PENGARUH KESEMPATAN TUMBUH, UKURAN PERUSAHAAN DAN KEBIJAKAN DIVIDEN TERHADAP KEPUTUSAN HEDGING (Studi Kasus Pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2014-2017)

Abstract

Companies that conduct international transactions are more at risk of experiencing fluctuations in exchange rates because the currencies used differ between countries. Hedging is an alternative of risk management that aims to protect exchange rate fluctuations. The objective of the study was to know which influence from growth opportunity, firm size and dividend policy to hedging decisions. The population of the study is a manufacturing companies listed on Indonesia Stock Exchange in 2014-2017, this research used purposive sampling techniques, the data used is obtained from the company’s annual report. The sample in this study amounted 104 with a total 65 companies from various sectors, the study using logistic regression analysis technique because the data used is metric and non metric. The result of this study showed that growth opportunity and dividend policy have negative affect an hedging decision, while firm size has positive affect an hedging decision.

Keywords : hedging, risk management, growth opportunity, dividend policy, firm size