Open AccessFAKTOR PENENTU PERINGKAT SUKUK
Author(s) -
Tika Arundina,
Dato’ Mohd. Azmi Omar
Publication year - 2010
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.505
H-Index - 4
ISSN - 2460-9196
DOI - 10.21098/bemp.v12i1.351
Subject(s) - sukuk , multinomial logistic regression , leverage (statistics) , bond credit rating , bankruptcy , bond , bankruptcy prediction , business , actuarial science , econometrics , reputation , economics , islamic finance , finance , islam , statistics , mathematics , social science , philosophy , theology , sociology , credit reference , credit risk
With the development of sukuk market as the Islamic alternatives of the existing bond market, the issue of how to assign a rating to the sukuk issuance rises. This study tries to provide an empirical foundation for the investors to estimate the ratings assign. Using approach from several rating agencies, past researches on bond ratings, financial distress prediction and bankruptcy prediction models, this study is trying to innovate a new model on determining the sukuk ratings. It used Multinomial Logit regression to create a model of rating probability from several theoretical variables, ie. firm size, leverage, profitability, fixed payment coverage, reputation and existence of guarantor. The result shows 80% of all valid cases are correctly classified into their original rating classes.Keywords: Sukuk, rating.JEL Classification: C35, E43, P43