Pengaruh Makro Ekonomi, Ukuran Perusahaan, Pertumbuhan Aset, dan Likuiditas Terhadap Financial Distressi dan Hedging dengan Good Corporate Governance Sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. (The Influence of Macroeconomics, Company Size, Asset Growth, and Liquidity on Financial Distress and Hedging with Good Corporate Governance as a Moderating Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange).

Rizai, Syaiful (2024) Pengaruh Makro Ekonomi, Ukuran Perusahaan, Pertumbuhan Aset, dan Likuiditas Terhadap Financial Distressi dan Hedging dengan Good Corporate Governance Sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. (The Influence of Macroeconomics, Company Size, Asset Growth, and Liquidity on Financial Distress and Hedging with Good Corporate Governance as a Moderating Variable in Manufacturing Companies Listed on the Indonesia Stock Exchange). Masters thesis, Universitas 17 Agustus 1945 Surabaya.

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Abstract

Changes in currency exchange rates also have an impact on currency appreciation and depreciation. One alternative that can help in managing risks arising from fluctuations in exchange rates is with hedging instruments. This research aimed to investigate the empirical evidence regarding the effect of macroeconomics, firm size, asset growth and liquidity on financial distress and hedging with good corporate governance as a moderating variable. The population were manufacturing companies listed on the Indonesian stock exchange and implementing a hedging strategy in 2020-2022. 17 companies were selected as samples using purposive sampling techniques. Hypothesis testing was carried out by means of Structural Equation Model (SEM) approach based on the Partial Least Square (PLS). Among the 10 hypotheses analyzed, 5 hypotheses were proven to be accepted and the rests were rejected. The findings show that the 2 exogenous variables (macroeconomics and asset growth) affected the endogenous variable (hedging), but not did the other 3 exogenous variables (firm size, liquidity and financial distress). Meanwhile, the 3 exogenous variables (firm size, asset growth and liquidity) were proven to influence the endogenous variable (financial distress); however, the variable of macroeconomics was not proven as such. In addition, good corporate governance as a moderating variable did not provide full support for the causal relationship between financial distress and hedging.

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