PENGARUH LIKUIDITAS, PROFITABILITAS, MARKET TO BOOK VALUE TERHADAP KEPUTUSAN HEDGING DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Oktavia Pramudita, NIM.: 21108030101 (2025) PENGARUH LIKUIDITAS, PROFITABILITAS, MARKET TO BOOK VALUE TERHADAP KEPUTUSAN HEDGING DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI. Skripsi thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study aims to analyze the effect of liquidity, profitability, and market to book value on hedging decisions in manufacturing sector companies listed on the Jakarta Islamic Index 70 (JII70) for the 2019-2023 period, with company size as a moderating variable. Hedging is an important strategy for companies in minimizing the risk of exchange rate fluctuations that often occur in international trade activities, especially in the midst of global economic infections due to the Covid-19 pandemic and geopolitical conflicts. This study uses a quantitative approach with secondary data obtained from the financial statements of manufacturing companies listed on the JII70. Data analysis was carried out using logistic regression method and interaction test to determine the moderating role of company size. The results showed that liquidity, profitability, and market to book value have a varying influence on hedging decisions. In addition, company size has not been able to moderate the relationship between these variables and hedging decisions. These findings are expected to contribute to companies in making decisions regarding risk management strategies, as well as being a reference for further research on the factors that influence hedging decisions in the Indonesian manufacturing sector.

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