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Journal : E-Jurnal Akuntansi

Liquidity, Leverage, Profitability, Coupon Rate, and Maturity Structure: Determinants of Corporate Bond Ratings Elly Helena Sitorus; Vera Intanie Dewi
E-Jurnal Akuntansi Vol. 35 No. 6 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/EJA.2025.v35.i06.p14

Abstract

Recent instances of default among companies in the Basic Materials sector—despite their investment-grade bond ratings—have raised concerns about the reliability of these ratings as indicators of creditworthiness. Investment-grade classifications are intended to signal a firm’s relatively robust capacity to meet its debt obligations and are typically grounded in assessments of key financial metrics. This study investigates the extent to which liquidity, leverage, profitability, coupon rate, and bond maturity influence bond ratings. A purposive sampling approach was adopted, yielding a sample of ten firms observed over the period 2020 to 2024. Employing panel data regression, the analysis explores both the individual and joint effects of the selected variables on bond ratings. The findings suggest that each of the examined factors—liquidity, leverage, profitability, coupon rate, and maturity—exerts a significant influence on bond ratings, both independently and in combination. Keywords: Liquidity; Leverage; Profitability; Coupon; Bond Maturity; Bond Rating
Co-Authors Abdulhakim, Muhammad Faruq Achmad Faisal, Achmad Achmad Noerkhaerin Putra Agung, Chris Petra Agus Hasan Aldrin Herwany Alverell Panangian Hutagalung Anhar Fauzan Priyono Badaruz Zaman Bernard T. Widjaja Brigita Meylianti Sulungbudi Budiana Gomulia Budiono Budiono Budiono Budiono Catharina Ria Budiningsih, Catharina Ria Cindy Devina Setiawan Detti, Regina Dharma Putra Sudjaja Dharma Putra Sundjaja Elaine Vashti Bestari Kustedja Elly Helena Sitorus Elvira Maytasya Simanjuntak Eva Ervani Eva Erviani Felisca O Felisca Oriana Felisca Oriana S Felisca Oriana Surjoko Fernando Mulia Fitri Hastuti Gunawan, Vincent Halim, Budi Tjahja Hartanto, Evan Hasyim, Irsanti Herry Herry Ica Rika Candraningrat Ica Rika Candraningrat Indupurnahayu Inge Barlian Inge Barlian Sundjaja Istiharini . Kesaulya, Feby Astrid Lestari Eva Maryani Lilian Danil Maratno, Sylvia Fettry Elvira Maulida, Karissa Meina Meilinda . Meilinda Meilinda Militcyano Samuel Sapulette Militcyano Samuel Sapulette Muhammad Faruq Abdulhakim Muhammad Rafdi Raihan Pranata Ni Wayan Mujiati Nia Carmila Siringoringo Nike Anabella Nina Septina Novianti, Nurfa Citra Nugroho, Nicolaus Wicaksono Nury Effendi Nyoman Abundanti Pangau, Angelia Christin Parlindungan, Salomon Powell, Karen Arecia Pratama, Yehuda Nino Putri, Gianisa Mentari Putri, Nabilla Putri, Nabilla Ditya Putu Ayu Kezia Dewi Putu Ayu Kezia Dewi Rahmani, Syifa Afifah Regina Deti Renea Shinta Aminda Ria Satyarini Ridwan S. Sundjaja Ridwan S. Sundjaja Ridwan Sundjaja Rizka Nugraha Praktikna Rooroh, Ryo Junior Salomon Parlindungan Samuel Samuel Samuel Sapulette, Militcyano Sapulette, Militcyano Samuel Sastroredjo, Probowo Erawan Setiawan, Daniel Imanuel Singadipoera, Muhammad Raihan Rafly Stefiany, Laurencia Suminar, Rita Tiffani, Ignasia Tjandrasa, Benny Budiawan Triyana Iskandarsyah Umi Widyastuti Vincent Gunawan YUSUF, RAMAYANI