Pengaruh Cash Flow Volatility, Firm Size, Foreign Debt dan Exchange Rate terhadap Hedging (Studi pada Perusahaan Sektor Energi Tahun 2018-2022)

Chila Ratna Hadini, Desmiza Desmiza

Abstract


The energy sector has a sharp increase in the value of imports resulting in a trade deficit that causes losses for the country as the rupiah depreciates against the exchange rate. This makes the energy sector vulnerable to exchange rate risk. Any hedging instruments such as swaps, options, forwards & options and natural hedging are generally used by companies to protect foreign exchange exposures. This study aims to examine the effect of Cash Flow Volatility (CFV), Firm Size (SIZE), Foreign Debt (FD) and Exchange Rate (ER) on the use of hedging using various instruments used by companies. By using purposive sampling, 35 energy sector companies in 2018-2022 samples were chosen for the study, and data were gathered from annual repots available on the Indonesia Stock Exchange website. The analysis employed aims to examine the impact of independent variables on the dependent in this study is logistic regression analysis. The results of this study prove that cash flow volatility, firm size and foreign debt have a positive and significant effect on hedging. While the exchange rate has no effect on hedging. The coefficient value of determination in which the variation of the dependent variable can be explained eh the variability of independent variables by 17 percent.


Keywords


cash flow volatility; exchange rate; firm size; foreign debt; hedging

Full Text:

PDF

References


Ariana, T., & Marlisa, V. (2021). The Effect of Rupiah Exchange Rate, Firm Size, Leverage and Liquidity on Hedging Decision Making Using Derivative Instruments. International Journal of Social Service and Research, 1(3), 280–293. https://doi.org/10.46799/ijssr.v1i3.45

Bartram, S. M., Brown, G. W., & Fehle, F. R. (2009). International evidence on financial derivatives usage.

Financial Management, 38(1), 185–206. https://doi.org/10.1111/j.1755-053X.2009.01033.x

Bodroastuti, T., Paranita, E. S., & Ratnasari, L. (2021). Faktor-Faktor Yang Berpengaruh Terhadap Kebijakan Hedging Perusahaan Di Indonesia.

Chaudhry, I. N., Mehmood, M. S., & Mehmood, A. (2013). Determinants of corporate hedging policies and derivatives usage in risk management practices of non-financial firm. Economic Policy, 21(2116), 0– 33. https://doi.org/10.13140/2.1.4257.8560

Fadillah, F., & Nurlita, A. (2023). Faktor-faktor yang mempengaruhi keputusan lindung nilai aneka Industri yang Terdaftar di BEI periode 2017-2021. Jurnal Ekonomi Dan Ilmu Sosial (JEIS), 02(01), 1–16.

Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS (8th ed.). Badan Penerbit Universitas Diponegoro.

Hanifah, A., & Riyanti. (2023). Relationship Between Firm Size, Financial Distress, and Managerial Ownership on Hedging Decision: An Empirical Study in Indonesia. Business, Management and Economics Engineering, 21(01), 190–201.

Hartono, J. (2022). Portofolio dan Analisis Investasi. Penerbit Andi. https://www.google.co.id/books/edition/PORTOFOLIO_DAN_ANALISIS_INVESTASI/s7mBEAAA QBAJ?hl=id&gbpv=0

Hernadianto, & Sari, I. P. (2023). The Influence Of Leverage , Dividend Per Share , And Cash Flow Volatility On Hedging Decisions ( Empirical Study of Manufacturing Companies in the Food and Beverage Industry Sub-Sector Listed on the IDX for the 2019-2021 Period ) Pengaruh Leverage , Divid. Jurnal Ekonomi Manajemen Akuntansi Dan Keuangan, 4(3), 799–810.

Kussulistyanti, & Mahfudz. (2016). Analisis faktor-faktor yang memengaruhi keputusan hedging dengan derivatif valuta asing (Studi pada perusahaan non-finansial yang terdaftar di BEI Tahun 2011-2014). Diponegoro Journal of Management, 5(3), 1–14. http://ejournal-s1.undip.ac.id/index.php/management

Lee, C. F. (2020). Advance in Investment Analysis and Portfolio Management (New Series) Vol. 10. https://www.google.co.id/books/edition/Advances_in_Investment_Analysis_and_Port/ROUWEAAAQ BAJ?hl=id&gbpv=0

Lestari, W. R., & Pratiwi, B. N. (2023). Determinants Of Hedging Decisions With Derivative Instruments In Foreign Exchange Banks Listed On The Indonesia Stock Exchange. Jurnal Ekonomi, 12(01), 2023. http://ejournal.seaninstitute.or.id/index.php/Ekonomi

Madura, J. (2000). Manajemen Keuangan Internasional.

