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"ABSTRAKPenelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi perusahaan dalam menentukan pemilihan jenis sukuk. Variabel yang digunakan dalam penelitian ini adalah debt to total assets, interest coverage, operating profit margin, beta pasar, dan market to book value. Sampel yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia dan menerbitkan sukuk antara tahun 2002-2015. Uji statistik regresi binomial logit digunakan dalam penelitian ini untuk menentukan variabel yang memengaruhi kecenderungan perusahaan dalam menerbitkan jenis sukuk. Hasil dari penelitian ini menunjukan bahwa tingkat leverage yang diukur denga proksi debt to total assets berpengaruh positif terhadap pemilihan sukuk mudharabah namun tidak signifikan. Selain itu, risiko kebangkrutan dengan proksi beta pasar berpengaruh positif dan signifikan terhadap pemilihan sukuk mudharabah. Selanjutnya variabel profitabilitas dengan proksi Interest coverage dan Operating profit memiliki hasil yang berlainan. Interest coverage berpengaruh berpengaruh positif dan signifikan terhadap sedangkan Operating profit margin berpengaruh negatif dan signifikan terhadap pemilihan sukuk mudharabah. Variabel terakhir yakni market to book value berpengaruh negatif namun tidak signifikan terhadap pemilihan sukuk mudharabah

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ABSTRACTThis study aimed to analyze the factors affecting companies in determining the choice of sukuk. Variables used in this research are debt to total assets, interest coverage, operating profit margin, market beta, and market to book value. Sample used in this study are companies listed on the Indonesia Stock Exchange and issuing sukuk between the year 2002-2015. Binomial logit regression statistical test is employed in this study to determine the variables that affect the likelihood of companies in issuing sukuk. Results from this study showed that the level of leverage as measured by debt to total assets has a positive effect but not significant on the selection of the mudharabah sukuk. The risk of bankruptcy with market beta as proxy has a positive and significant impact on the selection of the mudharabah sukuk. Furthermore, the profitability variable with the interest coverage and operating profit as proxy have each different results. Interest coverage has a positive and significant impact, while the operating profit margin has a significant and negative effect on the selection of the mudaraba sukuk. The last variable is market to book value that has a not significantly negative effect on the selection of sukuk mudharabah"

"Saat ini Pemerintah memiliki dua jenis Surat Berharga Negara dalam rangka pembiayaan APBN yaitu Surat Utang Negara SUN dan Surat Berharga Syariah Negara SBSN . Sebagai instrumen yang bebas risiko default, investor memberikan expected return yield berbeda terhadap kedua instrument tersebut. Yield SBSN secara rata-rata lebih tinggi dibandingkan dengan SUN dengan time to maturity yang sama. Perbedaan expected return tersebut diduga karena perbedaan likuiditas dari kedua instrument tersebut. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang menyebabkan likuiditas premium SBSN terhadap SUN dengan menguji pengaruh dari dimensi likuiditas seperti trading cost dimension dan market depth dimension serta terms SBSN seperti time to maturity dan kupon.Hasil dari penelitian terhadap seri PBS003 dan PBS004 dapat disimpulkan bahwa trading cost dimension berpengaruh signifikan terhadap liquidity premium PBS003 dan PBS004, sedangkan market depth dimension berpengaruh signifikan terhadap liquidity premium PBS004 yang merupakan seri teraktif diperdagangkan diantara sampel yang diteliti. Trading cost dimension yang mempengaruhi liquidity premium PBS003 adalah dimensi trading cost 5 bulan sebelumnya dengan koefisien negatif dan dimensi trading cost 3 bulan sebelumnya dengan koefisien positif. Perbedaan koefisien tersebut karena dalam menentukan risiko investasi, pada jangka panjang investor memperhatikan volatilitas pasar keuangan, sedangkan pada jangka pendek investor lebih memperhatikan faktor likuiditas. Dimensi kedalaman pasar yang mempengaruhi liquidity premium PBS004 adalah dimensi 4 bulan sebelumnya t-4 , hal ini diduga disebabkan adanya lag of information di pasar sukuk mengingat sukuk masih diperdagangkan dengan metode OTC. Selain itu, tidak adanya market maker sukuk yang menggerakkan perdagangan menjadi salah satu penyebab lag dari dimensi kedalaman pasar. Terms sukuk yaitu kupon dan time to maturity signifikan mempengaruhi keputusan investor dalam menentukan liquidity premium PBS003 dan PBS004. Namun, untuk PBS003, time to maturity memiliki koefisien negatif, sehingga berkurangnya time to maturity tidak diimbangi dengan turunnya yield. Untuk PBS004, liquidity premium dipengaruhi oleh the time to maturity 3 bulan sebelumnya yang diduga disebabkan oleh ekspekatsi investor atas kewajiban menjual sukuk maksimal 90 hari untuk memenuhi ketentuan PSAK jika sukuk dicatat dalam trading book.

