Irawanti, Garnis (2018) Determinan Keputusan Hedging Terhadap Nilai Perusahaan (Studi Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia). Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menguji dua hal pada perusahaan yang menggunakan keputusan hedging dalam proses manajemen risiko pada operasi bisnisnya, yaitu pertama untuk menguji pengaruh determinan keputusan hedging seperti financial distress, underinvestment cost dan size terhadap keputusan hedging perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode tahun penelitian 2011-2015. Kedua, untuk menguji pengaruh keputusan hedging perusahaan pertambangan terhadap nilai perusahaan. Untuk menguji determinan keputusan hedging perusahaan digunakan variabel determinan hedging berdasarkan perkembangan teori determinan hedging yaitu teori positif hedging yang dikembangkan oleh Smith dan Stulz (1985) dan teori optimal hedging yang dikembangkan oleh Froot, Scharfstein dan Stein (1993) dan terbentuklah variabel financial distress, underinvestment dan size yang diuji dengan menggunakan regresi logistik karena variabel keputusan hedging bersifat skala dikotomi. Selanjutnya dilakukan pengujian keputusan hedging terhadap nilai perusahaan sebagai variabel dependen dengan menggunakan t-test Independent Sample, karena karakteristik data terdapat dua kelompok perusahaan menggunakan keputusan hedging melalui instrumen derivatif dan kelompok perusahaan menggunakan keputusan hedging alami dan uji analisis t- test Independent Sample digunakan. Penelitian ini menggunakan sampel 33 perusahaan pertambangan, sehingga terbentuk 165 perusahaan yang diobservasi. Penarikan sampel penelitian menggunakan metode sensus. Hasil regresi logistik menghasilkan bahwa variabel financial distress, underinvestment cost dan size memiliki pengaruh positif signifikan terhadap keputusan hedging. Hasil uji t-test Independent Sample menghasilkan perbedaan nilai yang tinggi antara dua kelompok perusahaan pengguna keputusan hedging. Dengan demikian ketika hasil uji t-test Independent Sample menghasilkan nilai yang berbeda antara dua kelompok perusahaan maka terdapat pengaruh signifikan pada variabel keputusan hedging terhadap nilai perusahaan. Hasil penelitian ini juga menunjukan bahwa perusahaan yang menggunakan keputusan hedging melalui instrumen derivatif memiliki nilai perusahaan yang unggul daripada perusahaan yang menggunakan keputusan hedging alami
English Abstract
This study aims to examine two things from corporates that use hedging decisions in risk management processes in business operations. First, to examine the influence of determinants of hedging decisions such as financial distress, underinvestment cost and size to hedging decisions of mining corporates listed in Indonesia Stock Exchange) on research period of 2011-2015. Second, to examine the effect of hedging decision of mining corporate on firm value. To test the determinant of hedging decision of the corporate, hedging determinant variable is based on the development of hedging determinant theory which is positive hedging theory developed by Smith and Stulz (1985) and optimal hedging theory developed by Froot,Scharfstein and Stein (1993), financial distress, underinvestment and size variable tested by using logistic regression because hedging decision variable are dichotomous scale. Furthermore, hedging decision test of firm value as dependent variable by using t-test Independent Sample, because there are two groups of corporate data using hedging decision through derivative instrument and group of corporates using natural hedging. This study used a sample of 33 mining corporates to form 165 observations. The samples were collected using census method. Logistic regression results show that the variables of financial distress, underinvestment cost and size have a significant positive effect on hedging decisions. The results of the t-test Independent Sample resulted in significant value differences between the two groups of corporates which use hedging decisions. therefore, the result of t-test Independent Sample yields different values between two groups of corporates, there is a significant influence on the variable of hedging decision on firm value. The conclusion of this study also show that corporates that use hedging decisions through derivative instruments have better firm value than corporates that use natural hedging decisions
Other obstract
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| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/332.645 24/IRA/d/2018/041809621 |
| Uncontrolled Keywords: | Keputusan Hedging, Determinan Hedging, Instrumen derivatif, dan Nilai Perusahaan |
| Subjects: | 300 Social sciences > 332 Financial economics > 332.6 Investment > 332.64 Exchange of securities and commodities; speculation > 332.645 Speculation > 332.645 2 Futures > 332.645 24 Hedging |
| Divisions: | S2/S3 > Magister Manajemen, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Endang Susworini |
| Date Deposited: | 29 Aug 2022 03:32 |
| Last Modified: | 29 Aug 2022 03:36 |
| URI: | http://repository.ub.ac.id/id/eprint/193694 |
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