Electronic Theses and Dissertation

ABSTRAK

Penelitian ini bertujuan untuk menguji pengaruh Pengaruh Tingkat Imbal Hasil, Sharia Committee, Leverage, Pertumbuhan Laba, Cash Flow, dan BI Rate Terhadap Penerbitan jenis sukuk di Indonesia. Jenis penelitian yang digunakan adalah metode kuantitatif dan menggunakan data sekunder. Pengumpulan data dilakukan dengan penelusuran data online yang diperoleh melalui website. Pengukuran Tingkat Imbal Hasil, Leverage, Pertumbuhan Laba, Cash Flow, dan BI Rate menggunakan skala rasio, sedangkan sharia committee dan penerbitan jenis sukuk menggunakan skala nominal. Teknik pemilihan sampel menerapkan random sampling. Jumlah sampel yang digunakan berjumlah 34 sampel perusahaan dan 73 jenis sukuk yang terdiri dari sukuk ijarah dan sukuk mudharabah pada periode 2012-2021. Data panel yang digunakan dalam penelitian ini adalah data panel unbalanced. Data dianalisis menggunakan analisis regresi probit dan diproses oleh program SPSS (Statistical Package for the Social Science) versi 26. Hasil penelitian menunjukkan bahwa 34,94% variabel dependen dapat dijelaskan oleh enam variabel dependen. Artinya, secara simultan tingkat imbal hasil, sharia committee, leverage, pertumbuhan laba, cash flow, dan BI Rate berpengaruh terhadap penerbitan jenis sukuk di Indonesia. Sedangkan, sekitar 65,06% penerbitan jenis sukuk dipengaruhi oleh faktor-faktor lain yang tidak termasuk dalam penelitian, seperti profitabilitas, umur perusahaan, laba per saham, Good Corporate Governance (GCG), kinerja keuangan, dan inflasi. Kemudian secara parsial, hasil penelitian menunjukkan bahwa sharia committee, leverage, dan cash flow berpengaruh terhadap penerbitan jenis sukuk di Indonesia. Sedangkan, tingkat imbal hasil, pertumbuhan laba, dan BI Rate tidak berpengaruh terhadap penerbitan jenis sukuk di Indonesia. Variabel sharia committee lebih dominan mempengaruhi penerbitan jenis sukuk. Oleh karena itu, perusahaan harus memastikan bahwa sukuk tersebut sudah memenuhi prinsip-prinsip syariah dan perusahaan juga harus memerhatikan kemampuannya dalam memenuhi kewajibannya, serta memberikan informasi tentang pengelolaan arus kas yang baik guna meningkatkan minat investasi dari investor.

Kata Kunci: Tingkat Imbal Hasil, Sharia Committee, Leverage, Pertumbuhan Laba, Cash Flow, BI Rate, dan Penerbitan Jenis Sukuk.

ABSTRACT This study aims to examine the effect of the rate of return, Sharia Committee, Leverage, earning growth, Cash Flow, and BI Rate on sukuk issuance in Indonesia. The type of research used is quantitative method and uses secondary data. Data collection is done by searching online data obtained through the website. The measurement of the rate of return, leverage, earning growth, cash flow and BI rate uses a ratio scale, while the sharia committee and types of sukuk issuance use a nominal scale. The sampling technique used is random sampling. The number of samples used were 34 samples of companies and 73 types of sukuk consisting of ijarah sukuk and mudharabah sukuk for the period 2012-2021. Panel data used in this study is unbalanced panel data. Data were analyzed using probit regression analysis and processed with SPSS (Statistical Package for the Social Science) version 26 program. The results showed that 34.94% of the dependent variable could be explained by the six dependent variables. This means that simultaneously rate of return, sharia committees, leverage, earning growth, cash flow, and the BI Rate affect the issuance of sukuk types in Indonesia. Meanwhile, around 65.06% of sukuk issuances were influenced by other factors not included in the study, such as profitability, company age, earnings per share, Good Corporate Governance (GCG), financial performance, and inflation. Then partially, the results of the study show that the sharia committee, leverage, and cash flow have an effect on the issuance of sukuk types in Indonesia. While, the rate of return, profit growth, and the BI Rate have no effect on the issuance of sukuk types in Indonesia. The sharia committee variable is more dominant in influencing the issuance of the type of sukuk. Therefore, the company must ensure that the sukuk has complied with sharia principles and the company must also pay attention to its ability to fulfill its obligations, as well as provide information on good cash flow management in order to increase investment interest from investors. Keyword: Rate of Return, Sharia Committee, Leverage, Earning Growth, Cash Flow, BI Rate, and Issuance of Types of Sukuk.