In The Mining Sector Listed In The Indonesian Stockexchange. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(7), 122–134.
Ameer, R. 2010. Determinants of Corporate Hedging Practices in Malaysia. Malaysia.
Aritonang, E. W. R. B. ., Christina Daat, S., & Noor Andriati, H. (2018). Faktor-Faktor Dalam Pengambilan Keputusan Lindung Nilai (Hedging) Pada Instrumen Derivatif Valuta Asing Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi & Keuangan Daerah, 13(1), 96–113.
Aslikan, I., & Rokhmi, S. (2017). Faktor-Faktor yang Mempengaruhi Keputusan Hedging Pada Perusahaan Manufaktur. Jurnal Ilmu Dan Riset Manajemen, 6(5), 1–21.
Bessembinder, H., (1991). Forward Contracts and Firm Value: Investment Incentive and Contracting Effects. Journal of Financial and Quantitive Analysis, 26(4), 519-532.
Bi.go.id. (2022). Kurs Transaksi BI. Diunduh dari https://www.bi.go.id/id/statistik/informasi-kurs/transaksi-bi/default.aspx
Bps.go.id. (2022). BI Rate. Diunduh dari https://www.bps.go.id/indicator/13/379/2/bi-rate.html
Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Dharmiyanti, N. M. D., & Darmayanti, N. P. A. (2020). The Influence of Liquidity , Growth Opportunities , and Firm Size on Non-Finance Compan ies’ Hedging Policy in Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(1), 129–135.
Fahmi, I. (2016). Pengantar Manajemen Keuangan : Teori dan Soal Jawab. Alfabeta.
Gewar, M. M., & Suryantini, N. P. S. (2020). The Effect of Leverage, Managerial Ownership, And Dividend Policy On Hedging Decisions In Manufacturing Companies. American Journal of Humanities and Social Sciences Research, 4(1), 382–389. www.ajhssr.com
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (9th ed.). Universitas Diponegoro.
Graham, J.R., & Harvey, C.R., (2001). The Theory and Practice of Corporate Finance Evidence from The Field. Journal of Financial Economics, 60, 187-243.
Graham, J.R., & Rogers, C.R., (2001). Do Firma Hedge in Repsonse to Tax Inventives. Journal of Financial, 60, 815-839.
Guniarti, F. (2014). Faktor-Faktor yang Mempengaruhi Aktivitas Hedging dengan Instrumen Derivatif Valuta Asing. Jural Dinamika Manajemen (JDM), 5(1), 64–79. http://journal.unnes.ac.id/nju/index.php/jdm
Herawati, A., & Abidin, Z. (2020). The Effect of Profitability, Leverage, and Growth Opportunity on Hedging Activities in 2017 (Study on BUMN Listed on Indonesia Stock Exchange). Advances in Economics, Business and Management Research, 135, 51–57.
Idx.co.id. (2022). Laporan Keuangan dan Tahunan. Diunduh dari https://www.idx.co.id/id/perusahaan-tercatat/laporan-keuangan-dan-tahunan/
Jayanti, D. A. N., & Yadnya, I. P. (2020). The Effect of Leverage, Liquidity and Growth Opportunity on Hedging Decision Making in Mining Companies at Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(12), 251–257. www.ajhssr.com
Jayanti, K. W. D., Sunarwijaya, I. K., & Adiyadnya, M. S. P. (2021). Pengaruh Likuiditas, Profitabilitas, Leverage, Pertumbuhan, Ukuran Perusahaan Terhadap Kebijakan Dividen Perusahaan Perbankan Di Indonesia. KARMA (Karya Riset Mahasiswa Akuntansi), 1(1). https://ejournal.unmas.ac.id/index.php/karma/article/view/1643
Karina, N. W., & Rahyuda, H. (2019). Pengaruh Kinerja Keuangan Terhadap Pengambilan Keputusan Hedging Pada Sektor Industri Barang Konsumsi di BEI. E-Jurnal Manajemen Universitas Udayana, 8(11), 6408. https://doi.org/10.24843/ejmunud.2019.v08.i11.p02
Kasmir. (2016). Analisis Laporan Keuangan (Rajawali Pers).
Kemenperin.go.id (2020). Buku Analisis Industri Tekstil dan Produk Tekstil 2021. Diunduh dari https://kemenperin.go.id/analisis
Kominfo.go.id. (2018). Presiden Jadikan Making Indonesia 4.0 Sebagai Agenda Nasional. Diunduh dari https://www.kominfo.go.id/content/detail/12847/presiden-jadikan-making-indonesia-40-sebagai-agenda-nasional/0/berita
Krisdian, N. P. C., & Badjra, I. B. (2017). Pengaruh Ukuran Perusahaan, Tingkat Hutang, dan Kesulitan Keuangan Terhadap Keputusan Hedging Pada Perusahaan Mnaufaktur Indonesia. E-Jurnal Manajemen, 6(3), 1452–1477.
Leland, H.E. (1998). Agency Cost, Risk Management and Capital Structure. Journal of Finance, 53(4), 1213-1243.
Kinasih, R., & Mahardika, D. P. K. (2019). Pengaruh Likuiditas, Leverage, dan Nilai Tukar Rupiah Terhadap Penggunaan Instrumen Derivatif Sebagai Keputusan Hedging. Jural Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 3(1), 63–80.