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Government of Indonesia has two types of securities to financing the State Budget, namely Government Debt securities SUN and Government Sharia Securities SBSN . As risk free instruments, both SBSN and SUN should have the same return, but investors require different expected returns yield in both instruments. The average yield of SBSN is higher than SUN in the same tenor. The differences of yield is expected due to differences in liquidity of both instruments liquidity preium . This study aims to analyze factors that cause SBSN liquidity premium to SUN by examining the effect of liquidity dimension such as trading cost dimension and market depth dimension and SBSN terms such as time to maturity and coupon.The result of the research with the sample of Sukuk Negara PBS003 and PBS004 series concluded that the liquidity represented by the trading cost dimension significantly influence both PBS003 and PBS004, while the market depth dimension significantly influence the liquidity premium of PBS004 which is the most active trading sample. The trading cost dimension that influance PBS003 sample is the previous 5 month trading cost with negative coefficient and trading cost 3 months earlier with positive coefficient. The difference in coefficient direction of PBS003 means to measuring investment risk, investors in the long term pay attention to volatility and in the short term pay more attention to liquidity. The market depth dimension of PBS004 is 4 months earlier t 4 which is allegedly caused by the lag of trading information, where the sukuk trade is still OTC. The absence of market maker as the trading driver for SBSN contributed to cause the lag of market depth dimension. Terms of sukuk significantly influances the investors 39 decisions to require liquidity premium for the both of samples. However, for PBS003, time to maturity has a negative effect because PBS003 is not actively traded, so decreasing time to maturity is not accompanied by a decrease in yield. For PBS004, liquidity premium is influanced by the time to maturity of 3 months earlier allegedly caused by resale expectations within 90 days to comply with the accounting requirements in case of record in the trading book."

"Konsep likuiditas menjelaskan bahwa likuiditas berkaitan dengan seberapa cepat aset keuangan dapat ditransaksikan dalam jumlah besar tanpa menimbulkan biaya transaksi yang tinggi. Penelitian ini bertujuan untuk mengetahui pengaruh karakteristik sukuk seperti volume transaksi, sisa tenor, yield-to-maturity, dan peringkat sukuk korporasi terhadap likuiditas pasarnya. Selain itu, faktor makroekonomi seperti inflasi, JIBOR, consumer confidence index, dan Jakarta Islamic Index juga digunakan untuk melihat pengaruhnya terhadap likuiditas pasar sukuk di Indonesia. Analisis penelitian ini menggunakan sukuk negara serta sukuk korporasi sebagai sampel penelitian. Penelitian ini menunjukkan bahwa likuiditas sukuk negara dipengaruhi oleh karakteristiknya serta beberapa faktor makroekonomi lainnya. Sedangkan faktor makroekonomi tidak terbukti berpengaruh terhadap sampel sukuk korporasi. Akan tetapi, faktor seperti Jakarta Islamic Index menunjukkan bahwa sukuk korporasi merupakan aset keuangan yang cukup subtitutif dengan aset lain seperti saham syariah.

