Manajemen Risiko dan Implikasinya terhadap Struktur Modal: Kajian Literatur Akuntansi atas Efisiensi Pembiayaan dan Penggunaan Derivatif
DOI:
https://doi.org/10.70142/studiaekonomika.v24i1.393Keywords:
Manajemen Risiko, Struktur Modal, Penggunaan Derivatif, Efisiensi Pembiayaan, Strategi Lindung NilaiAbstract
Penelitian ini melakukan tinjauan literatur kualitatif mengenai hubungan antara manajemen risiko, struktur modal, dan penggunaan derivatif dalam meningkatkan efisiensi pembiayaan. Analisis ini mensintesis bukti empiris terbaru tentang bagaimana instrumen derivatif, khususnya derivatif cuaca dan valuta asing, mengurangi eksposur risiko serta memengaruhi ketentuan kontrak utang, biaya modal, dan nilai perusahaan. Temuan menunjukkan bahwa strategi lindung nilai tidak hanya menurunkan biaya pembiayaan tetapi juga memperkuat kemampuan perusahaan untuk mempertahankan fleksibilitas keuangan di tengah ketidakpastian iklim dan pasar. Selain itu, tata kelola perusahaan dan praktik pengungkapan memainkan peran moderasi dalam menentukan efektivitas penggunaan derivatif dalam mengelola risiko dan mengurangi asimetri informasi. Tinjauan ini menyoroti perspektif terpadu di mana manajemen risiko menjadi determinan strategis dalam pengambilan keputusan struktur modal dalam konteks keuangan dan lingkungan yang dinamis
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