[ABSTRAK
Tesis ini meneliti tentang pengaruh penggunaan foreign currency derivative danvariabel penelitian lainnya dalam meningkatkan nilai kekayaan pemegang saham.Berdasarkan data panel dari perusahaan dalam industri manufaktur yang terdaftar diBursa Effek Indonesia, tahun 2009 hingga 2012 dan dengan menggunakan metodeOrdinary Least Square Common Effect diperoleh hasil bahwa foreign currencyderivative secara statistik tidak signifikan mempengaruhi nilai kekayaan pemegangsaham pada alpha 5 persen. Namun demikian, jenis hedging yang digunakan yaitustrategi symmetric hedging memiliki koefisien regresi yang positif sesuai denganharapan. Variabel independen lainnya yang secara statistik signifikan mempengaruhinilai kekayaan pemegang saham adalah quick ratio, profit ratio, size, dan salesgrowth. Selain itu, dalam penelitian ini juga diidentifikasi beberapa faktor yang dapatmeningkatkan penggunaan strategi symmetric hedging;

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ABSTRACT
This thesis analyzes the impact of foreign currency exposure and other researchvariables in creating shareholders? value. Based on the panel data of firms in themanufacturing industry on year 2009 up to 2012 and uses Common Effect OrdinaryLeast Square method, the result of the research shows that foreign currency derivativedoes not statistically significant influence the shareholders? value at 5 percent alpha.However, the type of hedging used, the symmetric hedging strategy, has a positivecoefficient value as expected. The other independent variables that statisticallysignificant are quick ratio, profitability ratio, size, and sales growth. In addition,several factors are identified as to improve the optimality of the using symmetrichedging strategy.;This thesis analyzes the impact of foreign currency exposure and other researchvariables in creating shareholders’ value. Based on the panel data of firms in themanufacturing industry on year 2009 up to 2012 and uses Common Effect OrdinaryLeast Square method, the result of the research shows that foreign currency derivativedoes not statistically significant influence the shareholders’ value at 5 percent alpha.However, the type of hedging used, the symmetric hedging strategy, has a positivecoefficient value as expected. The other independent variables that statisticallysignificant are quick ratio, profitability ratio, size, and sales growth. In addition,several factors are identified as to improve the optimality of the using symmetrichedging strategy., This thesis analyzes the impact of foreign currency exposure and other researchvariables in creating shareholders’ value. Based on the panel data of firms in themanufacturing industry on year 2009 up to 2012 and uses Common Effect OrdinaryLeast Square method, the result of the research shows that foreign currency derivativedoes not statistically significant influence the shareholders’ value at 5 percent alpha.However, the type of hedging used, the symmetric hedging strategy, has a positivecoefficient value as expected. The other independent variables that statisticallysignificant are quick ratio, profitability ratio, size, and sales growth. In addition,several factors are identified as to improve the optimality of the using symmetrichedging strategy.]