ANALYZING HEDGING, INSTITUTIONAL OWNERSHIP, AND DEBT POLICY ON FIRM VALUE WITH FIRM SIZE MODERATION IN INDONESIA STOCK EXCHANGE
DOI:
https://doi.org/10.46229/msdj.v7i1.1010Keywords:
Debt policy, hedging practices, institutional ownership, firm value, firm sizeAbstract
This study's purpose is to develop a conceptual framework to examine the effect of hedging practices, institutional ownership, and debt policy on firm value while considering the moderating role of firm size. Secondary data from the banking subsector on the Indonesia Stock Exchange during 2018-2022 was used, with a sample of 37 companies and a total of 185 data points. The purposive sampling method was used, and the analysis was conducted using moderation regression analysis. The results show that hedging practices and debt policy have no significant impact on firm value, while Institutional ownership positively and significantly impacts firm value. Based on moderation regression analysis, it is clear that firm size can moderate the relationship between hedging and firm value, as well as between debt policy and firm value. However, it does not moderate the effect of institutional ownership on firm value.
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