UNVEILING THE DRIVERS OF CORPORATE BOND RATINGS: EVIDENCE FROM EMERGING AND DEVELOPED MARKETS
DOI:
https://doi.org/10.25170/jak.v20i1.7058Keywords:
bond age, bond rating, company size, leverage, liquidity, profitabilityAbstract
This study was conducted to obtain empirical evidence on the influence of company size proxied by total assets (TA), profitability proxied by return on assets (ROA), bond age proxied by dummy variable, leverage proxied by debt to equity ratio (DER), and liquidity proxied by current ratio (CR) on bond ratings. The object of this study is non-financial companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2022 and issuing bonds rated by PT Pemeringkat Efek Indonesia (PEFINDO) from 2021 to 2023.The sample selection was done using the purposive sampling method resulting in a total of 18 non-financial companies. The data used in this study were secondary data, namely financial statements and a list of bond ratings issued by PT PEFINDO. The data analysis was conducted using SPSS version 26. The data analysis method used was ordinal logistic regression, a method used in research with dependent variables in ordinal form (ratings). The results of the study indicate that (1) company size proxied by total assets has a positive and significant effect on bond ratings; (2) profitability proxied by ROA has a positive and significant effect on bond ratings; (3) bond age proxied by dummy variable has no significant effect on bond ratings; (4) leverage proxied by DER has a negative and significant effect on bond ratings; (5) liquidity proxied by CR has no significant effect on bond ratings.
References
Agustinus, S., & Yoewono, H. (2022). Pengaruh ukuran perusahaan, reputasi auditor, umur obligasi, profitabilitas, likuiditas, Ldr, Npl, Bopo terhadap peringkat obligasi. Ultimaccounting Jurnal Ilmu Akuntansi, 14(2), 264–280. https://doi.org/10.31937/akuntansi.v14i2.2745
Bareksa. (2024). Rating Obligasi. https://www.bareksa.com/kamus/r/rating-obligasi.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419.
Damanik, I. R., Erlina, E., & Abubakar, E. (2023). Analysis of factors affecting bond ratings on companies listed on the Indonesia Stock Exchange. Accounting and Business Journal, 4(2), 130–141. https://doi.org/10.54248/abj.v4i2.4458
Dewi, L. A., & Praptoyo, S. (2022). Pengaruh ukuran perusahaan, profitabilitas, dan leverage terhadap nilai perusahaan. Jurnal Ilmu dan Riset Akuntansi (JIRA), 1(3). http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/4474/4478
Fillio, V., & Diana, P. (2024). The analysis of earning persistence (An empirical study on KOMPAS 100 Index Listed on IDX 2018-2021).
Ultimaccounting Jurnal Ilmu Akuntansi, 16(2), 234-253. https://doi.org/https://doi.org/10.31937/akuntansi.v16i2.3814
Ghozali, I. (2020). 25 Grand theory teori besar ilmu manajemen, akuntansi, dan bisnis. Yoga Pratama.
Ghozali, I. (2021). Aplikasi analisis multivariate. Badan Penerbit - UNDIP.
Hakim, D., & Sudaryo, Y. (2022). Manajemen investasi dan teori portofolio. Penerbit Andi.
Hu, X., Huang, H., Pan, Z., & Shi, J. (2019). Information asymmetry and credit rating: A quasi-natural experiment from China. Journal of Banking & Finance, 106, 132–152. https://doi.org/10.1016/j.jbankfin.2019.06.003.
Irene, & Rousilita, S. (2020). Faktor-faktor yang mempengaruhi peringkat obligasi perusahaan non keuangan yang terdaftar di BEI. Jurnal Paradigma Akuntansi, 2(4). https://doi.org/10.24912/jpa.v2i4.9378
Jorion, P., Liu, A., & Shi, C. (2005). Informational effects of regulation FD: Evidence from rating agencies. Journal of Financial Economics, 76(2), 309–330. https://doi.org/10.1016/j.jfineco.2004.05.001.
Kaltsum, H., & Anggraini, D. T. (2021). Analisis dampak likuiditas, leverage dan ukuran perusahaan terhadap peringkat obligasi. Jurnal Akuntansi dan Governance, 1(2), 79. https://doi.org/10.24853/jago.1.2.79-88
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate accounting: IFRS edition (4 th). Wiley.
Lovo, S., Raimbourg, P., & Salvadè, F. (2022). Credit rating agencies, information asymmetry and US bond liquidity. Journal of Business Finance & Accounting, 49(9–10), 1863–1896. https://doi.org/10.1111/jbfa.12610.
