Open AccessANALISIS MODEL PREDIKSI PEMERINGKATAN OBLIGASI SYARIAH PERUSAHAAN DENGAN PENDEKATAN RASIO KEUANGAN DI BURSA EFEK INDONESIA
Author(s) -
Karima Tamara
Publication year - 2014
Publication title -
jurnal penelitian/jurnal penelitian
Language(s) - English
Resource type - Journals
eISSN - 2541-6944
pISSN - 1829-9903
DOI - 10.28918/jupe.v10i2.362
Subject(s) - bond credit rating , solvency , bond , market liquidity , stock exchange , business , financial ratio , financial statement , financial system , actuarial science , econometrics , economics , accounting , finance , credit risk , audit , credit reference
This study aimed to determine whether financial ratio was a predictor to predict future bond ratings, and which one was significant. This study concentrates on techniques to predict bond ratings. Bond rating is important because these rankings provide an informative statement and provide a signal about the probability of default of a company's debt. The Islamic bond companies listed in Indonesia Stock Exchange (IDX) and assessed by rating agencies PEFINDO in 2009- 2011 were used to answer the research question. Leverage (LTLTA), liquidity (CaCl), solvency (CFOTL), profitability (OIS), and productivity (STA) were used as variable of financial ratio. This study examined the financial ratios that can establish sharia bond rating prediction model using discriminant analysis (MDA). The results were : (1) there were different level of Islamic bond in financial ratios of liquidity (CaCl), solvency (CFOTL), profitability (OIS), and productivity (STA); (2) financial ratios, that could form the prediction model of Islamic bonds ranking, were CaCl , OIS , STA, (3) the accuracy level of the formed model were 94.3%.