The Effect of Earnings Management, Debt To Equity Ratio, Firm Size, and Current Ratio on Bond Ratings in Industrial Sector Companies Listed on the Indonesia Stock Exchange
Abstract
This study aims to analyze the effect of earnings management, debt to equity ratio (DER), firm size, and current ratio on the bond ratings of companies listed on the Indonesia Stock Exchange. The method used is an associative study with logistic regression techniques because the dependent variable is bond rating categories (investment grade and non-investment grade). The research sample consists of 62 industrial sector companies that meet the purposive sampling criteria. The analysis results show that earnings management and DER have a significant influence on bond ratings, with earnings management having the strongest influence. Conversely, firm size and current ratio do not have a significant partial effect on bond ratings. The logistic regression model is deemed fit based on the Hosmer and Lemeshow test (p=0.225), and the simultaneous model fit test indicates that the variables influence bond ratings collectively. The Nagelkerke coefficient of determination of 76.5% indicates that the variation in bond ratings can be explained by the independent variables, while the remainder is influenced by other factors outside the model. These findings emphasize the importance of earnings management and capital structure as key indicators in determining bond rating quality and provide a basis for investors and stakeholders in making more informed investment decisions.
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DOI: 10.33751/jhss.v9i2.12681
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