Ahmad, N., & Haris, B. (2012). Factors for Using Derivatives: Evidence From Malaysian Non-Financial Companies. Research Journal of Finance and Accounting Www.Iiste.Org ISSN, 3(9).
Altman, E. I. (1993). Corporate Financial Distress and Bankruptcy (2nd ed., Vol. 1). John Wiley & Sons.
Ameer, R. (2010). Determinants of Corporate Hedging Practices in Malaysia. International Business Research, 3(2), 120–130.
Aretz, K., Bartram, S. M., & Dufey, G. (2007). Why Hedge? Rationales for Corporate Hedging and Value Implications. Journal of Risk Finance, 8(5), 434–449.
Ariani, N., Nengah, N., & 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), 347–374.
Arnold, M. M., Rathgeber, A. W., & Stöckl, S. (2014). Determinants of Corporate Hedging: A (statistical) Meta-Analysis. Quarterly Review of Economics and Finance, 54(4), 443–458.
Ball, D. A., McCulloch, W. H., Frantz, P. L., & Geringer, J. M. (2004). International Business: The Challenge of Global Competion (9th ed., Vol. 1). McGraw Hill.
Brigham, E. F., & Houston, J. F. (2006). Dasar-Dasar Manajemen Keuangan (10th ed., Vol. 1). Salemba Empat.
Brown, G. W., Bartram, S. M., & Fehle, F. R. (2009). International Evidence on Financial Derivatives Usage. Financial Management • Spring, 185–206.
Carbonneau, A. (2021). Deep Hedging of Long-Term Financial Derivatives. Insurance: Mathematics and Economics, 99(1), 327–340.
Chernenko, S., & Faulkender, M. (2011). The Two Sides of Derivatives Usage: Hedging and Speculating with Interest Rate Swaps. Journal of Financial and Quantitative Analysis, 46(6),
Clark, E., & Judge, A. (2017). The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias? European Financial Management, 14(3), 445–469.
Clark, E., Judge, A., & Mefteh, S. (2006). Corporate Hedging with Foreign Currency Derivatives and Firm Value. European Financial Management, 5(4), 45–79.
de Jong, F., Bongaerts, D., & Driessen, J. (2011). Derivative Pricing with Liquidity Risk: Theory and Evidence from the Credit Default Swap Market. SIFR Conference on Credit Markets, 16(1).
Dharmiyanti, N. M. D., & Darmayanti, N. P. A. (2020). The Influence of Liquidity, Growth Opportunities, and Firm Size on Non-Finance Companies’ Hedging Policy in Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(1), 129–135.
Djojosoedarso, S. (2003). Prinsip-Prinsip Manajemen Resiko dan Asuransi. Salemba Empat.
Erfiana, D., & Ardiansari, A. (2016). Pengaruh Masalah Keagenan, Kebijakan Deviden, dan Variabel Moderasi Growth Opportunity terhadap Nilai Perusahaan. Management Analysis Journal, 5(3), 244–256.
Fahmi, I. (2013). Analisis Laporan Keuangan (4th ed., Vol. 1). Alfabeta.
Faisal, M. (2001). Manajemen Keuangan Internasional. Salemba Empat.
George, I. (2012). Hedging and Earnings Management in the Light of IFRS Implementation: Evidence from the UK Stock Market. British Accounting Review, 44(1), 21–35.
Giraldo, C. A., González Uribe, G. J., Vesga Bermejo, C., & Ferreira Herrera, D. C. (2017). Financial Hedging with Derivatives and its Impact on the Colombian Market Value for Listed Companies. Contaduria y Administracion, 62(5), 1572–1590.
Griffiths, S., Mo, K., & Suvankulov, F. (2021). Financial Distress and Commodity Hedging: Evidence from Canadian Oil Firms. Energy Economics, 97.
Guniarti, F. (2014). Faktor-Faktor yang Mempengaruhi Aktivitas Hedging dengan Instrumen Derivatif Valuta Asing. Jurnal Dinamika Manajemen, 5(1), 64–79.
Hapsari, E. I. (2012). Kekuatan Rasio Keuangan dalam Memprediksi Kondisi Financial Distress Perusahaan Manufaktur di BEI. Jurnal Dinamika Manajemen, 3(2), 101–109.
