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Agus Saur Utomo
Universitas Muhammadiyah Purworejo
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Determinants of Corporate Sukuk Credit Spreads in Indonesia’s Primary Market Erika Viola; Agus Saur Utomo; Ishak Ishak
Journal of Economics and Management Scienties Volume 8 No. 4, September 2026 (Accepted)
Publisher : SAFE-Network

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37034/jems.v8i4.540

Abstract

This study aims to examine the effects of leverage (Debt-to-Equity Ratio/DER), profitability (Return on Assets/ROA), rating, and the book-to-market ratio on the credit spread of corporate sukuk in the Indonesian primary market. The sample consists of 39 corporate sukuk and 10 sovereign sukuk issued through initial public offerings (IPOs) in the primary market and listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period, selected using purposive sampling. Data were obtained from the Indonesia Bond Market Directory and companies' financial statements published by the Indonesia Stock Exchange. Data were analyzed using multiple linear regression with EViews 12 software. The results indicate that, individually, leverage and profitability do not have a significant effect on corporate sukuk credit spreads. In contrast, sukuk ratings have a significant negative effect, while the book-to-market ratio has a significant positive effect on credit spreads. These findings suggest that sukuk ratings and the book-to-market ratio are important determinants of corporate sukuk credit spreads, whereas leverage and profitability have not been shown to exert a significant influence.
Co-Authors Adawiyyah Fatin Ade Sabda Gumelar Ade Aldri Frinaldi Alwahidin Alwahidin Anasyifa Rachelita Angel Mei Linda Anita Rinawati Anita Rinawati Bela Adi Tariya Budi, Rakhmad Pambudi Chisa Amanda Putri D. Y. Rahmasuciana Danes Quirira Octavio Devangga, Yuda Dwi Eri Yuni Hastuti Dwi Irawati Dwi Irawati DWI YULIANTI Ekanitami Febriyanti Erika Viola Esti Margiyanti Utami Fatma Sarasti Fauzan, Hilman Ahmad Habibi Fadhil Syahbal Hardin Hardin Hardin Hardin Hery Widijanto Intan Puspitasari Intan Puspitasari Intan Puspitasari Irawati, Dwi Ishak Ishak Jundana, Makhzumi Karimah, Indah Faizatul Khoiroh, Ihda Umul Khoirul Rohman Listika Rahmawati Muhammad Rofi’i Mustikasari, Wahyu Putri Nadira Sukma Anjani Nayla Fahiya Rahmawati Nita Agustin Novita Kusuma Maharani Nurfitasari, Khaufi Nurul Fahmawati Prasaja, Mahendra Galih Prisnadela, Prisnadela Puji Arista Putri, Chisa Amanda Rahmawati, Nayla Fahiya Rakhmad Pambudi Budi Retno Siti Azizah Siti Nur Hajanah Susi Widjajani Susi Widjajani Susi Widjajani Susi Widjajani Tri Yuliani Wahyu Putri Mustikasari