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All Journal IJBE (Integrated Journal of Business and Economics) INVEST : Jurnal Inovasi Bisnis dan Akuntansi
Widya Rizki Eka Putri
University of Lampung
Humanities Economics, Econometrics & Finance Social Sciences

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The Association of Exchange Rate, Foreign Debt and Bankruptcy Risk On Hedging Decisions During the Pandemic Aulia Ramadina Salsabila; Widya Rizki Eka Putri; Ratna Septiyanti; Sari Indah Oktanti Sembiring
INVEST : Jurnal Inovasi Bisnis dan Akuntansi Vol. 4 No. 1 (2023): INVEST : Jurnal Inovasi Bisnis dan Akuntansi
Publisher : Lembaga Riset dan Inovasi Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/invest.v4i2.499

Abstract

This study aims to provide empirical evidence on the association between exchange rates, foreign debt, and bankruptcy risk on hedging decisions during a pandemic. The subjects of this research are Conventional General Banking companies registered with the Financial Services Authority (OJK) in 2020 and 2021. The hypotheses are tested using multiple linear regression analysis. Hedging is measured using the value of derivative instruments reported in the banks' financial statements. The test results in th is study indicate that the exchange rate proxies by the mid-rate at the closing price of the rupiah exchange rate against the US dollar has no relationship with hedging decisions because the exchange rate fluctuations during the pandemic are still within reasonable limits according to the assumptions of the Ministry of Finance. Meanwhile, the results of the test of foreign debt measured by the ratio of foreign currency debt to total debt and bankruptcy risk measured by the Altman Z- score model have a relationship with hedging decisions because hedging decisions will be important to reduce the risk of changes in the value of foreign debt, and firms experiencing bankruptcy risk will implement hedging strategies to mitigate financial risk and protect the firm from significant losses.  
The Role of the Risk Committee in Mitigating Risk-Taking Behavior Arising from Agency Conflicts in Indonesian Banking widya rizki eka putri; Fatkhur Rohman; Rialdi Azhar; Khairullah Taj
Integrated Journal of Business and Economics (IJBE) Vol 10, No 2 (2026): Integrated Journal of Business and Economics
Publisher : Universitas Bangka Belitung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33019/ijbe.v10i2.1535

Abstract

This study examines the effect of agency conflict on risk-taking behavior in the Indonesian banking industry and evaluates the role of the Risk Committee as an internal governance mechanism. Three structural attributes of the Risk Committee—independence, expertise, and meeting frequency—are assessed as moderating variables that may strengthen internal oversight over managerial decision-making. Using panel data from conventional banks in Indonesia for the 2017–2023 period, the results show that agency conflict positively and significantly increases risk-taking behavior, indicating potential managerial opportunism arising from misaligned principal–agent interests. Among the moderating variables, Risk Committee expertise proves the most effective in weakening the influence of agency conflict, while meeting frequency also demonstrates a significant moderating effect. Conversely, committee independence does not exhibit a statistically significant moderating role. Overall, the findings underscore the importance of substantive governance quality—particularly professional competence and supervisory intensity—in mitigating the adverse effects of agency conflicts. These insights offer relevant implications for regulators and stakeholders.
The Association of Exchange Rate, Foreign Debt and Bankruptcy Risk On Hedging Decisions During the Pandemic Aulia Ramadina Salsabila; Widya Rizki Eka Putri; Ratna Septiyanti; Sari Indah Oktanti Sembiring
INVEST : Jurnal Inovasi Bisnis dan Akuntansi Vol. 4 No. 1 (2023): INVEST : Jurnal Inovasi Bisnis dan Akuntansi
Publisher : Lembaga Riset dan Inovasi Al-Matani

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55583/invest.v4i2.499

Abstract

This study aims to provide empirical evidence on the association between exchange rates, foreign debt, and bankruptcy risk on hedging decisions during a pandemic. The subjects of this research are Conventional General Banking companies registered with the Financial Services Authority (OJK) in 2020 and 2021. The hypotheses are tested using multiple linear regression analysis. Hedging is measured using the value of derivative instruments reported in the banks' financial statements. The test results in th is study indicate that the exchange rate proxies by the mid-rate at the closing price of the rupiah exchange rate against the US dollar has no relationship with hedging decisions because the exchange rate fluctuations during the pandemic are still within reasonable limits according to the assumptions of the Ministry of Finance. Meanwhile, the results of the test of foreign debt measured by the ratio of foreign currency debt to total debt and bankruptcy risk measured by the Altman Z- score model have a relationship with hedging decisions because hedging decisions will be important to reduce the risk of changes in the value of foreign debt, and firms experiencing bankruptcy risk will implement hedging strategies to mitigate financial risk and protect the firm from significant losses.  
Co-Authors Aulia Ramadina Salsabila Fatkhur Rohman Khairullah Taj Ratna Septiyanti Rialdi Azhar Sari Indah Oktanti Sembiring