{"title":"印尼证券交易所金融衍生品套期保值对企业价值的影响","authors":"Budi Frensidy, Tasya Indah Mardhaniaty","doi":"10.47291/EFI.V65I1.614","DOIUrl":null,"url":null,"abstract":"This study aims to analyze the effect of hedging for the risks of foreign currency, interest rate, and commodity price on firm value as measured by Tobin’s Q. The findings reveal that hedging with derivative instruments is insignificantly related to firm value but significantly varied in financial risks. Hedging for foreign currency risk has a significantly positive relation to firm value, while hedging for interest rate and commodity price risk has no relation. Furthermore, this study provides a novelty compared to previous studies in the utilization of the extent of hedging as the variable to measure the implementation of hedging.","PeriodicalId":31064,"journal":{"name":"Economics and Finance in Indonesia","volume":" ","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2019-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"7","resultStr":"{\"title\":\"The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange\",\"authors\":\"Budi Frensidy, Tasya Indah Mardhaniaty\",\"doi\":\"10.47291/EFI.V65I1.614\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study aims to analyze the effect of hedging for the risks of foreign currency, interest rate, and commodity price on firm value as measured by Tobin’s Q. The findings reveal that hedging with derivative instruments is insignificantly related to firm value but significantly varied in financial risks. Hedging for foreign currency risk has a significantly positive relation to firm value, while hedging for interest rate and commodity price risk has no relation. Furthermore, this study provides a novelty compared to previous studies in the utilization of the extent of hedging as the variable to measure the implementation of hedging.\",\"PeriodicalId\":31064,\"journal\":{\"name\":\"Economics and Finance in Indonesia\",\"volume\":\" \",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-08-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"7\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economics and Finance in Indonesia\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.47291/EFI.V65I1.614\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economics and Finance in Indonesia","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.47291/EFI.V65I1.614","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange
This study aims to analyze the effect of hedging for the risks of foreign currency, interest rate, and commodity price on firm value as measured by Tobin’s Q. The findings reveal that hedging with derivative instruments is insignificantly related to firm value but significantly varied in financial risks. Hedging for foreign currency risk has a significantly positive relation to firm value, while hedging for interest rate and commodity price risk has no relation. Furthermore, this study provides a novelty compared to previous studies in the utilization of the extent of hedging as the variable to measure the implementation of hedging.
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