Electronic Theses and Dissertation

Penelitian ini bertujuan menganalisis pengaruh faktor-faktor internal perusahaan terhadap yield spread sukuk korporasi di indonesia, seperti profitabilitas, leverage, likuiditas, pertumbuhan perusahaan, dan jumlah dewan komisaris. penelitian ini juga memeriksa peran ukuran perusahaan dalam memoderasi pengaruh faktor internal terhadap yield spread sukuk. data panel dari 13 perusahaan penerbit sukuk selama 2017-2020 digunakan, yang diperoleh dari laporan tahunan di website perusahaan penerbit sukuk di indonesia. analisis data panel dengan metode random effect model menunjukkan tiga temuan utama. pertama, faktor internal perusahaan yang meliputi profitabilitas, likuiditas, pertumbuhan, jumlah komisaris independen, dan ukuran perusahaan berpengaruh negatif dan signifikan terhadap yield spread sukuk. hal ini menunjukkan bahwa faktor-faktor tersebut efektif dalam meningkatkan kinerja korporasi dan menurunkan risiko gagal bayar yang berdampak pada penurunan yield spread. kedua, leverage berpengaruh positif dan signifikan terhadap yield spread sukuk. hal ini mengindikasikan bahwa perusahaan dengan debt to equity ratio yang tinggi akan berdampak buruk pada kinerja keuangan dan terancam meningkatkan risiko gagal bayar yang akan menyebabkan yield spread meningkat. terakhir, ukuran perusahaan mampu memoderasi pengaruh faktor-faktor internal perusahaan terhadap yield spread sukuk korporasi. hasil penelitian ini diharapkan dapat menjadi acuan bagi investor yang menginvestasikan dananya pada sukuk korporasi.

The purpose of this study is to examine and analyze the effect of company’s characteristics such as profitability, leverage, liquidity, company growth, and the number of commissioners on the yield spread of corporate sukuk in Indonesia, which is moderated by firms’ size. This research utilizes panel data from 13 sukuk issuing companies from 2017 to 2020, resulting in 52 observational data obtained from annual reports published on each company's website. Based on the panel data analysis method using the random effect model, this study found three main results. First, the company's internal factors which include profitability, liquidity, growth, the number of independent commissioners, and firms’ size have a negative and significant effect on the yield spread of sukuk. This shows that these factors are effective in improving corporate performance and reducing the risk of default which has an impact on reducing yield spreads. Second, leverage has a positive and significant effect on the yield spread of sukuk. This indicates that a company with a high debt-to-equity ratio will have a negative impact on financial performance and threaten to increase the risk of default which will cause the yield spread to increase. Finally, firms’ size is able to moderate the effect of internal company factors on the yield spread of corporate sukuk. The results of this study are expected to be a reference for investors who invest their funds in corporate sukuk.