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Farida Nur Afina 14830039 - One of the best experts on this subject based on the ideXlab platform.
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PENGARUH HARGA SUKUK NEGARA RITEL SR-006, TINGKAT BAGI HASIL DEPOSITO MUDHARABAH, NILAI KURS RUPIAH, DAN HARGA ORI 011 TERHADAP TINGKAT PERMINTAAN SUKUK NEGARA RITEL SR-006
2018Co-Authors: Farida Nur Afina 14830039Abstract:Tujuan dari penelitian ini adalah untuk menguji adanya pengaruh variabel harga Sukuk Negara Ritel SR-006, bagi hasil deposito mudharabah, nilai kurs rupiah, dan harga ORI 011 terhadap tingkat permintaan Sukuk Negara Ritel SR- 006. Populasi dalam penelitian ini adalah Sukuk Negara Ritel SR-006. Penentuan sampel dalam penelitian ini menggunakan metode sampel jenuh. Alat analisis yang digunakan adalah menggunakan metode analisis regresi berganda. Hasil penelitian menunjukkan variabel independen harga Sukuk Negara Ritel SR-006, bagi hasil deposito mudharabah, nilai kurs rupiah secara simultan berpengaruh terhadap tingkat permintaan Sukuk Negara Ritel SR-006. Secara parsial, nilai kurs rupiah berpengaruh negatif signifikan terhadap tingkat permintaan Sukuk Negara Ritel SR-006. Sedangkan variabel harga Sukuk Negara Ritel SR-006, bagi hasil deposito mudharabah, dan harga ORI 011 tidak berpengaruh terhadap tingkat permintaan Sukuk Negara Ritel SR-006. Hasil penelitian menunjukkan bahwa faktor utama yang menentukan tingkat investor terhadap permintaan Sukuk Negara Ritel SR-006 adalah nilai kurs rupiah. Hal ini terjadi karena nilai kurs rupiah mengalami peningkatan (apresiasi) sehingga investor memilih investasi derivatif valas sebagai alternatif investasi. {Inggris} The purpose of this study was to examine the effect of Retail state sukuk SR- 006 price, mudharabah deposit profit sharing, rupiah exchange rate, and ORI 011 price to the demand of retail state sukuk SR-006. The population in this search is Retail State Sukuk SR-006. Determination of the sample in this research use the saturated sample method. The analytical tool used uses a multiple regression analysis method. The results showed independent variables retail state sukuk SR-006 price, the mudharabah deposit share, the rupiah exchange rate, and ORI 011 price ,simultaneously effect to the demand of the retail state sukuk SR-006. In part, the rupiah exchange rate has a significant negative effect to the demand of the retail state sukuk SR-006. While retail state sukuk SR-006 price, mudharabah deposit share, and ORI 011 price does not affect the demand of retail state sukuk SR-006. The results showed that the main factor determining the investor level at the demand of retail state sukuk SR-006 is the Rupiah exchange rate. This occurs because the value of the rupiah exchange rate has increased (appreciation), so that investors choose the foreign Currency Derivative investment as an alternative investment
Nashrin, Ahmad Shofi - One of the best experts on this subject based on the ideXlab platform.
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ANALISIS DETERMINAN HEDGING DENGAN INSTRUMEN DERIVATIF VALUTA ASING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2012-2015
2016Co-Authors: Nashrin, Ahmad ShofiAbstract:ABSTRACT Ahmad Shofi Nashrin, 2016: Analysis of Hedging Determinants With Foreign Currency Derivative Instruments on Manufacturing Companies Listed on BEI Period 2012-2015. Study Program of , Faculty of Economics, State University of Jakarta. This study is conducted to see the effect of company’s firm size, growth opportunities, leverage and liquidity on the decision of hedging with foreign Currency Derivative instruments on manufacturing companies listed on Bursa Efek Indonesia (BEI) period 2012-2015. The data that is used on this study is a set of panel data with purposive sampling method, and the criteria for the sample is: (1) manufacturing companies listed on BEI period 2012-2015, (2) manufacturing companies that has transaction exposure (liabilities and/or assets denominated in foreign Currency, (3) manufacturing companies that has the data needed for this study. The total sample of this study is 106 companies or 424 observation within 4 years. The data analysis technique that is used on this study is logistic regression with z-statistic as hypotheses testing to test the regression coefficient with an alpha of 5%. The study result shows that firm size, growth opportunities and liquidity positively and significantly affect the decision of hedging with foreign Currency Derivative instruments, while leverage negatively and insignificantly affect the decision of hedging with foreign Currency Derivative instruments. Key words : firm size, growth opportunities, leverage, liquidity, hedging, Derivative, risk managemen
Prasetiono Prasetiono - One of the best experts on this subject based on the ideXlab platform.
