Lampiran 1
Sampel Perusahaan
No
Nama perusahaan
Keterangan
Hedging
1
PT. Astro Agro Lestari,Tbk (AALI)
Tidak melakukan hedging
0
2
PT. Adhi Karya, Tbk (ADHI)
Tidak melakukan hedging
0
3
PT. Adaro Energy, Tbk (ADRO)
Forward
1
4
PT. Akr Corporindo, Tbk (AKRA)
Forward
1
5
PT. Aneka Tambang, Tbk (ANTM)
Futures, Swap
1
6
PT. Astra Internasional, Tbk (ASII)
Forward
1
7
PT. Alam Sutera Realita,Tbk (ASRI)
Option
1
Tidak melakukan hedging
0
12
PT. Bank Mandiri, Tbk (BMRI)
Swap, Option
1
13
PT. Global Mediacom, Tbk (BMTR)
Option
1
14
PT. Bumi Serpong Damai, Tbk (BSDE)
Tidak melakukan hedging
0
15
PT. Charoen Pokphand Indonesia, Tbk
(CPIN)
Tidak melakukan hedging
0
16
PT. Ciputra Developtmen, Tbk (CTRA)
Tidak melakukan hedging
0
18
PT. Gudang Garam, Tbk (GGRM)
Tidak melakukan hedging
0
19
PT. Indofood CBP Sukses Makmur, Tbk
(ICBP)
Tidak melakukan hedging
0
20
PT. Vale Indonesia, Tbk (INCO)
Tidak melakukan hedging
0
21
PT. Indofood Sukses Makmur, Tbk
(INDF)
Swap
1
22
PT.Indocement Tunggal Prakarsa, Tbk
(INTP)
Tidak melakukan hedging
0
23
PT. Indo Tambangraya Megah, Tbk
(ITMG)
Forward
1
24
PT. Jasa Marga, Tbk (JSMR)
Tidak melakukan hedging
0
25
PT. Kalbe Farma, Tbk (KLBF)
Tidak melakukan hedging
0
26
PT. Lippo Karawaci (LPKR)
Contract Option
1
27
PT. Matahari Departement Store Tbk
(LPPF)
Swap
1
28
PT. Perusahaan Perkebunan London
Sumatera, Tbk (LSIP)
Tidak melakukan hedging
0
29
PT. Media Nusantara Citra, Tbk (MNCN) Tidak melakukan hedging
0
30
PT. Matahari Putra Farma, Tbk (MPPA)
Tidak melakukan hedging
0
31
PT. Perusahaan Gas Negara, Tbk (PGAS) Swap
1
32
PT. Bukit Asam, Tbk (PTBA)
Tidak melakukan hedging
0
33
PT. Pembangunan Rumah, Tbk (PTPP)
Tidak melakukan hedging
0
34
PT.Pakuwon Jati, Tbk (PWON)
Future, Option
1
36
PT. Siloam International Hospital, Tbk
(SILO)
Tidak melakukan hedging
0
37
PT. Semen Indonesia, Tb (SMGR)
Forward
1
38
PT.Summarecon Agung, Tbk (SMRA)
Contract Option
1
39
PT.Sawit
Sumbermas
Sarana,
Tbk
(SSMS)
Tidak melakukan hedging
0
40
PT. Tower Bersama Infrastructure, Tbk
(TBIG)
Swap
1
41
PT.Telekomunikasi
Indonesia,
Tbk
(TLKM)
Tidak melakukan hedging
0
42
PT. Udited Tractors, Tbk (UNTR)
Swap
1
43
PT. Unilever Indonesia, Tbk (UNVR)
Forward
1
44
PT. Wijaya Karya, Tbk (WIKA)
Tidak melakukan hedging
0
45
PT. Waskita Karya, Tbk (WSKT)
Tidak melakukan hedging
0
SMGR
2011
0.35
26.34
2.64
19.66
2012
0.46
35.18
1.70
26.57
2013
0.41
15.85
1.88
30.79
2014
0.37
11.44
2.20
34.31
UNUR
2011
1.85
20.47
0.68
10.48
2012
2.02
14.34
0.66
11.98
2013
2.14
37.54
0.69
7.48
Lampiran 3
Hasil Uji Regresi Logistik
Logistic Regression
Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Statistic Statistic Statistic Std. Error Statistic
Hedging 72 ,00 1,00 ,05595 ,47471
Unweighted Casesa N Percent
Selected Cases Included in Analysis 72 100,0
Missing Cases 0 ,0
Total 72 100,0
Unselected Cases 0 ,0
Total 72 100,0
a. If weight is in effect, see classification table for the total number of
cases.
Dependent Variable Encoding
Original Value Internal Value
,00 0
Block 0: Beginning Block
Iteration Historya,b,cIteration -2 Log likelihood
Coefficients
Constant
Step 0 1 91,669 -,667
2 91,658 -,693
3 91,658 -,693
a. Constant is included in the model.
b. Initial -2 Log Likelihood: 91,658
c. Estimation terminated at iteration number 3
because parameter estimates changed by less than
,001.
Classification Tablea,b
Observed
Predicted
Hedging Percentage
Correct
,00 1,00
Step 0 Hedging ,00 48 0 100,0
1,00 24 0 ,0
Overall Percentage 66,7
a. Constant is included in the model.
b. The cut value is ,500
Variables in the Equation
Variables not in the Equation
Block 1: Method = Enter
Iteration Historya,b,c,dIteration -2 Log likelihood
Coefficients
a. Method: Enter
b. Constant is included in the model.
c. Initial -2 Log Likelihood: 91,658
d. Estimation terminated at iteration number 5 because parameter estimates changed by less than
,001.
Omnibus Tests of Model Coefficients
Chi-square Dfs Sig.
Step 1 Step 33,111 4 ,000
Block 33,111 4 ,000
Model Summary
Step -2 Log likelihood
Cox & Snell R
parameter estimates changed by less than ,001.
Hosmer and Lemeshow Test
Step Chi-square Df Sig.
1 8,209 8 ,413
Contingency Table for Hosmer and Lemeshow Test
Hedging = ,00 Hedging = 1,00
Total Observed Expected Observed Expected
Classification Tablea
Observed
Predicted
Hedging Percentage
Correct
,00 1,00
Step 1 Hedging ,00 42 6 87,5
1,00 9 15 62,5
Overall Percentage 79,2
a. The cut value is ,500
Variables in the Equation
