Pengaruh Leverage, Profitabilitas, Likuiditas, Ukuran Perusahaan, dan Arus Kas Operasi terhadap Peringkat Obligasi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2018-2021

Abstract

This study aims to determine the influence of leverage, profitability, liquidity, firm size, and operating cash flow on bond ratings in manufacturing companies listed on the Indonesia Stock Exchange during the period 2018-2021. This research is of an associative nature and adopts a quantitative approach. The data used in this study are secondary data related to leverage, profitability, liquidity, firm size, operating cash flow, and bond ratings, with a total of 60 observations. The analytical technique employed is logistic regression analysis. The findings indicate that leverage has a positively insignificant effect on bond ratings in manufacturing companies listed on the Indonesia Stock Exchange. Profitability has a significant positive effect on bond ratings in manufacturing companies listed on the Indonesia Stock Exchange. Liquidity has a significant positive effect on bond ratings in manufacturing companies listed on the Indonesia Stock Exchange. Firm size has a positively insignificant effect on bond ratings in manufacturing companies listed on the Indonesia Stock Exchange. Operating cash flow has a positively insignificant effect on bond ratings in manufacturing companies listed on the Indonesia Stock Exchange.