Judge, A. (2006). Why and How UK Firms Hedge. European Financial Management, 12(3), 407–411.
Khediri, K. ben, & Folus, D. (2010). Does Hedging Increase Firm Value? Evidence from French Firms. Applied Economics Letters, 17(10), 995–998.
Khoiruddin, M., Fafurida, & Oktavilia, S. (2017). Mapping Industry as the Strategy Enhancing Competitiveness of Industry in Semarang Regency. Advance Scientific Letters, 23(8), 7131–7134.
Khoiruddin, M., & Rahmawati, D. (2017). Pengaruh Corporate Governance dan Kinerja Keuangan Dalam Memprediksi Kondisi Financial Distress. Management Analysis Journal, 6(1).
Lin, C.-H., Lin, C.-H., & Wang, Y.-Y. (2012). The Impacts of Firm Size on the Interactions Between Investment, Financing, and Hedging Decisions. Journal of Statistics and Management Systems, 15(6), 663–683.
Madura, J. (2000). Manajemen Keuangan Internasional (4th ed., Vol. 1). Erlangga.
Magee, S. (2013). The Effect of Foreign Currency Hedging on the Probability of Financial Distress. Accounting and Finance, 53(4), 1107–1127.
Mahasari, A. A. K., & Rahyuda, H. (2020). The Effect of Firm Size, Leverage, and Liquidity on Hedging Decisions of Consumer Goods Industry on the Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(10), 106–113.
Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The Role of Institutional Ownership and Industry Characteristics on the Propensity to Pay Dividend: An Insight from Company Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3).
Mediana, I., & Muharam, H. (2016). Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Lindung Nilai (Hedging) Menggunakan Instrumen Derivatif. Diponegoro Journal of Management, 5(2), 1–14.
Muller, A., & Verschoor, W. F. C. (2006). Foreign Exchange Risk Exposure: Survey and Suggestions. Journal of Multinational Financial Management, 16(4), 385–410.
Nguyen, H., & Faff, R. (2002). On The Determinants of Derivative Usage by Australian Companies. Australian Journal of Management, 27(1).
Nguyen, H., & Faff, R. (2010). Are Firms Hedging or Speculating? The Relationship Between Financial Derivatives and Firm Risk. Applied Financial Economics, 20(10), 827–843.
Nugroho, N. C. (2014). Analisis Pengaruh Profitabilitas, Pertumbuhan Penjualan, Ukuran Perusahaan dan Umur Perusahaan terhadap Struktur Modal Usaha Mikro Kecil dan Menengah Kerajinan Kuningan di Kabupaten Pati. Management Analysis Journal, 3(2).
Nurcahyono, & Sudharma, K. (2014). Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress. Management Analysis Journal, 1(3).
Paranita, E. S., & Aditya, E. M. (2020). The Effect of Agency Costs on Hedging Policy in Indonesian Public Companies. Jurnal Dinamika Manajemen, 11(1), 93–102.
Piatt, H. D., & Piatt, M. B. (2002). Predicting Corporate Financial Distress: Reflections on Choice-Based Sample Bias. Journal of Economics and Finance, 26(2), 184–199.
Pyeman, J., Zakaria, S., & Idris, N. A. M. (2019). An Empirical Analysis on the Application of Financial Derivatives as a Hedging Strategy among Malaysian Firms. Contemporary Economics, 13(3), 305–316.
Rianawati, A., & Setiawan, R. (2015). Leverage, Growth Opportunity, dan Investasi pada Perusahaan Non Keuangan yang Terdaftar di BEI. Jurnal Manajemen Teori Dan Terapan Tahun, 8(1).
Ridloah, S. (2010). Faktor Penentu Struktur Modal: Studi Empirik pada Perusahaan Multifinansial. Jurnal Dinamika Manajemen, 1(2), 144–153.
Riyantina, & Ardiansari, A. (2017). The Determinants of Capital Structure on Consumer Goods Company Period 2011-2014. Management Analysis Journal, 6(1), 23–35.
Riyanto, B. (2001). Dasar–Dasar Pembelanjaan Perusahaan (4th ed., Vol. 1). Yogyakarta.
RM Satwika Putra Jiwandhana, & Nyoman Triaryati. (2016). Pengaruh Leverage dan Profitabilitas terhadap Keputusan Hedging Perusahaan Manufaktur Indonesia. E-Jurnal Manajemen Unud, 5(1), 31–58.
