Strategi Forward Contract dan Open Position Dalam Menghadapi Risiko Eksposur Valuta Asing Pada Perusahaan Ekspor-Impor
DOI:
https://doi.org/10.47747/jismab.v6i2.2750Keywords:
Risk Management, Forward Contract, Open Position, Export-ImportAbstract
This study aims to examine risk management strategies related to exchange rate exposure faced by export-import companies, with a particular focus on the implementation of forward contracts and open positions. A qualitative literature review approach was employed, utilizing secondary sources such as academic journals, textbooks, and previous research reports. The findings indicate that forward contracts offer exchange rate certainty for future transactions, making them more suitable for firms prioritizing financial stability. However, their effectiveness depends on precise timing and accurate market analysis. Conversely, open positions allow the possibility of gain from favorable currency movements, but they carry higher risks if market predictions are inaccurate. These results highlight the need to align hedging strategies with a company’s risk profile, financial condition, and the global economic climate. The study recommends that firms conduct periodic evaluations of currency exposure and strengthen their market analysis capabilities as part of an integrated risk management system. Furthermore, future empirical research is needed to assess the practical effectiveness of hedging strategies across specific industry sectors.
References
Hernawaty, Chrisna, H., & Junawan. (2020a). Analisa Penggunaan Forward Contract Hedging pada Nilai Ekspor Barang Ekonomi Provinsi Sumatera Utara. Jurnal Akmami, 1(3), 95–109. https://jurnal.ceredindonesia.or.id/index.php/akmami/article/view/48
Hernawaty, Chrisna, H., & Junawan. (2020b). Analisa Penggunaan Forward Contract Hedging pada Nilai Ekspor Barang Ekonomi Provinsi Sumatera Utara Analysis of the Use of Forward Contract Hedging on the Export Value of Economic Goods of North Sumatra Province. Jurnal Akmami, 1(3), 95–109. https://www.researchgate.net/publication/344485260_Analisa_Penggunaan_Forward_Contract_Hedging_pada_Nilai_Ekspor_Barang_Ekonomi_Provinsi_Sumatera_Utara
Larasati, N. P. E., & Suarjaya, A. G. (2017). Analisis Forward Contract Hedging Dan Open Position Dalam Menghadapi Eksposur Valuta Asing. E-Jurnal Manajemen Unud, 6(5), 2556–2581. https://www.neliti.com/id/publications/255080/analisis-forward-contract-hedging-dan-open-position-dalam-menghadapi-eksposur-va
Pangestuti, D. (2022). Kontrak Forward sebagai Lindung Nilai Risiko Fluktuasi Nilai Tukar, Apakah Efektif? Riset Dan Jurnal Akuntansi, 6(3), 2863–2875. https://doi.org/10.33395/owner.v6i3.1009
Hasan, K. R. (2015). Hedging Foreign Exchange Risk Exposure by Importer Companies. International Journal of Economics, Finance and Management Sciences, 3(5), 435. https://doi.org/10.11648/j.ijefm.20150305.14
Soelehan, A., Marpaung, A. M., & Dewi K., S. (2013). Antisipasi Rencana Pembayaran Hutang Dagang Melalui Pengukuran Translation Exposure dengan Metode Current Rate dan Penggunaan Forward Contract Hedging. Jurnal Ilmiah Manajemen Kesatuan, 1(2), 137–148. https://doi.org/10.37641/jimkes.v1i2.261
Subaedah, S., Sulistyani, T., & Amirah. (2019). Analisis Perbandingan Penggunaan Forward Contract Hedging dan Money Market Hedging dengan Open Position dalam Meminimalkan Pembayaran Hutang Impor. Permana : Jurnal Perpajakan, Manajemen, Dan Akuntansi, 11(2), 92–99. https://doi.org/10.24905/permana.v11i2.49
Wang, L., Xiong, X., & Hui, M. (2021). Research on Financial Hedging Decision Based on Exchange Rate Risk in Transnational Supply Chain. Discrete Dynamics in Nature and Society, 2021. https://doi.org/10.1155/2021/5548386
Windayu, C. R. (2024). Forward Contract Hedging Analysis as a Protection Effort Transaction Exposure. International Journal of Business, Law, and Education, 5(2), 1806–1811. https://doi.org/10.56442/ijble.v5i2.745
Yudha, J. O. M., Oktavia, R., & Desriani, N. (2023). the Effect of Foreign Debt, Liquidity, Firm Size, and Exchange Rate on Hedging Decision. Journal of Indonesian Economy and Business, 38(2), 133–146. https://doi.org/10.22146/jieb.v38i2.5887
Zeinora, Z. (2017). Hedging, Future Contract dengan SWAP Contract untuk Meminimalisasi Risiko Fluktuasi Kurs Valas. JABE (Journal of Applied Business and Economic), 3(1), 10. https://doi.org/10.30998/jabe.v3i1.1753
Zeinora, Z., & Sasmoko, A. (2017). Analisis Perbandingan Hedging, Forward Contract dengan Option Contract untuk Meminimalisasi Kerugian Selisih Kurs Valas dalam Pembayaran Hutang Import. Sosio E-Kons, 9(2), 109. https://doi.org/10.30998/sosioekons.v9i2.1941
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Elin, Almira Dwi Yuliarti, Anwar Husni Mubarok, Gusganda Suria Manda
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyrights
Copyright for this article is retained by the author(s), with first publication rights granted to the journal.
This is an open-access article distributed under the terms and conditions of the Creative Commons Attribution license (http://creativecommons.org/licenses/by/4.0/ )
