The moderating effect of selling prices and buying prices on the effect of copper hedging on the profitability of the copper division of PT. TMS
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Jun 5, 2023
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Abstract
Profitability is a major factor that determines the survival of a company. There are two general factors to determine the profitability of a company, namely first sales and second direct and indirect costs. However, there are other factors that affect the profitability of the company itself, namely hedging activities. The company in this study is PT. Tembaga Mulia Semanan Tbk. ( PT. TMS ), a manufacturing company that produces copper wire & rod. This study has three objectives, namely to determine the effect of hedge metal on profitability, and identify whether the selling price or purchase price can moderate this influence on company profitability. This study uses the type of data Secondary data taken directly from PT. Tembaga Mulia Semanan Tbk. In addition, this research is also supported by literature research through literature books and journals. The population data at PT. Tembaga Mulia Semanan Tbk. as much as 700 data. In this study, the authors used simple random sampling, the number of samples to be taken in this study was 240 data (monthly data from 2016 – 2021. This study uses multiple regression analysis with moderation, below is the regression model. Based on the results of the study, empirical facts were obtained in the form of: 1) 1. Hedge Amount has a significantly negative effect on EBIT; 2) The negative effect of the Hedge Amount on EBIT will be more positive when the Selling Price increases; 3) Purchase Price significantly moderates the positive effect of Hedge Amount on EBIT.
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How to Cite
Yulyanti, S., & Lumbantobing, R. (2023). The moderating effect of selling prices and buying prices on the effect of copper hedging on the profitability of the copper division of PT. TMS. Enrichment : Journal of Management, 13(2), 731-742. https://doi.org/10.35335/enrichment.v13i2.1327
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Sunaryo, T. (2009). Manajemen Risiko Financial. Salemba Empat.
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Tuysuz, S. (2013). Conditional Correlations between Stock Index, Investment Grade Yield, High Yield dan Commodities (Gold dan Oil) during Stable dan Crisis Periods. International Journal of Economics and Finance, 5(9).
Weston, F. J., & Copeland, T. E. (2010). Manajemen Keuangan (2nd ed.). Binarupa Aksara Publisher.
Yaqoob, T., & Iqbal, J. (2021). Are Precious Metals Hedge Against Financial dan Economic Variables?: Evidence from Cointegration Tests. Journal of Asian Finance Economics Dan Business , 8(1), 81–91.
Anwar, Hidayat. (2013). Uji F dan Uji T. Statistikian.
ASC 606, ASC 606 (2017).
Aven, T. (2012). Foundational Issues in Risk Assessment and Risk Management. Risk Analysis an International Journal, 32(10), 1647–1656.
Bessler, W., Conlon, T., & Huan, X. (2019). Does corporate hedging enhance shareholder value? A meta-analysis. International Review of Financial Analysis, Elsevier, 61(C), 222–232.
Boutouria, S., & Abid, F. (2010). Hedging Effectiveness of Constant dan Time Varying Hedge Ratio of the Copper in the London Metal Exchange. SSRN Electronic Journal.
Brigham, E. F., & Houston, J. F. (2001). Dasar-Dasar Manajemen Keuangan (8th ed.). Salemba Empat.
Chan, W. H., & Young, D. (2006). Jumping hedges: An examination of movements in copper spot dan futures markets. Journal of Futures Markets (John Wiley & Sons, Ltd), 26(2), 169–188.
Choudhry, T., Hassan, S. S., & Shabi, S. (2015). Relationship between Gold dan Stock Markets during the Global Financial Crisis: Evidence from Nonlinear Causality Tests. International Review of Financial Analysis , 41, 247–256.
Coad, Alex. (2010). Exploring the processes of firm growth: evidence from a vector auto-regression. Industrial and Corporate Change, 19(6), 1677–1703.
de Roon, F. A., Nijman, T. E., & Veld, C. (2000). Hedging Pressure Effects in Futures Markets. The Journal of Finance LV, 3.
Dünki, R., & Dressel, M. (2011). F-Ratio Test dan Hypothesis Weighting: A Methodology to Optimize Feature Vector Size. Journal of Biophysics (Hindawi Publishing Corporation : Online).
Eiteman, D. K., Stonehill. A.L., & Moffett, M. H. (2010). Multinational Business Finance (12th ed.). Prentice Hall.
Ennouri, W. (2013). Risks Management: New Literature Review. Polish Journal of Management Studies, 8(1), 288–297.
Fаisаl, M. (2001). Mаnаjemen Keuаngаn Internаsionаl. Sаlembа Empаt.
Geyer-Klingeberg, J., Hang, M., & Rathgeber, A. (2020). Meta-analysis in finance research: Opportunities, challenges, and contemporary applications. International Review of Financial Analysis, Elsevier, 71(C).
Ghozali, I. (2016). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (8th ed.). Badan Penerbit Universitas Diponegoro.
Gomz, N. (2013). Purchase Price: Definition, Examples & Formulas. Understand Financial Analysis.
