ANALISIS FAKTOR YANG MEMPENGARUHI PENGGUNAAN INSTRUMEN DERIVATIF SEBAGAI PENGAMBILAN KEPUTUSAN HEDGING PADA PERUSAHAAN SEKTOR KEUANGAN YANG TERDAFTAR DI BEI  PERIODE 2011-2015

DIMAS PRASETYO KURNIAWAN

Abstract


As debt foreign Indonesia increases in financial sector has  caused risk of foreign exchange. It can threatening company health. One of the ways to manage the risk, company must apply hedge. But, Based on the information annual report obtained from Indonesia exchange period 2011-2015. It show decrease on 2013 and still until 2015. Therefore in this research intends to analyze factors that influence of hedge. Researchers use leverage (DER), liquidity (current asset), profitability (ROA), growth opportunity (MTBV), firm value (Tobin’s Q) as independent variable and hedge as a dependent variable. Sample used as many as 53 listed companies in Indonesia exchange and report annual report from 2011-2015. The method of analysis used is logistic regression. Results data or output SPSS shows leverage sig of 0.000 smaller than 0.05 so it can be concluded leverage have a significant positive effect on hedging decisions. The result of liquidity sig output of 0.214 is greater than 0.05 so it can be concluded that liquidity is not significant to hedging. Result of profitability significance equal to 0,081 bigger than 0,05 so no effect to hedging. The result of significance obtained by growth oppurtunity of 0.000 is smaller than 0.05 so it has a significant positive effect on hedging The result of significance obtained by the company value of 0.002 is smaller than 0.05 and the regression coefficient of -1.669 so that a significant negative effect on hedging. 
 
Keywords: Hedging, Leverage, Liquidity, Profitability, Growth Oppurtunity, Firm value


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