Issuance Value, Issuance Rating and Life of Sharia Bond on Sharia Capital Market Reaction
DOI:
https://doi.org/10.33830/jfba.v1i1.2241.2021Keywords:
Sukuk Issuance Value, Sukuk Issuance Rating, Sukuk Issuance Age, and Reaction of Capital MarketAbstract
This study aims to examine whether the value of islamic bonds issuance, rating of islamic bonds issuance, and age of islamic bonds issuance to the capital market reaction. The value of islamic bonds issuance is proxied by sukuk equity ratio, rating of islamic bonds issuance, and age of islamic bonds are used as independent variables. The capital market reaction is proxied by abnormal return as the dependent variable on Companies Issuing Bonds on the Indonesia Stock Exchange. This study uses a descriptive quantitative approach, which is measured using a multiple regression analysis method with Eviews 10. The population of this study is Companies Issuing Bonds on the Indonesia Stock Exchange (IDX) from 2017 to 2019. With a total sample size of 16 companies with the amount of islamic bonds as much as 135. The results of this study prove that (1) The value of islamic bonds issuance has an effect on the capital market reaction, (2) The rating of islamic bonds issuance has an effect on the capital market reaction, and (3) The age of islamic bonds has no effect on the capital market reaction on Companies Issuing Bonds on the Indonesia Stock Exchange 2017-2019.
References
Ainurrochma, E. & Priyadi, MP. (2016). Effect of Value and Rating of Issuance of Sukuk and Company DER on Market Reaction. Journal of Accounting Science and Research.
Fathoni, DS, Nurhayati, & Sofianty, D. (2016). The Influence of Issuance Value of Sharia Bonds (Sukuk), and Ratings of Sharia Bonds (Sukuk) on Capital Market Reactions (Empirical Study on Companies Issuing Sukuk on the Indonesia Stock Exchange 2016). Accounting Proceedings, 84-92.
Hartono, J. (2017). Portfolio Theory and Investment Analysis 11th Edition. BPFE.
Iskandar, M. & Ridwan, R. (2019). The Effect of Sukuk Issuance on Market Reaction (Survey of Companies Issuing Sharia Bonds Listed on the Indonesia Stock Exchange During 2015). Scientific Journal of Accounting Economics Students, 4(3), 496-503. https://doi.org/10.24815/jimeka.v4i3. 12583.
Iswara, VI, Susyanti, J., & Salim, MA. (2019). The effect of the value of Islamic bonds, rating of Islamic bonds, the age of Islamic bonds on the reaction of the capital market. Scientific Management Research, 8(7), 82–94.
Ridlo, M., Dakhori, & Nuruddin. (2020). Analysis of the Effect of Issuance Value of Sharia Bonds (Sukuk), Rating of Issuance of Sharia Bonds (Sukuk) and Risk of Sharia Bonds (Sukuk) on Capital Market Reactions. Journal of Islamic Economic Law, 04.
Savitri, E. (2015). The Effect of Issuance of Sharia Bonds (Sukuk) on the Reaction of the Indonesian Capital Market. Journal of Management Applications, 13(4), 689-696.
Sugiyono. (2017). Quantitative, Qualitative, R&D research methods. CV. Alphabet.
Wijayaningtyas, P. & Wahidahwati. (2016). The Influence of Issuance Value, Issuance Rating, Islamic Bond Age on Capital Market Reaction. Journal of Accounting Science and Research, 5, 1–19.