Rustam, B. R. (2013). Manajemen Risiko Perbankan Syariah di Indonesia. Salemba Empat.
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.
Sprcic, D. M., & Sevic, Z. (2012). Determinants of Corporate Hedging Decision: Evidence from Croatian and Slovenian Companies. Research in International Business and Finance, 26(1), 1–25.
Triki, T. (2005). Research on Corporate Hedging Theories: A Critical Review of the Evidence to Date. Working Paper, 1.
Wang, X., & Fan, L. (2011). The Determinants of Corporate Hedging Policies. International Journal of Business and Social Science, 2(6).
Weston, J. F., & Copelan, T. E. (1997). Manajemen Keuangan (9th ed.). Binarupa Aksara.
Wibowo, A., & Wartini, S. (2012). Efisiensi Modal Kerja, Likuiditas dan Leverage terhadap Profitabilitas pada Perusahaan Manufaktur di BEI. Jurnal Dinamika Manajemen, 3(1), 49–58.
Yulianto, A., Suseno, D. A., & Widiyanto. (2016). Testing Pecking Order Theory and Trade off Theory Models in Public Companies in Indonesia. International Journal of Economic Perspectives, 10(4), 21–28.
Altman, E. I. (1993). Corporate Financial Distress and Bankruptcy (2nd ed., Vol. 1). John Wiley & Sons.
Ameer, R. (2010). Determinants of Corporate Hedging Practices in Malaysia. International Business Research, 3(2), 120–130.
Aretz, K., Bartram, S. M., & Dufey, G. (2007). Why Hedge? Rationales for Corporate Hedging and Value Implications. Journal of Risk Finance, 8(5), 434–449.
Ariani, N., Nengah, N., & 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), 347–374.
Arnold, M. M., Rathgeber, A. W., & Stöckl, S. (2014). Determinants of Corporate Hedging: A (statistical) Meta-Analysis. Quarterly Review of Economics and Finance, 54(4), 443–458.
Ball, D. A., McCulloch, W. H., Frantz, P. L., & Geringer, J. M. (2004). International Business: The Challenge of Global Competion (9th ed., Vol. 1). McGraw Hill.
Brigham, E. F., & Houston, J. F. (2006). Dasar-Dasar Manajemen Keuangan (10th ed., Vol. 1). Salemba Empat.
Brown, G. W., Bartram, S. M., & Fehle, F. R. (2009). International Evidence on Financial Derivatives Usage. Financial Management • Spring, 185–206.
Carbonneau, A. (2021). Deep Hedging of Long-Term Financial Derivatives. Insurance: Mathematics and Economics, 99(1), 327–340.
Chernenko, S., & Faulkender, M. (2011). The Two Sides of Derivatives Usage: Hedging and Speculating with Interest Rate Swaps. Journal of Financial and Quantitative Analysis, 46(6),
Clark, E., & Judge, A. (2017). The Determinants of Foreign Currency Hedging: Does Foreign Currency Debt Induce a Bias? European Financial Management, 14(3), 445–469.
Clark, E., Judge, A., & Mefteh, S. (2006). Corporate Hedging with Foreign Currency Derivatives and Firm Value. European Financial Management, 5(4), 45–79.
de Jong, F., Bongaerts, D., & Driessen, J. (2011). Derivative Pricing with Liquidity Risk: Theory and Evidence from the Credit Default Swap Market. SIFR Conference on Credit Markets, 16(1).
Dharmiyanti, N. M. D., & Darmayanti, N. P. A. (2020). The Influence of Liquidity, Growth Opportunities, and Firm Size on Non-Finance Companies’ Hedging Policy in Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(1), 129–135.
Djojosoedarso, S. (2003). Prinsip-Prinsip Manajemen Resiko dan Asuransi. Salemba Empat.
Erfiana, D., & Ardiansari, A. (2016). Pengaruh Masalah Keagenan, Kebijakan Deviden, dan Variabel Moderasi Growth Opportunity terhadap Nilai Perusahaan. Management Analysis Journal, 5(3), 244–256.
Fahmi, I. (2013). Analisis Laporan Keuangan (4th ed., Vol. 1). Alfabeta.
Faisal, M. (2001). Manajemen Keuangan Internasional. Salemba Empat.
