REAKSI PASAR ATAS PENERBITAN SUKUK KORPORASI (Studi Kasus Perusahaan yang Listing di BEI Periode 2007-2014)

Abstract

The purpose of this study is to determine the effect of issuance of company Islamic bonds (sukuk) on capital market reaction. Specifically, to investigate the impact of value and rating of sukuk issuance on cumulative abnormal stock return. The sample consist of 26 firms listed in Indonesia Stock Exchange for period 2007-2014. The data are collected by documentation study, while for anaylsis method, the study used linear regression analysis. The results shows that value of  sukuk issuance does not effect to capital market reaction (cumulative abnormal stock return), while rating of sukuk issuance negatively effect to capital market reaction.

Keywords:    Cummulative abnormal stock returns, Market Reaction, Rating of Islamic Bonds Issuance (Sukuk), Value of Islamic Bonds Issuance (Sukuk)