Penggunaan Hedging oleh Perusahaan Telekomunikasi yang Tercatat Pada Bursa Efek Indonesia

Basyid Ahmad, Hermanto Siregar, Tb Nur Ahmad Maulana

Abstract


The aims of this research were to have a comprehensive understanding on hedging implementation in telecommunication companies and to comprehend the impact of hedge to firm value of the companies. In this research, hedging is the moderating variable between independent variable and dependent variable. The independent variables included profit, firm size, leverage, growth, dividend and liquidity while the dependent variable included firm value. The method used was the ordinary least Square. The samples were taken from 2 telecommunication companies, and the data observed included the quarterly financial data from 2006 to 2015. The findings showed that derivative transactions used as hedge by the companies included cross currency swap, forward and option. Furthermore, the use of hedging foreign exchange was not seen to affect the firm value for the telecommunication company. This is because the 5 moderating variables did not significantly affect the firm value and only 1 moderating variable had a significantly negative effect on the firm value.

Keywords: derivative, foreign exchange, firm value, hedge, telecommunication’ company

Abstrak: Tujuan dari penelitian ini adalah untuk menggambarkan penerapan hedging pada perusahaan telekomunikasi publik serta mengetahui dampak hedging terhadap nilai perusahaan. Dalam penelitian ini, hedging merupakan variabel moderating terhadap berbagai variabel yang memengaruhi nilai perusahaan yaitu variabel profitabilitas, firm size, leverage, growth, dividen dan likuiditas. Teknik analisis yang dipakai, yaitu regresi (ordinary least Square). Sedangkan perusahaan yang diteliti sebanyak 2 perusahaan publik dengan data keuangan triwulan sejak tahun 2006 sampai dengan 2015. Hasil penelitian menunjukkan bahwa hedging dilakukan perusahaan telekomunikasi adalah melalui transaksi derivatif, yaitu cross currency swap, forward dan option. Secara umum hedging tidak memengaruhi nilai perusahaan mengingat 5 variabel yang telah dimoderasi tidak berpengaruh signifikan dan hanya 1 variabel yang telah dimoderasi yaitu profitabilitas berpengaruh signifikan negatif terhadap nilai perusahaan.

Kata kunci: transaksi derivatif, mata uang asing, nilai perusahaan, lindung nilai, perusahaan telekomunikasi


Full Text:

PDF


DOI: http://dx.doi.org/10.17358/jabm.3.3.435

Refbacks

  • There are currently no refbacks.


__________________________________________________________

Editorial Office

Jurnal Aplikasi Bisnis dan Manajemen (JABM)

School of Business, Bogor Agricultural University (SB-IPB)

Jl. Raya Pajajaran Bogor 16151
Telp. 0251-8313813, Fax. 0251-8318515
Email: jabm.ipb@gmail.com ; jabm@sb.ipb.ac.id

Visitor