George, I. (2012). Hedging and Earnings Management in the Light of IFRS Implementation: Evidence from the UK Stock Market. British Accounting Review, 44(1), 21–35.
Giraldo, C. A., González Uribe, G. J., Vesga Bermejo, C., & Ferreira Herrera, D. C. (2017). Financial Hedging with Derivatives and its Impact on the Colombian Market Value for Listed Companies. Contaduria y Administracion, 62(5), 1572–1590.
Griffiths, S., Mo, K., & Suvankulov, F. (2021). Financial Distress and Commodity Hedging: Evidence from Canadian Oil Firms. Energy Economics, 97.
Guniarti, F. (2014). Faktor-Faktor yang Mempengaruhi Aktivitas Hedging dengan Instrumen Derivatif Valuta Asing. Jurnal Dinamika Manajemen, 5(1), 64–79.
Hapsari, E. I. (2012). Kekuatan Rasio Keuangan dalam Memprediksi Kondisi Financial Distress Perusahaan Manufaktur di BEI. Jurnal Dinamika Manajemen, 3(2), 101–109.
Judge, A. (2006). Why and How UK Firms Hedge. European Financial Management, 12(3), 407–411.
Khediri, K. ben, & Folus, D. (2010). Does Hedging Increase Firm Value? Evidence from French Firms. Applied Economics Letters, 17(10), 995–998.
Khoiruddin, M., Fafurida, & Oktavilia, S. (2017). Mapping Industry as the Strategy Enhancing Competitiveness of Industry in Semarang Regency. Advance Scientific Letters, 23(8), 7131–7134.
Khoiruddin, M., & Rahmawati, D. (2017). Pengaruh Corporate Governance dan Kinerja Keuangan Dalam Memprediksi Kondisi Financial Distress. Management Analysis Journal, 6(1).
Lin, C.-H., Lin, C.-H., & Wang, Y.-Y. (2012). The Impacts of Firm Size on the Interactions Between Investment, Financing, and Hedging Decisions. Journal of Statistics and Management Systems, 15(6), 663–683.
Madura, J. (2000). Manajemen Keuangan Internasional (4th ed., Vol. 1). Erlangga.
Magee, S. (2013). The Effect of Foreign Currency Hedging on the Probability of Financial Distress. Accounting and Finance, 53(4), 1107–1127.
Mahasari, A. A. K., & Rahyuda, H. (2020). The Effect of Firm Size, Leverage, and Liquidity on Hedging Decisions of Consumer Goods Industry on the Indonesia Stock Exchange. American Journal of Humanities and Social Sciences Research, 4(10), 106–113.
Martono, S., Yulianto, A., Witiastuti, R. S., & Wijaya, A. P. (2020). The Role of Institutional Ownership and Industry Characteristics on the Propensity to Pay Dividend: An Insight from Company Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(3).
Mediana, I., & Muharam, H. (2016). Analisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Lindung Nilai (Hedging) Menggunakan Instrumen Derivatif. Diponegoro Journal of Management, 5(2), 1–14.
Muller, A., & Verschoor, W. F. C. (2006). Foreign Exchange Risk Exposure: Survey and Suggestions. Journal of Multinational Financial Management, 16(4), 385–410.
Nguyen, H., & Faff, R. (2002). On The Determinants of Derivative Usage by Australian Companies. Australian Journal of Management, 27(1).
Nguyen, H., & Faff, R. (2010). Are Firms Hedging or Speculating? The Relationship Between Financial Derivatives and Firm Risk. Applied Financial Economics, 20(10), 827–843.
Nugroho, N. C. (2014). Analisis Pengaruh Profitabilitas, Pertumbuhan Penjualan, Ukuran Perusahaan dan Umur Perusahaan terhadap Struktur Modal Usaha Mikro Kecil dan Menengah Kerajinan Kuningan di Kabupaten Pati. Management Analysis Journal, 3(2).
Nurcahyono, & Sudharma, K. (2014). Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress. Management Analysis Journal, 1(3).
Paranita, E. S., & Aditya, E. M. (2020). The Effect of Agency Costs on Hedging Policy in Indonesian Public Companies. Jurnal Dinamika Manajemen, 11(1), 93–102.
Piatt, H. D., & Piatt, M. B. (2002). Predicting Corporate Financial Distress: Reflections on Choice-Based Sample Bias. Journal of Economics and Finance, 26(2), 184–199.
