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Kartini Kartini
Universitas Islam Indonesia, Yogyakarta, Indonesia
Economics, Econometrics & Finance

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Liquidity, Firm Size, and Productivity as Determinants of Sukuk Ratings in Indonesian Listed Firms Aiyubi Rahman; Kartini Kartini
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

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Abstract

The purpose of this study is to analyze the influence of liquidity, company size, and productivity on sukuk ratings at PT Pemeringkat Efek Indonesia. This study employs a quantitative approach using secondary data obtained from the financial statements of companies issuing sukuk during the 2020–2023 period. The research sample consists of 12 companies listed on PT Pefindo, with a total of 48 observations. Data were analyzed using the Panel Data Regression with the Fixed Effect Model and selected through a purposive sampling technique. The analysis results indicate that liquidity does not significantly influence sukuk ratings, suggesting that a company’s current asset level, although important, is not a primary focus in assessing sukuk ratings. Conversely, company size has a significant positive effect, indicating that larger companies tend to receive better sukuk ratings. Productivity, on the other hand, also has no significant effect, implying that asset efficiency is not always a main consideration in sukuk rating evaluation. The novelty of this study lies in integrating liquidity, firm size, and productivity within the framework of signaling theory to explain their joint influence on sukuk ratings. The results of this study can be used by sukuk-issuing companies to focus more on managing firm size as a key factor in enhancing sukuk attractiveness in the Islamic capital market. Furthermore, this research enriches the Islamic finance literature by identifying factors affecting sukuk creditworthiness and provides useful insights for investors in evaluating the risks and potential returns of sukuk investments.
Evaluation Revealing Errors: A Study of Cross-Divisional Cost Recording Systems in Multi-Batch Projects at PT X Muhammad Irham Hakim; Kartini Kartini
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 2 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v9i2.9843

Abstract

This study aims to evaluate cross-divisional cost recording systems in a multi-batch project at PT X by examining recording failures as a structural and systemic organizational phenomenon. A descriptive qualitative approach with a single case study design was employed. The units of analysis included the Finance Division as the guardian of data integrity, the Product Division as the producer of cost data, and the CEO as the strategic decision-maker. Data were collected through semi-structured interviews, internal documents, and project records, and analyzed using triangulation. The findings indicate that cost recording problems cannot be interpreted merely as technical errors but rather as consequences of a recording and control system design that is misaligned with the characteristics of batch-based projects. Misalignment between the Cost of Goods Sold (COGS) and the Budget Plan weakened the linkage between planning and realization, resulting in reactive cost control. Evaluation conducted after Batch 2 led to improvements in Batch 3, where increased detail and separation of fixed and variable costs enhanced cost accuracy, although systematic evaluation mechanisms remained limited.
Co-Authors Aiyubi Rahman Muhammad Irham Hakim