ANALISIS KARAKTERISTIK KEUANGAN PERUSAHAAN SEBAGAI DETERMINAN KEPUTUSAN HEDGING PADA PERUSAHAAN SUBSEKTOR BATU BARA

Abstrak

Increased exchange rate volatility resulting from global economic uncertainty poses financial risks to companies in the coal subsector that have high exposure to foreign exchange transactions. Hedging policies are one strategy for managing these risks. However, previous studies have shown mixed results regarding the factors that influence hedging decisions. This study aims to analyze the impact of liquidity, leverage, profitability, and firm size on hedging decisions among companies in the coal subsector listed on the Indonesia Stock Exchange during the 2021–2024 period. This study employs a quantitative approach using secondary data obtained from companies’ annual reports and financial statements. The research sample was selected using purposive sampling, resulting in 35 companies with a total of 140 observations. Data analysis was conducted using logistic regression with the aid of SPSS software. The results of the study indicate that, individually, liquidity, leverage, and profitability do not have a significant effect on hedging decisions. Conversely, firm size has a positive and significant effect on hedging decisions. Furthermore, simultaneous testing reveals that liquidity, leverage, profitability, and firm size collectively have a significant effect on hedging decisions.