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The determinants of corporate hedging policy : A case study from Indonesia (Article)
, , , ,
Diponegoro University, Satya Wacana Christian University, Indonesia Jenderal Soedirman University, Indonesia
Abstract
Looking at general, the company will hedge when the amount of foreign debt rises along with fluctuations in foreign exchange rates. However, this is not the case with the non-financial sector companies in Indonesia Stock Exchange, which shows a decrease in the use of derivative instruments compared to financial sector companies during the period 2014-2016. Τhe study aims to analyze the effect of internal factors on hedging policies through the use of derivative instruments in nonfinancial companies in the period 2014-2016, by putting the firm size as a control variable. The logistic regression analysis is used to test the antecedents of the hedging policy from the selected sample. The result shows that the liquidity and cash flow volatility have a significant positive effect on the use of derivative instruments. Meanwhile, dividend payout ratio, managerial ownership, leverage and the growth opportunity have no significant effect on hedging policy . © 2019 International Journal of Economics and Business Administration.
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Author keywords
Company size Derivative instruments Hedging Liquidity Volatility of cash flow
Afza, T., Alam, A.
Determinants of corporate hedging policies: A case of foreign exchange and interest rate derivative usage (2011) African Journal of Business Management, 5 (14). .
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International Journal of Economics and Business Administration Volume 7, Issue 1, 2019, Pages 113-129
Wahyudi, S.a Goklas, F.a Rita, M.R.a Hersugondo, H.a Laksana, R.D.b
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Hedging | Derivatives | Rate exposure
ISSN: 22414754 Source Type: Journal Original language: English
Document Type: Article
Publisher: International Strategic Management Association
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