The purpose of this study was to test whether profitability, liquidity, leverage, and company size affect the yield of Sukuk with the Sukuk rating as an intervening variable. The method chosen to conduct this research is a quantitative method in which the data is processed using path analysis The data used in this research is secondary data. The sample used is 12 companies for the period 2012-2017.  Findings. The results of this study can be concluded that partially profitability has a significant positive effect, liquidity has a significant negative effect, leverage has no effect and is not significant, company size has a significant positive effect on the sukuk rating. While profitability has a significant negative effect, liquidity has no and insignificant effect, leverage has a significant negative effect, company size has no and insignificant effect, sukuk rating has no and insignificant effect on sukuk yield. The sukuk rating cannot mediate the profitability and leverage variables on the sukuk yield. However, the sukuk rating can mediate the liquidity variable and company size on the sukuk yield.

The Effect of Profitability, Liquidity, Leverage and Company Size on Sukuk Yield With The Rating of Sukuk as Intervening Variables

Along with the dynamic development of the Islamic capital market, sukuk is rapidly evolving into an Islamic financial instrument in high demand. However, because every investment involves risks, investors must exercise caution when purchasing sukuk. Sukuk rating is one piece of information that investors can use when purchasing sukuk. However, because there are multiple sukuk rating agencies with different rating methods, investors must understand what factors influence sukuk rating. This study aims to investigate the factors influencing the rating of corporate sukuk in Indonesia. It is specifically intended to answer three research questions regarding the influence of 1) financial performance, 2) sukuk maturity, and 3) sukuk structure on sukuk rating. To achieve the goals, 67 sukuk from 14 different nonfinancial sukuk issuers were chosen from 2014 to 2020. Secondary data from PT PEFINDO on profitability, leverage, liquidity, firm size, sukuk maturity, sukuk structure, and sukuk rating were analyzed using ordinal logistic regression to test six research hypotheses. The findings show that firm size and sukuk maturity have a positive impact on corporate sukuk rating in nonfinancial sukuk issuers in Indonesia. The findings lend support to signaling theory and agency theory.========================================================================================================ABSTRAK -  Determinan Apa yang Mempengaruhi Peringkat Sukuk di Indonesia? Seiring dengan dinamisnya perkembangan pasar modal syariah, sukuk berkembang pesat menjadi instrumen keuangan syariah yang semakin diminati oleh masyarakat baik di tingkat nasional maupun internasional. Namun demikian, karena setiap investasi mengandung risiko, investor tetap harus berhati-hati dalam membeli sukuk. Salah satu informasi yang bisa menjadi pertimbangan para investor dalam membeli sukuk adalah peringkat sukuk yang dikeluarkan oleh lembaga pemeringkat sukuk. Namun demikian karena lembaga pemeringkat sukuk yang jumlahnya lebih dari satu menggunakan metode yang berbeda-beda dalam melakukan pemeringkatan, investor perlu memahami faktor apa saja yang menjadi determinan dari peringkat sukuk. Penelitian ini ditujukan untuk menganalisis faktor-faktor yang mempengaruhi peringkat sukuk. Secara lebih khusus, penelitian ini didesain untuk menjawab tiga pertanyaan penelitian tentang apakah: 1) kinerja keuangan; 2) maturitas sukuk; dan 3) struktur sukuk berpengaruh terhadap peringkat sukuk. Untuk menjawab rumusan masalah tersebut, penelitian ini menggunakan data sekunder dari 67 sukuk korporasi yang diterbitkan oleh 14 perusahaan non keuangan dari tahun 2014-2020. Data berkaitan dengan profitabilitas, leverage, likuiditas, ukuran perusahaan, maturitas sukuk, struktur sukuk dan peringkat sukuk yang diterbitkan oleh PT PEFINDO dianalisis dengan menggunakan analisis regresi logistik ordinal untuk menguji enam hipotesis penelitian. Hasil analisis menunjukkan bahwa ukuran perusahaan dan maturitas masing-masing memiliki pengaruh positif terhadap peringkat sukuk. Temuan ini mendukung teori sinyal dan teori agensi.

What Determines Corporate Sukuk Ratings in Indonesia?

ABSTRACT
This study aimed to evaluate the impact of profitability, liquidity, leverage, and productivity on Sukuk ratings within the banking sector. The study focused on Islamic Commercial Banks and Islamic Business Units in Indonesia. A purposive sampling technique was employed to select a dataset of 80 observations from Islamic Commercial Banks and Islamic Business Units rated by PT. PEFINDO between 2015 and 2019. Secondary data for the study were gathered from financial reports on the official websites of the mentioned entities and Sukuk or bond ratings issued by PT. PEFINDO, accessible through its website. The analysis utilized multiple regression analysis. The research findings indicate that profitability, liquidity, and leverage negatively impact Sukuk ratings, whereas productivity does not show a significant influence. This study contributed a distinctive approach to comprehending Sukuk ratings by thoroughly analyzing four crucial independent variables, emphasizing the Indonesian banking sector. However, the study's generalizability is limited due to its restricted timeframe and reliance on secondary data.
Keywords: Profitability, Liquidity, Leverage, Productivity, Sukuk Rating
 
