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All Journal International Journal of Management, Economic and Accounting
Amelia Fransiska
Universitas Malahayati
Economics, Econometrics & Finance

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Determinants Of Corporate Governance, Corporate Efficiency, And Bond Ratings On The Yield To Maturity Of Corporate Bonds Listed On The Indonesia Stock Exchange (IDX) Amelia Fransiska; Euis Mufahamah; Muhammad Irfan Pratama
International Journal of Management, Economic and Accounting Vol. 4 No. 5 (2026): October 2026
Publisher : Yayasan Multidimensi Kreatif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61306/ijmea.v4i5.808

Abstract

This investigation analyzes yield to maturity (YTM) determinants across corporate bonds issued by Indonesian manufacturing firms during 2020–2024. Explanatory variables include firm efficiency, credit ratings, and corporate governance dimensions—specifically independent commissioner ratios, institutional shareholdings, and board size. Filtering through a purposive sampling strategy yielded 16 qualifying bond issuers, generating a panel of 80 firm-year observations. Sequential Chow and Hausman diagnostics in EViews 13 established the Fixed Effect Model (FEM) as the most appropriate panel regression specification. Model evaluation further validated residual normality while ruling out both multicollinearity and heteroscedasticity concerns. At the partial level, governance and risk metrics display divergent effects: independent commissioners positively drive YTM, while institutional ownership and bond ratings significantly depress it. Board size and operational efficiency, however, lack explanatory power. At the aggregate level, the combined 5-variable model significantly influences bond YTM, capturing roughly 69.8% of its variation while leaving unobserved exogenous factors to explain the remainder. These findings suggest that bond investors weigh governance-related risk signals and credit ratings more heavily than board size or asset-turnover efficiency when pricing corporate bonds. The study contributes to the corporate bond literature by jointly testing governance, efficiency, and rating determinants within a single panel-data framework, and offers practical implications for issuers, investors, and regulators in the Indonesian bond market.
Co-Authors Euis Mufahamah Muhammad Irfan Pratama