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Puji Handayati

Universitas Negeri Malang

Author-ID : 2413466

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Title

Strategy of Derivatives Hedging: Maintaining and Increasing Firm Value amidst Market Volatility in Indonesia: English Purnomo, Heri; Sugeng, Bambang; Handayati, Puji
Shafin: Sharia Finance and Accounting Journal Vol. 4 No. 2 (2024)
Publisher : Institut Agama Islam Negeri (IAIN) Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19105/sfj.v4i2.15502

This study examines the relationship of derivative hedging and firm value. With 1520 observations from 380 Indonesian non-financial firms. The research method used is quantitative explanatory with regression analysis panel data. We involved eight control variables to adjust the influence of external factors. We found that the application of derivative hedging strategies contributes to an increase in the firm value through risk reduction. We also found that commodity derivatives and currency derivatives play a more active role as risk tools than interest rate derivatives. In the context of economic uncertainty and high market fluctuations, firms are exposed to various financial risks, including currency and commodity risks. By implementing an effective hedging strategy, the firm can reduce cash flow volatility and increase financial stability. In addition, reducing uncertainty through risk management can improve investor perception and lower the cost of capital. This result is in line with the principle of Modigliani & Miller (1958) that the firm value is determined by the resulting cash flow. Thus, the practice of risk management is not only relevant but can also reinforce the propositions of Modigliani & Miller (1958) in a more realistic and specific context. The findings underscore the importance of proactive risk management in the face of dynamic market challenges. In addition, this study provides new insights into hedging practices in developing countries. With a better understanding of the impact of using derivatives, firms can manage risk more efficiently and increase their attractiveness in the eyes of investors. So that firm managers can plan the use of derivative instruments as an effective hedging strategy.

Co-Authors Aang Kunaifi Abdullah Syakur Novianto Achmad Barizi Adam Gumilang Rahmawan Adelia Rahma Afifudin Afifudin Agung Purnawarman Agung Winarno Agus Hermawan Agus Hermawan Ahmad Wahyudin Ahmad Zaki Azzuhairi Akidah Fitrah Alvyola Permata Yussanto AMELIA SETYAWATI Amelia Sugangga Amin, Muh. Sirojuddin Andrianto, Ahmad Andy Chandra Pramana Anisa Tus Saidah Anita Handayani Anugrahani, Inanda Shinta Arief Noviarakhman Zagladi Aris, Nyuherno Aulianda, Mega Azeeta Nur Partiwi Bagus Setiawan Bagus Shandy Narmaditya Bahri, Matahari Adihapsari Saiful Bambang Sugeng Bambang Sugeng Bastomi, Mohamad Bellini Munezero Brilian Prastiti Andri Safitri Budi Eko Soetjipto Budi UTAMI Cholifah, Emilia Nur Chozin, Chozin Cipto Wardoyo Dewi Diah F Distiawati, Rania Putri Dita Rachmawati Djoewita Djoewita Djoewita Djoewita, Djoewita Dodik Juliardi Dwi Wulandari Dyah Arini Rudiningtyas Eddy Sutadji Ega Saiful Subhan Eka Ananta Sidharta Eko Juni Wahyudi Eko Juni Wahyudi Ely Siswanto Ery Tri Djatmika RWW Etty Soesilowati Fauji, Diah Ayu septi Fazlur Rahman Rahawarin Fitriyah Fitriyah Fulgentius Danardana Murwani Gita Yuniar Gunartin . Guntur Kusuma Wardana Hadi Ismanto Hanif Rani Iswari Hari Wahyono Heri Pratikto Heri Purnomo Hernanik, Nova Dwi Ihsanul Windasari Ilham, Rachmad Imam Habibi Imam Mukhlis Indah Datin Nadliroh Indratirta, Nadia Prima Insani, Yogie Dana Iradah Rahman Irma Hidayati Ismanto, Hadi Ismanto Ismawati, Lilik Ita Athia Ita Prihatining Wilujeng Iva Khoiril Mala Izzalqurny, Tomy Rizky Junaidi Kukuh Budianto Kukuh Budianto Kusuma, Shafarina Dewi Lailatul Rohmah Laksono, Andi Latif, Sahraman D. Hadji Ludi Wishnu Wardana Lukmanasari, Herla Luthfiya Fathi Pusposari M. Cholid Mawardi Mahmud Mahmud Makaryanawati Makayanawati Makayanawati ‏‏‎ Masculine Muhammad Muqorobin Maslichah Maslichah Mega Aulianda Mifta Ria Oktaviana Mifta Ria Oktaviana Moch Mohtar Moch. Wahyu Widodo Moh Yasir Moh. Amin Mohammad Rofiudin Muchamad Rizky Fauzi Muchamad Rizky Fauzi Mufid A Muhammad Bukhori Dalimunthe Muhammad Irfanul Hakim Zain Muhammad Irsan Y Hi Wahid Muhammad Sulhan Nabila Aura Dewanti Nabila Aura Dewanti Nadliroh, Indah Datin Novi Trisnawati Novita Rifaul Kirom, Novita Rifaul Nur Diana Nur Diana Kholidah SM Nurika Restuningdiah Nuriyatul Mustofiyah Nurrahma, Aisyah Asri Nurul Farida Nurus Shobah Nurus Shobah Pahrizal Pahrizal Purnawarman, Agung Purwadi, Muhammad Guntur Purwianti, Ari Putra Hilmi Prayitno Rachmawati, Dita Raharimalala Narindraniaina Elisoa Rahayu RAHAYU Rahman, Fadali Rahman, Iradah Rahmi, Vembri Aulia Rania Putri Distiawati Ratna Dwi Nastiti Ratna Tri Hardaningtyas Ravinesh Rohit Prasad, Ravinesh Rohit Renny Dwijayanti Restu Millaningtyas Reyhan Mahardika Rieska Maharani Rifaldy Adinandra Ferdiansyah Rina Maretasari Rini Astuti Rini Astuti Rizkita, Marsya Aulia Rizky Arief Shobirin Rizky Firmansyah RIZKY NURYANTI Rosmala Dewi Rosmiza Bidin RR. Ella Evrita Hestiandari Saiful Arif santoso, fuji Saptaria, Lina Saraswati, Thusy Tiara Satia Nur Maharani SEPTI FAUJI, DIAH AYU Septiawan, Bambang Shadi Emad Areef Alhaleh Shafarina Dewi Kusuma Sheila Febriani Putri Siti Salina Mustakim Slamet Fauzan Sonhaji Sri Umi Mintarti Sudarmiatin Sugangga, Rayyan Sukarsih Sukarsih, Sukarsih Sulis Rochayatun Sulton Sholehuddin Sunandes, Aris Sunariyadi, Sunariyadi Suparti Suparti Sutomo Sutomo Syafrozi Haqi Tasnim Nikmatullah Realita Tatas Ridho Nugroho Tatas Ridho Nugroho Tjatur, Christian Ulfi Andrian Sari Umi Nandiroh Umu Rosyidah Vega Wafaretta Vembri Aulia Rahmi Wahid, Muhammad Irsan Y Hi Wahju Wardhana Wahyu Dede Gustiawan Wahyu Mustika Rani Wakik Wardhana, Ery Tri Wibowo, Nyuherno Aris Widyaningrum, Santi Winda Ayu Anggraini Yulani, Farah Siska Yuli Soesetio Yuniar, Gita Yusuf Yusuf Zaenul Muttaqien

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