Faktor-Faktor yang Mempengaruhi Barga Obligasi dengan Peringka Tobligasi sebagai Variabel Moderating pada Perusahaan yang Terdaftar di Bursa Efek Indonesia

Abstract

The purpose of this study to examine and to analyze the influence of interest rate, bond coupon, profitability and leverage on bond price with bond rating as a moderating variable in the companies listed in Indonesia Stock Exchange. This causal study used secondary data. The population of this study was all of the bonds belonged to the companies listed in Indonesia Stock Exchange within the period of 2009 - 2012, namely 24 bonds from 16 bond issuers. The samples for this study were 19 bond samples from 11 bond issuers for the period of 2009 - 2012 through purposive sampling technique. The data obtained were analyzed through multiple linear regression tests and moderating variable was analyzed through residual test. The result of this study showed that simultaneously interest rate, bond coupon, profitability and leverage had influence on the bond price. Partially, only interest rate, bond coupon, and profitability had sign(ficant in_fiuence on the bond price while leverage had insign(ficant influence on the bond price. The result of this study also showed that bond rating was not the moderating variable.