Hedging Decisions and Its Affecting Factors on Mining Companies Listed in the Indonesian Sharia Stock Index (ISSI)

Sri Rahayu, Zufrizal Zufrizal, Widia Astuty, Heny Triastuti

Abstract


International trade encourages increased competition as well as volatility in market prices, which causes uncertainty or increased business risk in maintaining business. The risk of fluctuations in foreign exchange rates is the biggest risk that affects international trading activities, so to reduce the impact of this risk a company needs to carry out risk management by carrying out hedging activities. This study aims to determine and explain the effect of leverage (Debt to Equity Ratio), liquidity (Current Ratio), firm size, and profitability (Return On Asset) on hedging decisions in companies listed on the Indonesian Sharia Stock Index (ISSI) for the period 2016- 2018. The sample selection in this study used a purposive sampling method and obtained a sample of 12 mining companies. The method of analysis used in this research is logistic regression method. Based on the research results, it shows that the Debt to Equity Ratio, Current Ratio, and firm size have an effect on hedging decisions, while Return on Assets has no effect on hedging decisions.


Keywords


hedging decision; debt to equity ratio; current ratio; firm size; and return on asset

Full Text:

PDF

References


Agus Eko Sujianto. (2001). Analisi Variabel-variabel yang Mempengaruhi Struktur Keuangan Pada Perusahaan Manufaktur yang Go Publik di Bursa Efek Jakarta. Jurnal Ekonomi dan Bisnis. Vol 2, No 2.

Afza, Talat, and Atia Alam. (2011). “Determinants of Corporate Hedging Policies: A Case of Foreign Exchange and Interest Rate Derivative Usage.” African Journal of Business Management, Volume 8 No 14. Ahmad, Noryati, and Balkis Haris. (2012).“Factors for Using Derivatives : Evidence From Malaysian Non- Financial Companies.” Research Journal of Finance and Accounting Volume 3.

Ahmad, Noryati dan Haris, Balkis. (2012). “Factors for Using Derivatives: Evidence from Malaysian Non-financial Companies.” Research Journal of Finance and Accounting

Ang, Robert. (1997). Buku Pintar Pasar Modal Indonesia. Jakarta: Mediasoft Indonesia.

Angelia,N., et al. (2020). The Analysis of Factors Affecting Dividend Policy in Food and Beverage Sector Manufacturing Companies Listed in Indonesia Stock Exchange in 2015-2017. Budapest International Research and Critics Institute-Journal (BIRCI-Journal). P. 902-910.

Arnold,Matthias M. Andreas and W.Rathgeber Stefan Stockl. (2014).“Determinants of Corporate Hedging: A (Statistical) Meta-Analysis”

Baqi, Muhammad F. A. (2013). Kumpulan Hadist Shahih Bukhari Muslim, Jakarta: Insal Kamil.

Brigham, Eugene F. And Joel F. Houston. (2010). Dasar-Dasar Manajemen Keuangan, diterjemahkan oleh Ali Akbar Yulianto. Buku 1 edisi kesebelas. Jakarta: Salemba Empat.

Bambang, Riyanto. (2012). Dasar-dasar Pembelanjaan, Edisi 4, Yogyakarta: BPFE DEWAN SYARI’AH NASIONAL (2015), Fatwa Tentang Transaksi Lindung Nilai Syariah (Al-Tahawwuth Al-Islami / Islamic Hedging) Atas Nilai Tukar Nomor 96/DSN-MUI/IV/2015, Jakarta.

Fransisca dan Khairina Natsir , (2018). Pengaruh Profitabilitas, Likuiditas, dan Ukuran Perusahaan Terhadap Keputusan Lindung Nilai. E-Jurnal Universitas Tarumanagara.

Guniarti, Fay. (2014). “Faktor – Faktor Yang Mempengaruhi Aktivitas Hedging Dengan Instrumen Derivatif Valuta Asing.” Jurnal Dinamika Manajemen. Vol. 5,No. 1.

Geczy, Christopher, Minton, Bernadette A., and Schrand, Catherine, 197, “Why Firms Use Currency Derivatives.” The Journal of Finance.

Hanafi, Mamduh. (2009). Manajemen Risiko, Edisi Ketiga. Yogyakarta : Unit Penerbit dan Percetakan Sekolah Tinggi Ilmu Manajemen Ykpn.

