The Effect of Institutional Ownership, Managerial Ownership, Auditor Reputation, and Sukuk Guarantee Status on Corporate Sukuk Ratings in Indonesia Vinka Anggraini Saputri (a*), Nisful Laila (b)
a) Faculty of Economics and Business, Universitas Airlangga
Jalan Airlangga No. 4-6, Surabaya 60286, Indonesia
*vinka.anggraini.saputri-2018[at]feb.unair.ac.id
b) Faculty of Economics and Business, Universitas Airlangga
Jalan Airlangga No. 4-6, Surabaya 60286, Indonesia
Abstract
This research aims to knowing how the effect of corporate governance and the sukuk guarantee status, either partially or simultaneously on the rating of corporate sukuk in Indonesia. The independent variables used in this study are institutional ownership, managerial ownership, auditor reputation as a proxy for corporate governance, and sukuk guarantee status. While the dependent variable used is the company^s sukuk rating rated by PT. Pemeringkat Efek Indonesia (PEFINDO). This study uses a quantitative approach by using secondary data sources. The total samples in this study are 99 samples selected using purposive sampling method. The analytical technique used in this study is ordinal logistic regression using SPSS version 24 software. The result show that Institutional ownership has a positive and significant impact on the rating of carporate sukuk in Indonesia, while auditor quality and sukuk guarantee status have a negative and significant impact on the rating of corporate sukuk in Indonesia. Only managerial ownership has no significant effect on the rating of corporate sukuk in Indonesia. For the results of simultaneous testing, institutional ownership, managerial ownership, auditor reputation, and sukuk guarantee status affect the sukuk rating.
