Structural Determinants of Capital and Corporate Bonds and Their Implications on Yield to Maturity (YTM) and Economic Growth

Ilham  Muhammad Mardiputra; Syaiful Syaiful; Muhamad Halilintar

doi:10.38035/dijms.v5i6.3175

Authors

Ilham Muhammad Mardiputra Borobudur University, Jakarta, Indonesia
Syaiful Syaiful Borobudur University, Jakarta, Indonesia
Muhamad Halilintar Borobudur University, Jakarta, Indonesia

DOI:

https://doi.org/10.38035/dijms.v5i6.3175

Keywords:

Economic Growth, Yield to Maturity, Capital Structure, Profitability, Liquidity, Company Size, Exchange Rate, Interest Rate

Abstract

This research is to now the determinant of DER and the implication toward YTM and Economic growth in Banking Sector on The Indonesian Stock Exchange. The research sample is 22 Bond Series which are banking companies listed on the Indonesia Stock Exchange for the 2019-2023 period. Methods of data analysis using panel data regression method. The empirical results of the first model show that Profitability (ROA), Firm Size (SIZE), and Interest Rate (IR) have a positive effect on Capital Structure (DER), while the Exchange Rate (FOREX) has a negative effect. Liquidity (CR) has no effect on DER. All independent variables consisting of; ROA, CR, SIZE, FOREX and IR together significantly influence DER. The goodness-of-fit test as measured by the termination coefficient (R2) shows a coefficient of 0.937202, meaning that the variation in the ups and downs of the DER can be explained by ROA, CR, SIZE, FOREX, and IR of 93.72 percent, while the rest, namely 6.28 percent can be explained by other variables not examined in this research model. For the adjusted coefficient of determination (R2 adjusted) the coefficient is 0.9217. The second model shows that the DER and IR variables have a negative effect on Yield to Maturity (YTM), while the SIZE and FOREX variables have a positive effect. ROA and CR variables have no effect on YTM. All variables DER, ROA, CR, SIZE, IR and FOREX together affect YTM. For the goodness-of-fit test as measured by the termination coefficient (R2) shows a coefficient of 0.6750, which means that the variation in changes in the rise and fall of YTM can be explained by; DER, ROA, CR, SIZE, IR, and FOREX are 63.30 percent, while the remaining 36.70 percent can be explained by other variables outside this research model.

References

Augustpaosa Nariman, V. (2020). PENGARUH KONTRAK HUTANG, BIAYA POLITIK, DAN KEPEMILIKAN INSTITUSIONAL TERHADAP MANAJEMEN LABA PADA SEKTOR INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA SELAMA TAHUN 2016-2018. Jurnal Paradigma Akuntansi, 2(4), 1623. https://doi.org/10.24912/jpa.v2i4.9357

Augustpaosa Nariman, C. A. S. (2021). Pengaruh Free Cash Flow, Collateralizable Assets ,Dan Kebijakan Hutang Terhadap Kebijakan Dividen. Jurnal Paradigma Akuntansi, 3(1), M183. https://doi.org/10.24912/jpa.v3i1.11500

Batten, J. A., Jacoby, G., & Liao, R. C. (2014). Corporate yield spreads and real interest rates. International Review of Financial Analysis, 34, 89–100. https://doi.org/10.1016/j.irfa.2014.05.009

Chung, Y. P., & Johnson, H. (2011). Extendible options: The general case. Finance Research Letters, 8(1), 15–20. https://doi.org/10.1016/j.frl.2010.09.003

Effendi, S. A., & Haryanto, A. M. (2016). Analisis Faktor-Faktor Yang Mempengaruhi Kondisi Financial Distress Bank Perkreditan Rakyat. Diponegoro Journal of Management, 5(4), 1–14.

