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All Journal Journal of Research in Business, Economics, and Education
Kustina, Lisa
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Economics, Econometrics & Finance

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THE INFLUENCE OF RUPIAH EXCHANGE RATE, FIRM SIZE, LEVERAGE AND LIQUIDITY ON HEDGING DECISIONS Rachmat, Adrianna Syariefur; Kustina, Lisa
Journal of Research in Business, Economics, and Education Vol 1 No 1 (2019): October Edition
Publisher : STIE Kusuma Negara

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Abstract

Companies facing the risk of fluctuations in foreign exchange rates can hedge with derivative instruments such as forward, future, swap and option contracts. The purpose of this study is to determine the effect of exchange rates, firm size, leverage and liquidity on hedging decision making using derivative instruments at state-owned banks listed on the Indonesia Stock Exchange for the period of 2016-2018. The method of determining the sample using purpose sampling technique and obtained 12 samples that meet the criteria and 144 firm-quarter observation. The analysis technique used is regression panel logistics. Based on research results obtained, that if the size of the company increases, the potential for hedging decisions through derivative instruments also increases. As for the level of leverage increases, the potential for hedging decisions through derivative instruments decreases. And if the level of liquidity increases, the potential for hedging decisions through derivative instruments decreases.
CEMENT SUB SECTOR STOCK RETURNS BASED ON ECONOMIC VALUE ADDED AND MARKET VALUE ADDED Kustina, Lisa; Rakhmat, Adrianna Syariefur
Journal of Research in Business, Economics, and Education Vol 1 No 2 (2019): December Edition
Publisher : STIE Kusuma Negara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (252.961 KB)

Abstract

The main goal of a company is not to make profit, but to cash. One of the main indicators in generating cash is to maximize the value of the company's shares as a form of giving satisfaction to the company's shareholders. In an effort to achieve this, the company will try to increase cash flow and profits to be obtained. This research is a quantitative and causal associative study that measures the effect of EVA and MVA on stock price returns using panel data regression analysis. The sample in this study is 4 (four) cement companies that have gone public with a time period of 9 (nine) years from 2010 to 2018. The results of this study indicate that the effect of EVA and MVA on stock returns is 11.7% while 88, The remaining 3% is influenced by other variables not mentioned in the model. Based on partial tests, EVA has a negative and not significant effect on stock returns. While MVA has a positive and not significant effect on stock returns.
Co-Authors Adrianna Syariefur Rakhmat