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Liquidity emphasizes the ease with which financial assets can be transacted in large quantities without incurring significant transaction costs. This study aims to determine the influence of sukuk characteristics such as transaction volume, time-to-maturity, yield-to-maturity, and credit rating of corporate sukuk on their market liquidity. Additionally, macroeconomic factors like inflation, JIBOR, consumer confidence index, and the Jakarta Islamic Index are used to examine their impact on sukuk market liquidity in Indonesia. The analysis utilizes both government sukuk and corporate sukuk as research samples. The findings reveal that the liquidity of government sukuk is influenced by its characteristics and other macroeconomic factors. However, macroeconomic factors do not significantly impact the corporate sukuk sample. Nevertheless, factors like the Jakarta Islamic Index suggest that corporate sukuk are relatively substitutable financial assets with other assets like Shariah stocks."

"[Tesis ini membahas faktor-faktor yang mempengaruhi fluktuasi sukuk ijarah korporasi di Indonesia Februari 2011 sampai dengan Februari 2015 (4 tahun) dengan sampel sebanyak 4 sukuk perusahaan. Penelitian ini menggunakan data kuantitatif dengan total data observasi sebanyak 280 data dan dengan menggunakan pendekatan analisa data panel. Hasil penelitian dengan fixed effect model menunjukkan bahwa tingkat suku bunga (interest rate), kurs rupiah terhadap dollar AS dan imbalan/fee (coupon rate) berpengaruh signifikan terhadap harga sukuk ijarah. Jangka waktu (time to maturity) berpengaruh tidak signifikan terhadap harga sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah;This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was?nt significantly affects the price of sukuk ijarah, This thesis discusses the factors that influence corporate Sukuk Ijarah fluctuations in Indonesia in February 2011 until February 2015 (4 years) with a sample of four sukuk corporate. This study uses quantitative data with observational data of 280 total data and by using a panel data analysis. The results with fixed effect model showed that interest rate, exchange rate and coupon rate significantly affects the price of sukuk ijarah. Time to maturity was’nt significantly affects the price of sukuk ijarah]"

"Meningkatnya minat dalam adaptasi perubahan iklim mengharuskan negara-negara untuk mengintegrasikan instrumen keuangan ke dalam inisiatif yang lebih berkelanjutan. Sukuk hijau, sebagai salah satu instrumen keuangan Islam yang digunakan untuk tujuan ini, belum memenuhi harapan meskipun instrumen lain terus menunjukkan pertumbuhan eksponensial. Oleh karena itu, penelitian ini bertujuan untuk menganalisis faktor-faktor penyebab rendahnya penerbitan sukuk hijau dan mensimulasikan skenario penerbitan untuk pembiayaan proyek. Hal itu dicapai melalui metodologi metode campuran yang dilakukan dengan partisipasi para pemain di industri ketenagalistrikan Indonesia. Hasilnya, terungkap bahwa faktor yang paling signifikan dalam memutuskan penerbitan sukuk hijau adalah biaya dan insentif yang belum optimal. Studi ini memberikan simulasi yang berdampak pada penurunan biaya emisi dan peningkatan rasio arus kas yang tersedia untuk imbal hasil.

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Increasing interest in climate change adaptation requires countries to integrate financial instruments into more sustainable initiatives. The green sukuk, as one of the Islamic financial instruments used for this purpose, has not met expectations even though others continue to show exponential growth. Therefore, this study aims to analyze the factors causing the low issuance of green sukuk and simulate the issuance scenario for project financing. It was achieved through a mixed method methodology conducted with the participation of players in the Indonesian power industry. As a result, it was revealed that the most significant factors in deciding to issue green sukuk are issuance costs and incentives which were not optimal. This study provides the simulations that impact decreasing issuance costs and increasing the available cash flow ratio for a coupon."

