Building effective hedging strategies through financial variable analysis
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Abstract
As international trade increases, so too does the risk involved. Therefore, good risk management is necessary to minimize the risks that arise. One way to do this is through hedging. This study aims to examine the impact of leverage, growth opportunity, firm size, profitability, and liquidity on hedging decisions in processing industry companies, which include two sectors: consumer cyclical and non-cyclical. The sample of this study was 30 companies listed on the IDX (idx.co.id) for the period 2020-2024. This study utilizes panel data comprising 150 observations, employing the binary logit estimation method, where the dependent variable is a dummy variable. This study provides an empirical contribution that reveals the relationship between financial factors (leverage, growth opportunity, firm size, liquidity, and profitability) on hedging decisions. The findings provide evidence that firm size and liquidity are dominant predictors of hedging decisions, with negative results, while other factors such as leverage, growth opportunity, and profitability do not affect hedging decisions, so that the results of this study can provide a new picture for companies in designing a more measurable hedging strategy and with this companies should focus more on managing their firm size and liquidity.
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How to Cite
Mukromiin, R. K. ., Purwidianti, W. ., Rachmawati, E. . and Yustina Rahmawati, I. . (2025) “Building effective hedging strategies through financial variable analysis”, Jurnal Mantik, 9(2), pp. 694-702. doi: 10.35335/mantik.v8i6.6562.
References
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Amaliyah, I. (2020b). The Effect of Financial Distress, Growth Opportunity, Firm Size, Managerial Ownership on Hedging Decision Making (Case Study on Automotive and Component Subsector Manufacturing Companies on the Indonesia Stock Exchange 2014-2018). In STEI Economic Journal: Vol. XX. http://www.idx.co.id.
Anggyantari, P. M., & Purbawangsa, I. B. A. (2020). Pengaruh Beberapa Rasio Keuangan Terhadap Keputusan Hedging Pada Sektor Pertambangan di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 9(5), 2045. https://doi.org/10.24843/ejmunud.2020.v09.i05.p20
Anniyati, H., Hermanto, & Aisyah Hidayati, S. (2020). Pengaruh Firm Size, Financial Distress, Debt Level, dan Managerial Ownership Terhadap Keputusan Hedging Pada Perusahaan Manufaktur yangTerdaftar di Bursa Efek Indonesia. Jurnal Magister Manajemen Universitas Mataram, 9, 28–41. https://doi.org/10.29303/jmm.v9i1.44
Apriliani, C., Yudhawati, D., & Prasetia, A. (2024). Analisis Growth Opportunity, Leverage, Likuiditas, Dan Firm Size Terhadap Keputusan Hedging Pada Perusahaan Perbankan. Jurnal Ekonomi dan Bisnis Digital, 02, 999–1009.
Ayu, D., Jayanti, N., & Putuyadnya, I. (2020). The Effect of Leverage, Liquidity and Growth Opportunity on Hedging Decision Making in Mining Companies at Indonesia Stock Exchange. In American Journal of Humanities and Social Sciences Research. www.ajhssr.com
Faisal, F., Sari, I. R., Saraswati, I., & Heikal, J. (2024). Analyzing the Influence of Product Characteristics on Customer Repurchase Intentions Using Binary Logistic Regression Method. AKADEMIK: Jurnal Mahasiswa Humanis, 4(3), 1182–1190.
Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits 1. https://doi.org/10.1007/978-3-540-70818-6_14
Gewar, M. M., Putu, N., & Suryantini, S. (2020). The Effect of Leverage, Managerial Ownership, And Dividend Policy On Hedging Decisions In Manufacturing Companies. American Journal of Humanities and Social Sciences Research, 4(1), 382–389. www.ajhssr.com
Hadini, C. R., & Desmiza, D. (2024). Pengaruh Cash Flow Volatility, Firm Size, Foreign Debt dan Exchange Rate terhadap Hedging (Studi pada Perusahaan Sektor Energi Tahun 2018-2022). J-MAS (Jurnal Manajemen Dan Sains), 9(1), 660. https://doi.org/10.33087/jmas.v9i1.1769
Haryanto. (n.d.). Dampak Covid-19 terhadap Pergerakan Nilai Tukar Rupiah dan Indeks Harga Saham Gabungan (IHSG). In The Indonesian Journal of Development Planning: Vol. IV (Issue 2). https://covid19.go.id/peta-sebaran,
Herawati, A., & Abidin, Z. (2020). The Effect of Profitability, Leverage, and Growth Opportunity on Hedging Activities in 2017 (Study on BUMN Listed on Indonesia Stock Exchange).
Heri Purwanto, & Putra, R. N. A. (2022). The Effect of Leverage, Firm Size, Profitability, and Liquidity on Hedging Decisions. Journal of Accounting Inquiry, 1(1), 033–043. https://doi.org/10.14421/jai.2022.1.1.033-043
Karlinda, M. P. B., & Manunggal, S. A. M. (2023). Pengaruh Leverage, Firm Size, Profitabilitas, dan Likuiditas Terhadap Pengambilan Keputusan Hedging Perusahaan Manufaktur di BEI. Jurnal Manajemen Dan Kewirausahaan, 467–480.
Larasati, A. A., & Wijaya, E. (2022). Determinasi Faktor-Faktor Keputusan Hedging dengan Instrumen Derivatif pada Perusahaan Manufaktur. Jurnal Bisnis Dan Manajemen, 9, 193–204. https://doi.org/10.26905/jbm.v9i2.8853
Limbong, G. H. L., & Hutabarat, F. M. (2020). Effect of Liquidity, Leverage, and Profitability on Consumption Company Hedging on Companies Listed the Indonesia Stock Exchange from 2012-2018.
Mahasari, A. A. K., & Rahyuda, H. (2020). The Effect of Firm Size, Leverage, and Liquidity on Hedging Decisions of Consumer Goods Industryon the Indonesia Stock Exchange. In American Journal of Humanities and Social Sciences Research (Issue 10). www.ajhssr.com
Marhaenis, L. G., & Artini, L. G. S. (2020). Pengaruh Financial Distress, Growth Opportunities dan Liquidity Terhadap Keputusan Hedging Pada Perusahaan Pertambangan di BEI. E-Jurnal Manajemen Universitas Udayana, 9(5), 1778. https://doi.org/10.24843/ejmunud.2020.v09.i05.p07
Mauliana, N., Hidayatul Lailiyah, E., & Wahyudha Rosiawan, R. (2024). Leverage, Firm Size, Profitability dan Financial Distress Terhadap Pengambilan Keputusan Hedging. Competitive Jurnal Akuntansi Dan Keuangan, 8(1).
Mudjiyanti, R., Hidayah, A., & Rachmawati, E. (2021). Struktur Corporate Governance dan Ukuran Perusahaan Mempengaruh Kinerja Perusahaan pada jakarta Islamic Indeks. BALANCE?:Economic, Management, and Accounting Journal, 8.
Nanda, V., Muchtar, D., & Bahri, H. (2022). Pengaruh Leverage, Growth Opportunity, dan Firm Size Terhadap Keputusan Hedging Pada Perusahaan Consumer Goods Industry di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 10, 2022.
