THE ROLE OF FIRM SIZE IN MODERATING THE EFFECTS OF PROFITABILITY AND LEVERAGE ON HEDGING
DOI:
https://doi.org/10.36085/jam-ekis.v9i3.10955Abstract
This study aims to examine the effects of profitability and leverage on hedging decisions and to analyze the moderating role of firm size among coal mining companies listed on the Indonesia Stock Exchange (IDX). This quantitative study uses secondary data obtained from companies’ annual reports during the 2021–2024 observation period. Using purposive sampling, 29 companies were selected, resulting in 116 firm-year observations. The data were analyzed using moderated binary logistic regression, with firm size included as both a main effect and a moderating variable. Before constructing the interaction terms, profitability, leverage, and firm size were mean-centered to reduce potential multicollinearity. The results indicate that profitability has a significant negative effect on hedging decisions (p = 0.017), while leverage does not have a significant effect (p = 0.401). Firm size has a significant main effect on hedging decisions (p < 0.001). Furthermore, the interaction between profitability and firm size is significant (p = 0.002), indicating that firm size moderates the relationship between profitability and hedging decisions. However, the interaction between leverage and firm size is not significant (p = 0.324). These findings suggest that the relationship between profitability and hedging decisions varies according to firm size, while leverage does not show a significant relationship with hedging decisions within the selected sample
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