Open AccessPENGARUH BEBERAPA RASIO KEUANGAN TERHADAP KEPUTUSAN HEDGING PADA SEKTOR PERTAMBANGAN DI BURSA EFEK INDONESIA
Author(s) -
Putu Mia Anggyantari,
Ida Bagus Anom Purbawangsa
Publication year - 2020
Publication title -
e-jurnal manajemen
Language(s) - English
Resource type - Journals
ISSN - 2302-8912
DOI - 10.24843/ejmunud.2020.v09.i05.p20
Subject(s) - market liquidity , derivative (finance) , leverage (statistics) , nonprobability sampling , profitability index , hedge , business , population , stock exchange , logistic regression , econometrics , actuarial science , finance , economics , mathematics , statistics , ecology , demography , sociology , biology
Companies that conduct international trade will be affected by unexpected changes in the value of foreign currencies, so companies need to hedge derivative instruments. This study aims to analyze the effect of several financial ratios, such as liquidity, leverage and profitability on hedging decisions on derivative instruments. This study uses secondary data from the company's annual report. The population is a mining company listed on the Indonesia Stock Exchange for 2016-2018. Purposive sampling is used with 33 companies analyzed by logistic regression analysis. Liquidity has significant negative effect on hedging decisions of derivative instruments, leverage has significant positive effect on hedging decisions of derivative instruments, profitability has significant negative effect on hedging decisions of derivative instruments. The accuracy of the prediction data for the probability of hedging derivative instruments in companies is 28% and the remaining 72% is explained by other variables outside the model.
Keywords:Liquidity, Leverage, Profitability, and Hedging