Hansen, D. R., & Mowen, M. M. (2011). Akuntansi Manajerial. Salemba Empat. https://analystanswers.com/purchase-price-definition-examples-formulas/
Hery. (2016). Analisis Laporan Keuangan Integrated dan Comprehensive Edition. Grasindo.
Hull, J. C. (2008). Fundamentals of futures and options markets. Prentice Hall.
Ischuk, Т. L., Zhilkin, D. V., & Aikina, Yu. (2016). Gold as a Tool for Hedging Financial Risks. IOP Conf. Series: Earth and Environmental Science, 43.
Jang, SooCheong., & Park, Kwangmin. (2011). Inter-relationship between firm growth and profitability. International Journal of Hospitality Management, 30, 1027–1035.
Joy, M. (2011). Gold dan the US dollar: hedge or heaven? Finan. Res. Lett, 8, 120–131.
Khan, M., Hussain, D., & Mehmood, Waqar. (2016). Why do firms adopt enterprise risk management (ERM)? Empirical evidence from France. Management Decision, 54, 1886–1907.
Kotler, Philip., & Keller, K. L. (2013). Manajemen Pemasaran (2nd ed.). Erlangga.
Levine, T. (2014). Active Deception Detection. SAGE Journals, 1(1).
Lewis, G. (1994). Taktik Menetapkan Harga. PT Gramedia Pustaka Utama.
Liu, Q., Chng, M. T., & Xu, D. (2014). Hedging Industrial Metals With Stochastic Volatility Models. Journal of Futures Markets (John Wiley & Sons, Ltd), 34(8), 704–730.
Madani, M. A., & Ftiti, Z. (2022). Is gold a hedge or safe haven against oil dan currency market movements? A revisit using multifractal approach. Ann Oper Res, 313(1), 367–400.
Madura, Jeff. (2000). Manajemen Keuangan Perusahaan Internasional. Salemba Empat.
Makomaski, J. (2008). So What Exactly Is ERM? Risk Management, 55(4), 80–81.
Marn, M. v., & Rosiello, R. L. (1992). Managing Price, Gaining Profit. Harvard Business Review.
Meiners, R. E., & Miller, R. L. (2000). Teori Mikro Ekonomi Intermediate. PT Raja Grafindo Persada.
Michis, A. A. (2014). Investing in Gold: Individual Asset Risk in the Long Run. Finance Research Letters, 11(4), 369–374.
Min Wang, K., Nguyen Thi, T.-B., & Lee, Y. M. (2021). Is gold a safe haven for the dynamic risk of foreign exchange? Future Business Journal, 7(56).
Mulyadi. (2015). Akuntansi Biaya (5th ed.). Sekolah Tinggi Ilmu Manajemen YKPN.
Narayan, P. K., Ahmed, H. A., & Narayan, S. (2015). Do momentum‐based trading strategies work in the commodity futures markets? Journal of Futures Markets, 35(9), 868–891.
Park, J. S., & Yukun, S. (2017). Hedging dan speculative pressures and the transition of the spot-futures relationship in energy dan metal markets. International Review of Financial Analysis (Elsevier) , 54, 176–191.
Raharjo, S. (2019). Makna Koefisien Determinasi (R Square) dalam Analisis Regresi Linear Berganda - SPSS Indonesia. SPSS Indonesia. Spssindonesia.Com. Https://Www.Spssindonesia.Com/2017/04/Makna-Koefisien-Determinasi-r-Square.Html.
Santoso, S. (2012). Statistik Parametik. PT Gramedia Pustaka Utama.
Shaari, N. A., Hasan, N. A., Palanimally, Y. R., & Mohammed, R. K. M. H. (2013). The Determinants of Derivative Usage: A study on Malaysian firms. INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS, 5(2).
Shapiro, A. C. (1998). Foundations of multinational financial management. Prentice Hall.
Sugiono, (2004). Konsep, Identifikasi, Alat Analisis dan Masalah Penggunaan Variabel Moderator. Jurnal Studi Manajemen & Organisasi, 1(2), Mei 2004, 61.
Sunaryo, T. (2009). Manajemen Risiko Financial. Salemba Empat.
Sutrisno. (2009). Manajemen Keuangan Teori, Konsep dan Aplikasi (1st ed., Vol. 7). Ekonisia.
Tuysuz, S. (2013). Conditional Correlations between Stock Index, Investment Grade Yield, High Yield dan Commodities (Gold dan Oil) during Stable dan Crisis Periods. International Journal of Economics and Finance, 5(9).
Weston, F. J., & Copeland, T. E. (2010). Manajemen Keuangan (2nd ed.). Binarupa Aksara Publisher.
Yaqoob, T., & Iqbal, J. (2021). Are Precious Metals Hedge Against Financial dan Economic Variables?: Evidence from Cointegration Tests. Journal of Asian Finance Economics Dan Business , 8(1), 81–91.