Pengaruh Foreign Debt, Exchange Rate, Growth Opportunity, Firm Size, Liquidity, dan Profitability terhadap Hedging Decision pada Perusahaan Sektor Energi di Bei Periode 2019-2023

The Influence of Foreign Debt, Exchange Rate, Growth Opportunity, Company Size, Liquidity, and Profitability on Hedging Decisions in Energy Sector Companies on the Indonesian Stock Exchange For the Period 2019-2023

Partisipasi perusahaan dalam transaksi internasional dapat membawa risiko tersendiri, terutama yang berasal dari fluktuasi nilai tukar. Oleh karena itu, penting bagi perusahaan untuk mengelola risiko dengan langkah preventif, seperti melakukan lindung nilai (hedging), sebagai upaya mitigasi untuk mencegah dan meminimalkan potensi risiko. Penelitian ini bertujuan untuk mengetahui pengaruh dari foreign debt, exchange rate, growth opportunity, firm size, liquidity, dan profitability terhadap hedging decision perusahaan Sektor Energi di BEI Periode 2019-2023. Populasi dalam penelitian ini adalah 90 perusahaan sektor energi yang terdaftar di BEI. Sampel yang digunakan sebanyak 39 perusahaan, dengan teknik pengambilan sampel melalui purposive sampling.  Data diolah menggunakan software IBM SPSS 25 dengan teknik analisis regresi logistik.  Hasil penelitian ini menunjukkan bahwa foreign debt, firm size berpengaruh positif terhadap hedging decision. Liquidity berpengaruh negatif terhadap hedging decision. Exchange rate, growth opportunity, dan profitability tidak berpengaruh terhadap hedging decision.  Oleh karena itu perusahaan sektor energi diharapkan ke depannya diharapkan dapat mempertimbangkan faktor-faktor seperti foreign debt, firm size, dan liquidity yang berpengaruh terhadap keputusan hedging. Hal ini dilakukan agar perusahaan dapat memberikan pengambilan keputusan yang cukup akurat serta untuk membantu perusahaan dalam melindungi arus kas dan stabilitas keuangan perusahaan.

Kata kunci: hedging, firm size, foreign debt, growth opportunity, liquidity, profitability

Participation in international transactions inherently exposes companies to risks, particularly those arising from exchange rate fluctuations. Therefore, it is essential for companies to manage these risks through preventive measures such as hedging, which serves as a strategic tool to mitigate and minimize potential financial losses. This study aims to determine the effect of foreign debt, exchange rate, growth opportunity, firm size, liquidity, and profitability on hedging decisions in energy sector companies listed on the IDX from 2019 to 2023. The population of this study consists of 90 energy sector companies listed on the IDX. The sample used comprises 39 companies, selected through purposive sampling techniques. The data is processed using IBM SPSS 25 with logistic regression analysis technique. The results of this study indicate that foreign debt and firm size positively affect hedging decisions, while liquidity negatively affects hedging decisions. Whereas, exchange rate, growth opportunity, and profitability show no significant effect on hedging decisions. Given these findings, energy sector companies are advised to prioritize factors that significantly influence hedging decisions, particularly foreign debt, firm size, and liquidity. By incorporating these considerations into their financial strategies, companies can improve decision-making accuracy, safeguard cash flow, and enhance financial stability.