Ernawati, E., & Santoso, S. B. (2022). PENGARUH UKURAN PERUSAHAAN, KEPEMILIKAN INSTITUSIONAL, KOMISARIS INDEPENDEN DAN LEVERAGE TERHADAP KINERJA KEUANGAN (STUDI EMPIRIS PADA BANK UMUM SYARIAH YANG TERDAFTAR DI OJK INDONESIA TAHUN 2015-2019). Kompartemen?: Jurnal Ilmiah Akuntansi, 19(2), 111. https://doi.org/10.30595/kompartemen.v19i2.13246

Febriani, A. (2017). Faktor-Faktor Yang Mempengaruhi Peringkat Obligasi Pada Perusahaan Perbankan. Jurnal Profita, 3(1), 1–17.

Ferli O, Nelmida N, Rahma A, Shafira D, William Y. Jurnal Keuangan dan Perbankan (2023) 19(1) 27 French, C. W. (2003). The Treynor Capital Asset Pricing Model. Journal of Investment Management, 1(2), 60–72. Retrieved from www.joim.com

H., Yusniar, M. W., & Hadi, A. (2019). PENGARUH TINGKAT SUKU BUNGA, BOND,RATING, UKURAN PERUSAHAAN, DEBT TO EQUITY RATI (DER) TERHADAP YIELD TO MATURITY OBLIGASI KORPORASI DI BEI PERIODE TAHUN 2010-2012. JWM (Jurnal Wawasan Manajemen), 6(3), 295. https://doi.org/10.20527/jwm.v6i3.170

Herlianto D, Hafizh L INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia (2020) 3(2) 211-229 Kontesa, M., Contesa, T., & Sisca Contesa. (2022). PENGARUH KEPEMILIKAN MANAGERIAL TERHADAP KEPUTUSAN DIVERSIFIKASI PERUSAHAAN. Akurasi?: Jurnal Studi Akuntansi Dan Keuangan, 5(1), 139–152. https://doi.org/10.29303/akurasi.v5i1.191

Lumbantobing, R. (2020). APAKAH INFLASI SEBAGAI PEMODERASI DETERMINAN STRUKTUR MODAL? (Studi Empiris Pada Perusahaan Terbuka Sektor Industri Manufaktur Yang Listing Di Bursa Efek Indonesia Periode Tahun 2014- 2018). Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 4(1), 297–315.

Marsono, A., Silitonga, P., & Widodo, D. S. (2018). Effect of Current Ratio, Leverage Ratio, Inflation and Currency Share Closing Price of Consumer Goods Industry in Indonesia Stock Exchange. International Journal of Business and Applied Social Science (IJBASS), 4(8).

Meze, M. F., & Tohar, A. (2020). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Pemoderasi Pada Perusahaan Pertambangan Yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2018. Seminar Nasional Manajemen, Ekonomi Dan Akuntasi Fakultas Ekonomi Dan Bisnis UNP Kediri, 330–338. Retrieved from http://repository.unpkediri.ac.id/4724/

Mulia, C. (2021). FAKTOR-FAKTOR YANG MEMENGARUHI KINERJA KEUANGAN PERUSAHAAN MANUFAKTUR INDUSTRI MAKANAN DAN MINUMAN DI BEI PERIODE 2017-2019. Jurnal Akuntansi, 10(1), 63–74. https://doi.org/10.46806/ja.v10i1.799

Müller-bosse, S., & Steen, H. (2019). The five-factor asset pricing mode – A theoretical review and assessment. Management Studies, 9(February 2020), 2–7.

