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Do Derivative Instruments Increase Firm Risk for Indonesia Non-Financial Companies?

Amrie Firmansyah

,

Wiwik Utami

,

Haryono Umar

,

Susi Dwi Mulyani

Amrie Firmansyah 1

Wiwik Utami 2
Haryono Umar 3
Susi Dwi Mulyani 4

  1. Department of Accounting, Polytechnic of State Finance STAN, Indonesia. 1

  2. Department of Accounting, Mercubuana University, Indonesia. 2

  3. Department of Accounting, Perbanas Institute, Indonesia. 3

  4. Department of Accounting, Trisakti University, Indonesia. 4

Pages: 81-95

DOI: 10.18488/journal.62.2020.72.81.95

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Article History:

Received: 21 November, 2019
Revised: 08 January, 2020
Accepted: 10 February, 2020
Published: 24 March, 2020


Abstract:

This study aims to examine the effect of derivative instruments on firm risk. This study employs stock return volatility as total risk and idiosyncratic volatility as unsystematic risk. Derivatives are financial instruments that have a value depending on the underlying value of other variables, which can be categorized into assets and liabilities. This study employed a quantitative method using multiple linear regression. The sample is all non-financial companies listed on the Indonesia Stock Exchange from 2012 to 2017. Data used in this study are panel data sourced from www.idx.co.id and www.finance.yahoo.com. The sample selection in this study used a purposive sampling method with a total sample of 246 observations. The results of this study suggest that derivative instruments are positively associated with firm risk, both total risk and unsystematic risk. The Indonesian Investors consider that the ownership derivatives by companies lead to uncertain conditions in the future. The results of this study prove that ownership of derivative instruments by companies in developing countries is closely related to corporate risk.
Contribution/ Originality
This study contributes to complete the works of literature on examining firms risk both total risk and unsystematic risk. Also, this study illustrates the ownership of derivatives by companies in one developing country.

Keywords:

Derivatives, Idiosyncratic, Stock return, Total risk, Unsystematic risk, Volatility.

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Reference:

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Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

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