ANALISIS PROFITABILITAS, EFISIENSI DAN LEVERAGE TERHADAP PERINGKAT OBLIGASI, EARNINGS MANAGEMENT SEBAGAI MODERASI

Leo Dadyo Pamungkas, Vinola Herawaty

Abstract


ABSTRACT

This study aims to analyze the profitability, efficiency and leverage influence on bond rating moderated by earnings management. The type of research used was causal study. This research also used time series and cross sectional data. Purposive sampling was used as data collection method, which resulted in collection of 120 samples from 24 banks during period of 2012-2016. SPSS 20 multivariate logistic regressions analysis was used to analyze data. The results of the research prove that both profitability and efficiency have positive influences on bond rating. Leverage has a negative influence on bond rating. Earnings management strengthens the influence of leverage on bond rating. Earnings management does not have an influence on bond rating. Earnings management does not weaken the influence of profitability on bond rating. Earnings management does not weaken the influence of efficiency on bond rating.

 

Keywords: profitability; efficiency; leverage; earnings; bond

 

ABSTRAK

Penelitian ini bertujuan menganalisis pengaruh profitabilitas, efisiensi dan leverage terhadap peringkat obligasi dengan earnings management sebagai variabel moderasi. Jenis penelitian yang digunakan adalah causal study, dimana menurut dimensi waktu penelitian menggunakan data pooling yang merupakan gabungan dari data time series dan cross section. Metode pengumpulan data menggunakan metode purposive sampling yang menghasilkan obyek 24 bank selama periode tahun 2012-2016 sehingga diperoleh sebanyak 120 sampel. Metode analisis data menggunakan analisis multivariate yaitu regresi logistik dengan bantuan program SPSS 20. Hasil penelitian ini membuktikan bahwa profitabilitas dan efisiensi berpengaruh positif terhadap peringkat obligasi. Leverage berpengaruh negatif terhadap peringkat obligasi. Earnings management memperkuat hubungan leverage terhadap peringkat obligasi. Earnings management tidak berpengaruh terhadap peringkat obligasi. Earnings management tidak memperlemah hubungan profitabilitas terhadap peringkat obligasi. Earnings management tidak memperlemah hubungan efisiensi terhadap peringkat obligasi.

 

Kata kunci: profitabilitas; efisiensi; leverage; earnings; obligasi

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DOI: https://doi.org/10.24002/modus.v33i2.4656

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