THE INFLUENCE OF LEVERAGE FACTOR AS FINANCIAL POLICY INDICATOR TOWARD THE BOND RATING
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Fakultas Ekonomi Universitas Negeri Manado (Volume 6, No.1, Januari-Juni 2014)
Abstract
The Securities Exchange has an important role in a country
because it can create facilities for industrial requirements and all
entities in fulJilling capital demand and supply. In Indonesia , the
presence of securities exchange must still be continued to be
expanded for attracting investor 's interest. In a securities exchange, in
addition to stock, it is also traded bond.
Stock investors generally use profitability valuation for
determining of companies which would be utilized as its investing
media, meanwhile bond investors generally provides for their focus on
organization valuation which it will use as their investing media, there
is capability to pay for loan. llerefore, the leverage factor is an
important case on company because a good leverage (appropriate
financial policy) will make an optimum financial structure for
company's party, and in other side , an interesting leverage factor will
increase bond investor 's interest.
Based on above description, so the author performed a
research on the Influence of Leverage Factor as Financial Policy
Indicator toward the Bond Rating. This study was carried out in
according to data obtained porn PT. Pefindo with number of samples
as 16 bond data from 9 companies issuing bond in 2012from January
until September. Furthermore, those data were processed until it is
obtanined Rank Spearman correlation Sigures as -0,430 and it is
interpreted that there is an intermediate correlation level.
Furthermore, r,-count figure as this 0,430 is compared with rstable
as -0,425 on 5% jkeedom degree and n = 16 ih fact is located
within zero hyphotetical rejection area (Ho). Thus the zero hyphotesis
that state leverage factor does not signrficantly have influences on
bond rating, so that it can be rejected on 5% signrficance level.
Therefore, the magnitude of leverage factor signijicantly has influence
on bond rating. Meawhile, a negative value shows an inverse
relationship pattern, that is, the higher bverage factor, so that bond
rating will be lower one.
The magnitude of leverage factor on bond rating is 18,49%
and the remainder 81,51% are aflected by other factors.
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Keywords
Leverage Factor, Bond Rating, Financial Policy