PENGARUH FIRM SIZE DAN GROWTH OPPORTUNITY TERHADAP HEDGING DENGAN RETURN ON ASSETS (ROA ) SEBAGAI VARIABEL INTERVENING PADA SEKTOR PERTAMBANGAN PERIODE 2020 – 2024 - Hesti Novianti; Heidi Siddiqa (PT. Tangrasula Tekno Kreatif, 2026)
ABSTRAK Perusahaan sektor pertambangan menghadapi risiko keuangan yang tinggi sehingga perlu menerapkan kebijakan hedging. Namun, hasil penelitian terdahulu mengenai pengaruh firm size dan growth opportunity terhadap keputusan hedging masih belum konsisten. Penelitian ini bertujuan menganalisis pengaruh firm size dan growth opportunity terhadap keputusan hedging dengan Return on Assets (ROA) sebagai variabel intervening. Penelitian menggunakan data sekunder sampel dipilih lewat purposive sampling berdasarkan kriteria tertentu, sehingga menghasilkan 12 perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia periode 2020–2024 dan dianalisis menggunakan SEM-PLS. Hasil penelitian menunjukkan bahwa firm size dan growth opportunity berpengaruh terhadap keputusan hedging, sedangkan ROA tidak berperan sebagai variabel intervening. Temuan ini menunjukkan bahwa keputusan hedging lebih ditentukan oleh karakteristik perusahaan dibandingkan profitabilitas. Penelitian ini memberikan bukti empiris mengenai faktor-faktor yang memengaruhi keputusan hedging pada perusahaan sektor pertambangan. ABSTRAct Mining sector companies face high financial risk, making the implementation of hedging policies essential. However, previous studies on the influence of firm size and growth opportunity on hedging decisions have produced inconsistent findings. This study aims to examine the effect of firm size and growth opportunity on hedging decisions, with Return on Assets (ROA) serving as an intervening variable. This study used secondary data, and the sample was selected through purposive sampling based on predetermined criteria, resulting in 12 mining sector companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The results indicate that firm size and growth opportunity significantly influence hedging decisions, while ROA does not act as an intervening variable. These findings suggest that hedging decisions are more strongly determined by firm characteristics than by profitability. This study provides empirical evidence on the factors influencing hedging decisions in mining sector companies.