Izdihar, Zaneta Azzahra (2019) Determinant Factors Of Bond Ratings (Study On Property And Building Construction Companies Listed On The Indonesia Stock Exchange In 2013-2017). Sarjana thesis, Universitas Brawijaya.
Abstract
Peringkat obligasi dapat memberikan sinyal tentang probabilitas kegagalan perusahaan dalam membayar hutangnya. Namun, peringkat yang dikeluarkan oleh lembaga pemeringkat tidak konsisten karena adanya informasi bias. Tujuan dari penelitian ini adalah untuk menentukan apakah ada pengaruh dari profitabilitas, leverage, likuiditas, dan ukuran perusahaan terhadap peringkat obligasi perusahaan dengan menggunakan analisis regresi logistik. Metode pengambilan sampel menggunakan census with criteria. Objek penelitian terdiri dari 9 perusahaan konstruksi properti dan bangunan yang terdaftar di Bursa Efek Indonesia, memiliki hutang obligasi dari tahun 2013-2017, dan tergolong dalam kategori high investment grade. Hasil temuan dalam penelitian ini menunjukan bahwa leverage dan ukuran perusahaan berpengaruh signifikan terhadap peringkat obligasi perusahaan. Sedangkan likuiditas tidak memiliki pengaruh yang signifikan terhadap peringkat obligasi perusahaan. Namun hasil yang tidak konsisten ditunjukan pada leverage. Dimana leverage yang di ukur dengan ICR (interest coverage ratio) menunjukan memiliki hubungan dengan peringkat obligasi perusahaan, sedangkan leverage yang di ukur dengan DER (debt to equity ratio) tidak memiliki pengaruh terhadap peringkat obligasi perusahaan. Berdasarkan keempat variabel independent tersebut, profitabilitas merupakan variabel yang paling dominan mempengaruhi peringkat obligasi perusahaan.
English Abstract
Bond ratings provide signal about the probability of a company’s default. However, the rating issued by the agency rating was inconsistent due to the bias information. The purpose of this research was to determine whether there was an effect of profitability, leverage, liquidity, and firm size on company’s bond ratings by using logistic regression analysis. The sampling method was census with criteria. The research objects were 9 properties and building construction companies listed on the Indonesia Stock Exchange, had bonds payable from 2013 to 2017, and were categorized as high investment grade. The research findings indicated that leverage and firm size had significant effects on the company's bond ratings. On the other hand, liquidity did not have a significant effect on the company's bond rating. However, inconsistent results were shown on leverage. Leverage that was measured by ICR (interest coverage ratio) showed that it had a relationship with the company's bond rating, while the leverage measured by DER (debt to equity ratio) did no affect the company's bond rating. Based on the four independent variables, profitability was the most dominant variable affecting the company’s bond rating.
| Item Type: | Thesis (Sarjana) |
|---|---|
| Identification Number: | SKR/FEB/2019/273/05193690 |
| Uncontrolled Keywords: | peringkat obligasi, regresi logistik, profitabilitas, leverage, likuiditas, ukuran perusahaan / bond ratings, logistic regression, profitability, leverage, liquidity, firm size |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.1 Organization and financial management > 658.15 Financial management > 658.152 Management of financial operations |
| Divisions: | Fakultas Ekonomi dan Bisnis > Manajemen |
| Depositing User: | Endang Susworini |
| Date Deposited: | 11 Aug 2020 23:14 |
| Last Modified: | 11 Aug 2020 23:14 |
| URI: | http://repository.ub.ac.id/id/eprint/170353 |
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