Factors affecting bond ratings in BUMN Companies
Keywords:
Bond Rating, Current Ratio, Debt to Equity, Return on Asset, TATOAbstract
The purpose of this study is to obtain empirical evidence of profitability, liquidity, solvency and activity on state-owned enterprises bond rating listed on the Indonesia Stock Exchange and PT. Pefindo. The sampling technique used purposive sampling, the research samples obtained totaled 11 companies with a research period from 2018-2023 so that there were 66 units of analysis. The research design was quantitative descriptive. The analysis technique in this research is multiple regression analysis method. The results showed that profitability and solvency has a significant positive effect, liquidity and activity has no significant effect on bond rating. The implication of this research is that companies must pay attention to that profitability and solvency and those that can affect bond rating so that bond rating will increase.
Downloads
References
Aluman, S. N. A., Dama, H., & Ishak, I. M. (2022). Pengaruh Likuiditas, Solvabilitas Dan Profitabilitas Terhadap Peringkat Obligasi Pada Perusahaan Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020. JAMBURA: Jurnal Ilmiah Manajemen dan Bisnis, 5(2), 583-592.
Beaver, W. H., Shakespeare, C., & Soliman, M. T. (2006). Differential properties in the ratings of certified versus non-certified bond-rating agencies. Journal of Accounting and Economics, 42(3), 303-334. https://doi.org/10.1016/j.jacceco.2006.06.002
Brigham, E. F. & Houston, J. F. (2019) Dasar-Dasar Manajemen Keuangan. 14 Buku 2. Jakarta.
Cantor, R., & Packer, F. (1996). Determinants and impact of sovereign credit ratings. Economic policy review, 2(2).
Chou, P. H., Ho, P. H., & Ko, K. C. (2012). Do industries matter in explaining stock returns and asset-pricing anomalies?. Journal of Banking & Finance, 36(2), 355-370. https://doi.org/10.1016/j.jbankfin.2011.07.016
De Jong, A., Verbeek, M., & Verwijmeren, P. (2011). Firms’ debt–equity decisions when the static tradeoff theory and the pecking order theory disagree. Journal of Banking & Finance, 35(5), 1303-1314. https://doi.org/10.1016/j.jbankfin.2010.10.006
Fadah, I., Ayuningtyas, A., Puspitasari, N., & Yuswanto, I. B. (2020). Analysis of financial and non-financial factors affecting bond ratings. In IOP Conference Series: Earth and Environmental Science (Vol. 485, No. 1, p. 012019). IOP Publishing.
Fahmi, I. (2012). Analisis kinerja keuangan: panduan bagi akademisi, manajer, dan investor untuk menilai dan menganalisis bisnis dari aspek keuangan.
Gaud, P., Hoesli, M., & Bender, A. (2007). Debt-equity choice in Europe. International Review of Financial Analysis, 16(3), 201-222. https://doi.org/10.1016/j.irfa.2006.08.003
Harisman, H., Muhammad, M., & Nursalam, L. M. (2022). Analisis Peringkat Obligasi Perusahaan Perbankan Yang Terdaftar Di Pefindo. Mediastima, 28(1), 72-95.
Herlinasari, N. (2021). Dampak Rasio Keuangan Terhadap Peringkat Obligasi Pada Perusahaan Jasa Sektor Konstruksi Yang Terdaftar Di Bei. Jurnal Ekonomi, Bisnis, Dan Akuntansi, 22(4), 378-389.
Hery. (2018). Analisis laporan keuangan. Yogyakarta: Grasindo.
Irdyansah, A., & Stiadi, M. (2023). Analisis Rasio Likuiditas, Rasio Solvabilitas, dan Rasio Profitabilitas Terhadap Peringkat Obligasi pada Perusahaaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2016–2020. JULIUS (Journal of Digital Business), 1(1), 6-11.
Jiang, J. X., Stanford, M. H., & Xie, Y. (2012). Does it matter who pays for bond ratings? Historical evidence. Journal of Financial Economics, 105(3), 607-621. https://doi.org/10.1016/j.jfineco.2012.04.001
Kasmir. (2019). Analisis Laporan Keuangan. Jakarta: PT Rajagrafindo Persada.
Kurniawan, A. T. & Suwarti, T. (2017). Pengaruh Profitabilitas, Leverage, Likuiditas Dan Produktifitas Terhadap Peringkat Obligasi. Prosiding Seminar Nasional Multi Disiplin Ilmu &Call for Papers Unisbank Ke-3, 3(Universitas Stikubank Semarang), 3(Sendi_U 3), pp. 435–443.
