PENGARUH LIKUIDITAS, LEVERAGE, DAN NILAI TUKAR RUPIAH TERHADAP PENGGUNAAN INSTRUMEN DERIVATIF SEBAGAI KEPUTUSAN HEDGING
(Studi pada Bank Konvensional yang Terdaftar Di BEI Periode 2014-2017)
Abstract
In this current era of globalization there are many economic activities which cause risks that cannot be avoided. One of them is companies engaged in financial, activities, such as banking. Nowadays banking activities have an important role in the economy of a country that is related to international activities such as foreign debt. The activity is closely related to the risk of uncertainty caused by fluctuations in currency rates. However, these risks can be minimized by conducting hedging activities with derivative instruments which include forward contracts, futures contracts, swap contracts and option contracts.
The purpose of this study is to investigate the effect of liquidity, leverage, and the rupiah exchange rate both simultaneously and partially on the use of derivative instruments as hedging decisions. The object of this study is convensional banks listed on the Indonesia Stock Exchange in the 2014-2017 period.
The data used in this study is secondary data obtained from the annual financial report of the banks that are listed on the Stock Exchange for the period 2014-2017. The sample obtained was 80 observations from 20 conventional banks of the period 2014-2017. The method used is purposive sampling. The techniques used in this analysis are logistic regression and descriptive statistics.
The results in this study indicate variable liquidity, leverage, and rupiah exchange rates simultaneously have a significant influence on hedging policies. While the partial liquidity variable has a significant positive effect on hedging policy. Leverage variables have a significant negative effect on hedging policies. The variable exchange rate has no effect on hedging policies.
From the results of the study, suggestions that can be given to the next researcher in order to develop another variable that cannot be done in this study. Suggestions are given to banks to establish hedging policies for protected assets, which are intended for banks that have low LDR levels, and high leverage levels.
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