Nur Habibah, V. A., Kodir Djaelani, & Priyono, A. (2020). Pengaruh Firm Size, Growth Opportunity Dan Likuiditas Terhadap Pengambilan Keputusan Hedging (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018). www.fe.unisma.ac.id
Nurfiyanti, B. S., Purwidianti, W., & Tubastuvi, N. (2025). Asian Journal of Management Entrepreneurship and Social Science The Effect of Foreign Debt, Liquidity, Company Size, Exchange Rate, and Leverage on Hedging Decisions. Asian Journal of Mangement Entrepreneurship and Social Science, 05(01), 489–504. https://ajmesc.com/index.php/ajmesc
Ostana, J., Yudha, M., Oktavia, R., & Desriani, N. (2023). The Effect of Foreign Debt, Liquidity, Firm Size, and Exchange Rate on Hedging Decision. Journal of Indonesian Economy and Business, 38(2), 133–146. https://journal.ugm.ac.id/v3/jieb
Pangestuti, D. C., Fadila, A., & Nugraheni, S. (2020). Analisis Regresi Logistik?: Faktor — Faktor Yang Mempengaruhi Keputusan Hedging Menggunakan Instrumen Derivatif. Jurnal ASET (Akuntansi Riset), 12(2), 227–240. https://doi.org/10.17509/jaset.v12i2.25420
Purwidianti, W., Rahmawati, I. Y., Mujirahayu, T. S., & Fakhruddin, I. (2024). Financial behavior on Investment and Financing Decision in Indonesian SME. Jurnal Analisis Bisnis Ekonomi, 21(2), 18–33. https://doi.org/10.31603/bisnisekonomi.v21i2.9742
Ratnaningsih, R., Tamara, D. A. D., & Mayasari, I. (2021). Pengaruh Likuiditas, Leverage, Profitabilitas, Firm Size dan Growth Opportunity terhadap Hedging Sektor Farmasi, Industri Dasar dan Bahan Kimia pada Perusahaan ISSI. Journal of Applied Islamic Economics and Finance, 2(1), 227–237. https://doi.org/10.35313/jaief.v2i1.3049
Rusadi, M., Sutarjo, A., & Ayu Putri, S. Y. (2023). Pengaruh Financial Distress, Firm Size, dan Leverage Terhadap Kebijakan Keputusan Hedging (Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2017-2019). Pareso Jurnal, 5, 37–50.
Safitri, R. H., Nuraini, A., Iriyadi, & Setiawan, H. (2023). Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Keputusan Hedging. JABKES, 3, 211–222.
Utomo, L. P., & Hartanti, B. (2020). Determinan pengambilan keputusan hedging menggunakan instrumen derivatif valas. Management and Business Review, 4(1), 22–31. https://doi.org/10.21067/mbr.v4i1.4611
Wijayani, D. R., & Harsanti, P. (2020). Determinant of Hedging Activities SOE Companies Listed in Indonesia Stock Exchange Period 2015-2019. 5(1), 800–817.
Xing, W., Ma, S., Zhao, X., & Liu, L. (2022). Operational hedging or financial hedging? Strategic risk management in commodity procurement. Production and Operations Management, 31(8), 3233–3263. https://doi.org/10.1111/poms.13748
Amaliyah, I. (2020b). The Effect of Financial Distress, Growth Opportunity, Firm Size, Managerial Ownership on Hedging Decision Making (Case Study on Automotive and Component Subsector Manufacturing Companies on the Indonesia Stock Exchange 2014-2018). In STEI Economic Journal: Vol. XX. http://www.idx.co.id.
Anggyantari, P. M., & Purbawangsa, I. B. A. (2020). Pengaruh Beberapa Rasio Keuangan Terhadap Keputusan Hedging Pada Sektor Pertambangan di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 9(5), 2045. https://doi.org/10.24843/ejmunud.2020.v09.i05.p20
Anniyati, H., Hermanto, & Aisyah Hidayati, S. (2020). Pengaruh Firm Size, Financial Distress, Debt Level, dan Managerial Ownership Terhadap Keputusan Hedging Pada Perusahaan Manufaktur yangTerdaftar di Bursa Efek Indonesia. Jurnal Magister Manajemen Universitas Mataram, 9, 28–41. https://doi.org/10.29303/jmm.v9i1.44
Apriliani, C., Yudhawati, D., & Prasetia, A. (2024). Analisis Growth Opportunity, Leverage, Likuiditas, Dan Firm Size Terhadap Keputusan Hedging Pada Perusahaan Perbankan. Jurnal Ekonomi dan Bisnis Digital, 02, 999–1009.
