Penelitian ini bertujuan untuk mengetahui pengaruh Leverage, Liquidity, Financial distress, Growth opportunity dan Firm size terhadap penerapan kebijakan lindung nilai (hedging) pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Periode yang digunakan adalah tahun 2012 – 2016. Desain penelitian ini adalah penelitian asosiatif kausalitas dan data yang digunakan adalah data sekunder. Populasi yang digunakan dalam penelitian ini adalah seluruh perusahaan manufaktur. Sampel yang digunakan dalam penelitian ini berjumlah 36 perusahaan manufaktur. Teknik pengambilan sampel ditentukan dengan menggunakan metode purposive sampling, dan metode analisis yang digunakan dalam penelitian ini adalah metode Regresi Logistik. Berdasarkan hasil penelitian, menunjukkan bahwa variabel Leverage yang diproksikan dengan Debt to Equity Ratio tidak berpengaruh terhadap penerapan kebijakan lindung nilai (hedging) pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Variabel Liquidity, Financial distress, Growth opportunity dan Firm size berpengaruh terhadap penerapan kebijakan lindung nilai (hedging) pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. Nilai Nagelkerke’s R Square sebesar 0,226 yang berarti variabel Leverage, Liquidity, Financial Distress, Growth opportunity dan Firm size mampu menjelaskan variabel Penerapan Kebijakan Lindung Nilai (Hedging) pada Perusahaan Manufaktur sebesar 22,6% dan sisanya sebesar 77,4% dijelaskan oleh variabel lain di luar model penelitian. Kata Kunci: Hedging, Leverage, Liquidity, Financial Distress, Growth opportunity dan Firm size

This study aims to determine the effect of Leverage, Liquidity, Financial distress, Growth opportunity and Firm size on the application of hedging policies to Manufacturing Companies listed on the Indonesia Stock Exchange. The period used is 2012 - 2016. The design of this study is associative causality research and the data used is secondary data. The population used in this study is all manufacturing companies. The sample used in this study amounted to 36 manufacturing companies. The sampling technique was determined using purposive sampling method, and the analytical method used in this study was the Logistic Regression method. Based on the results of the study, it shows that the Leverage variable proxied by Debt to Equity Ratio does not affect the application of hedging policies to Manufacturing Companies listed on the Indonesia Stock Exchange. Variable Liquidity, Financial distress, Growth opportunity and Firm size affect the implementation of hedging policies in Manufacturing Companies listed on the Indonesia Stock Exchange. Nagelkerke's R Square value is 0.226 which means that the variables Leverage, Liquidity, Financial Distress, Growth opportunity and Firm size can explain the variables of the application of Hedging Policy in Manufacturing Companies by 22.6% and the remaining 77.4% are explained by other variables outside the research model. Keywords: Hedging, Leverage, Liquidity, Financial Distress, Growth opportunity and Firm size

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