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http://repository.ipb.ac.id/handle/123456789/63116
Title: | Corporate Hedging Policy Analysis and It’s Impact on Firm Value : An Empirical Study of Indonesian Stock Exchange Analisis Kebijakan Lindung Nilai dan Pengaruhnya terhadap Nilai Perusahaan : Studi Empiris pada Bursa Efek Indonesia |
Authors: | Irwanto, Abdul Kohar Syamsun, Muhammad Nur, Mushlihatun |
Keywords: | foreign currency derivatives corporate hedging firm value |
Issue Date: | 2013 |
Abstract: | The purpose of this study is to investigate the relationship between firm value, financial distress, underinvestment cost , economic exposure and corporate hedging with foreign currency derivatives (FCD) for 186 Indonesian companies listed on the Indonesian Stock Exchange (IDX) over the period 2007-2011. Using data from the annual reports, we find strong evidence linking the decison to hedge and the firm value for the overall sample. Data analysis methods using Structural Equation Modelling (SEM) with the program Linear Structural Relationship (LISREL). This research find that foreign currency hedging is positively correlated with the value of firm. The results suggest that while firm size and the exposure to exchange rate through foreign sales are two important factors determining the decision to hedge, the exposure to exchange rate through foreign sales is the sole factor affecting the extent of hedging. Due to positive economic exposure to the value of the company, the study recommends an increased in productivity export company to improve their performance. And also for the industrial sector that using the external financing in foreign currency should implement hedging policy. |
URI: | http://repository.ipb.ac.id/handle/123456789/63116 |
Appears in Collections: | MT - Economic and Management |
Files in This Item:
File | Description | Size | Format | |
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2013mnu.pdf Restricted Access | Fulltext | 937.24 kB | Adobe PDF | View/Open |
Abstract.pdf Restricted Access | Abstract | 333.34 kB | Adobe PDF | View/Open |
BAB I Pendahuluan.pdf Restricted Access | BAB I | 391.76 kB | Adobe PDF | View/Open |
BAB II Tinjauan Pustaka.pdf Restricted Access | BAB II | 497.11 kB | Adobe PDF | View/Open |
BAB III Metode Penelitian.pdf Restricted Access | BAB III | 441.41 kB | Adobe PDF | View/Open |
BAB IV Hasil dan Pembahasan.pdf Restricted Access | BAB IV | 581.66 kB | Adobe PDF | View/Open |
BAB V Kesimpulan.pdf Restricted Access | BAB V | 332.36 kB | Adobe PDF | View/Open |
Cover.pdf Restricted Access | Cover | 336.48 kB | Adobe PDF | View/Open |
Daftar Pustaka.pdf Restricted Access | Daftar Pustaka | 338.55 kB | Adobe PDF | View/Open |
Lampiran.pdf Restricted Access | Lampiran | 410.29 kB | Adobe PDF | View/Open |
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