PENGARUH LEVERAGE, PROFITABILITAS, DAN KONDISI EKONOMI TERHADAP IMBAL HASIL SUKUK IJARAH KORPORASI PERIODE 2015-2018

Abstract

This research intends to analyze the impact of the variables of Debt to Equity Ratio (DER), Return on Asset (ROA), inflation and interest rates on returns of corporate ijarah Sukuk during the period of 2015-2018. The data gathered for this research is from the Financial Statements derived from the official website of each Company, Statistical Bureau Agency (BPS), Indonesia Price Bond Agency (IPBA) and Bond Book published by Financial Services Authority (OJK). The method of analysis used is the panel data regression analysis. The sample collected purposive sampling method is 18 Sukuk which are from 4 Sukuk publishing companies. The best model to process the data is the Random Effect Model. The result of the study shows that all variables affect the Sukuk yields simultaneously; however, the DER variable has a significant positive effect on Sukuk yields partially. Meanwhile, the ROA variable and inflation are not significant negative and interest rates have a negative effect significant to Sukuk yields. Keywords: Debt to Equity Ratio (DER), Return on Assets (ROA), Inflation, Interest Rates, Sukuk Returns