ABSTRAK
Penelitian ini bertujuan untuk mengevaluasi dampak profitabilitas, likuiditas, leverage, dan produktivitas terhadap peringkat Sukuk dalam sektor perbankan, khusunya pada Bank Umum Syariah dan Unit Usaha Syariah di Indonesia. Teknik purposive sampling digunakan untuk memilih kumpulan data sebanyak 80 observasi dari Bank Umum Syariah dan Unit Usaha Syariah yang dinilai oleh PT. PEFINDO antara tahun 2015 dan 2019. Data sekunder untuk penelitian ini dikumpulkan dari laporan keuangan yang tersedia di situs resmi entitas yang disebutkan dan peringkat Sukuk atau obligasi yang dikeluarkan oleh PT. PEFINDO, yang dapat diakses melalui situs webnya. Analisis menggunakan analisis regresi berganda. Temuan penelitian menunjukkan bahwa profitabilitas, likuiditas, dan leverage berdampak negatif pada peringkat Sukuk, sementara produktivitas tidak menunjukkan pengaruh yang signifikan. Penelitian ini memberikan pendekatan yang khas dalam memahami peringkat Sukuk dengan menganalisis secara menyeluruh empat variabel independen penting, dengan menekankan sektor perbankan Indonesia. Namun, generalisabilitas penelitian ini terbatas karena batasan waktu yang terbatas dan ketergantungan pada data sekunder.
Kata Kunci: Profitabilitas, Likuiditas, Leverage, Produktivitas, Peringkat Sukuk

pdf/does-profitability-liquidity-leverage-and-productivity-2sr31bzcls.pdf

Does Profitability, Liquidity, Leverage, and Productivity Affect Sukuk Ratings? Evidence from Islamic Banks in Indonesia

This research analyzes the influence caused by the debt equity ratio (DER), maturity, firm size and rating of Islamic bonds on the yield to maturity (YTM) from corporate Islamic bonds. The research population consisted of corporate sharia bonds traded at the Indonesia Stock Exchange during period of 2020. The sample choosen technique was performed by purposive sampling. The research sample consisted of 59 corporate bonds that issued from 13 companies through all sectors except the banking and financial sectors. The research analysis method used descriptive statistics and multiple linear regression. The outcomes showed partially that the maturity variable had a significant positive affect to YTM, Rating had a negative affect on YTM, while DER and Islamic bond ratings had no affect on YTM. The research implication stated that companies need to increase their sharia bond ratings in order to maintain investor trust. For further research, it is expected to analyze other variables which had an impact to YTM because the coefficient of determination that reached from this research are 67%, while the remaining of 33% was determined by other variables which not explained in this research.

Analysis Towards the Factors Relates to the Yield at Sharia Bond Which Listed on Indonesia Stock Exchange During Period of 2020

The sukuk rating in capital market world is important because it will be considered by investors in determining investment decisions, on the other hand, that the rating will provide relevant information regarding the companies that issue sukuk, which will be in accordance with the main purpose of the sukuk rating, namely reducing the information asymmetry of issuers and investors purpose of this study is to discuss the effect of profitability ratios, liquidity ratios, leverage and productivity ratios on sukuk ratings in Islamic banking institutions issuing sukuk. By using purposive sampling from 14 Islamic banking institutions, 6 Islamic bank institutions were obtained as research samples in the 2015-2019 period, which were analyzed using multiple linear regression showing that only the productivity variable had a significant and positive influence on the rating of sukuk in Islamic banking institutions, although, with a positive coefficient, profitability does not have a significant effect on the sukuk rating, while the liquidity and leverage variables do not have a significant effect and form a negative relationship pattern on the sukuk rating in Indonesian Islamic banking institutions that issue sukuk.

/pdf/sukuk-rating-and-financial-ratio-in-islamic-banks-k95vnxq7qr.pdf

Sukuk rating and financial ratio in islamic banks

This research aims to analyze the impact of liquidity ratio (current ratio), leverage ratio (debt to equity ratio) toward yield to maturity and sukuk rating. The sample that used was sukuk that listed in Indonesian Stock Exchange and it was rated by PT PEFINDO during 2006-2014. The technique that used to select the sample was purposive sampling. Based on this method, there are 29 companies that were suitable with the criteria. The analysis method that used in this research was multiple analysis linier regression with intervening variable. The result of this research was Sukuk Rating and Debt to Equity Ratio (DER) variables had significant negative impact to Yield To Maturity. But, liquidity (current ratio) did not give significant impact to Yield To Maturity, liquidity (current ratio) variables brought significant negative impact to sukuk rating and leverage (debt to equity ratio) did not give impact to sukuk rating too. Keywords : Current Ratio, Debt To Equity Ratio, Sukuk Rating, Yield To Maturity

http://jurnal.unissula.ac.id/index.php/ekobis/article/download/1611/1222

PENGARUH LIKUIDITAS DAN LEVERAGE TERHADAP YIELD SUKUK DENGAN PERINGKAT SUKUK SEBAGAI VARIABEL INTERVENING (Study Pada Perusahaan Non Keuangan di Bursa Efek Indonesia )

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PENGARUH LIKUIDITAS DAN LEVERAGE TERHADAP YIELD SUKUK DENGAN PERINGKAT SUKUK SEBAGAI VARIABEL INTERVENING (Study Pada Perusahaan Non Keuangan di Bursa Efek Indonesia )