PENGARUH PROFITABILITAS, LIKUIDITAS, SIZE DAN LEVERAGE PERUSAHAAN TERHADAP YIELD OBLIGASI DENGAN PERINGKAT OBLIGASI SEBAGAI VARIABEL INTERVENING

Abstract

This Study aims to get empirical evidence on the influence of profitability (ROA), liquidity (QR), size (LnSize), and leverage (DER) on the bond yield (YTM) with bond rating as an intervening variable. The population in this study is all companies listed in Indonesian Stock Exchange (BEI) during 2008-2012 which has bonds in period 2009-2013.These bonds were assessed by rating agents of PT. Pefindo. Applying path analysis test, path one was used first one, used to test the influence of profitability, liquidity, size and leverage on bond rating. Second is used to test the influence of profitability, liquidity, size, leverage and bond rating on bond yield. Sobel test is used to test the mediating/intervening effect. The first test one showes that profitability and size had significant positive influence on bond rating while liquidity had significant negative influence, leverage had no influence on bond rating. The test second showes that profitability, liquidity, size, leverage and bond rating do not influence bond yield. Moreover sobel test showes that bond rating could not mediate the influence of profitability, liquidity, size and leverage on bond yield.

Keywords:    bond rating, bond yield, leverage, liquidity, profitability, size