Neny Safitri, Analisis Faktor-faktor Yang Mempengaruhi Pengambilan Keputusan Lindung Nilai (Hedging) Dengan Menggunakan Instrumen Derivatif (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di BursaEfek Indonesia Periode 2012-2015). Di bawah bimbingan Dr.Rita Yuliana, S.E., MSA., Ak., CA and Anis Wulandari, S.E., MSA., Ak., CA. Instrumen derivatif seringkali digunakan perusahaan untuk aktivitas hedging risiko nilai tukar mata uang asing. Penelitian ini bertujuan untuk menguji pengaruh debt to equity ratio, Growth Opportunity, Liquidity, financial distress, dan managerial ownership terhadap probabilitas kebijakan hedging. Penelitian ini dilakukan dengan sampel sebanyak 39 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode tahun 2012-2015 yang dipilih dengan teknik purposive sampling. Data yang digunakan merupakan data sekunder yang berasal dari laporan keuangan tahunan perusahaan yang dipublikasikan pada website Bursa Efek Indonesia. Teknik analisis regresi logistik digunakan untuk mengetahui pengaruh variabel independen penelitian terhadap probabilitas kebijakan hedging Hasil penelitian membuktikan bahwa debt to equity ratio, growth opportunity, financial distress, dan managerial ownership berpengaruh tidak signifikan terhadap probabilitas kebijakan hedging. Liquidity berpengaruh negatif dan signifikan terhadap probabilitas kebijakan hedging. Nilai Nagelkerke’s R Square untuk penelitian ini sebesar 10%. Ini berarti sebesar 90% dijelaskan oleh variabel lain di luar model Kata kunci: Hedging, Risiko Nilai Tukar, Instrumen Derivatif, Regresi Logistik

Neny Safitri, Analysis Of The Factors That Influence The Decison Making Hedging By Using Derivative Instruments on the Manufacturing Firms Listed on the Indonesia Stock Exchanges (BEI)at 2012-2015 Periods. Under The Guidness Dr.Rita Yuliana, S.E., MSA., Ak., CA and Anis Wulandari, S.E., MSA., Ak., CA. Derivative instruments are commonly used by companies to hedge foreign exchange risk. This study aims to examine the effect of debt to equity ratio, growth opportunity, Liquidity, financial distress, and managerial ownership on probability of hedging policy. Using purposive sampling, 39 manufacturing firms listed on the Indonesia Stock Exchange in 2012-2015 are selected as sample. Sample data are collected from annual report published on the Indonesia Stock Exchange website. Logistic regression analysis is used in this study to examine the effect of independent variables on dependent variable. The result of this study proves that debt to equity ratio, growth opportunity, and managerial ownership do not influence probability of hedging policy. Liquidity have negatife and significant effect on probability of hedging policy. The value of Nagelkerke’s R Square is 10% This means that 90% is explained by other variables outside the model. Keywords: Hedging, Foreign Exchange Risk, Dervative Instruments, Logistic Regression

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