Ayu, D., Jayanti, N., & Putuyadnya, I. (2020). The Effect of Leverage, Liquidity and Growth Opportunity on Hedging Decision Making in Mining Companies at Indonesia Stock Exchange. In American Journal of Humanities and Social Sciences Research. www.ajhssr.com
Faisal, F., Sari, I. R., Saraswati, I., & Heikal, J. (2024). Analyzing the Influence of Product Characteristics on Customer Repurchase Intentions Using Binary Logistic Regression Method. AKADEMIK: Jurnal Mahasiswa Humanis, 4(3), 1182–1190.
Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits 1. https://doi.org/10.1007/978-3-540-70818-6_14
Gewar, M. M., Putu, N., & Suryantini, S. (2020). The Effect of Leverage, Managerial Ownership, And Dividend Policy On Hedging Decisions In Manufacturing Companies. American Journal of Humanities and Social Sciences Research, 4(1), 382–389. www.ajhssr.com
Hadini, C. R., & Desmiza, D. (2024). Pengaruh Cash Flow Volatility, Firm Size, Foreign Debt dan Exchange Rate terhadap Hedging (Studi pada Perusahaan Sektor Energi Tahun 2018-2022). J-MAS (Jurnal Manajemen Dan Sains), 9(1), 660. https://doi.org/10.33087/jmas.v9i1.1769
Haryanto. (n.d.). Dampak Covid-19 terhadap Pergerakan Nilai Tukar Rupiah dan Indeks Harga Saham Gabungan (IHSG). In The Indonesian Journal of Development Planning: Vol. IV (Issue 2). https://covid19.go.id/peta-sebaran,
Herawati, A., & Abidin, Z. (2020). The Effect of Profitability, Leverage, and Growth Opportunity on Hedging Activities in 2017 (Study on BUMN Listed on Indonesia Stock Exchange).
Heri Purwanto, & Putra, R. N. A. (2022). The Effect of Leverage, Firm Size, Profitability, and Liquidity on Hedging Decisions. Journal of Accounting Inquiry, 1(1), 033–043. https://doi.org/10.14421/jai.2022.1.1.033-043
Karlinda, M. P. B., & Manunggal, S. A. M. (2023). Pengaruh Leverage, Firm Size, Profitabilitas, dan Likuiditas Terhadap Pengambilan Keputusan Hedging Perusahaan Manufaktur di BEI. Jurnal Manajemen Dan Kewirausahaan, 467–480.
Larasati, A. A., & Wijaya, E. (2022). Determinasi Faktor-Faktor Keputusan Hedging dengan Instrumen Derivatif pada Perusahaan Manufaktur. Jurnal Bisnis Dan Manajemen, 9, 193–204. https://doi.org/10.26905/jbm.v9i2.8853
Limbong, G. H. L., & Hutabarat, F. M. (2020). Effect of Liquidity, Leverage, and Profitability on Consumption Company Hedging on Companies Listed the Indonesia Stock Exchange from 2012-2018.
Mahasari, A. A. K., & Rahyuda, H. (2020). The Effect of Firm Size, Leverage, and Liquidity on Hedging Decisions of Consumer Goods Industryon the Indonesia Stock Exchange. In American Journal of Humanities and Social Sciences Research (Issue 10). www.ajhssr.com
Marhaenis, L. G., & Artini, L. G. S. (2020). Pengaruh Financial Distress, Growth Opportunities dan Liquidity Terhadap Keputusan Hedging Pada Perusahaan Pertambangan di BEI. E-Jurnal Manajemen Universitas Udayana, 9(5), 1778. https://doi.org/10.24843/ejmunud.2020.v09.i05.p07
Mauliana, N., Hidayatul Lailiyah, E., & Wahyudha Rosiawan, R. (2024). Leverage, Firm Size, Profitability dan Financial Distress Terhadap Pengambilan Keputusan Hedging. Competitive Jurnal Akuntansi Dan Keuangan, 8(1).
