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"Volatilitas nilai tukar dan dampaknya terhadap kinerja keuangan perusahaan telah dipelajari secara luas. Sepengetahuan saya, tidak ada yang secara signifikan memperhatikan dampaknya pada perusahaan di Indonesia dengan akuisisi. Secara khusus, tujuan utama dari penelitianini adalah untuk mengetahui apakah volatilitas mata uang, Rupiah, memiliki pengaruh statistik yang signifikan terhadap akuisisi internasional dan domestik terkait dengan kinerja keuangan. Untuk tujuan analisis, 60 perusahaan dengan akuisisi yang terdaftar di Bursa Efek Indonesia antara periode 2009-2013 digunakan sebagai sampel. Efek tidak signifikan dari volatilitas Rupiah terhadap tingkat pengembalian saham ditunjukkan oleh regresi linier. Sebagai tambahan, uji coba sampel independen dilakukan dan menunjukkan bahwa tidak ada perbedaan yang signifikan antara akuisisi internasional dan domestik yang dipengaruhi oleh volatilitas Rupiah.Studi ini membawa nuansa pandangan volatilitas mata uang sehubungan dengan pengembalian saham perusahaan dan berkontribusi pada pembelajaran manajerial mengenai dampak tidak langsung dari volatilitas Rupiah terhadap kinerja keuangan perusahaan di Indonesia.

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The volatility of exchange rate and its impact on firms financial performance has been extensively studied. To the best of my knowledge, none have significantly paid attention to the impact on firms in Indonesia with acquisitions. In particular, the main objective of this study is to investigate whether the currency volatility, Rupiah, has significant statistical influence on international and domestic acquisitions with regard to financial performance. For the purpose ofanalysis, 60 firms with acquisitions listed on Indonesia Stock Exchange between the periods of 2009 ndash 2013 are used as sample. An insignificant effect of the volatility of Rupiah to stock returns was shown by linear regression. In addition, an independent samples testwas conducted and showed that there was no significant difference between international and domestic acquisitions on being affected by the volatility of Rupiah. This study brings a nuanced view of currency volatility with respect to firms stock returns and contributes tomanagerial learning on an indirect impact on Rupiah is volatility towards firms financial performances in Indonesia."

"Penelitian ini bertujuan untuk meneliti pengaruh lindung nilai atas valuta asing dengan instrumen keuangan derivatif terhadap nilai perusahaan. Sampel penelitian adalah 1246perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia selama tahun 2009-2013.Berdasarkan hasil uji empiris, diperoleh kesimpulan bahwa perusahaan yang melakukan aktivitas lindung nilai atas valuta asing memiliki nilai perusahaan yang lebih tinggi dibandingkan perusahaan yang tidak melakukan aktivitas lindung nilai. Penelitian ini mendukung penelitian Allayannis dan Weston (2008), Suriawinata (2004), Junior dan Laham (2008), dan Kapitsinas (2008). Namun, jika analisis tambahan dilakukan, lindung nilai atas valuta asing yang diproksikan dengan jumlah nosional kontrak derivatif atas underlying asset tidak memiliki pengaruh terhadap nilai perusahaan. Hasil analisis tambahan ini sesuai dengan hasil penelitian Bashir, Sultan, dan Jghef (2013) serta Listianie (2014).

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This study aims to investigate the effect of foreign currency hedge with derivative financial instrument on firm value. The samples are 1246 non-financial company data listed on the Indonesia Stock Exchange during 2009 to 2013. Based on empirical test results, we concluded that the company that hedge on foreign currency has a higher firm value than company that do not hedge. This study supports research Allayannis and Weston (2008), Suriawinata (2004), Junior and Laham (2008), and Kapitsinas (2008). However, if additional analysis is done, foreign currency hedge with derivative financial instrument has no effect on firm value. Results of additional analyzes are consistent with the results of the study Bashir, Sultan, and Jghef (2013) and Listianie (2014)."

"Penelitian ini menganalisis mengenai penggunaan lindung nilai atas valuta asing dengan instrumen derivatif terhadap probabilitas financial distress. Proksi yang digunakan untuk probabilitas financial distress adalah distance to default dari Model Merton 1974 . Penelitian ini adalah penelitian kuantitatif dengan desain eksplanatif. Tujuan dari penelitian ini adalah untuk meneliti pengaruh lindung nilai atas valuta asing dengan instrumen derivatif terhadap probabilitas financial distress. Metode dalam penelitian menggunakan regresi data panel dengan model estimasi fixed effect model. Sampel penelitian adalah 124 perusahaan non-finansial yang terdaftar di Bursa Efek Indonesia selama 2010-2016. Penelitian ini menemukan bahwa perusahaan yang menggunakan lindung nilai atas valuta asing dengan instrumen derivatif menunjukkan koefisien positif pada variabel distance to default sehingga dapat menurunkan probabilitas financial distress.