Nasution, S. H., Dina, R., Samir, O., Haryani, G. S., & Lukman. (2020) Population structure of bada (Rasbora maninjau Lumbantobing, Daniel N, 2014) caught using “lukah” in Batang Air Stream. In IOP Conference Series: Earth and Environmental Science (Vol. 535). Institute of Physics Publishing. https://doi.org/10.1088/1755- 1315/535/1/012057

Nelmida N. Jurnal Ekonomi, Manajemen dan Perbankan (Journal of Economics, Management and Banking) (2020)

Nelmida, N. (2020). Potensi Financial Distress Bank Umum Syariah di Indonesia. Jurnal Ekonomi, Manajemen Dan Perbankan (Journal of Economics, Management and Banking), 5(3), 156. https://doi.org/10.35384/jemp.v5i3.157

Purwoko, A. B. (2021, Januari 27). Laporan Tahunan Bank Indonesia Tahun 2020. Dipetik Mei 10, 2021, dari Bank Indonesia: https://www.bi.go.id/id/publikasi/laporan/Documents/LPI_2020.pd f

Purwantoro, M. M. R. N. (2020). Aplikasi Penilaian Kinerja Reksa Dana Saham Indonesia dengan Metode Jensen Alpha Berbasis CAPM, Faktor. Jurnal Manajemen Dan Usahawan Indonesia 42(Vol 42, No 1 (2013): Jurnal Manajemen Usahawan Indonesia), 16.

Rukmana A, Laila N. Jurnal Ekonomi Syariah Teori dan Terapan (2020) 7(9) 1786

Rossi, M. (2016). The capital asset pricing model: A critical literature review. Global Business and Economics Review. Inderscience Publishers. https://doi.org/10.1504/GBER.2016.078682

Sembiring, D., Widodo, D. S., Adjiantoro, B., Saman, A. B., & Kader, B. A. (2019). Failure Analysis of the Furnace Scotch Boiler. International Journal of Engineering and Advanced Technology (IJEAT), 9(1), 3704–3798.

Situmorang, C. V., & Simanjuntak, A. (2022). Analisis Faktor yang Mempengaruhi Return Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Periode 2017-2020. Jurnal Akuntansi Dan Bisnis Krisnadwipayana, 9(2), 653. https://doi.org/10.35137/jabk.v9i2.699

Sari, Ni Wayan Naluritha; Abundanti, Nyoman. (2015). Variabel-Variabel Yang Mempengaruhi Yield Obligasi Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. E-Jurnal Manajemen Unud, 4(11), 3796–3824.

Tua LG L, Kurniawati K. Global Conference on Business and Social Sciences Proceeding (2021) 12(1) 87-87

Testorelli, R., & Verbano, C. (2020). VALUE CREATION WITH PROJECT RISK MANAGEMENT: A SYSTEMATIC LITERATURE REVIEW. In D. Vrontis, Y. Weber, & E. Tsoukatos (Eds.), 13TH ANNUAL CONFERENCE OF THE EUROMED ACADEMY OF BUSINESS: BUSINESS THEORY AND PRACTICE ACROSS INDUSTRIES AND MARKETS (pp. 1489–1494).

Widodo, D. S. (2023a). Determinasi Pelatihan, Keselamatan dan Kesehatan Kerja (K3) terhadap Kepuasan Kerja. Jurnal Ilmu Multidisplin, 1(4), 956–962.

Widodo, D. S. (2023b). The nexus of entrepreneurial orientation and knowledge management on business performance of smes in west java: Role of competitive advantage. Journal of Law and Sustainable Development, 11(7), e1364–e1364.

Widodo, D. S., Zainal, V. R., Subagja, I. K., & Sari, E. (2019). What Is Important With English Language Skills Students? Survey in University at Bekasi City, Indonesia. International Journal of Linguistics, 11(3), 7.

Zainal, V. R., Widodo, D. S., & Subagja, I. K. (2019). Indonesia Islamic Banking Readiness in Facing the ASEAN Economic Community, in Terms of Islamic Banking Disclosure and Performance Indices. Journal of Economics and Management Sciences, 2(2), p25–p25.

Zulfa, M. Z. (2018). THE ABILITY OF PROFITABILITY TO MODERATE THE EFFECT OF LIQUIDITY, LEVERAGE AND OPERATING CAPACITY ON FINANCIAL DISTRESS (EMPIRICAL …. UMMagelang Conference Series. Retrieved from http://journal.unimma.ac.id/index.php/conference/article/view/3637