Pengaruh Rasio Solvabilitas, Rasio Aktivitas, Rasio Likuiditas, dan Ukuran Perusahaan Terhadap Peringkat Obligasi (Perusahaan Non Keuangan yang Terdaftar di BEI Tahun 2008-2011)

Abstract

This study aimed to examine the effect of solvability ratio, as measured by debt to equity ratio, activity ratio as measured by total assets turnover, liquidity ratio as measured by current ratio, and firm size as measured by total assets by bond rating companies listed on the Indonesia Stock Exchange (IDX ). This study considered the causative research. The population in this study are all various bond companies non finance listed on the Indonesia Stock Exchange (IDX) in 2008 until 2011. While the sample was determined by the method of purposive sampling to obtain a sample of 23 companies. Types of data used secondary data obtained from the Indonesia Capital Market Directory, www.idx.co.id , dan www.pefindo.co.id. The method of analysis used is logistic regression. Based on the results of multiple logistic regression with a significance level of 5%, the resulta of the study conclude: (1) solvability ratio has no effect by bond rating companies with significance value 0.523 > 0.05, (2) activity ratio has no effect by bond rating companies with signifiacance value 0.091 > 0.05, (3) liquidity ratio hasa positive and significant effect by bond rating companies with significance value 0.05, (4) firm size has a positive and significant effect by bond rating companies with significance value 0.042 < 0.05. Based on the above results, it is suggested: (1) for investor, must be careful for get information about bond rating a companies, (2) for companies it can be recommended the information about financial statement and bond rating.

Keywords: Solvability Ratio,Activity Ratio, Liquidity Ratio and Size Firms,Bond Rating.