WENIASTI, AYUDHA (2019) PENGARUH PERINGKAT OBLIGASI, PROFITABILITAS, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP YIELD TO MATURITY OBLIGASI KORPORASI. S2 thesis, Universitas Mercu Buana.
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Abstract
This study aims to analyze the effect of Bond Rating, Return on Assets (ROA), Debt to Equity Ratio (DER) and Firm Size on Yield to Maturity (YTM) of corporate bonds. The research population consisted of corporate bonds listed at the Indonesia Stock Exchange during the observation period of 2015-2017. The sampling technique in this research was conducted using purposive sampling method, consisted of 67 corporate bonds issued by 29 companies from all sectors except the banking and financial sectors. The analytical method used are descriptive statistics and panel data regression with Random Effect Model (REM). The results showed that variables of Bond Rating and firm size had a significant negative effect on YTM, while ROA and DER variables did not effect on YTM. The implication in this study is that companies need to improve performance and bond ratings to maintain investor trust. In addition, the company also needs to increase its total assets to make easier to find external funding sources through the issuance of bonds. This is because both of them proved to have an effect on YTM. For future research is expected to be able to examine other variables that affect YTM bonds since the determination coefficient of this study is only 19.59%, which means there are 80.41% variations of YTM bonds explained by other variables outside the research variables. Keywords: Bond Rating, Return on Asset, Debt to Equity Ratio, Firm Size, Yield To Maturity. Penelitian ini bertujuan untuk menganalisis pengaruh Peringkat Obligasi, Return on Assets (ROA), Debt to Equity Ratio (DER) dan Ukuran Perusahaan terhadap Yield To Maturity (YTM) obligasi korporasi. Populasi penelitian terdiri dari obligasi korporasi yang diperdagangkan di Bursa Efek Indonesia periode tahun 2015-2017. Teknik pemilihan sampel dilakukan secara purposive sampling. Sampel penelitian terdiri atas 67 obligasi korporasi yang diterbitkan oleh 29 perusahaan dari semua sektor kecuali sektor perbankan dan keuangan. Metode analisis penelitian yang digunakan adalah statistik deskriptif dan regresi data panel Random Effect Model (REM). Hasil penelitian menunjukkan secara parsial variabel Peringkat Obligasi dan Ukuran Perusahaan berpengaruh negatif signifikan terhadap YTM, sedangkan variabel ROA dan DER tidak berpengaruh terhadap YTM. Implikasi dari penelitian ini adalah perusahaan perlu meningkatkan kinerja dan peringkat obligasi untuk menjaga kepercayaan investor. Selain itu, perusahaan juga perlu meningkatkan total asetnya agar semakin mudah mencari sumber dana eksternal melalui penerbitan obligasi. Hal tersebut dikarenakan keduanya terbukti berpengaruh terhadap YTM. Untuk penelitian selanjutnya diharapkan dapat mengkaji variabel lain yang mempengaruhi YTM dikarenakan nilai koefisien determinasi penelitian ini sebesar 19,59% artinya terdapat 80,41% variasi YTM obligasi yang dijelaskan oleh variabel lainnya diluar penelitian. Kata kunci: Peringkat Obligasi, Return on Asset, Debt to Equity Ratio, Ukuran Perusahaan, Yield To Maturity.
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