Krisdian, N. P. C., & Badjra, I. B. (2017). Pengaruh Ukuran Perusahaan, Tingkat Hutang, dan Kesulitan Keuangan Terhadap Keputusan Hedging Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 6(3), 1452–1477.
Mahasari, A. A. K., & Rahyuda, H. (2020). The Effect of Firm Size, Leverage, and Liquidity on Hedging Decisions of Consumer Goods Industryon the Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(10), 106–113. www.ajhssr.com
Marhaenis, L. G., & Artini, L. G. S. (2020). Pengaruh Financial Distress, Growth Opportunities dan Liquidity Terhadap Keputusan Hedging Pada Perusahaan Pertambangan BEI. E-Jurnal Manajemen Universitas Udayana, 9(5), 1778. https://doi.org/10.24843/ejmunud.2020.v09.i05.p07
Mello, A.S. & Parsons, J.E. (2000). Hedging and liquidity. The Review of Financial Studies, 13(1), 127-153.
Nguyen, H. & Faff, R. (2002). On The Determinants of Derivative Usage by Australian Companies. Australian Journal of Management, 27(1), 1-24.
Nur’aini, F., & Widanaputra, A. (2021). Business Risk as a Moderating The Effect of Institutional Ownership and Managerial Ownership on Dividend Policies. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(4), 482–486.
Purba, E. L. D., & Rajagukguk, M. A. (2020). Pengaruh Financial Distress, Growth Options, Institutional Ownership, dan Debt to Equity Ratio (DER) Terhadap Aktivitas Hedging Pada Perusahaan. Jurnal Akuntansi, Keuangan & Perpajakan Indonesia (JAKPI), 8(2), 71–82.
Repie, R. R., & Sedana, I. B. P. (2015). Kebijakan Hedging dengan Instrumen Derivatif dalam Kaitan dengan Underinvestment Problem di Indonesia. E-Jurnal Manajemen Universitas Udayana, 4(2), 384-398. https://www.neliti.com/id/publications/252556/
Riyanto, B. (2013). Dasar-dasar Pembelajaan Perusahaan (4th ed.). BPFE.
Sakti, R. A., & Suprihhadi, H. (2018). Pengaruh Leverage, Financial Distress, dan Likuiditas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur. Jurnal Ilmu Dan Riset Manajemen, 7(4), 1–18.
Saraswati, A. P. S., & Suryantini, N. P. S. (2019). Pengaruh Leverage, Firm Size, Profitabilitas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 8(5), 2999-3027. https://doi.org/10.24843/EJMUNUD.2019.v08.i05.p15
Sartono, A. (2014). Manajemen Keuangan : Teori dan Aplikasi (4th ed.). BPFE.
Scott, R. William. 2015. Financial Accounting Theory. Seventh Edition. Pearson Prentice Hall: Toronto.
Sofia, R., & Yuneline, M. H. (2019). Determinasi Pengambilan Keputusan Lindung Nilai pada Instrumen Derivatif Valuta Asing Hedging Decision-Making Determination on Exchange Rate as Derivative Instrument. ISEI Business and Management Review, III(1), 16–25. http://jurnal.iseibandung.or.id/index.php/ibmr
Sudarma, I. P., & Sari, M. M. R. (2020). Financial Distress, Growth Opportunities, and Dividend Policy on Firm Value through Company Hedging Policies: Empirical Study on Property and Real Estate Companies Listed on the Indonesian Stock Exchange. International Research Journal of Management, IT and Social Sciences, 8(1), 47–59. https://doi.org/10.21744/irjmis.v8n1.1054
Sugiyono. 2018. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Penerbit Alfabeta
Smith, C., & Stulz, RmM., (1985). The Determinants of Firms Hedging Policies. Journal of Financial and Quantitive Analysis, 20, 391-405.
Wijayani, D. R., & Harsanti, P. (2020a). Determinant of Hedging Activities in SOE Companies Listed in Indonesia Stock Exchange Period 2015-2019. Jurnal Riset Akutansi Dan Bisnis Airlangga, 5(1), 800–817.
Wijayani, D. R., & Harsanti, P. (2020b). Determinant Of Hedging Activities in SOE Companies Listed In Indonesia Stock Exchange Period 2015-2019. Jurnal Riset Akuntasi Bisnis Airlangga, 5(1), 800–817.
Windari, I. G. M. D., & Purnawati, N. K. (2019). Pengaruh Leverage, Ukuran Perusahaan, Dan Likuiditas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur Terdaftar Di BEI. E-Jurnal Manajemen Universitas Udayana, 8(8), 4815. https://doi.org/10.24843/ejmunud.2019.v08.i08.p04
Yanti, N., & Artini, L., (2020). The Influence of Using Derivatives For Hedging On The Value of Firms In The Mining Sector Listed In The Indonesian Stockexchange. American Journal of Humanities and Social Sciences Research (AJHSSR), 4(7), 122–134.
Published
2023-08-30
How to Cite
CONDRONEGORO, Azhar; HASIBUAN, Henny Triyana.
Leverage, Firm Size, Likuiditas, Financial Distress, dan Aktivitas Hedging Dengan Instrumen Derivatif.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 8, p. 2102-2116, aug. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/103095>. Date accessed: 31 dec. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i08.p10.
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