Analysis of factors affecting sukuk ratings in Indonesia

Authors

  • Fajar Satriya Segarawasesa Universitas Aisyiyah Yogyakarta
  • Muhamad Rifandi Universitas Aisyiyah Yogyakarta

Keywords:

company size, maturity date, leverage, liquidity, profitability, sukuk, sukuk rating

Abstract

The purpose of this study is to analyze the factors influencing sukuk ratings. This is a quantitative study using secondary data. The population of this study is non-financial companies that issued sukuk in the 2018-2023 period. Sampling will be taken using a purposive sampling method. Data collection methods are secondary data from annual reports for the 2018-2023 period. Data analysis is conducted using classical assumption tests, and hypothesis testing using multiple linear regression methods. The results show that profitability, leverage, liquidity, company size, and maturity date do not affect sukuk ratings.

References

Arundina, T., & Omar, D. M. A. (2010). Determinant of Sukuk Ratings. Buletin Ekonomi Moneter Dan Perbankan, 12(1), 97–114. https://doi.org/10.21098/bemp.v12i1.468

Borhan, N. A., & Ahmad, N. (2018). Identifying the determinants of Malaysian corporate Sukuk rating. International Journal of Islamic and Middle Eastern Finance and Management, 11(3), 432–448. https://doi.org/10.1108/IMEFM-02-2017-0045

Harianti, R., & Sardiana, A. (2022). Pengaruh Kinerja Keuangan Dan Firm Size Terhadap Harga Saham Pada Index Saham. 19(2), 41–54.

Hidayah, K., & Segarawasesa, F. S. (2016). The Effectiveness of Financial Performance Emiten To Yield Sukuk In Indonesia. Proceeding: 2nd Sriwijaya Economic, Accounting, And Business Conference 2016.

Laila, N., Rusmita, S. A., Cahyono, E. F., & Azman-Saini, W. N. W. (2021). The role of financial factors and non-financial factors on corporate bond and sukuk rating Indonesia. Journal of Islamic Accounting and Business Research, 12(8), 1077–1104. https://doi.org/10.1108/JIABR-10-2019-0187

Lestari, B. I., & Mahfud, M. K. (2019). Analisis Pengaruh Kinerja Keuangan, Ukuran Perusahaan dan Struktur Sukuk terhadap Peringkat Sukuk (Studi Empiris pada Perusahaan Non Keuangan yang Sukuknya Masih Beredar Periode Tahun 2012-2017). Jurnal Studi Manajemen Organisasi, 16(2), 32–44.

Noviana, L., & Solovida, G. T. (2018). Pengaruh Likuiditas , Leverage, Rating Obligasi Syariah , Risiko Obligasi Syariah Terhadap Yield Obligasi Syariah (Sukuk). Stability: Journal of Management and Business, 1(2), 171–188. https://doi.org/10.26877/sta.v1i2.3226

Nuridah, S., Junengsih, J., & Irawan, P. R. (2022). Pengaruh Umur Sukuk, Likuiditas dan Ukuran Perusahaan terhadap Peringkat Sukuk. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 5(6), 1844–1848. https://doi.org/10.54371/jiip.v5i6.648

Otoritas Jasa Keuangan. (2014). Data Statistik Sukuk. In Az Zaqra’ (Vol. 6, Issue 1).

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.1055/s-2004-820924

Syamsudin, N. M., & Anita, W. F. (2022). Pengaruh Rasio Profitabilitas, Rasio Leverage, Rasio Likuiditas Terhadap Peringkat Sukuk. Widya Akuntansi Dan Keuangan, 4(02), 127–141. https://doi.org/10.32795/widyaakuntansi.v4i02.2273

Ulum, R., & Mubarok, M. H. (2024). Sukuk Rating: Maturity, Sukuk Structure and Guarantee With Profitability as Moderation. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 10(1), 139–164. https://doi.org/10.20473/jebis.v10i1.55287

Widyawati, O. M., Nurhayati, & Nurcholisah, K. (2021). Pengaruh Rasio Profitabilitas dan Rasio Likuiditas terhadap Peringkat Sukuk Korporasi Perusahaan Periode 2015-2018. Jurnal Riset Akuntansi, 1(1), 1–8. https://doi.org/10.29313/jra.v1i1.51


Downloads

Published

2025-12-16

How to Cite

Segarawasesa, F. S., & Rifandi, M. (2025). Analysis of factors affecting sukuk ratings in Indonesia. Proceeding International Conference on Health Science and Technology, 1, 746–753. Retrieved from https://proceeding.unisayogya.ac.id/index.php/proichst/article/view/1768

Issue

Section

Research