Faktor-faktor yang Mempengaruhi Peringkat Sukuk: Analisis Data Panel pada Perusahaan Perbankan Syariah yang Terdaftar di Bursa Efek Indonesia

Abstract

The capital market plays a crucial role in the global economy. The investment instruments in the capital market are not limited to conventional ones; there are also instruments based on Sharia principles, such as sukuk. Rating is a significant factor supporting the rapid development of sukuk. Financial factors proxied in Size (Company Size) and financial ratios, namely Leverage, contribute to this growth. Additionally, non-financial factors, such as Audit Tenure, are aspects that investors may consider when making investment decisions. This quantitative research focuses on Sharia banking companies issuing sukuk, listed on the Indonesia Stock Exchange (BEI), and included in sukuk ratings issued by PT. PEFINDO as a secondary data provider. The study covers the period from 2015 to 2019, analyzing the names of Sharia banking institutions in sukuk rankings and the financial reports of Sharia banking sector companies. The data analysis technique employed is panel data regression, with estimation techniques including the Chow test and Hausman test. The research results indicate that the Size variable does not have a significant impact on sukuk ratings for Sharia banking companies. Therefore, regardless of the total assets of a company, it will not affect sukuk rating predictions. On the other hand, the Leverage variable has a positive and significant impact on sukuk ratings for Sharia banking companies, meaning that an increase in leverage ratios will affect sukuk ratings. Based on the R-square determination test, the variables Size, Leverage, and Audit Tenure collectively influence sukuk ratings by 69.7%, with the remaining 30.3% influenced by other factors not addressed in this study.