Mudjiyanti, R., Hidayah, A., & Rachmawati, E. (2021). Struktur Corporate Governance dan Ukuran Perusahaan Mempengaruh Kinerja Perusahaan pada jakarta Islamic Indeks. BALANCE?:Economic, Management, and Accounting Journal, 8.
Nanda, V., Muchtar, D., & Bahri, H. (2022). Pengaruh Leverage, Growth Opportunity, dan Firm Size Terhadap Keputusan Hedging Pada Perusahaan Consumer Goods Industry di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 10, 2022.
Nur Habibah, V. A., Kodir Djaelani, & Priyono, A. (2020). Pengaruh Firm Size, Growth Opportunity Dan Likuiditas Terhadap Pengambilan Keputusan Hedging (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2018). www.fe.unisma.ac.id
Nurfiyanti, B. S., Purwidianti, W., & Tubastuvi, N. (2025). Asian Journal of Management Entrepreneurship and Social Science The Effect of Foreign Debt, Liquidity, Company Size, Exchange Rate, and Leverage on Hedging Decisions. Asian Journal of Mangement Entrepreneurship and Social Science, 05(01), 489–504. https://ajmesc.com/index.php/ajmesc
Ostana, J., Yudha, M., Oktavia, R., & Desriani, N. (2023). The Effect of Foreign Debt, Liquidity, Firm Size, and Exchange Rate on Hedging Decision. Journal of Indonesian Economy and Business, 38(2), 133–146. https://journal.ugm.ac.id/v3/jieb
Pangestuti, D. C., Fadila, A., & Nugraheni, S. (2020). Analisis Regresi Logistik?: Faktor — Faktor Yang Mempengaruhi Keputusan Hedging Menggunakan Instrumen Derivatif. Jurnal ASET (Akuntansi Riset), 12(2), 227–240. https://doi.org/10.17509/jaset.v12i2.25420
Purwidianti, W., Rahmawati, I. Y., Mujirahayu, T. S., & Fakhruddin, I. (2024). Financial behavior on Investment and Financing Decision in Indonesian SME. Jurnal Analisis Bisnis Ekonomi, 21(2), 18–33. https://doi.org/10.31603/bisnisekonomi.v21i2.9742
Ratnaningsih, R., Tamara, D. A. D., & Mayasari, I. (2021). Pengaruh Likuiditas, Leverage, Profitabilitas, Firm Size dan Growth Opportunity terhadap Hedging Sektor Farmasi, Industri Dasar dan Bahan Kimia pada Perusahaan ISSI. Journal of Applied Islamic Economics and Finance, 2(1), 227–237. https://doi.org/10.35313/jaief.v2i1.3049
Rusadi, M., Sutarjo, A., & Ayu Putri, S. Y. (2023). Pengaruh Financial Distress, Firm Size, dan Leverage Terhadap Kebijakan Keputusan Hedging (Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2017-2019). Pareso Jurnal, 5, 37–50.
Safitri, R. H., Nuraini, A., Iriyadi, & Setiawan, H. (2023). Pengaruh Profitabilitas, Likuiditas, Dan Leverage Terhadap Keputusan Hedging. JABKES, 3, 211–222.
Utomo, L. P., & Hartanti, B. (2020). Determinan pengambilan keputusan hedging menggunakan instrumen derivatif valas. Management and Business Review, 4(1), 22–31. https://doi.org/10.21067/mbr.v4i1.4611
Wijayani, D. R., & Harsanti, P. (2020). Determinant of Hedging Activities SOE Companies Listed in Indonesia Stock Exchange Period 2015-2019. 5(1), 800–817.
Xing, W., Ma, S., Zhao, X., & Liu, L. (2022). Operational hedging or financial hedging? Strategic risk management in commodity procurement. Production and Operations Management, 31(8), 3233–3263. https://doi.org/10.1111/poms.13748
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