PENGARUH RASIO KEUANGAN DAN UMUR SUKUK TERHADAP PERINGKAT SUKUK (Studi Perusahaan Non Keuangan yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2017)

Abstract

The aim of this study is to examine the effect of liquidity ratio, profitability ratio, leverage ratio, and maturity date on sukuk rating in non-financial companies. Sukuk rating is one of things that should be considered by investors before making an investment sukuk. This is caused that sukuk ratings are informative about financial ability and give a signaling about a default risk on companies. The population of this study is all companies whose ‘sukuk’ circulated and were listed on the Indonesia Stock Exchange from 2013-2017. The sampling method that is used was purposive sampling, so the samples gotten were 5 companies with 9 outstanding ‘sukuk’. The analytical method includes descriptive analysis, multicollinearity test, and ordinal logistic regression analysis. The results show that 1) liquidity ratio has a negative impact on sukuk rating, 2) profitability ratio has a positive impact on sukuk rating, 3) leverage ratio has a negative on sukuk rating, and 4) maturity date has a positive impact on sukuk rating.