Determinan Penggunaan Derivatif pada Perusahaan Manufaktur di ASEAN

Sarpiatun Hasanah, Bowo Setiyono, S.E., M.Com., Ph.D.

2025 | Tesis | S2 SAINS MANAJEMEN

Penelitian ini bertujuan untuk menguji faktor-faktor yang memengaruhi keputusan dan intensitas penggunaan instrumen lindung nilai (derivatif) oleh perusahaan manufaktur di kawasan ASEAN, serta peran moderasi Pandemi COVID-19 dalam hubungan tersebut. Metode yang digunakan meliputi uji non Prametrik dengan Mann–Whitney U Test, regresi berganda, serta model regresi probit dan tobit. 

Hasil Uji Mann–Whitney U menunjukkan bahwa perusahaan yang menggunakan hard currency cenderung lebih aktif dalam menggunakan instrumen derivatif dibandingkan perusahaan yang menggunakan soft currency.  Sementara itu, hasil regresi berganda untuk pengujian moderasi Pandemi COVID-19 mengindikasikan bahwa variabel  tersebut tidak berperan memoderasi hubungan antara jenis mata uang yang digunakan perusahaan dengan keputusan penggunaan instrumen derivatif.

Analisis regresi probit dan tobit menunjukkan bahwa variabel, foreign sales, leverage, serta variabel kontrol ukuran perusahaan (size) dan peluang pertumbuhan (growth opportunity) berpengaruh signifikan terhadap keputusan dan intensitas penggunaan derivatif. Foreign sales, leverage, dan ukuran perusahaan memiliki pengaruh positif terhadap penggunaan derivatif, sedangkan peluang pertumbuhan memberikan pengaruh negatif. Variabel kontorl size dan growth opportunity konsisten signifikan pada semua model yang diuji. Sebaliknya variabel investment opportunity, capital constraint, moderasi   Pandemi COVID-19 serta variabel kontrol likuiidtas dan proftabilitas tidak menunjukkan pengaruh signifikan terhadap penggunaan derivatif perusahaan. 

This study aims to examine the factors that influence the decision and intensity of using hedging instruments (derivatives) by manufacturing companies in the ASEAN region, as well as to examine the moderating role of COVID-19 in this relationship. The methods used include non-parametric tests with the Mann–Whitney U Test, multiple regression, and probit and tobit regression models. 

The results of the Mann–Whitney U test indicate that companies using hard currency tend to be more active in using derivative instruments compared to those using soft currency. Meanwhile, the results of the multiple regression analysis for testing the moderating effect of COVID-19 suggest that the c variable does not moderate the relationship between the type of currency used by companies and their decision to use derivative instruments.

Probit and Tobit regression analysis shows that the variables foreign sales, leverage, and control variables company size and growth opportunity have a significant effect on the decision and intensity of derivative use. Foreign sales, leverage, and company size have a positive effect on derivative use, while growth opportunity has a negative effect. The control variables of size and growth opportunity are consistently significant in all models tested. Conversely, the variables of investment opportunities, capital constraints, COVID-19 moderation, and control variables of liquidity and profitability do not show a significant effect on the use of corporate derivatives.

Kata Kunci : Derivatif, jenis mata uang, foregin sales, leverage, investment opportunity, capital constraint, Pandemi COVID-19, ASEAN