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The Determinants of Corporate Hedging Policy: A Survey of Mining Firms on the Indonesia Stock Exchange

Management Analysis Journal · Vol. 11 No. 3 (2022) · hlm. 260–273

DOI
10.15294/maj.v11i3.58266
ISSN
2502-1451, 2252-6552
Terbit
2022-12-22
Penerbit
Universitas Negeri Semarang
Bahasa
eng

Abstrak

The purpose of this study is to determine the effect of leverage, liquidity, growth opportunity, and financial distress on hedging policy decisions. The population in this study are mining companies listed on the Indonesia Stock Exchange (IDX) in 2015-2020. The research sample was 39 companies using purposive sampling technique. The leverage variable is proxied by the ratio of total debt and total capital, liquidity is proxied by the ratio of current assets and current debt, growth opportunity is proxied by market to book, financial distress is proxied by Altman's Z-Score specifically for non-manufacturing companies, and hedging policy is proxied by the variable dummy, where companies that hedged were given a score of 1, and those that did not hedge were assigned a score of 0. The data analysis method used descriptive statistical analysis and logistic regression analysis using the logit model using the Eviews 12 Student Version software. The results showed that leverage and financial distress had a significant positive effect on the probability of hedging policy, liquidity had a significant negative effect on the probability of hedging policy, growth opportunity had a significant positive effect on the probability of hedging policy

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  • State University of Semarang
  • Universitas Gadjah Mada
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Siti MursidahAfiliasi tidak diketahui6
Cahya WulandariState University of Semarang3
Ricky Dermawan FauziAfiliasi tidak diketahui3
Lidiadni SeptantriAfiliasi tidak diketahui3
Muhamad Sayuti HassanAfiliasi tidak diketahui2
Ngabiyanto NgabiyantoAfiliasi tidak diketahui1
Margareta RahayuningsihAfiliasi tidak diketahui1
S MartonoAfiliasi tidak diketahui1
Suminar SuminarAfiliasi tidak diketahui1
Tsabit Azinar AhmadAfiliasi tidak diketahui1
Andre Setyo NugrohoAfiliasi tidak diketahui1
Ketut SudarmaAfiliasi tidak diketahui1
Ascariena RafindaAfiliasi tidak diketahui1
Rini Setyo WitiastutiAfiliasi tidak diketahui1
Yumna Wardatul NafiahAfiliasi tidak diketahui1
Muhammad Sayuti HassanAfiliasi tidak diketahui1
Mamduh Mahmadah HanafiUniversitas Gadjah Mada1
Hadri KusumaAfiliasi tidak diketahui1
Asma Hakimah Ab HalimAfiliasi tidak diketahui1
Nurma WaddahAfiliasi tidak diketahui1
Andromeda AdrianAfiliasi tidak diketahui1
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Ely Pramuji UtamiAfiliasi tidak diketahui1
Diah RahmawatiAfiliasi tidak diketahui1
Eva Rosa Dewi SutinoAfiliasi tidak diketahui1
Muftiai TastaftianAfiliasi tidak diketahui1
Purwaningsih PurwaningsihAfiliasi tidak diketahui1
Muhamad Naufal Nur RidhaAfiliasi tidak diketahui1
Fitriana Dwi PrasetyowatiAfiliasi tidak diketahui1
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Karina Chandra DewiAfiliasi tidak diketahui1
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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/maj/oai, pertama di-harvest 6 Nov 2026, terakhir terlihat 6 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">The Determinants of Corporate Hedging Policy: A Survey of Mining Firms on the Indonesia Stock Exchange</dc:title>
	<dc:creator>Nugraha, Mahardika Dandy</dc:creator>
	<dc:creator>Khoiruddin, Moh</dc:creator>
	<dc:description xml:lang="en-US">The purpose of this study is to determine the effect of leverage, liquidity, growth opportunity, and financial distress on hedging policy decisions. The population in this study are mining companies listed on the Indonesia Stock Exchange (IDX) in 2015-2020. The research sample was 39 companies using purposive sampling technique. The leverage variable is proxied by the ratio of total debt and total capital, liquidity is proxied by the ratio of current assets and current debt, growth opportunity is proxied by market to book, financial distress is proxied by Altman's Z-Score specifically for non-manufacturing companies, and hedging policy is proxied by the variable dummy, where companies that hedged were given a score of 1, and those that did not hedge were assigned a score of 0. The data analysis method used descriptive statistical analysis and logistic regression analysis using the logit model using the Eviews 12 Student Version software. The results showed that leverage and financial distress had a significant positive effect on the probability of hedging policy, liquidity had a significant negative effect on the probability of hedging policy, growth opportunity had a significant positive effect on the probability of hedging policy</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2022-12-22</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/maj/article/view/58266</dc:identifier>
	<dc:identifier>10.15294/maj.v11i3.58266</dc:identifier>
	<dc:source xml:lang="en-US">Management Analysis Journal; Vol 11 No 3 (2022): Management Analysis Journal; 260-273</dc:source>
	<dc:source>2502-1451</dc:source>
	<dc:source>2252-6552</dc:source>
	<dc:source>10.15294/maj.v11i3</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/maj/article/view/58266/23225</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2022 Management Analysis Journal</dc:rights>
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