PENGARUH PENGUMUMAN PENAWARAN SUKUK DAN OBLIGASI SERTA KARAKTERISTIK PERUSAHAAN TERHADAP REAKSI PASAR PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstract

There are several ways to raise funds, i.e. borrowing from banks, issuing share/stocks or bonds. Investors will react information about sukuk (sharia compliant bonds) and bond issues. When investors actually utilize such information in there investment decision, it will be reflected in the changes of stock prices and trading volume. The objectives of this study are to analyze the effect of sukuk and bond issues size, company size and sukuk and bonds rating on market reaction. This study also analyze the significant negative effect of maturity and debt ratio on market reaction.

The population is firm issuing sukuk and bonds from 2007 – 2014. The sampling used purposive samping. That is to i.e. sample is drawn based on specified criteria. The sampling criteria are company listing in IDX, publishing Financial Statement in the year of issuance the sukuk and bonds. When Sukuk and bonds that are issued by firm/companies in the same year, the researcher choose only one that has largest nominal value. This is because the sukuk and bonds with different maturity but the other variable is same will result in multikolinearity. The analysis method used is multiple regression analysis

The results show issues size, maturity and company size do not affect market reaction both in sukuk and bonds. Debt ratio has significant negative effect in both type of securities. Rating do not affect market reaction for sukuk securities but has significant positive effect from bonds.

Keywords : Issue size of sukuk (sharia compliment bonds) and bonds, maturity, debt ratio, company size, sukuk and bond rating, and market reaction