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Identifying Financial and Non-Financial Factors as the Determinant of Sukuk Rating in Indonesia

Shirkah Journal of Economics and Business

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Title Identifying Financial and Non-Financial Factors as the Determinant of Sukuk Rating in Indonesia
 
Creator Utami, Datien Eriska
 
Subject —
—
 
Description The present study aims to identify financial and non-financial factors as the determinant variables of Indonesian companies' Sukuk ratings between 2014 and 2017. Five independent variables, i.e. firm size, profitability, leverage, guarantee status, and types of Sukuk, are involved in this study with Sukuk rating as the dependent variable. This study employed secondary data in the form of sixty-eight (68) Sukuk publications as the sample. The Sukuk publications observed in this study were still in circulation during the observation years obtained from Otoritas Jasa Keuangan (OJK/ Financial Services Authority) websites, annual reports of companies listed in Indonesia Stock Exchange, and PT Pefindo website. By utilizing Multinomial Logistic Regression, this study reveals that the financial factor, the profitability, had a significant effect on the Sukuk rating. Moreover, it also shows that the non-financial factor influencing the Sukuk rating was the guarantee status. On the contrary, the variables of firm size, leverage, and types of Sukuk did not affect the Sukuk rating. Keywords: firm size, profitability, leverage, guarantee status, types of Sukuk, Sukuk rating
 
Publisher Faculty of Islamic Economics and Business, Institut Agama Islam Negeri (IAIN) Surakarta
 
Contributor —
 
Date 2019-12-24
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://shirkah.or.id/new-ojs/index.php/home/article/view/265
10.22515/shirkah.v4i1.265
 
Source Shirkah: Journal of Economics and Business; Vol 4, No 1 (2019)
2503-4243
2503-4235
 
Language eng
 
Relation http://shirkah.or.id/new-ojs/index.php/home/article/view/265/63
 
Rights Copyright (c) 2019 Shirkah: Journal of Economics and Business
http://creativecommons.org/licenses/by-nc/4.0