Pengaruh Likuiditas, Profitabilitas dan Leverage Terhadap Peringkat Obligasi Perusahaan (Studi Empiris pada Perusahaan yang Terdaftar di Bursa Efek Indonesia)

Abstract

This research aims to test: 1) the influence of liquidity to bonds ratings predicted), 2) the influence of profitability to bonds ratings predicted and 3) the influence of leverage to bond ratings predicted. The population in this research is firms listed in Indonesian stock exchange which has outstanding bonds in 2008 until 2011. Sample was determined by the purposive sampling method. Type of data is secondary data and the method of analysis used is logistic regression analysis. Based on the result of logistic regression with a significance level of 0,05, the results of the study concluded: 1) current ratio (CR) not affect to bond ratings predicted with the level of significance 0,184 > 0.05 and β 1,343 (H₁ rejected) 2) return on asset (ROA) is significant positive affect to bond rating predicted with the level of significance 0.037 < 0.05 and β 15,194 (H₂ accepted) 3) debt equity ratio (DER) is not affect to bond rating predicted wit the level of significance 0,336 > 0.05 and β 0,240 (H₃ rejected). This research suggested: 1) for investors if want to invest in bonds should buy the bonds with rated investment grade because it has a high level of security, 2) for companies should improve operational performance to attract investors, 3) for further researcher should be able to collaborate on a variety of relevant variables in affecting bond rating predicted. Also consider on observation period, add more sample and understanding of analysis techniques used

Keywords : Liquidity, Profitability, Leverage, Bond Rating, Logistic Regression