PENGARUH PENERBITAN OBLIGASI SYARIAH (SUKUK) PERUSAHAAN TERHADAP REAKSI PASAR PADA PERUSAHAAN-PERUSAHAAN YANG MENERBITKAN OBLIGASI SYARIAH TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2012-2016

Abstract

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The purpose of this research is 1). To determine the influence of the value and
rating issuance of Islamic bonds (sukuk ) market reaction to the company (cumulative
abnormal return ) ,2). To find out how the value and rating issuance of Islamic bonds
(sukuk) market reaction to the company (cumulative abnormal return ).
By using population 230 publishing and samples 38 publishing all companies
listed in Indonesia Stock Exchange in 2012-2016 . Data collection methods used in
this research is the method of documentation . Methods of data analysis used in this
study include: normality test , classic assumption test , multiple linear regression
analysis , simultaneous test (F) , partial test (t) , and the coefficient of determination .
The results were obtained : (1) The value of the issuance of Islamic bonds with a 0.05
significance level is is (-1.690 ≤ -0.899 ≤ 1.690). (2) Rating the issuance of Islamic
bonds is 0.05 significance level is (-1.690 ≤ -1.831 ≤ 1.690).
Based on the above results , it can be concluded that the simultaneous and
partially variable Value and Rating issuance of Islamic bonds (sukuk) did not affect
the market reaction ( cumulative abnormal stock return) . 2
Keywords : Value issuance of Islamic bonds , Rating issuance of bonds , the market reaction (cumulative abnormal return )