PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN HEDGING SEBAGAI MEDIASI PADA PERUSAHAAN BUMN GO-PUBLIC

Firm’s value is a value that perceives the state of the company that can be mirrored by the stock price. This study aims to determine the significance of the direct effect of capital structure and hedging policy on corporate value, and to know the indirect effect of capital structure on corporate value through hedging policy as a mediation in listed state-owned enterprises 2012-2016. The method of determining the sample is the census that examines the entire population and found as many as 12 companies using path analysis techniques. Based on the analysis results obtained test results: capital structure has a significant influence with the positive direction of hedging policy; hedging policies have a significant effect on the positive direction of firm value; the capital structure has a significant effect on the negative direction of the firm's value; and hedging policies are positively and significantly able to mediate the influence between capital structure and firm value. Keywords: firm’s value, capital structure, hedging policy