Paranita, E. S. (2022). Hedging Berbasis Utang Valuta Asing. Rajawali Pers. https://books.google.co.id/books?id=Tg8aEAAAQBAJ&hl=id&redir_esc=y

Pirmansyah Hasim, R. (2022). Effect Of Cash Flow Volatility, Growth Opportunities, and Dividend Policy On Hedging Decisions (Empirical Study on Mining Companies Listed on the Indonesia Stock Exchange 2016-2020). Journal Of Management, Accounting, General Finance and International

Economic Issues (Marginal), Vol. 1(Issues 4), 109–124. www.bi.go.id

Purnamawati, I. G. A., & Yuniarta, G. A. (2023). Ekonomi Makro Teori dan Kebijakan (3rd ed.). PT Grasindo.

Putro, S. H., & Chabachib, M. (2012). Analisis Faktor Yang Mempengaruhi Penggunaan Instrumen Derivatif Sebagai Pengambilan Keputusan Hedging. Diponegoro Journal of Management, 1(1).

Roflin, E., Riana, F., Munarsih, E., Pariyana, & Liberty, I. A. (2023). Regresi Logistik Biner dan Multinomial. https://www.google.co.id/books/edition/Regresi_Logistik_Biner_dan_Multinomial/FOi3EAAAQBAJ? hl=id&gbpv=0

Rossi Júnior, J. L. (2012). Hedge or Speculation? Evidence of the Use of Derivatives by Brazilian Firms During the Financial Crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2022491

Salim, J. (2008). Mengikuti Jejak Bisnis Menggirukan Orang Tionghoa. https://www.google.co.id/books/edition/Mengikuti_Jejak_Bisnis_Menggiurkan_Orang/h2-QStc3K- oC?hl=id&gbpv=1

Sawir, A. (2004). Kebijakan Pendanaan dan Kestrukturisasi Perusahaan. https://books.google.co.id/books?id=y-cTv8LG-oAC&hl=id&redir_esc=y

Spence michael. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. Sumarto, A. H., & Rachbini, D. J. (2021). Strategi Menguatkan Nilai Tukar Rupiah.

https://books.google.co.id/books?id=3pb5DwAAQBAJ&hl=id&redir_esc=y Sutrisno. (2017). Manajemen Keuangan.

Syaputry, W. D., Elizabeth, S. M., Keristin, U., & Stie, J. (2017). Analisis Pengaruh Cash Flow Volatility, Leverage, Firm Size Dan Likuditas Terhadap Aktivitas Hedging Pada Perusahaan Property And Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2017. Jurnal Ekonomi, 1–14. https://core.ac.uk/display/187738968?utm_source=pdf&utm_medium=banner&utm_campaign=pdf- decoration-v1

Tandelilin, E. (2014). Portofolio dan Investasi (Teori dan Aplikasi) (Pertama). Kanisius.

Wahyudi, S., Goklas, F., Rita, M. R., Hersugondo, H., & Laksana, R. D. (2019). The determinants of corporate hedging policy: A case study from Indonesia. International Journal of Economics and Business Administration, 7(1), 113–129. https://doi.org/10.35808/ijeba/199

Warjiyo, P. (2017). BI Catat 2.660 Perusahaan Sudah Lakukan Lindung Nilai. Metrotvnews.Com. https://www.indopremier.com/ipotnews/newsDetail.php?news_id=301423&group_news=RESEARCH NEWS&news_date=

Yee, L. S. (2016). Determinants of Export: Empirical Study in Malaysia.

Yudha, J. O. M., Oktavia, R., & Desriani, N. (2023). the Effect of Foreign Debt, Liquidity, Firm Size, and Exchange Rate on Hedging Decision. Journal of Indonesian Economy and Business, 38(2), 133–146. https://doi.org/10.22146/jieb.v38i2.5887




DOI: http://dx.doi.org/10.33087/jmas.v9i1.1769

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

J-MAS (Jurnal Manajemen dan Sains) Published by Master of Management Program, Faculty of Economics, Batanghari University
Adress: Fakultas Ekonomi, Jl.Slamet Ryadi, Broni-Jambi, Kec.Telanaipura, Kodepos: 36122, email: jmas.unbari@gmail.com


Creative Commons License This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.