• Afifatun Ni’mah Airlangga University, Indonesia
  • Nisful Laila Airlangga University, Indonesia
  • Sylva Alif Rusmita Airlangga University, Indonesia
  • Eko Fajar Cahyono Airlangga University, Indonesia
Keywords: Corporate bond, corporate sukuk, determinant rating, Indonesia


This study aims to determine the factors, both financial and non-financial, which influence corporate bond and Sukuk ratings. The results will be useful for companies, investors or related parties as additional information and references for their investment decisions. Using ordinal logistic regression models with SPSS version 21 software, the study analyses the determinants of corporate bond and sukuk ratings listed on the Indonesia Stock Exchange (IDX) for the period 2013-2017. The variables employed are profitability, liquidity, leverage, company size, securities structure and maturity date. The results of the Wald test statistics show that leverage ratio, firm size, security structure, and maturity date are the factors that influence the probability of high or low corporate bond ratings, while profitability and liquidity ratios are factors that have no effect on the level of such ratings. With regard to sukuk, profitability, liquidity, and maturity date are the factors that influence the probability of high or low corporate sukuk ratings, while leverage ratio, company size, and security structure have no effect on the ratings.

Author Biography

Eko Fajar Cahyono, Airlangga University, Indonesia


Islamic Economics Department

Faculty Economics and Bussiness


Abdul Hamid, N. H., Zakaria, N. B., & Ab Aziz, N. H. (2014). Firms’ Performance and Risk with the Presence of Sukuk Rating as Default Risk. Procedia - Social and Behavioral Sciences, 145, 181-188.

Adhidarma, G., & Purbasari, D. (2015). Memahami Hubungan antara Investasi dan GDP. Retrieved from Macroeconomic Dashboard Fakultas Ekonomika dan Bisnis UGM: http://macroeconomicdashboard. feb. ugm. ac. id/memahami-hubungan-antara-investasi-dan-gdp.

Affandi, S. (2019). The Impact of Financial Measures, Earnings Management and Sukuk Structure on Sukuk Rating.

Ahmad, N., & Rahim, S. A. (2013). Sukuk ijarah vs. sukuk musyarakah: Investigating Post-crisis Stock Market Reactions. International Journal of Humanities and Management Sciences (IJHMS), 1(1), 87-91.

Alam, N., Hassan, M. K., & Haque, M. A. (2013). Are Islamic Bonds Different from Conventional Bonds? International Evidence from Capital Market Tests. Borsa Istanbul Review, 13(3), 22-29.

Arundina, T., & Omar, M. A. (2010). Determinant of Sukuk Rating; The Case of Malaysia. Thesis Kulliyah of Economics and Management Science, International Islamic University Malaysia.

Arundina, T., Omar, M. A., & Kartiwi, M. (2015). The Predictive Accuracy of Sukuk Ratings; Multinomial Logistic and Neural Network Inferences. Pacific-Basin Finance Journal, 34, 273-292.

Azmat, S., Skully, M., & Brown, K. (2017). The (Little) Difference that Makes All the Difference between Islamic and Conventional Bonds. Pacific-Basin Finance Journal, 42, 46-59.

Borhan, N. A., & Ahmad, N. (2018). Identifying the Determinants of Malaysian Corporate Sukuk Tating. International Journal of Islamic and Middle Eastern Finance and Management.

Brigham, E. F., & Ehrhardt, M. C. (2010). Study Guide for Brigham/Ehrhardt's Financial Management: Theory & Practice: Nelson Education.

Brigham, E. F., & Houston, J. F. (2006). Dasar-dasar manajemen keuangan, edisi 11. Jakarta: Salemba Empat.

Bursa Efek Indonesia (2017). Data Pasar Laporan Statistik Tahunan idx 2017. sumber: diakses pada 7 September 2018).

Bursa Efek Indonesia (2018). Data Perusahaan Tercatat. (sumber: diakses pada 7 September 2018).

Bursa Efek Indonesia (2018). Data Pasar Obligasi dan Sukuk Korporasi. (sumber: diakses pada 7 September 2018).

Bursa Efek Indonesia (2018). Data Perusahaan Tercatat Laporan Keuangan dan Tahunan. (sumber: diakses pada 7 September 2018).

Departemen Agama, R. (1989). al-Qur’an dan Terjemahnya. Semarang: Toha Putra.

Elhaj, M. A. A., Muhamed, N. A., & Ramli, N. M. (2015). The Influence of Corporate Governance, Financial Ratios, and Sukuk Structure on Sukuk Rating. Procedia Economics and Finance, 31, 62-74.