Mac an Bhaird, C. (2013). Demand for debt and equity before and after the financial crisis. Research in international Business and Finance, 28, 105-117. https://doi.org/10.1016/j.ribaf.2012.10.001
MacLean, L. C., Foster, M. E., & Ziemba, W. T. (2007). Covariance complexity and rates of return on assets. Journal of Banking & Finance, 31(11), 3503-3523. https://doi.org/10.1016/j.jbankfin.2007.04.009
Manalu, A., & Silalahi, D. (2023). Pengaruh Struktur Modal, Profitabilitas, Likuiditas Dan Aktivitas Terhadap Peringkat Obligasi Perusahaan Swasta Non Keuangan Yang Diperingkat PT. Pefindo Tahun 2017-2021. KUKIMA: Kumpulan Karya Ilmiah Manajemen, 12-21.
May, A. D. (2010). The impact of bond rating changes on corporate bond prices: New evidence from the over-the-counter market. Journal of Banking & Finance, 34(11), 2822-2836. https://doi.org/10.1016/j.jbankfin.2010.06.006
Nabila, F., & Hartinah, S. (2021). Determinan kualitas audit dengan tenure audit sebagai variabel moderasi. Jurnal Akuntansi Dan Governance, 2(1), 40-52.
Nurdiansyah, S., Ruliana, T., & Haryadi, R. M. (2023). Analisis Faktor–Faktor Yang Mempengaruhi Peringkat Obligasi Pada Perusahaan Konstruksi Oleh PT. PEFINDO. DEDIKASI: Jurnal Ilmiah Sosial, Hukum, Budaya, 24(1), 22-29.
Nurkhakim, A., Kuntadi, C., & Pramukty, R. (2023). Pengaruh Solvabilitas, Profitabilitas, Dan Likuiditas Terhadap Peringkat Obligasi. Jurnal Manajemen, Akuntansi dan Logistik (JUMATI), 1(3), 594-599.
Nurmalia, G., Bahruddin, M., & andi Apfrizal, N. (2023). Faktor-faktor yang Mempengaruhi Peringkat Sukuk: Analisis Data Panel pada Perusahaan Perbankan Syariah yang Terdaftar di Bursa Efek Indonesia. Ash-Shiddiqiyah Journal of Islamic Economics and Business, 1(2), 45-59.
Pradnyawati, S. O. (2022). Faktor-Faktor Keuangan dan Peringkat Obligasi. Accounting Profession Journal (APAJI), 4(1).
Pramesti, D. S. P. (2022). Pengaruh leverage dan profitabilitas terhadap peringkat obligasi. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(10), 4266-4273.
Royhaan, A., Isnurhadi, I., Widiyanti, M., & Adam, M. (2022). The effect of return on assets, debt to equity ratio, and corporate social responsibility policies on company values in PT Semen Baturaja (Persero) Tbk. International Journal of Business, Economics and Management, 5(4), 463-469. https://doi.org/10.21744/ijbem.v5n4.2045
Safitri, S., Prasetyo, T., & Putri, W. R. E. (2020). Pengaruh Profitabilitas, Likuiditas, Leverage, Ukuran Perusahaan, Jaminan dan Umur Obligasi Terhadap Peringkat Obligasi (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2018). Jurnal Akuntansi dan Keuangan (JAK), 25(1), 65-80.
Simatupang, B. M. (2024). The Effect Of Bank Risk On Financial Performance (Case Study PT Bank Negara Indonesia, TBK Period 2018-2022). Jurnal of Accounting, Management, and Islamic Economics, 1(02), 755-766.
Situmorang, P. O., & Silalahi, D. (2022). Beberapa Faktor yang Mempengaruhi Peringkat Obligasi Perusahaan Non-keuangan di Bursa Efek Indonesia Periode 2017-2020. Jurnal Manajemen dan Bisnis, 1-13.
Wijaya, C. A., & Suhendah, R. (2021). Faktor-Faktor Yang Mempengaruhi Peringkat Obligasi Pada Perusahaan Keuangan. Jurnal Paradigma Akuntansi, 3(2), 523-532.
Published
How to Cite
Issue
Section
Copyright (c) 2024 International journal of business, economics and management
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Articles published in the International Journal of Business, Economics & Management (IJBEM) are available under Creative Commons Attribution Non-Commercial No Derivatives Licence (CC BY-NC-ND 4.0). Authors retain copyright in their work and grant IJBEM right of first publication under CC BY-NC-ND 4.0. Users have the right to read, download, copy, distribute, print, search, or link to the full texts of articles in this journal, and to use them for any other lawful purpose.
Articles published in IJBEM can be copied, communicated and shared in their published form for non-commercial purposes provided full attribution is given to the author and the journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
