PENGARUH KINERJA KEUANGAN TERHADAP PENGAMBILAN KEPUTUSAN HEDGING PADA SEKTOR INDUSTRI BARANG KONSUMSI DI BEI

Abstrak

Hedging is an action taken to protect a company from foreign exchange exposure risk. The purpose of this study is to know the significance of the effect of leverage, firm size, and liquidity on the use of hedging instruments derivative instruments of consumer goods industry in Indonesia Stock Exchange period 2012-2016 period. The method of determining the sample using purposive sampling technique and obtained 20 sample companies that meet the criteria (100 firm-year observation). The data used in this study is secondary data in the form of annual report data downloaded from the website of BEI (www.idx.co.id). The analysis technique used in this research is logistic regression analysis. Results of the research are leverage proxied with the debt ratio has not significant negative effect to the decision of hedging. Firm size has a significant positive effect on hedging decision. Liquidity proxied with current ratio have a significant negative effect on hedging usage.

Keywords: hedging, risk, leverage, firm size, liquidity