Pyeman, J., Zakaria, S., & Idris, N. A. M. (2019). An Empirical Analysis on the Application of Financial Derivatives as a Hedging Strategy among Malaysian Firms. Contemporary Economics, 13(3), 305–316.
Rianawati, A., & Setiawan, R. (2015). Leverage, Growth Opportunity, dan Investasi pada Perusahaan Non Keuangan yang Terdaftar di BEI. Jurnal Manajemen Teori Dan Terapan Tahun, 8(1).
Ridloah, S. (2010). Faktor Penentu Struktur Modal: Studi Empirik pada Perusahaan Multifinansial. Jurnal Dinamika Manajemen, 1(2), 144–153.
Riyantina, & Ardiansari, A. (2017). The Determinants of Capital Structure on Consumer Goods Company Period 2011-2014. Management Analysis Journal, 6(1), 23–35.
Riyanto, B. (2001). Dasar–Dasar Pembelanjaan Perusahaan (4th ed., Vol. 1). Yogyakarta.
RM Satwika Putra Jiwandhana, & Nyoman Triaryati. (2016). Pengaruh Leverage dan Profitabilitas terhadap Keputusan Hedging Perusahaan Manufaktur Indonesia. E-Jurnal Manajemen Unud, 5(1), 31–58.
Rustam, B. R. (2013). Manajemen Risiko Perbankan Syariah di Indonesia. Salemba Empat.
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.
Sprcic, D. M., & Sevic, Z. (2012). Determinants of Corporate Hedging Decision: Evidence from Croatian and Slovenian Companies. Research in International Business and Finance, 26(1), 1–25.
Triki, T. (2005). Research on Corporate Hedging Theories: A Critical Review of the Evidence to Date. Working Paper, 1.
Wang, X., & Fan, L. (2011). The Determinants of Corporate Hedging Policies. International Journal of Business and Social Science, 2(6).
Weston, J. F., & Copelan, T. E. (1997). Manajemen Keuangan (9th ed.). Binarupa Aksara.
Wibowo, A., & Wartini, S. (2012). Efisiensi Modal Kerja, Likuiditas dan Leverage terhadap Profitabilitas pada Perusahaan Manufaktur di BEI. Jurnal Dinamika Manajemen, 3(1), 49–58.
Yulianto, A., Suseno, D. A., & Widiyanto. (2016). Testing Pecking Order Theory and Trade off Theory Models in Public Companies in Indonesia. International Journal of Economic Perspectives, 10(4), 21–28.
- Abstract viewed - 125 times
- PDF downloaded - 147 times
Affiliations
Mahardika Dandy Nugraha
Semarang State University
Moh Khoiruddin
Affiliation not stated
How to Cite
1.
Nugraha M, Khoiruddin M. The Determinants of Corporate Hedging Policy: A Survey of Mining Firms on the Indonesia Stock Exchange. MAJ [Internet]. 22Dec.2022 [cited 28Apr.2024];11(3):260-73. Available from: https://journal.unnes.ac.id/sju/maj/article/view/58266
The Determinants of Corporate Hedging Policy: A Survey of Mining Firms on the Indonesia Stock Exchange
Vol 11 No 3 (2022): Management Analysis Journal
Submitted: Jul 7, 2022
Published: Dec 22, 2022
Abstract
The purpose of this study is to determine the effect of leverage, liquidity, growth opportunity, and financial distress on hedging policy decisions. The population in this study are mining companies listed on the Indonesia Stock Exchange (IDX) in 2015-2020. The research sample was 39 companies using purposive sampling technique. The leverage variable is proxied by the ratio of total debt and total capital, liquidity is proxied by the ratio of current assets and current debt, growth opportunity is proxied by market to book, financial distress is proxied by Altman's Z-Score specifically for non-manufacturing companies, and hedging policy is proxied by the variable dummy, where companies that hedged were given a score of 1, and those that did not hedge were assigned a score of 0. The data analysis method used descriptive statistical analysis and logistic regression analysis using the logit model using the Eviews 12 Student Version software. The results showed that leverage and financial distress had a significant positive effect on the probability of hedging policy, liquidity had a significant negative effect on the probability of hedging policy, growth opportunity had a significant positive effect on the probability of hedging policy