DETERMINAN LINDUNG NILAI PERUSAHAAN MANUFAKTUR YANG TERCATAT PADA BURSA EFEK INDONESIA

BUDI WIDIHARTANTO
041314353040
Dosen Pembimbing
Dr. Mudjilah Rahayu, SE., MM.

ABSTRACT

This paper provides empirical evidence of manufacture firm-spesific factors or
determinant in the use of derivatives in Indonesia Stock Exchange from 2010-2013.
The exploration of this research by economic sectors specifically in manufacture
sector due to the major foreign debt of debtors in Indonesia which did not hedge
their debt is from this sector. I could have a huge impact for Indonesia’s economy.
Quantitaive approach is used in this study by using hypothesis testing. Sampling
technique used was purposive sampling and estimated data used the Logit regression
model. The results indicate that the use of derivatives is positively significance
associated with firm size (LSIZE) with confidence level of 95%. On the other hand,
although with other variables had jointly influenced the using of derivatives,
liquidity variable (current ratio), debt to total asset (for variable of financial
distress), total asset growth (for variable of investment opportunities) and Foreign
Sales Activity (FSA) and Foreign Sales Activity (FSA) did not influenced partially
significance for manufacture firm in using derivatives instruments.
Key Words : derivatives, determinant, manufacture, logit, instrument

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