Value Driver Terhadap Nilai Pemegang Saham Perusahaan Yang Hedging Di Derivatif Valuta Asing

VALUE DRIVERS TERHADAP NILAI PEMEGANG SAHAM PERUSAHAAN YANG HEDGING DI DERIVATIF VALUTA ASING
Fika Fitriasari
Fakultas Ekonomi Universitas Muhammadiyah Malang
E-mail: fika@umm.ac.id
ABSTRACT

The aim of this research are to understanding and analyzing the effect of value drivers variables (sale growth, operation profit, fixed asset investment, work capital investment, and capital cost) on shareholder value in the company with hedging strategy in foreign currency derivative. Result of research indicates that: value drivers actually are expected to increase the shareholder value in company with hedging strategy in foreign currency derivative; value drivers actually may increase

the shareholder value in company with hedging strategy in foreign currency derivative, capital cost cannot improve shareholder value in company with hedging strategy in foreign currency derivative; and sale growth is the strongest factor to increase shareholder value in company with hedging strategy in foreign currency derivative.

Key words: value drivers, shareholder value, hedging, foreign currency derivative