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, Al Fatimia and Sulhan, Muhammad (2016) Pengaruh leverage, financial distress dan liquidity sebagai pengambilan keputusan hedging: studi kasus pada perusahaan yang terdaftar pada bursa Jakarta Islamic Index periode 2011-2015. Iqtishoduna: Jurnal Ekonomi dan Bisnis Islam, 12 (2). pp. 64-72. ISSN 1829-524X

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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.

Item Type: Journal Article
Keywords: decision hedging; leverage; financial distress and liquidity
Subjects: 14 ECONOMICS > 1402 Applied Economics > 140207 Financial Economics
Divisions: Faculty of Economics > Department of Management
Depositing User: Muhammad Sulhan
Date Deposited: 22 May 2017 04:42

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