Abstract
This type of research is quantitative, this research is conducted on companies that issue Islamic bonds and are listed at the Bursa Efek Indonesia (BEI). The method used is the event study method to show whether there is an effect of the issuance of Islamic bonds on stock returns in the event period of the issuance of Islamic bonds (sukuk), with a length of observation time of 15 days before and 15 days after the issuance event. The population used is companies that issue Islamic bonds that are still circulating as of February 2020. The sample was determined by purposive sampling technique and a sample of 15 incidents of Islamic bond issuance was obtained from 8 companies. Then the data is processed using t-test and paried sample t-test. The results showed that there was a significant Average Abnormal Return around the Islamic bond issuance period, which means that the issuance of Islamic bonds (sukuk) had an effect on stock returns. And there is also a significant difference in stock returns between before and after the issuance of Islamic bonds.
Highlights
This type of research is quantitative, this research is conducted on companies that issue Islamic bonds and are listed at the Bursa Efek Indonesia (BEI)
The results showed that there was a significant Average Abnormal Return around the Islamic bond issuance period, which means that the issuance of Islamic bonds (sukuk) had an effect on stock returns
Pengaruh Nilai dan Rating Penerbitan Obligasi Syariah (sukuk) Perusahaan Terhadap Return Saham (studi kasus pada perusahaan yang menerbitkan obligasi syariah dan terdaftar di Bursa Efek Indonesia (BEI) tahun 2002 - 2009)
Summary
Pada saat mengembangkan usahanya atau ketika melakukan ekspansi perusahaan kerapkali mengalami beberapa kendala. Bentuk instrumen keuangan syariah salah satunya yang telah banyak diterbitkan baik oleh korporasi mapun negara ialah Obligasi Syariah (Sukuk). Penerbitan Obligasi Syariah ini menyatakan informasi yang akan ditanggapi dengan berbeda oleh para investor, tergantung dari mana investor memandang informasi penerbitan obligasi syariah tersebut, apakah dari sisi positif atau negatif. Jika investor memandang positif peristiwa penerbitan obligasi syariah, maka return saham perusahaan akan mengalami kenaikan seiring naiknya harga saham perusahaan. Peningktan penerbitan obligasi syariah ini menandakan bahwa instrumen investasi tersebut sudah banyak diminati oleh sebagai sumber penambahan modal. Dengan adanya penerbitan obligasi syariah, maka pelaku pasar modal akan bereaksi pada saat dan setelah pengumuman penerbitan obligasi dipublikasikan. Rumusan masalah yang diajukan dalam penelitian ini adalah sebagai berikut: (1) Apakah ada pengaruh penerbitan obligasi syariah terhadap return saham ? (2) Apakah ada perbedaan return saham pada waktu sebelum dan sesudah penerbitan obligasi syariah? Rumusan masalah yang diajukan dalam penelitian ini adalah sebagai berikut: (1) Apakah ada pengaruh penerbitan obligasi syariah terhadap return saham ? (2) Apakah ada perbedaan return saham pada waktu sebelum dan sesudah penerbitan obligasi syariah?
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