PENGARUH GROWTH OPPORTUNITY, LEVERAGE, DAN CASH FLOW VOLATILITY TERHADAP KEPUTUSAN HEDGING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-2023

Novanda Maqhriza Jazuli, Liliek Nur Sulistiyowati

Abstract


This study is titled “The Influence of Growth Opportunity, Leverage, and Cash Flow Volatility on Hedging Decisions in Manufacturing Companies Listed on the Indonesia Stock Exchange for the 2018-2023 Period.” The purpose of this research is to analyze the influence of growth opportunity, leverage, and cash flow volatility on hedging decisions in manufacturing companies. The method used is logistic regression analysis with SPSS version 25, and the study is quantitative in nature. The data used are secondary data obtained from the financial and annual reports of companies listed on the Indonesia Stock Exchange, with data selection techniques using purposive sampling. The research sample consists of 120 samples from 25 manufacturing companies, while the research population includes 160 manufacturing companies listed on the IDX for the 2018-2023 period. The test results show that the variables of growth opportunity, leverage, and cash flow volatility do not have a significant effect on hedging decisions.

Keywords: Growth Opportunity, Leverage, Cash Flow Volatility, Hedging Decisions.


Full Text:

PDF

References


Ardiansyah, R. (2021). Pengaruh Market To Book Value, Cash Flow Volatility, Financial Distress Dan Leverage Terhadap Kebijakan Lindung Nilai (Studi Pada Perusahaan Sektor Pertambangan Yang Terdaftar Di BEI Tahun 2014-2019). 1–23.

Atmojo, D. A. E., Wijaya, A. L., & Setyahety, R. A. (2023). 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). Seminar Inovasi Manajemen Bisnis Dan Akuntasi 5, September. http://prosiding.unipma.ac.id/index.php/SIMBA/article/view/4992

Diah Windari, I. G. M., & Purnawati, N. K. (2019). Pengaruh Leverage, Ukuran Perusahaan, Dan Likuiditas Terhadap Keputusan Hedging pada Perusahaan Manufaktur Terdaftar Di Bei. E-Jurnal Manajemen Universitas Udayana, 8(8), 4815. https://doi.org/10.24843/ejmunud.2019.v08.i08.p04

Esma Rini, Bakkareng, & Bustari Andre. (2021). Pengaruh Kesulitan Keuangan, Interest Coverage Ratio, dan Cash Flow Volatility terhadap Keputusan Hedging Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2018. Pareso Jurnal, , Vol.3 No.4(4), 916–930.

Gewar, M. M., Putu, N., & Suryantini, S. (2020). The Effect of Leverage, Managerial Ownership, And Dividend Policy On Hedging Decisions In Manufacturing Companies. American Journal of Humanities and Social Sciences Research, 1, 1–382. www.ajhssr.com

Hadini, C. R., & Desmiza, D. (2024). Pengaruh Cash Flow Volatility, Firm Size, Foreign Debt dan Exchange Rate terhadap Hedging (Studi pada Perusahaan Sektor Energi Tahun 2018-2022). J-MAS (Jurnal Manajemen Dan Sains), 9(1), 660. https://doi.org/10.33087/jmas.v9i1.1769

Hartono, F., & Cholid, I. (2018). Analisis Pengaruh Growth Opportunity,Kebijakan Dividen, Liquidity, Dan Firm Size Terhadap Aktivitas Hedging Pada Sektor Transportasi, Infrastruktur Dan Utilities Yang Terdaftar Di Bei Periode 2014-2017. Akuntansi, 11.

Hernadianto, H., & Sari, I. P. (2023). The Influence Of Leverage, Dividend Per Share, And Cash Flow Volatility On Hedging Decisions (Empirical Study of Manufacturing Companies in the Food and Beverage Industry Sub-Sector Listed on the IDX for the 2019-2021 Period). Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan, 4(3), 799–810. https://doi.org/10.53697/emak.v4i3.1346

Lestari, W. R., & Pratiwi, B. N. (2023). Determinants of hedging decisions with derivative instruments in foreign exchange banks listed on the Indonesia Stock Exchange. Jurnal Ekonomi, 12(01), 2023. http://ejournal.seaninstitute.or.id/index.php/Ekonomi

Mahardini, N. Y., Suprihatin, N. S., & Nurzamzami, F. (2020). Does Leverage, Dividend Per Share, and Cash Flow Volatility Affect Hedging Decisions?: An Empirical Study on Listed Manufacturing Companies. Journal of Accounting Auditing and Business, 3(2), 104. https://doi.org/10.24198/jaab.v3i2.28736

Maulid, R. R., & Mahardika, D. P. K. (2023). Pengaruh Leverage, Profitabilitas, Dan Firm Size Terhadap Keputusan Hedging (Studi Kasus pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2017-2020). E-Proceeding of Management, 10(2), 1256–1263.

Octy, I., & Pertiwi, I. (2023). Hedging Decision: Growth Opportunity, Firm Size, and Dividend Policy (Study of BUMN Companies Listed on Indonesia Stock Exchange 2011-2020). 12, 1545–1555. https://doi.org/10.46254/ap03.20220273

Ostana Mangara Yudha, J., Oktavia, R., & Desriani, N. (2022). Does the growth opportunities have an impact on hedging decision from own-stated companies in Indonesia? Asian Journal of Economics and Business Management, 1(2), 44–50. https://doi.org/10.53402/ajebm.v1i2.78

Pirmansyah Hasim, R. (2022). Effect Of Cash Flow Volatility, Growth Opportunities, and Dividend Policy On Hedging Decisions (Empirical Study on Mining Companies Listed on the Indonesia Stock Exchange 2016-2020). Journal Of Management, Accounting, General Finance and International Economic Issues (Marginal), Vol. 1(Issues 4), 109–124. www.bi.go.id

Purba, F. B., & Dillak, V. J. (2022). Pengaruh Growth Opportunity, Firm Size, Dan Financial Distress Terhadap Keputusan Hedging Pada Perusahaan Manufaktur Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2017-2020. E-Proceeding of Management, 9(5), 3054–3062.

Puspitasari, A. D., Komalasari, A., & Sudrajat, S. (2019). Analysis the Effect of Growth Opportunity, Liquidity, Leverage, and Volatility of Cash Flows To Hedging Decisions. International Journal for Innovation Education and Research, 7(12), 307–312. https://doi.org/10.31686/ijier.vol7.iss12.2055


Refbacks

  • There are currently no refbacks.


 

 

 

 

 

 

 

Editorial Office:

Universitas PGRI Madiun

Kampus 3 Lantai 2

Fakultas Ekonomi dan Bisnis

Jl. Auri no. 14-16 Madiun