The Effect of Good Corporate Governance, Company Size, Profitability, and Solvency on Bond Ratings (Study on Non-Financial Companies Listed on the Indonesia Stock Exchange for the Period 2018-2020)
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Profitability,
Solvency,
Company Size
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Abstract
This study was conducted to determine the effect of Good Corporate Governance (GCG), company size, profitability, and solvency on bond ratings. The object of this research is non-financial sector companies that issue bonds and have been rated by PT Pemeringkat Efek Indonesia (PEFINDO), and are listed on the Indonesia Stock Exchange (IDX). The sample selection used in this study was purposive sampling method and testing was carried out using the ordinal logistic regression method. The sample in this study was 18 non-financial companies that met the criteria. The results of this study are Good Corporate Governance (GCG) has a significant positive effect on bond ratings, Company size has a significant positive effect on bond ratings, Profitability has a significant positive effect on bond ratings, Solvency has an insignificant positive effect on bond ratings. Companies can increase their company size to get a high bond rating. This is because the greater the total assets owned by the company indicates that the company's operational activities will run more productively which will increase sales in obtaining profits and be used to pay interest obligations along with the principal which makes the bond rating high.
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