Hamida, L. (2017). Pengaruh Likuiditas dan Leverage Terhadap Yield Sukuk dengan Peringkat Sukuk sebagai Variabel Intervening (Study Pada Perusahaan Non Keuangan di Bursa Efek Indonesia). Jurnal Ekonomi dan Bisnis, 18(1), 71-86.

Hardwick, P., Adams, M., & Burton, B. (2000). The Determinants of Credit Ratings in the United Kingdom Insurance Industry.

Hosmer, D. W., & Lemeshow, S. (2000). Applied Logistic Regression. New York: John Wiley & Sons.

Hosmer Jr, D. W., Lemeshow, S., & Sturdivant, R. X. (2013). Applied Logistic Regression (Vol. 398): John Wiley & Sons.

J, L. P. (2008). Encyclopedia of Survey Research Methods. doi: 10.4135/9781412963947

Kamarudin, M. F., Kamaluddin, N., Manan, S. K. A., & Ghani, G. M. (2014). Defaulters Profile in Malaysia Sukuk Market. Procedia-Social and Behavioral Sciences, 145, 277-285.

Keuangan, O. J. (2018). Statistik Pasar Modal minggu ke-5 2018. Diakses pada 1 September 2018.

Lavrakas, P. J. (2008). Encyclopedia of Survey Research Methods. doi: 10.4135/9781412963947

Pebruary, S. (2016). Pengaruh Rasio Profitabilitas, Rasio Likuiditas, Rasio Leverage dan Pendapatan Bunga Terhadap Rating Sukuk Korporasi Periode 2010-2013. Jurnal Dinamika Ekonomi & Bisnis, 13(1).

Qizam, I., & Fong, M. (2019). Developing Financial Disclosure Quality in Sukuk and Bond Market: Evidence from Indonesia, Malaysia, and Australia. Borsa Istanbul Review, 19(3), 228-248.

Riyadi, S., Iqbal, M., & Lauren, N. (2015). Strategi Pengelolaan Non Performing Loan (NPL) Bank Umum yang Go Public. Jurnal Dinamika Manajemen, 6(1).

Rozi, F. (2010). Sofie. 2010.Analisis Faktor-Faktor Yang Mempengaruhi Prediksi Peringkat Obligasi Syariah (Sukuk). Jurnal Akuntansi Islam, 1(1).

Saputri, D. A. (2017). Pengaruh Kinerja Keuangan terhadap Rating Sukuk dengan Menggunakan Model Regresi Multinomial Logistik Tahun 2013-2015. Universitas Airlangga.

Sari, I. K., & Yasa, G. W. (2016). Pengaruh Penerapan Good Corporate Governance, Profitabilitas Dan Likuiditas Terhadap Peringkat Obligasi. E-Jurnal Akuntansi, 2198-2224.

Sharif, A. R. A., & Abdullah, A. (2018). Impact of Time Value of Money Theory in Ijarah Sukuk Genuineness: the Case of Bahrain and Malaysia. International Business Research, 11(7), 56-63.

Sucipta, N. K. S. N., & Rahyuda, H. (2015). Pengaruh pertumbuhan perusahaan, likuiditas, dan maturity terhadap peringkat obligasi perusahaan di bursa efek indonesia. E-Jurnal Manajemen, 4(3).

Sudaryanti, N., Mahfud, A. A., & Wulandari, R. (2014). Analisis determinan peringkat sukuk dan peringkat obligasi di Indonesia. Tazkia Islamic Finance and Business Review, 6(2).

Utami, E. S., Anitasari, D., & Endhiarto, T. (2017). Determinants of Corporate Bond Rating in Indonesia: Additional Evidence. Review Of Management And Entrepreneurship, 1(2), 27-33.

Widiastuti, N. P. T., & Rahyuda, H. (2016). Pengaruh Pertumbuhan Perusahaan, Rasio Likuiditas, Maturity, dan Rasio Aktivitas terhadap Peringkat Obligasi pada Perusahaan Jasa. E-Jurnal Manajemen, 5(11).

Yaakub, N. I., Shah, H., Mujani, W. K., Jusoff, K., & Hamid, M. A. (2011). Asset Ownership and Investor’s Protection under Sukuk Ijarah. Middle-East Journal of Scientific Research (Special Issue of Diversity of Knowledge on Middle East), 7, 22-30.

How to Cite
Ni’mah, A., Laila, N., Rusmita, S., & Cahyono, E. (2020). DETERMINANTS OF CORPORATE BOND AND SUKUK RATINGS IN INDONESIA. Journal of Islamic Monetary Economics and Finance, 6(3), 689 - 712.