ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN HEDGING DENGAN MENGGUNAKAN INSTRUMEN DERIVATIF VALUTA ASING (Studi Empiris pada Perusahaan Non-finansial yang Terdaftar di BEI Periode 2010-2014)

Abstract

This study aimed to examine the effect of leverage, growth opportunity, firm size, liquidity, institutional ownership, and managerial ownership on probability of hedging policy. Sample of this study used non-financial companies listed on Indonesia Stock Exchange during 2010-2014. The sampling technique used in this research is purposive sampling method covering 44 companies as samples. Hypothesis testing is using binary logistic regression models which the dependent variabel in categories. The category from companies that use hedging policy and companies that not use hedging policy. The analysis method used in this study is Overall Model Fit, Nagelkerke’s R Square, Hosmer Lemesehow Goodness of Fit Test, Classification Table and binary logistic regression Analysis. Based on the results using binary logistic regression analysis, leverage and growth opportunity has positive effect and significant on probability of hedging policy as well as managerial ownership variable had significant negative effect on probability of hedging policy. In addition, the results did not support that firm size, liquidity, and institutional ownership had significant effect on probability of hedging policy. Moreover it found that the value of the nagelkerke’s R square is 20,8%. This means that 79,2% is explained by other variables outside the model.