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All Journal International Journal of Public Budgeting, Accounting and Finance
arya, fandi
Asosiasi Dosen Akuntansi Indonesia
Economics, Econometrics & Finance

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THE EFFECT OF FINANCIAL RATIO AND NON-FINANCIAL FACTORS ON BONDS RATING WITH PROFIT MANAGEMENT AS INTERVENING VARIABLES ON COMPANIES LISTED IN BEI 2013-2015 arya, fandi
International Journal of Public Budgeting, Accounting and Finance Vol 1 No 3 (2018): Journal of public Budgeting, Accounting and Finance
Publisher : Asosiasi Dosen Akuntansi Indonesia

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Abstract

This study aims to examine and analyze the influence of financial ratios (liquidity, leverage, profitability, free cash flow and market value) and non-financial factors (auditor reputation and type of industry) on bond rating with earning management usage as an intervening variable in companies that listed on the Indonesian stock exchange (IDX). This study population are all the companies that listed on the IDX and rated by PT PEFINDO 2013-2015, amounting to 54 companies and once used as a sample. Data analysis using multiple linier regression and path analysis with sobel test. The results showed that simultaneous financial ratios (liquidity, leverage, profitability, free cash flow and market value) and non-financial factors (auditor reputation and type of industry) and earning management significant effect on bond rating. In partial, profitability, auditor reputation, and type of industry positive significant effect on bond rating, but earning management negative significant effect on bond rating. While liquidity, leverage, free cash flow, and market value no significant effect on bond rating. Sobel test showed that indirectly, earning management cannot mediate the relationship between financial ratios (liquidity, leverage, profitability, free cash flow and market value) and non-financial factors (auditor reputation and type of industry) on bond rating.
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