Antecedents of Corporate Sukuk Ratings in Indonesia: Analysis of Internal and External Factors in Indonesia Sharia Stock Index
DOI:
https://doi.org/10.58968/icm.v3i2.713Keywords:
Sukuk Rating, Productivity, Quality of Financial Disclosures, Corporate Governance Attributes, Maturity, Auditor Reputation, LeverageAbstract
This study examines the factors that affect sukuk ratings, including productivity (Total Asset Turn Over), Quality of financial disclosures (Company Reliability), Corporate governance attributes (Institutional Ownership), Maturity, auditor repitution, and adding control variables namely Leverage (Debt Equity Ratio), Company Size. The Data Panel consisted of 18 company samples over 5 years or 90 observations and applied the Fixed Effect Model (FEM), it was found that auditor productivity and reputation had a positive effect on sukuk ratings, with productivity having a positive effect at a significance level of 1% and auditor reputation having a negative effect on a significance level of 10%. Meanwhile, the quality of financial disclosures, corporate governance attributes, and maturity did not show significant influences. Simultaneously, all variables affected the sukuk rating with an adjusted R2 of 37.67% and the remaining 62.33% (100-37.67%) explained by other factors outside the study. Then in the robusness test, the results were consistent in model 2 and model 3 after adding the control variable, in the variables of productivity and reputation of the auditor each could be consistent with a probability of less than a 10% significance level in influencing the sukuk ranking.References
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