WAHYUNINGSIH, MUTIA (2025) PENGARUH KARAKTERISTIK OBLIGASI HIJAU DAN MAKRO EKONOMI TERHADAP YIELD : PERINGKAT OBLIGASI SEBAGAI MODERATOR. S3 thesis, Universitas Mercu Buana Jakarta.
|
Text (HAL COVER)
01 COVER.pdf Download (590kB) | Preview |
|
![[img]](https://repository.mercubuana.ac.id/style/images/fileicons/text.png) |
Text (BAB I)
02 BAB 1.pdf Restricted to Registered users only Download (312kB) |
|
|
Text (BAB II)
03 BAB 2.pdf Restricted to Registered users only Download (460kB) |
|
|
Text (BAB III)
04 BAB 3.pdf Restricted to Registered users only Download (372kB) |
|
|
Text (BAB IV)
05 BAB 4.pdf Restricted to Registered users only Download (335kB) |
|
|
Text (BAB V)
06 BAB 5.pdf Restricted to Registered users only Download (101kB) |
|
|
Text (DAFTAR PUSTAKA)
07 DAFTAR PUSTAKA.pdf Restricted to Registered users only Download (262kB) |
|
|
Text (LAMPIRAN)
08 LAMPIRAN.pdf Restricted to Registered users only Download (624kB) |
Abstract
Climate change presents a significant global challenge, necessitating concrete mitigation strategies, one of which is the development of sustainable financial instruments such as green bonds. Green bonds are designed to finance projects that contribute to mitigating environmental impacts, particularly in support of the sustainable development agenda. However, the development of the green bond market in Indonesia still faces various obstacles, including bureaucratic barriers and limited incentives for issuers. This study employs a quantitative approach using panel data regression analysis. The observation period covers the years 2018 to 2023, with the population comprising all green bonds issued by the Government of the Republic of Indonesia and corporations operating in Indonesia, totaling 30 green bond instruments. The study uses a saturated sample, including all 30 green bonds, with data sourced from Bank Indonesia and the Indonesia Bond Pricing Agency (IBPA). The analysis results indicate that coupon rate, maturity, issuer, interest rate, inflation, and exchange rate significantly influence green bond yields. Conversely, the issuance size does not have a significant effect. Furthermore, bond ratings are found to significantly moderate the relationship between coupon and yield (with a negative effect), as well as between maturity and yield (with a positive effect). The managerial implications of these findings suggest that green bond issuers should enhance the quality of their offerings to attract more investors and reduce funding costs. Meanwhile, regulators are advised to strengthen incentives and improve transparency in the green bond rating system to foster a healthier and more sustainable market growth. This study presents novelty in four key aspects: (1) an in-depth analysis of green bond yield development in Indonesia; (2) the use of the issuer variable as an independent factor, which has not been extensively explored in previous research; (3) an examination of the influence of green bond characteristics and macroeconomic conditions on green bond yields; and (4) the use of credit rating as a moderating variable, which has traditionally been applied to conventional bond samples in earlier studies. Keywords: Green bonds, bond yield, bond rating, panel data analysis, Indonesian green bond market. Perubahan iklim merupakan tantangan global yang signifikan dan mendesak perlunya strategi mitigasi yang konkret, salah satunya melalui pengembangan instrumen keuangan berkelanjutan seperti obligasi hijau. Obligasi hijau dirancang untuk mendanai proyek-proyek yang berkontribusi terhadap mitigasi dampak lingkungan, khususnya dalam mendukung agenda pembangunan berkelanjutan. Namun demikian, perkembangan pasar obligasi hijau di Indonesia masih menghadapi berbagai kendala, termasuk hambatan birokrasi serta keterbatasan insentif bagi penerbit. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi data panel. Periode observasi mencakup tahun 2018 - 2023, dengan populasi berupa seluruh obligasi hijau oleh Pemerintah Republik Indonesia maupun korporasi di Indonesia yang berjumlah 30 jenis obligasi hijau yang diterbitkan. Sampel penelitian sejumlah 30 jenis obligasi hijau, dengan data diperoleh dari Bank Indonesia dan Indonesia Bond Pricing Agency (IBPA). Hasil analisis menunjukkan bahwa variabel kupon, maturitas, issuer, suku bunga, inflasi, dan nilai tukar berpengaruh signifikan terhadap yield obligasi hijau. Sebaliknya, ukuran penerbitan tidak memiliki pengaruh signifikan. Selain itu, variabel rating terbukti memoderasi secara signifikan hubungan antara kupon dan yield dengan arah negatif, serta antara maturitas dan yield dengan arah positif. Implikasi manajerial dari temuan ini memberikan rekomendasi kepada para penerbit obligasi hijau untuk meningkatkan kualitas penerbitan guna menarik minat investor dan menurunkan biaya pendanaan. Di sisi lain, regulator diharapkan dapat memperkuat insentif serta meningkatkan transparansi dalam sistem pemeringkatan guna mendorong pertumbuhan pasar obligasi hijau yang lebih sehat dan berkelanjutan. Penelitian ini memiliki unsur kebaruan dalam empat aspek utama: (1) mengkaji perkembangan yield obligasi hijau di Indonesia; (2) penggunaan variabel issuer sebagai variabel independen yang belum banyak diteliti; (3) analisis pengaruh karakteristik obligasi hijau dan kondisi makroekonomi terhadap yield obligasi hijau; serta (4) penggunaan peringkat (rating) sebagai variabel moderator, yang dalam penelitian-penelitian sebelumnya umumnya diterapkan pada obligasi konvensional. Kata Kunci : Obligasi hijau, yield obligasi, peringkat obligasi, analisis data panel, pasar obligasi hijau Indonesia.
| Item Type: | Thesis (S3) |
|---|---|
| Call Number CD: | CD/671. 25 006 |
| Call Number: | DM/71/25/006 |
| NIM/NIDN Creators: | 67121020003 |
| Uncontrolled Keywords: | Obligasi hijau, yield obligasi, peringkat obligasi, analisis data panel, pasar obligasi hijau Indonesia. |
| Subjects: | 300 Social Science/Ilmu-ilmu Sosial > 330 Economics/Ilmu Ekonomi > 339 Macroeconomics and Related Topics/Makroekonomi, Ekonomi Makro dan Topik Terkait 300 Social Science/Ilmu-ilmu Sosial > 350 Public Administration and Military Science/Administrasi Negara dan Ilmu Kemiliteran > 353 Specific Field of Public Administration/Administrasi Negara yang Membawahi Bidang Khusus, Departemen > 353.9 Administration of Safety, Sanitation, Waste Control, Safety Administration/Administrasi Keselamatan, Sanitasi, Pengendalian Limbah, Administrasi Keselamatan |
| Divisions: | Program Doktor > Doktor Manajemen |
| Depositing User: | khalimah |
| Date Deposited: | 30 Jul 2025 07:42 |
| Last Modified: | 30 Jul 2025 07:42 |
| URI: | http://repository.mercubuana.ac.id/id/eprint/96400 |
Actions (login required)
 |
View Item |
