Open AccessAnalysis of the Impact of using Syariah Bonds (Sukuk) and Conventional Bonds on Stock Returns for Investors in Indonesia: Study of Manufacturing Companies Listed on the IDX in the year 2015-2017
Author(s) -
Imelda Dian Rahmawati,
Nathanson Sn,
R. Dian Pertiwi
Publication year - 2021
Publication title -
journal of physics. conference series
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.21
H-Index - 85
eISSN - 1742-6596
pISSN - 1742-6588
DOI - 10.1088/1742-6596/1764/1/012052
Subject(s) - obligation , sukuk , business , stock (firearms) , stock market , bond , event study , sharia , accounting , financial system , islam , finance , islamic finance , law , mechanical engineering , paleontology , philosophy , context (archaeology) , theology , horse , political science , biology , engineering
The stock market is an integral part of economic activity in many countries. One of the stock market types is financial obligations. In Indonesia has developed two types of financial obligations are Sharia-based obligations called Sukuk, and non-Sharia ones called conventional obligation. This study aims to analyze the impact of Sukuk and conventional obligation issuance on stock returns. The company under review is a company that issues obligation. The study uses event studies to see the reaction of the stock market to the event of issuance of Sukuk and conventional obligation. The results of the study show that Sukuk and conventional obligation affect stock returns.