Pengaruh Profitabilitas, Nilai Sukuk dan Rating Sukuk terhadap Return Saham Syariah Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2020-2024

Fithrah Kamaliyah

doi:10.37481/sjr.v8i3.1138

Authors

Fithrah Kamaliyah Universitas Pamulang

DOI:

https://doi.org/10.37481/sjr.v8i3.1138

Keywords:

Profitability, Sukuk Value, Sukuk Rating, Sharia Stock Return

Abstract

This research is motivated by the growing relevance of Islamic financial instruments, such as sukuk, in Indonesia’s capital market. As demand for Sharia-compliant investments increases, understanding the factors influencing Sharia stock performance becomes essential. This study examines the impact of profitability, sukuk value, and sukuk rating on Sharia stock returns among companies listed on the Indonesia Stock Exchange (IDX) from 2020 to 2024. A quantitative approach is used, with financial data collected from annual reports of selected companies through purposive sampling based on Sharia compliance and sukuk issuance criteria. Data analysis is conducted using multiple linear regression, supported by classical assumption and hypothesis tests. The results reveal that profitability and sukuk value have a significant positive effect on Sharia stock returns, while sukuk rating does not show a significant impact. However, collectively, all three independent variables significantly influence Sharia stock returns. These findings imply that investors in Sharia-compliant markets should prioritize a company’s fundamental performance and the scale of sukuk issuance rather than relying solely on sukuk ratings when making investment decisions. Companies aiming to enhance their Sharia stock value should focus on improving profitability and optimizing sukuk structuring to attract ethical investors and strengthen market performance.

References

Alim, Muhammad S., dan Sihombing, Pardomuan. (2022). Dampak Kinerja Keuangan Terhadap Return Saham Perusahaan Menerbitkan Sukuk di Indonesia. Syntax Literate: Jurnal Ilmiah Indonesia, 7(12), 19914-19926.

Antonio, M. S. (2018). Bank Syariah: Dari Teori ke Praktik. Jakarta: Gema Insani.

Ascarya. (2020). Akuntansi dan Keuangan Syariah: Teori dan Aplikasi. Jakarta: Bank Indonesia Institute.

Brigham, E. F., & Houston, J. F. (2021). Fundamentals of Financial Management. Cengage Learning.

Dinianti, Syahnisa D., dan Arifin Zaenal. (2022). Analisis Pengaruh Obligasi Syariah terhadap Harga Saham dan Profitabilitas Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2017 – 2022. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 02(04), 238-246.

Dusuki, A. W. (2018). Understanding the Objectives of Islamic Banking: A Survey of Stakeholders' Perspectives. International Journal of Islamic and Middle Eastern Finance and Management, 1(2), 132-148.

Fama, E. F. (2021). Efficient Capital Markets: II. The Journal of Finance, 46(5), 1575-1617.

Hamzah, Oke L. (2023). Pengaruh Penerbitan Sukuk terhadap Kinerja Keuangan Perusahaan Tahun 2017-2021. JESYA: Jurnal Ekonomi dan Ekonomi Syariah, 6(1). 899-907.

Harahap, S. S. (2021). Analisis Kritis atas Laporan Keuangan. Jakarta: Rajawali Pers.

Jogiyanto, H. M. (2017). Teori Portofolio dan Analisis Investasi. Edisi Kesepuluh. Yogyakarta: BPFE.

Kasmir. (2019). Analisis Laporan Keuangan. Edisi Revisi. Jakarta: RajaGrafindo Persada.

Lestari, Milna D., et al., (2022). Pengaruh Profitabilitas, Leverage dan Likuiditas Terhadap Return Saham Perusahaan Manufaktur di Bursa Efek Indonesia. REKAN: Riset Ekonomi, Akuntansi, dan Perpajakan, 3(1), 1-16.

Lestari, N. D., Nugroho, B. A., & Sari, M. P. (2022). Analisis Pengaruh Rasio Keuangan terhadap Kinerja Saham. Jurnal Ekonomi dan Bisnis, 20(1), 45–56.

Nuriandari, A. & Hadiani, D. (2021). Pemahaman Sukuk dalam Perspektif Syariah. Jurnal Ekonomi Islam Al-Masharif, 9(1), 12–25.

Oroh, Milka M., et al., (2019). Pengaruh Profitabilitas dan Leverage terhadap Return Saham pada Sektor Pertanian di BEI Periode 2013-2017. Jurnal EMBA, 7(1), 661-670.

Sahyu, Adian, dan Maharani, Novera. (2023). Pengaruh Profitabilitas, Solvabilitas, dan Aktivitas terhadap Nilai Perusahaan. Komitmen: Jurnal Ilmiah Manajemen, 4(1), 260-271.

Setiyani, R. E., Sari, D. K., & Wibowo, A. H. (2019). Pengaruh profitabilitas dan solvabilitas terhadap yield sukuk dengan peringkat sukuk sebagai variabel moderator pada perusahaan di Indonesia. AKTSAR: Jurnal Akuntansi Syariah, 2(1), 43–68.

Suhatman, Zaldy, dan Annisa, Firda. (2024). Pengaruh Nilai Penerbitan Obligasi Syariah (Sukuk) dan Rating Penerbitan Obligasi Syariah (Sukuk) Perusahaan terhadap Return Saham pada BEI Tahun 2015-2018. Journal of Management, Accounting, and Administration, 1(1), 17-23.

Tandelilin, E. (2020). Portofolio dan Investasi: Teori dan Aplikasi. Yogyakarta: Kanisius.

Ulum, Rafiatul, dan Mubarok, Muhammad H. (2024). Sukuk Rating: Maturity, Sukuk Structure and Guarantee with Profitability as Moderation. Jurnal Ekonomi dan Bisnis Islam, 10(1), 141-161.

Zakiah, N., Putri, R. A., & Prasetyo, A. R. (2023). Pengaruh profitabilitas, leverage, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan (Studi pada perusahaan manufaktur yang terdaftar di BEI periode 2016–2021). Diponegoro Journal of Management, 12(3), 1–13.