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2020•Unpublished venueOpen access

The Determinants of Sukuk Issuance on Indonesian Public Companies from 2007–2016

Aisyah Vanadia Rubianto, Shu-Ching Chou

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Abstract

The purpose of this research is to understand the motivations of Indonesian public companies in issuing Sukuk and conventional bond.Indonesia are chosen because researches that determine the issuance of Sukuk is still scant whilst the growth of Sukuk is rapid.The samples are 57 public companies that issue 97 conventional bond and 22 Sukuk from 2007 -2016.By using logistic regression, the result proposes that there are differences between the determinant of Sukuk and bond issuers.Firms with higher leverage ratio are more inclined to issue Sukuk than bond.Thus, this result complies with trade-off theory.

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The purpose of this research is to understand the motivations of Indonesian public companies in issuing Sukuk and conventional bond.Indonesia are chosen because researches that determine the issuance of Sukuk is still scant whilst the growth of Sukuk is rapid.The samples are 57 public companies that issue 97 conventional bond and 22 Sukuk from 2007 -2016.By using logistic regression, the result proposes that there are differences between the determinant of Sukuk and bond issuers.Firms with higher leverage ratio are more inclined to issue Sukuk than bond.Thus, this result complies with trade-off theory.

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Available abstract

The purpose of this research is to understand the motivations of Indonesian public companies in issuing Sukuk and conventional bond.Indonesia are chosen because researches that determine the issuance of Sukuk is still scant whilst the growth of Sukuk is rapid.The samples are 57 public companies that issue 97 conventional bond and 22 Sukuk from 2007 -2016.By using logistic regression, the result proposes that there are differences between the determinant of Sukuk and bond issuers.Firms with higher leverage ratio are more inclined to issue Sukuk than bond.Thus, this result complies with trade-off theory.

Key concepts: Indonesian, Business, Sukuk, Financial system, Accounting, Islamic finance, Geography, Islam

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