Murcia, F. C. de S., Murcia, F. D.-R., Rover, S., & Borba, J. A. (2014). The determinants of credit rating: Brazilian evidence. Brazilian Administration Review, 11(2), 188–209. https://doi.org/10.1590/1807-76922014000200005.
Nurfitriyani, A. (2020). Ini alasan pasar obligasi Indonesia masih menarik! https://wartaekonomi.co.id/read294481/ini-alasan-pasar-obligasi-indonesia-masih-menarik
Otoritas Jasa Keuangan. (2022). Statistik Desember minggu ke-4 2022. https://ojk.go.id/id/kanal/pasar-modal/data-dan-statistik/statistik-pasar-modal/Documents/4. STATISTIK DESEMBER MGG KE-4 2022.pdf
Otoritas Jasa Keuangan. (2024). Obligasi korporasi. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Category/65
PEFINDO. (2023). Metodologi pemeringkatan korporasi. https://pefindo.com/pageman/page/rating-methodology-corporates.html
PEFINDO. (2024). Layanan peringkat. https://www.pefindo.com/services/rating
Pramesti, D. S. P. (2022). Pengaruh leverage dan profitabilitas terhadap peringkat obligasi. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 4(10), 4266–4273. https://doi.org/10.32670/fairvalue.v4i10.1658
Purba, I. R., & Mahendra, A. (2023). Pengaruh profitabilitas, likuiditas, dan leverage terhadap peringkat obligasi pada perusahaan properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2019-2021. Jurnal Riset Akuntansi & Keuangan, 9(1). https://ejournal.ust.ac.id/index.php/JRAK/article/view/2456
Purnama, I. D. (2021). Investasi melambat selama masa pandemi, obligasi bisa jadi alternatif. https://www.idxchannel.com/economics/investasi-melambat-selama-masa-pandemi-obligasi-bisa-jadi-alternatif
Rianto, Herman Felani, & Ameilia Damayanti. (2021). Pengaruh ukuran, pertumbuhan, dan umur obligasi perusahaan terhadap peringkat obligasi. RELEVAN : Jurnal Riset Akuntansi, 1(2). https://doi.org/10.35814/relevan.v1i2.2270
Rizki, A. (2021). Pahami dan kenali risiko investasi obligasi. https://finansial.bisnis.com/read/20211116/55/1466698/pahami-dan-kenali-risiko-investasi-obligasi
Safitri, S., Prasetyo, T., & Putri, W. R. E. (2020). Pengaruh Profitabilitas, likuiditas, leverage, ukuran perusahaan, jaminan, dan umur obligasi terhadap peringkat obligasi (Studi empiris pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2015-2018). Jurnal Akuntansi dan Keuangan, 25(1), 65–80. https://doi.org/10.23960/jak.v25i1.195
Shaid, J. N., & Idris, M. (2022). Instrumen pasar modal: pengertian, jenis, dan lembaga penunjangnya. https://money.kompas.com/read/2021/12/02/152656426/instrumen-pasar-modal-pengertian-jenis-dan-lembaga-penunjangnya?page=all
Sulistiani, & Meutia, R. (2021). Pengaruh ukuran perusahaan, profitabilitas, likuiditas dan leverage terhadap peringkat obligasi pada perusahaan jasa keuangan di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi (JIMEKA), 6(2), 162–177.
Suwarmelina, S. (2021). Pengaruh jaminan obligasi, umur obligasi, interest coverage ratio, dan manajemen laba terhadap peringkat obligasi. Jurnal Kajian Akuntansi dan Auditing, 15(2). https://doi.org/10.37301/jkaa.v15i2.29
Utami, S., Sasanti, E., & Isnaini, Z. (2021). Determinan peringkat obligasi perusahaan non keuangan yang terdaftar di BEI periode 2014-2018. 1(3). http://etd.repository.ugm.ac.id/penelitian/detail/191255
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2022). Financial accounting IFRS (5 th). Wiley.
Wiener-Fererhofer, A. (2017). Credit rating process: A distinction between family and non-family firms regarding their rating score. Journal of Family Business Management, 7(3), 256–290. https://doi.org/10.1108/JFBM-06-2017-0013.
Wijaya, R. (2019). Pengaruh karakteristik perusahaan, karakteristik obligasi, reputasi auditor terhadap peringkat obligasi. Jurnal Akuntansi Bisnis, 17(2), 55.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Diana Teresa, Patricia Diana
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
