Effect of Capital Expenditure and Corporate Hedging on Firm Value with Exchange Rate as Moderating Variable

Journal of Applied Business, Taxation and Economics Research Pub Date : 2022-10-24 DOI:10.54408/jabter.v2i1.106

Nuraeni Noviyanti, I. Ismawati, Rita Rosiana

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Abstract

The purpose of this study was to determine the effect of capital expenditure and corporate hedging on firm value, and the effect of the exchange rate on the relationship between capital expenditure and corporate hedging and firm value. The population used in this study are manufacturing companies listed on the Indonesia Stock Exchange in 2016-2020. By using purposive sampling method, obtained 119 companies that meet the criteria as research samples with an observation time of 5 years, so that the total final sample is 595 observational data. This study uses secondary data obtained from the Indonesia Stock Exchange website. In this study, the analysis method is moderated regression analysis (MRA) with testing tools using the IBM SPSS version 25 data processing application. The results of this study indicate that: (1) Capital expenditure has no effect on firm value (2) Corporate hedging has an effect on firm value (3) Exchange rate as a moderating variable cannot moderate the relationship between capital expenditure and firm value (4) Exchange rate as a moderating variable cannot moderate the relationship between corporate hedging and firm value

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以汇率为调节变量的资本支出和企业套期保值对企业价值的影响

本研究的目的是确定资本支出和企业套期保值对企业价值的影响，以及汇率对资本支出和企业套期保值与企业价值之间关系的影响。本研究中使用的人口是2016-2020年在印度尼西亚证券交易所上市的制造业公司。采用目的抽样法，获得119家符合条件的公司作为研究样本，观察时间为5年，最终样本总数为595份观察数据。本研究使用从印度尼西亚证券交易所网站获得的二手数据。本研究的分析方法是适度回归分析(MRA)，测试工具使用IBM SPSS version 25数据处理应用程序。研究结果表明:(1)资本支出对企业价值没有影响(2)企业套期保值对企业价值有影响(3)汇率作为调节变量不能调节资本支出与企业价值之间的关系(4)汇率作为调节变量不能调节企业套期保值与企业价值之间的关系

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Journal of Applied Business, Taxation and Economics Research

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