Hanafi, Mamduh. (2012). Manajemen Risiko. Yogyakarta : UPP STIM YKPN

Utami, Hilda Dkk (2018). Determinasi Keputusan Hedging dengan Instrumen Derivatif Keuangan. E-Jurnal Universitas Sultan Ageng Tirtayasa Vol. 13, no. 1

Jiwandhana, RM. Satwika Putra. (2016). Pengaruh Leverage dan Profitabilitas Terhadap Keputusan Hedging Perusahaan Manufaktur Indonesia. E-jurnal Manajemen UNUD. Vol.5 no.1.

Jogiyanto, Hartono. (2013). Teori Portofolio dan Analisis Investasi. Edisi 6. Yogyakarta: BPFE

Karim, Adiwarman Answar, Ekonomi Islam Suatu Kajian Kontemporer, Jakarta :Gema Insani Press.

Kasmir. (2014). Analisis Laporan Keuangan, Edisi Pertama, Cetakan Ketujuh. Jakarta: PT. Rajagrafindo Persada

Kurniati, Dwi Dosi Dkk. (2016). Faktor-Faktor yang Mempengaruhi Keputusan Lindung Nilai pada Perusahaan Manufaktur di BEI. E-Jurnal Universitas Islam Malang.

Madura, Jeff. (2006). Keuangan Perusahaan Internasional, diterjemahkan oleh Yanivi S. Bachtiar. Buku 1 Edisi kedelapan. Jakarta : Salemba Empat.

Majelis Ulama Indonesia, Transaksi Lindung Nilai Syariah (Al-Tahawuth Al-Islami/ islamic Hedging. www.dsn-mui.or.id

Megawati, Ida Ayu Putu Dkk. (2016). Determinasi Keputusan Hedging pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI). E-Jurnal UNUD.

Muslim, Aqilah Alya dan Siti Puryandani (2018). Aalisis Faktor-Faktor yang Mempengaruhi Pengambilan Keputusan Hedging. E-Jurnal STIE Bank BPD Jateng.

Munawir. (2007). Analisa Laporan Keuangan, Edisi Keempat. Cetakan Keempat Belas, Yogyakarta: Penerbit Liberty

Chaudhry, Naveed Iqbal, Mian Saqib Mehmood, and Asif Mehmood. (2014). “Determinants of Corporate Hedging Policies and Derivatives Usage in Risk Management Practices of Non-Financial Firms.” Munich Personal RePEc Archive.

Paranita, Ekayana Singkasari. (2011). Kebijakan Hedging Dengan Derivatif Valuta Asing pada Perusahaan Publik di Indonesia. Seminar Nasional Ilmu Ekonomi Terapan. Fakultas Ekonomi UNIMUS.

Putro, Septama Herdianto. (2012). Analisis Faktor yang mempengaruhi Penggunaan Instrument Derivatif Sebagai Pengambilan Keputusan Hedging. Diponegoro Business review. Vol 1 No 1 Hal. 1-11.

Piliang, M. Fuad Arrozi (2018). Faktor- Faktor yang Mmpengaruhi Keputusan Hedging pada Perusahaan Pertambangan. Fakultas Ekonomi Universitas Islam Negeri Sumatera Utara.

Rizvi, Syed Aun Raza dan Lahsasna. (2010). Derivatif dalam Keuangan Syariah: Kebutuhan dan Mekanisme yang Tersedia untuk Pasar Keuangan Islami. www.irti.or.id

Rizal, Fahmi Nur (2017). Determinan Keputusan Hedging pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Fakultas Ekonomi Universitas Negeri Yogyakarta.

Sartono, R. Agus. (2014). Manajemen Keuangan: Teori dan Aplikasi Edisi 4. Yogyakarta: BPFE.

Shaari, Noor Azizah, Nurfadhilah Abu Hasan, Yamuna Rani Palanimally and Rames Kumar Moona Haji Mohamed. (2013). The Determinants of Derivative Usage: A Study on Malaysian Firms. Interdisciplinary Journal of Contemporary research In Business. 5 (2).

Suryani, Muhammad Anwar Fathoni (2017), Lindung Nilai (Hedging) Perspektif Islam: Komparasi Indonesia dan Malaysia. INFERENSI, Jurnal Penelitian Sosial Keagamaan. Vol. 11, No.2, Desember 2017.




DOI: https://doi.org/10.33258/birci.v3i4.1277

Article Metrics

Abstract view : 296 times
PDF - 197 times

Refbacks

  • There are currently no refbacks.


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

 

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