The Effect of Liquidity, Profitability, and Leverage on the Sukuk Rating (a Research on the Top Companies Issuing Sukuk and Listed in Indonesia Stock Exchange 2009-2014)

Abstract

Sukuk rating is one way to provide accurate information about the financial performance, position industries business firms in the form of ratings to potential investors. Sukuk rating will be good when the issuer is able to pay for the results and principal. Thus, the influence of financial ratios to sukuk ratings is great. The purpose of this study was to determine liquidity, profitability, and leverage on the company issuing the sukuk, sukuk ratings to determine the companies that issue sukuk, and to determine the effect of liquidity, profitability, and leverage to sukuk simultaneously and partially. The method used in this research is the ordinal regression analysis method with quantitative approach. The results of the overall research of liquidity, profitability, and leverage at companies that issued sukuk are good enough. The company's liquidity is the highest Bank Muamalat Indonesia, while the lowest were Indosat Company. Corporate profitability is highest while the lowest Mayora is the National Electricity Company. The highest leverage is Adhi Karya whereas the lowest was Mayora Company. Sukuk rating on companies issuing sukuk is excellent, characterized by results of sukuk rating in the form of investment grade. Simultaneously and partial liquidity, profitability and leverage have significant effect on the ranking of sukuk.