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ANALISIS PENGARUH FINANCIAL DISTRESS, LEVERAGE, LIQUIDITY, GROWTH OPPORTUNITY, FIRM SIZE DAN MANAGERIAL OWNERSHIP TERHADAP PENGAMBILAN KEPUTUSAN HEDGING MENGGUNAKAN INSTRUMEN DERIVATIF (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI
2019Co-Authors: Naurah, Hafshah Nuha, Prasetiono PrasetionoAbstract:One of the biggest risk faced by companies that conduct international activity is a foreign exchange exposure. The impact of unexpected fluctuations in foreign exchange rates can lead to big loss for company. Hedging with foreign Currency Derivative instruments becomes an alternative which can be used to minimize foreign exchange exposure. This study aims to analyze the effect of financial distress, leverage, liquidity, growth opportunity, firm size and managerial ownership on hedging decision making. The population in this research are manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2017 period. The sample in this research amounted to 51 companies selected using the purposive sampling method. Sample data are collected from Bloomberg database and the company’s annual report. Logistic regression analysis was used in this research model because the type of data are metric and non metric. By logistic regression analysis, it can be seen how the independent variables affect the probability of the company to hedge. The results of this research provide empirical evidence that variable liquidity (CR), growth opportunity (MBVE), and firm size (SIZE) have a significant effect on hedging decision making. While the financial distress (ZScore), leverage (DER), and managerial ownership (MO) variables have no effect on hedging decision making. From the test result of logistic regression showed that the variable of financial distress, leverage, liquidity, growth opportunity, firm size and managerial ownership in explaining the probability of using Derivative hedging was 12,6% and the rest is explained by other variables outside the model
Elyas Elyasiani - One of the best experts on this subject based on the ideXlab platform.
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Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S. Banks
Journal of Financial Services Research, 1997Co-Authors: Jongmoo Jay Choi, Elyas ElyasianiAbstract:This article estimates the interest rate and exchange rate risk betas of 59 large U.S. commercial banks for the period of 1975–1992, as well as the bank-specific determinants of these betas. The estimation procedure uses a modified seemingly unrelated simultaneous method that recognizes cross-equation dependencies and adjusts for serial correlation and heteroskedasticity. Overall, the exchange rate risk betas are more significant than the interest rate risk betas. More importantly, we find a link between the scale of a bank's interest rate and Currency Derivative contracts and the bank's interest rate and exchange rate risks. Particularly noteworthy is the influence of Currency Derivatives on exchange rate betas.
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Derivative Exposure and the Interest Rate and Exchange Rate Risks of U.S. Banks
Journal of Financial Services Research, 1996Co-Authors: Jongmoo Jay Choi, Elyas ElyasianiAbstract:This paper estimates the interest rate and exchange rate risk betas of fifty-nine large U. S. commercial banks for the period of 1975-1992, as well as the bank-specific determinants of these betas. The estimation procedure uses a modified seemingly unrelated simultaneous method that recognizes cross-equation dependencies and adjusts for serial correlation and heteroskedasticity. Overall, the exchange rate risk betas are more significant than the interest rate risk betas. More importantly, we find a link between the scale of a bank's interest rate and Currency Derivative contracts and the bank's interest rate and exchange rate risks. Particularly noteworthy is the influence of Currency Derivatives on exchange rate betas.
Naurah, Hafshah Nuha - One of the best experts on this subject based on the ideXlab platform.
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ANALISIS PENGARUH FINANCIAL DISTRESS, LEVERAGE, LIQUIDITY, GROWTH OPPORTUNITY, FIRM SIZE DAN MANAGERIAL OWNERSHIP TERHADAP PENGAMBILAN KEPUTUSAN HEDGING MENGGUNAKAN INSTRUMEN DERIVATIF (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI
2019Co-Authors: Naurah, Hafshah Nuha, Prasetiono PrasetionoAbstract:One of the biggest risk faced by companies that conduct international activity is a foreign exchange exposure. The impact of unexpected fluctuations in foreign exchange rates can lead to big loss for company. Hedging with foreign Currency Derivative instruments becomes an alternative which can be used to minimize foreign exchange exposure. This study aims to analyze the effect of financial distress, leverage, liquidity, growth opportunity, firm size and managerial ownership on hedging decision making. The population in this research are manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2017 period. The sample in this research amounted to 51 companies selected using the purposive sampling method. Sample data are collected from Bloomberg database and the company’s annual report. Logistic regression analysis was used in this research model because the type of data are metric and non metric. By logistic regression analysis, it can be seen how the independent variables affect the probability of the company to hedge. The results of this research provide empirical evidence that variable liquidity (CR), growth opportunity (MBVE), and firm size (SIZE) have a significant effect on hedging decision making. While the financial distress (ZScore), leverage (DER), and managerial ownership (MO) variables have no effect on hedging decision making. From the test result of logistic regression showed that the variable of financial distress, leverage, liquidity, growth opportunity, firm size and managerial ownership in explaining the probability of using Derivative hedging was 12,6% and the rest is explained by other variables outside the model
