PENGARUH NILAI PERUSAHAAN, LEVERAGE DAN NILAI PASAR TERHADAP EKSPOSUR EKONOMI PERUSAHAAN DI INDONESIA TAHUN 2011-2016

NILA HILIYAH YUSUF, MUSDHOLIFAH

Abstract


Indonesia as one of the countries whose currency value (IDR) is often weakened against the US$ value, making the company obliged to pay attention to the rate of IDR changes in the forex market and prepare a plan for the risk of foreign exchange that will be faced. Economic exposure is one type of risk that very important for company to know how the condition of company’s value is influenced by forex rate. Based on data in 2011-2016 shows that the average company in Indonesia is exposed to economic exposure by 5,02%. The strategies of companies often do to minimize losses on forex are hedging. Although hedging is often used to minimize foreign exchange losses, the right strategy is needed to determine of contract’s value. Based on results of this study indicates that three companies exposed the economic exposure and used hedging within six years occurred 2 times, from three companies there is one company that experienced negative economic exposure. Thus, in order for a company to control the economic exposure, it is not only to use hedging but it can be done by showing an excellent financial performance (firm size, debt to equity ratio, and market to book value of equity as independent variabels). Among three independent variables are only DER which positively affects economic exposure, thus indicating that for company to pay attention to ability companys equity to debt, especially debt by using foreign currency.

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