PENGARUH LINDUNG NILAI DAN PENJUALAN INTERNASIONAL TERHADAP NILAI PERUSAHAAN YANG DIMODERASI OLEH EKSPOSUR VALUTA ASING
DOI:
https://doi.org/10.24843/BSE.2026.v31.i02.p05Keywords:
Eksposur Valuta Asing, Lindung Nilai, Nilai Perusahaan, Penjualan Internasional, Exposure Exchange Rate, Firm Value, Hedging, Sales ExportAbstract
Perusahaan multinasional yang terdaftar di Bursa Efek Indonesia (BEI) menghadapi ketidakpastian risiko fluktuasi nilai tukar yang kompleks seiring dengan ekspansi pasar global. Berlandaskan teori sinyal (signaling theory) dan teori keagenan (agency theory), penelitian ini menguji kebijakan lindung nilai (hedging) dan penjualan internasional sebagai instrumen strategis untuk menyelaraskan kepentingan manajer dan pemegang saham serta memitigasi asimetri informasi, dengan eksposur valuta asing sebagai variabel moderasi. Penelitian kuantitatif asosiatif kausal ini menggunakan teknik purposive sampling untuk menganalisis 94 perusahaan multinasional non-perbankan (470 unit observasi) di BEI pada periode 2020–2024. Data sekunder dari laporan keuangan dan harga saham dianalisis menggunakan metode Partial Least Squares Structural Equation Modeling (PLS-SEM) dengan bantuan SmartPLS. Hasil pengujian membuktikan bahwa lindung nilai (hedging) dan penjualan internasional berpengaruh positif dan signifikan terhadap nilai perusahaan. Eksposur valuta asing terbukti memoderasi dan memperlemah pengaruh positif lindung nilai (hedging) terhadap nilai perusahaan. Hal ini terjadi karena lonjakan biaya transaksi derivatif di tengah gejolak pasar diinterpretasikan oleh prinsipal sebagai bentuk inefisiensi biaya keagenan (agency cost) baru yang menggerus profitabilitas. Sebaliknya, eksposur valuta asing tidak memoderasi pengaruh penjualan internasional terhadap nilai perusahaan, yang mengindikasikan bahwa investor memisahkan penilaian kinerja strategis operasional ekspor jangka panjang dari fluktuasi kurs jangka pendek. Studi ini menyarankan manajemen untuk mengoptimalkan operational hedging melalui diversifikasi pasar geografis ekspor guna mengurangi ketergantungan pada kontrak derivatif finansial yang mahal.
Multinational corporations listed on the Indonesia Stock Exchange (IDX) face complex financial risks from exchange rate volatility as they expand into global markets. At the same time, empirical studies on how hedging and export sales affect firm value remain inconsistent. Drawing on signaling and agency theory, this study examines whether hedging and international sales positively align manager-shareholder interests and reduce information asymmetry, with foreign exchange exposure moderating the relationship. Using purposive sampling, this quantitative causal-associative study analyzes 94 non-banking multinational firms (470 observations) listed on the IDX from 2020 to 2024. Secondary financial data and stock prices were processed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that hedging and international sales both have direct, positive, and significant impacts on firm value. Furthermore, foreign exchange exposure significantly moderates and weakens the positive effect of hedging on firm value, driven by escalating derivative transaction costs that shareholders perceive as an inefficient agency cost. Conversely, exchange rate exposure does not moderate the relationship between international sales and firm value, indicating that investors prioritize the long-term strategic value of geographic diversification over short-term currency fluctuations. These findings suggest that managers should optimize operational hedging through market diversification to minimize reliance on costly financial derivatives.
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