Pengaruh Leverage, Profitability, Firm Size, Financial Distress dan Growth Opportunities terhadap Keputusan Hedging pada Perusahaan Manufaktur Sektor Industri Dasar & Kimia yang Terdaftar di Bursa Efek Indonesia pada Tahun 2018-2020

Abstract

This study aims to determine the effect of Leverage, Profitability, Firm Size, Financial Distress and Growth Opportunity on Hedging decisions in manufacturing companies in the basic & chemical industry sector listed on the Indonesia Stock Exchange in 2018-2020. This research is an associative causal research and the data used are secondary data. The population used in this study is all manufacturing companies in the basic and chemical industry sectors listed on the Indonesia Stock Exchange in 2018-2020. The sample in this study found 41 manufacturing companies in the basic & chemical industry sector. The sampling technique used in this study was purposive sampling and the technical data analysis used in this study was logistic regression analysis. Results Based on the research shows that the Leverage variable which is proxied by the Debt to Equity Ratio has no effect on the Hedging Decision. Profitability variable proxied by Return on Assets has no effect on Hedging Decisions. Firm Size variable has a significant negative effect on hedging decisions. The Financial Distress variable as proxied by the Altman Z-score has a significant negative effect on hedging decisions. The Growth Opportunity variable has a positive effect on Hedging Decisions. The results of the Omnibus Test of Model Coefficient show that Leverage, Profitability, Company Size, Financial Difficulties and Growth Opportunities have a simultaneous effect on Hedging Decisions. The value of Nagelkerke R Square shows that the variables of Leverage, Profitability, Company Size, Financial Difficulties and Growth Opportunities are able to explain the Hedging Decision variable by 51.4% and the remaining 48.6% is explained by other variables outside the research model.