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This study analyzes the use of foreign currency hedging with derivative instruments on the probability of financial distress. The proxy used for the probability of financial distress is the distance to default with the Merton Model 1974 . This research is quantitative explanative. This study aims to investigate the effect of hedging on foreign exchange with derivative instruments on the probability of financial distress. Methods in the study using panel data regression by using estimation model of fixed effect model. The samples are 124 non financial firms listed on the Indonesia Stock Exchange during 2010 to 2016. The study found that firms that use foreign exchange hedging with derivative instruments showing the positive coefficients on distance to default variable that can reduces a firm rsquo s probability of financial distress."

"Penelitian ini bertujuan untuk menganalisis dampak pengumuman kebijakan devaluasi mata uang Yuan (Tiongkok) yang dilakukan oleh People's Bank of China (PBoC) atau Bank Sentral Tiongkok yang diumumkan pada tanggal 11 Agustus 2015 terhadap abnormal return saham dan dampaknya pada setiap sektor industri dari 9 (sembilan) sektor yang tercatat di Bursa Efek Indonesia. Penelitian ini menggunakan metode event study yang terdiri dari 133 estimation period dan 31 hari event period atau event window (t-15, t=0, dan t+15). Hasil penelitian menemukan bahwa pertama, tidak terdapat abnormal return yang signifikan pada hari pengumuman devaluasi mata uang Yuan (Tiongkok), kedua terdapat abnormal return yang heterogen pada setiap sektor industri dari 9 (sembilan) sektor yang tercatat di Bursa Efek Indonesia. Hasil penelitian juga menunjukan bahwa signifikansi hanya terdapat pada sektor Trade & Service t = 0 atau pada saat hari terjadi pengumuman devaluasi mata uang Yuan (Tiongkok).

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This study aims at analyzing the impact of policy announcements devaluation of the Yuan (China) currency conducted by the People's Bank of China (PBoC), or the Central Bank of China, which was announced on August 11, 2015 on the abnormal stock return and its impact on each of the 9 (nine) sectors of the industry listed in the Indonesia Stock Exchange. This study uses event study consisted of 133 estimation period and 31-day event or event window period (t-15, t = 0 and t + 15). The research found that first, there is no significant abnormal returns on the announcement day of the devaluation of the Yuan (China), Secondly there is a heterogeneous abnormal return in each of 9 the (nine) sectors listed in the Indonesia Stock Exchange. The results also showed that they are only significant in the Trade & Service sector t = 0 or on the announcement day of the devaluation of Yuan (China) currency."

"The year of 1997s witnessed a depreciation of domestic currency in many countries in Asia, including Indonesia. Finally in 1998, Indonesia got debt repayment ability problems and the economic crisis at the same time. Some economists found that the economic crisis caused by shocks in 1997 has been the major cause of the debt repayment inability. Meanwhile others argue that the debt problems in Indonesia have been the major cause of the economic. This invites question: Which of these contrary hypotheses are relevant for Indonesia case? Furthermore, how do Internal and External Shocks Effect Debt Crisis? For the case of Indonesia, this study found that shocks in exchange rate, domestic income and foreign income influence the loan demand and loan supply of Indonesia that finally caused the debt crisis. Defining Debt Crisis as a condition of excess demand (Loan Demand > Loan Supply) and use a rescheduling under duress as the working definition, this paper try to see what factors determined the loan demand and supply. Using Balance of Payments equation, this paper found identity equations determine loan demand. Any shocks over the variables determined these factors will finally be transmitted to loan demand and cause pressure to debt crisis. Using Vector Autoregression Model, this paper found significant relationship among the exchange rate, domestic income and foreign income and Export of goods and services, import of goods and services and direct foreign investment. The Impulse Response Function (IRF) provides further evidence that pressure for loan demand actually increased when depreciation occurred. It was caused trough its effect to export of goods and services, import of goods and services and direct foreign investment. The econometric results also show that there was a significant negative relationship between foreign income and loan demand, suggesting that an increase of foreign currency led to a lessening in pressure for debt crisis trough an increase in loan supply and a decrease in loan demand. Another finding is that an increase in domestic income will create pressure on debt repayment ability. This conclusion is supported by the positive relationship between domestic income and import showed by Impulse Response Function."

"Drawing on a mix of economic history, network science, and sociology, "Currency Wars" provides a rich understanding of the increasing threats to U.S. national security, from dollar devaluation to collapse in the European periphery, failed states in Africa, Chinese neomercantilism, Russian adventurism, and the current scramble for gold."