ANALISIS RISK DAN RETURN PADA SUKUK DAN OBLIGASI YANG TERDAFTAR DI BURSA EFEK INDONESIA

SISKA, WIDYA and Adam, Mohamad and Isnurhadi, Isnurhadi (2022) ANALISIS RISK DAN RETURN PADA SUKUK DAN OBLIGASI YANG TERDAFTAR DI BURSA EFEK INDONESIA. Master thesis, Sriwijaya University.

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Abstract

Financial market penetration, in terms of both knowledge and accessibility, has been becoming wider as a result of economic globalization. This financial development is followed by an increase in the demand for funding in financial markets. Bonds and sukuk are two financial instruments that are very attractive to investors. Bonds are a type of debt activity agreement that are licensed through debt certificates, while sukuk are certificates that have the same value and are proof of ownership of a project or certain investment activities such as assets, benefit rights, and services. This study aims to identify and analyze the risk and return of sukuk and corporate bonds and to determine the effect of ROA on the yield spread of sukuk and corporate bonds listed on the Indonesia Stock Exchange. The results of this study showed that corporate sukuk returns were greater than corporate bond returns while corporate bond risks were greater than corporate sukuk risks. Furthermore, there was a significant difference in returns between sukuk and corporate bonds, and there was a significant difference in risks between sukuk and corporate bonds. In addition, Return on Assets significantly reduced the yield spread on sukuk and corporate bonds. The rate of return on corporate sukuk calculated by Yield to Maturity (YTM) was greater than the rate of return on corporate bonds, while the level of risk for corporate sukuk calculated by Value at Risk (VaR) was lower than the level of risk for corporate bonds. There was a significant difference in return when corporate sukuk and corporate bonds were measured by Yield To Maturity. The high Value at Risk (VAR) and Return on Assets (ROA) indicated the large risk difference between corporate sukuk and corporate bonds resulted in greatly reducing the yield spread on sukuk and corporate bonds.

Item Type:	Thesis (Master)
Uncontrolled Keywords:	risk, return, sukuk, obligasi, yield spread, roa
Subjects:	H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance
Divisions:	01-Faculty of Economics > 61102-Management (S2)
Depositing User:	Widya Siska
Date Deposited:	26 Sep 2022 02:19
Last Modified:	26 Sep 2022 02:19
URI:	http://repository.unsri.ac.id/id/eprint/79343

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