ANALISIS PENGARUH HEDGING INSTRUMEN DERIVATIF VALUTA ASING TERHADAP HARGA DAN RETURN SAHAM INDUSTRI MANUFAKTUR DI BURSA EFEK INDONESIA
| Main Authors: | , Dewi Larasati, , Prof. Dr. Indra Wijaya Kusuma, MBA |
|---|---|
| Format: | Thesis NonPeerReviewed |
| Terbitan: |
[Yogyakarta] : Universitas Gadjah Mada
, 2012
|
| Subjects: | |
| Online Access: |
https://repository.ugm.ac.id/98826/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=54938 |
Daftar Isi:
- The financial crisis of 2008 have an impact on a number of countries, one of Indonesia because the United States is used as the primary market. This crisis resulted in many companies that can not afford to pay the debt so that all stock prices go down, so it needs the tools to protect its assets by hedging derivative contracts. This study aims to analyze the effect of foreign currency derivative instruments, Return on Asset (ROA), and Debt to Equity Ratio (DER) on stock prices and returns in manufacturing industry so that investors avoid the risk and exchange rate fluctuations. The sample used in the study were 82 manufacturing firms that has a complete financial statement listed on Jakarta Stock Exchange to see the use of derivative instruments in 2007 to 2009. Analyses were performed using the Statistical Package for the Social Science (SPSS) to test multiple linier regression and test the classical assumption. The result of multiple linier regression analysis showed that the stock price is divided into two groups, low and high groups. See the effect of derivatives, stock prices of lower group showed a significant positive effect while the high group analysis showed a negative effect. In stock returns are also divided its analysis that the low stock returns do not have a positive influence and a large group had no influence on hedging activities.