<![CDATA[This study aims to examine and analyze the effects of financial distress, liquidity, leverage, and firm size on hedging decisions among consumer non-cyclicals companies listed on the Indonesia Stock Exchange during the 2021–2024 period. A quantitative approach was employed using logistic regression analysis. The research sample was selected through purposive sampling, resulting in 21 companies with a total of 84 observation data. The dependent variable was the hedging decision, while the independent variables included financial distress, liquidity, leverage, and firm size. The findings reveal that liquidity has a positive and significant effect on hedging decisions, indicating that companies with stronger liquidity are more likely to adopt hedging strategies to manage financial risks. In contrast, financial distress and leverage do not have a significant influence on hedging decisions. Firm size, however, has a negative and significant effect, suggesting that larger firms tend to be less likely to engage in hedging activities. These findings demonstrate that a company's financial condition and organizational characteristics play an important role in determining its risk management strategy, particularly in making hedging decisions to mitigate market uncertainty and financial risk.]]>
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