Do Derivatives Instruments Ownership Decrease Firm Value in Indonesia?

Amrie Firmansyah · Eko Bayu Dian Purnama

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Risk Management in Financial Firms Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

This research aims to examine the association between derivatives instruments and firm value. This research is quantitative research with multiple linear regression models and panel data. The sample employed in this research is non-financial companies listed on the Indonesia Stock Exchange (IDX). The type of data used in this study is secondary data sourced from financial statements, stock price information, and annual reports from 2012 to 2017. The sample selection using a purposive sampling method with the number of samples amounted to 246 firm-year. The result of this study suggests that a derivatives instrument is not associated with firm value. Investors in Indonesia do not consider ownership of derivative instruments by companies whether those are harmful of not for the investment impact. Also, derivatives do not have an official market in Indonesia as well as investors also do not understand the purpose of derivative ownership by companies.

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References

2011The Effects of Derivatives on Firm Risk and Value 2002The Interaction between Accrual Management and Hedging: Evidence from Oil and Gas Firms 1997Financial Management : Theory & Practice 2017Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan 2007The Value of Corporate Risk Management 2017Pengaruh Profitabilitas, Sruktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan 2017PENGARUH PERTUMBUHAN PERUSAHAAN, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN 2017PENGARUH PERTUMBUHAN PERUSAHAAN, STRUKTUR MODAL, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

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