PENGARUH LEVERAGE, FINANCIAL DISTRESS DAN LIQUIDITY SEBAGAI PENGAMBILAN KEPUTUSAN HEDGING (Studi Kasus pada Perusahaan yang Terdaftar pada Bursa Jakarta Islamic Index Periode 2011-2015)

Al Fatimia, Muhammad Sulhan

Abstract


Hedging is one alternative risk management to protect the assets of the company resulting from the
foreign exchange risk. Hedging by using derivative instrumentis common ways that is used by the company.
This study aimed to determine the effect of leverage, and liquidity of financial distress, both simultaneously
and partially to the company’s decision to do hedging. The population in this study was a company in Jakarta
Islamic Index on the observation period of 2011-2015. The sampling technique used in this research was
purposive sampling method in order to obtain a sample of seven companies. The techniques in this study
used multiple regression analysis software of SPSS version 16. The results of this study that of the four
variables used, there was one variable that affected the company to be used as a hedging decision making.
Variable that affected the hedging activities was the current ratio, because if the value of the current ratio was
high then indicated that the liquid assets that was managed by the company was also high, so it needed to
implement a policy of hedging, quick ratio was getting the negative and significant, which meant that if the
value of the variable quick ratio was low, then the company pushed for hedging, debt to equity ratio had no
significant effect on hedging, this was because the company was using the rupiah currency to do debt,
financial distress had no significant because the company was not experiencing the financial difficulties.

Keywords


decision hedging; leverage; financial distress and liquidity;

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