Open AccessPengaruh DER, CAR, dan ROE terhadap Peringkat Obligasi Perbankan yang Listing di PT Bursa Efek Indonesia pada Periode 2008-2013
Author(s) -
Debora Tri Oktarina Phety
Publication year - 2018
Publication title -
organum
Language(s) - English
Resource type - Journals
eISSN - 2620-8164
pISSN - 2620-8156
DOI - 10.35138/organum.v1i2.32
Subject(s) - bond credit rating , bond , debt to equity ratio , return on equity , business , capital adequacy ratio , financial system , economics , actuarial science , finance , credit risk , nonprobability sampling , profit (economics) , population , stock exchange , credit reference , microeconomics , demography , sociology
This study aims to analyze the effect of Debt to Equity Ratio (DER), Capital Adequacy Ratio (CAR) and Return on Equity (ROE) both partially and simultaneously to bank bond ratings. Bond rating agencies are needed to assess the performance of banks that issue bonds by providing information about the quality and risk of bonds. The phenomenon in Indonesia occurs when several issuers fail to pay but have a bond rating at the investment grade level. The risk of a default on bonds is seen in the case of a failure to pay PT Bank Global Tbk bonds where the Kasnic rating agent gave an A- rating, but when BI announced a freeze on Bank Global's license, the bond rating was reduced to D. This research used Ordered Logit Model (OLM) as a method of data analysis.The random sampling method was carried out as a sampling method. The results of this study showed two things. First, the Capital Adequacy Ratio (CAR) and Return on Equity (ROE) had a positive impact on the bond rating. Second, the Debt to Equity Ratio (DER) had a negative impact on the bond rating. Whilst simultaneously Debt to Equity Ratio (DER), Capital Adequacy Ratio (CAR), and Return on Equity (ROE) affected the bond rating.Penelitian ini bertujuan untuk menganalisis pengaruh Debt to Equity Ratio (DER), Capital Adequacy Ratio (CAR) dan Return on Equity (ROE) baik secara parsial maupun simultan terhadap peringkat obligasi perbankan. Lembaga pemeringkat obligasi sangat diperlukan untuk menilai kinerja bank yang menerbitkan obligasi dengan memberikan informasi mengenai kualitas dan risiko obligasi. Fenomena di Indonesia terjadi saat beberapa emiten mengalami gagal bayar namun memiliki nilai peringkat obligasi yang berada di tingkat investment grade. Adanya risiko obligasi gagal bayar terlihat pada kasus gagal bayar obligasi PT Bank Global Tbk dimana agen pemeringkat Kasnic memberikan peringkat A-, tetapi pada saat BI mengumumkan pembekuan izin Bank Global, peringkat obligasi kemudian diturunkan menjadi D. Penelitian ini menggunakan Ordered Logit Model (OLM) sebagai metode analisis data. Metode random sampling dilakukan sebagai metode pengambilan sampling dalam riset ini. Hasil penelitian ini menunjukkan dua hal. Pertama, Capital Adequacy Ratio (CAR) dan Return on Equity (ROE) memiliki dampak positif terhadap rating obligasi. Terakhir, Debt to Equity Ratio (DER) memiliki dampak negatif terhadap rating obligasi. Sedangkan secara simultan Debt to Equity Ratio (DER), Capital Adequacy Ratio (CAR), dan Return on Equity (ROE) berpengaruh terhadap peringkat obligasi.