PREDIKSI PERINGKAT OBLIGASI DENGAN CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI) DAN KARAKTERISTIK OBLIGASI

Tri Gunarsih, Ponco Adityia Prasasti, Septi Diana Sari

Abstract


The objective of this study was to predict the impact of Corporate Governance Perception Index (CGPI) and
Bond Characteristics to Bond Rating by using the ordinal logistic regression. This regression was used since
the dependent variable was ordinal data, consisting of three groups. The CGPI issued by Indonesian Institute
of Corporate Governance (IICG) was a score from 0 to 100 while the characteristics of the bond consisted of
three variables, namely subordinated bonds, industry type and the maturity of the bond. The results of this
study indicated that scores of CGPI, subordinated bonds and the type of the industry were statistically significant
at ?5%while the maturity of the bond was not. The positive direction of the relationship between scores of
CGPI to bond rating suggested that the higher the score, the higher the rating. The negative sign of subordinated
bonds suggested that subordinated bonds had a rating lower than non-subordinated bonds. The last
significant variables, type of industry suggested that financial and utility industry had higher bond rating
from other industries.

Keywords


bonds characteristics, bonds rating,Corporate Governance Perception Index (CGPI)

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DOI: https://doi.org/10.26905/jkdp.v19i1.832

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Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

Diploma Program of Banking and Finance, Faculty of Economics and Business, University of Merdeka Malang

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