PENGARUH LIKUIDITAS, LEVERAGE, GROWTH OPPORTUNITY, DAN INTEREST COVERAGE TERHADAP KEPUTUSAN HEDGING PADA MASA PANDEMI COVID-19 (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2019-2021)

Abstract

The Covid-19 pandemic has caused a downturn in the world economy which has had an impact on exchange rate fluctuations. So companies need to protect themselves from risks due to exchange rate fluctuations. One way for companies to protect themselves from financial risk is to use derivative instruments which are often called hedging. This study aims to examine the effect of liquidity, leverage, growth opportunity, and interest coverage on hedging decisions. The objects in this study are manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 period. The data selection method uses purposive sampling. The number of samples in this study were 120 companies. The data analysis method used is logistic regression with the SPSS application program. The test results show that the liquidity variable has a significant effect on hedging decisions. Meanwhile, leverage, growth opportunity, and interest coverage variables have no significant effect on hedging decisions.

Keywords: Hedging, Liquidity, Leverage, Growth Opportunity, Interest Coverage.