Citation:

Rizka Aulia, Dr. Lilis Yuliati, S.E., M.Si, Dr. Moh. Adenan, M.M. "An Analysis of Commercial Bank Health Using the RGEC Approach on Third-Party Fund Accumulation in Indonesia" International Research Journal of Economics and Management Studies, Vol. 5, No. 1, pp. 139-143, 2026. Crossref. http://doi.org/10.56472/25835238/IRJEMS-V5I1P116

Abstract:

This study examines the effect of corporate hedging on corporate performance amid a surge in US tariffs in 2025, using quasi-natural experiments on 38 Indonesian non-financial companies during 2015–2024. Four types of hedging, such as forex, commodities, interest rates, and operations, were evaluated against six performance indicators: return on assets, return on equity, free cash flow, leverage, current ratio, and EBITDA margin. The results show that forex hedging is associated with lower return on assets and higher leverage. Commodity hedging increases return on assets and EBITDA margin, especially in the mining and agriculture sectors, while interest rate and operational hedging do not show consistent performance effects. The heterogeneity analysis confirms the different effects between sectors, where exporters experience profitability compression due to foreign exchange hedging, while commodity firms obtain margin stabilization from commodity hedging. These findings emphasize that the benefits of hedging depend on instrument selection, exposure channels, and suitability to capital structures, and the implications for managers are the need for hedging designs that are aligned with cash flows, tenors, and operating cycles. Study limitations include potential selection bias, limitations of disclosed hedging information, and the use of interim accounting measures, which encourage further research to measure the intensity, cost, and effects of hedging more directly.

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Keywords:

Bank Soundness, RGEC, Third-Party Funds, Signaling Theory, Panel Data.