Prediksi Peringkat Obligasi Dengan Corporate Governance Perception Index (Cgpi) Dan Karakteristik Obligasi

Abstract

The objective of this study was to predict the impact of Corporate Governance Perception Index (CGPI) and Bond Characteristics to Bond Rating by using the ordinal logistic regression. This regression was used since the dependent variable was ordinal data, consisting of three groups. The CGPI issued by Indonesian Institute of Corporate Governance (IICG) was a score from 0 to 100 while the characteristics of the bond consisted of three variables, namely subordinated bonds, industry type and the maturity of the bond. The results of this study indicated that scores of CGPI, subordinated bonds and the type of the industry were statistically significant at ?5%while the maturity of the bond was not. The positive direction of the relationship between scores of CGPI to bond rating suggested that the higher the score, the higher the rating. The negative sign of subordinated bonds suggested that subordinated bonds had a rating lower than non-subordinated bonds. The last significant variables, type of industry suggested that financial and utility industry had higher bond rating from other industries.