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Penelitian ini bertujuan untuk menganalisis variabel-variabel yang memengaruhi intensi masyarakat Indonesia untuk berinvestasi pada produk investasi Green Sukuk Ritel, sebuah produk investasi yang diterbitkan oleh Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko (DJPPR), Kementerian Keuangan RI. Dalam model penelitian yang disusun, investasi pada Green Sukuk Ritel dapat dipengaruhi oleh tiga variabel, yaitu perilaku konsumsi yang bertanggung jawab sosial, persepsi keuntungan pribadi, dan persepsi efektivitas tindakan. Penelitian ini bersifat kuantitatif dan dilaksanakan dengan menggunakan teknik Partial Least Squares-Structural Equation Modelling. Data penelitian dikumpulkan melalui survei terhadap 265 responden di Indonesia yang sebelumnya pernah membeli produk finansial atau investasi. Hasil penelitian menunjukkan bahwa perilaku konsumsi yang bertanggung jawab sosial dari investor dan persepsi efektivitas tindakan dari produk Green Sukuk Ritel memiliki pengaruh positif terhadap intensi untuk berinvestasi pada produk Green Sukuk Ritel. Sementara, persepsi atas keuntungan pribadi hanya memiliki pengaruh tidak langsung terhadap intensi melalui persepsi efektivitas tindakan. Hasil dari penelitian ini dapat menjadi pertimbangan bagi DJPPR Kementerian Keuangan dalam mendesain strategi komunikasi dan pemasaran untuk produk Green Sukuk Ritel.

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The aim of this research is to analyze the explanatory variables of the intention to invest in Green Sukuk Ritel, an investment product offered by Directorate General of Budget Financing and Risk Management (DGBFRM), Ministry of Finance of the Republic of Indonesia. In the relationship model proposed, the intention to invest in Green Sukuk Ritel can be explained by three variables: the socially responsible consumption of the individual, their perception of personal gain and their perception of the effectiveness of the action. The relationships among the variables were analyzed using the Partial Least Squares -Structural Equation Modelling technique. The data was collected through a survey involving 265 respondents in Indonesia who have purchased financial or investment products. Based on the results, intention to invest in Green Sukuk Ritel is explained by the proposed explanatory variables. The socially responsible consumption habits of the investor and the perception of the effectiveness toward Green Sukuk Ritel have a direct and positive effect on the intention to invest Green Sukuk Ritel. However, the perception of the personal gain only has an indirect effect on the intention through the mediation of perception of the effectiveness of the action. These findings should be taken into account by DGBFRM when designing the marketing and communication strategies for Green Sukuk Ritel.

 

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"Skripsi ini meneliti determinan dari Likuiditas Surat Berharga Syariah Negara (SBSN) Seri Sukuk Ritel pada periode 2017-2023. Pada penelitian ini menggunakan data sekunder yang diperoleh dari Bloomberg untuk tingkat likuiditas Sukuk Ritel dalam bentuk bid-ask spread. Semakin besar nilai bid-ask spread mencerminkan semakin tidak likuid (illiquidity). Tujuan penelitian ini untuk mengetahui pengaruh sisa masa jatuh tempo, return JII dan yield to maturity sebagai variabel independen terhadap likuiditas SBSN seri Sukuk Ritel sebagai variabel dependen. Penelitian ini menggunakan random effect model dengan hasil penelitian menunjukkan bahwa (1) sisa masa jatuh tempo memiliki pengaruh tidak signifikan terhadap bid-ask spread (illiquidity) ; sementara (2) Return JII berpengaruh positif signifikan terhadap bid-ask spread yang artinya semakin besar Return JII maka semakin Sukuk Ritel semakin tidak likuid; dan (3) yield to maturity secara positif memiliki pengaruh signifkan terhadap illiquidity, yang artinya kenaikan pada yield to maturity Sukuk Ritel maka mengurangi likuiditasnya di pasar.

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This study examines the determinants of sovereign Retail Sukuk’s liquidity in the period of 2017-2023. As for the data used in this research is secondary data where data of bond liquidity obtained from Bloomberg using the bid-ask Spread from period of 2017-2023. The greater value of the bid-ask spread reflects the increasingly illiquidity. The purpose of this study is to determine the effect of the remaining maturity period, JII return and yield to maturity as independent variables on the liquidity of SBSN Retail Sukuk series as the dependent variable. This study uses a random effect model with the results of the study showing that (1) the remaining maturity period has an insignificant effect on the bid-ask spread (illiquidity); while (2) Return of JII has a significant positive effect on the bid-ask spread, which means the greater return of JII, the more illiquid the Retail Sukuk; and (3) yield to maturity has a positive and significant influence on illiquidity, which means that an increase in the yield to maturity of Retail Sukuk reduces its liquidity in the secondary market."