Influence of Financial Ratios againts Non Financial Bonds rating Listed Indonesian Stock Exchange in 2018-2020

  • Senang Hutabarat Universitas Negeri Medan
  • Nasirwan Universitas Negeri Medan
  • Syaharman Universitas Dharmawangsa
  • Azizul Kholis Universitas Negeri Medan
  • Esa Setiana Universitas Negeri Medan
Keywords: Current Ratio, Quick Ratio, Cash Ratio, Debt to Asset Ratio

Abstract

The problem in this study is how the financial ratios described by Current Ratio, Quick Ratio, Cash Ratio, Debt to Asset Ratio, Debt to Equity Ratio, Fixed Assets Turn Over, Return On Assets can be considered determine bond rating, to avoid the default risk. This research aims to know and explain the influence of Current Ratio, Quick Ratio, Cash Ratio, Long Term Debt to Equity Ratio, Debt to Assets Ratio, Debt to Equity Ratio, Fixed Assets Turn Over, Return On Assets to Bond Rating in 2018-2020. The population in this study are all non-financial companies listed on Indonesia Stock Exchange and issuing bonds at PT. Pefindo as many as 168 companies. Sampling method using purposive sampling method and obtained sample of 32 companies with period of three years. The data used are secondary data in the form of financial statements downloaded from www.idx.co.id and bond rating reports downloaded from www.pefindo.co.id. Data analysis technique used is logistic regression analysis technique. The results show that Quick Ratio, Long Term Debt to Equity Ratio, Fixed Assets Turn Over, and Return On Assets have significant effect on Bond Rating with significance below 5%. These results indicate that the Quick Ratio, the Long Term Debt to Equity ratio, the Fixed Assets Turn Over, and the Return On Assets are factors that must be considered by the company to obtain the Investment Grade Bond Rating. While the Current Ratio, Cash Ratio, Debt to Assets Ratio, Debt to Equity Ratio no significant effect on the rating of bonds. This means that these factors are not able to encourage the rating of corporate bonds in obtaining Investment Grade.

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Published
2022-03-29
Section
Articles