The Effect of Company Size, Liquidity, Leverage, and Profitability on PEFINDO-Rated Corporate Sukuk
Abstract
Purpose: This study aims to examine the effects of company size, liquidity, leverage, and profitability on a company’s sukuk rating, particularly those rated by PT PEFINDO for the 2020-2024 period. This period was chosen because it encompasses both the post-COVID-19 economic recovery and the growth phase of corporate sukuk in Indonesia. Methodology: This study employs a quantitative approach, using a sample of 26 non-financial companies from 2020 to 2024, resulting in 100 observations. Sampling using purposive sampling. Logistic regression (OLR) with SPSS software version 26. Results: The results of the statistical test indicate that company size and leverage have a significantly negative effect on sukuk ratings. Meaning that companies with large assets and high leverage will receive high sukuk ratings. Meanwhile, liquidity and profitability do not have a statistically significant effect in this model and sample. Conclusion: Based on these findings, sukuk issuers need to manage their assets and debt management effectively; in the rating process, rating agencies need to consider the company’s size and leverage ratio; and investors need to take all these factors into account to mitigate investment risk. Implications: The generalizability of this study’s findings is limited to the context of Indonesian corporate sukuk issuers rated by PT PEFINDO during the 2020–2024 period. Furthermore, the Nagelkerke R² value is only 17.3%. Therefore, future research may include additional variables. Originality: This study is one of several that examine how variables such as company size, liquidity, leverage, and profitability affect corporate sukuk ratings in the post COVID-19.
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