Pustaka Ilmiah Universitas Padjadjaran

Abstrak

Pengaruh Penerbitan Obligasi Syariah (SUKUK) Perusahaan Terhadap Reaksi Pasar (Survey terhadap perusahaan – perusahaan yang menerbitkan obligasi syariah dan terdaftar di Bursa Efek Indonesia tahun 2002-2009)

This research was carried out to determine whether there is any effect of the issuance of Islamic bonds (sukuk), represented by the value and rating of the issuance to market reaction are depicted with cumulative abnormal stock return. Islamic bond issuance variable value with comparisons drawn to the total nominal value of equity issuance, sukuk to equity ratio. Islamic bond rating variable are converted into interval form of a letter issued by PT. Pefindo. Cumulative abnormal stock return variable is described as the sum of abnormal return from stock price of each company at about the publication of Islamic bonds (sukuk), which can be obtained if investors divested their shares in the stock market. This research used descriptive method with survey approach. The subjects of this research are 14 companies that have issued Islamic bonds (sukuk) and have been listed on the Indonesia Stock Exchange in the period 2002 up to 2009. Statistical method used in this research was multiple linear regression method which at first, the normality was tested by Kolmogorov-Smirnov. The hypothesis test was at significance level for 5%. The result of these hypothesis showed that there is no significant influence of the issuance of Islamic bonds (sukuk) to cumulative abnormal stock return. The coefficient of determination is 19.5%. It means that the ability of independent variables, in this case the value and rating of the issuance of Islamic bonds (sukuk), to explain the dependent variable of cumulative abnormal stock return of sample firms amounted to 19.5%. The significance level from t test is greater than ?, it means that the Ho hypothesis was may not rejected, so there is no influence from the issuance of Islamic bonds (sukuk) to cumulative abnormal stock return. From the regression analysis, the b? coefficient is negative (-0.034), which indicates the opposite direction of the relationship between the issuance of Islamic bonds (sukuk) and cumulative abnormal stock return. While the b? coefficient is also negative (-0.016), which may indicate the opposite direction relationship between the rating of the issuance of Islamic bonds (sukuk) and cumulative abnormal stock return