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Analisis Faktor-Faktor Yang Mempengaruhi Prediksi Peringkat Obligasi

Author

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  • Wydia Andry

    (Bank Indonesia)

Abstract

The current paper analyze the prediction of the obligation rating and how they are ditermined. Unlike the previous studies, we include both the accounting and the non-accounting factors, and test the explanatory power of the following six variables: (1) the growth , (2) the size (3) the sinking fund, (4) the risk (with or without guarantee), (5) the maturity structure and, (6) the auditor’s judgement. The data consists of the bank and the financial firms listed in Jakarta Stock Exchange and Surabaya Stock Exchange. As the endogenous variable is discrete, we apply the probit regression model on the data and test how the six exogenous variable above can influence the rating of obligation. The results indicates that in general, the obligation of Indonesian firms are investment grade. The study also conform the significance of the growth, the sinking fund, the maturity and the auditor, while the size and the risk are both insignificant to predict the rating of obligation.

Suggested Citation

  • Wydia Andry, 2005. "Analisis Faktor-Faktor Yang Mempengaruhi Prediksi Peringkat Obligasi," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 8(2), pages 1-20, September.
    • Handle: RePEc:idn:journl:v:8:y:2005:2:1:p:1-20
    DOI: https://doi.org/10.21098/bemp.v8i2.135
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    More about this item

    Keywords

    Rating obligation; growth; size; sinking fund; risk; maturity; logif regression;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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