JEFMS Journal

ABSTRACT:

This study aims to examine the effect of macroeconomic factors (SBIS Yield Rate, Islamic Interbank Rate, Rupiah and Ringgit Exchange Rates against Dollar), Partial Yield to Maturity, and Time to Maturity and the effect of individual conditions on the Fair Price of Corporate Sukuk for the period 2014-2018. Research data were taken from several institutions in the form of statistical data and historical transactions, namely BI, OJK, BEI, IBPA, KSEI, Securities Commission Malaysia, Bank Negara Malaysia, BPAM, Bursa Malaysia. This research using quantitative approach, where the sampling was done by purposive sampling consisting of 7 series of corporate sukuk from Indonesia and Malaysia. The analysis technique used Panel Data Regression Test. The results showed that Macroeconomic Factors (SBIS and Islamic Interbank Rate) generally have a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia; Macroeconomic factors (Rupiah exchange rate and Ringgit exchange rate against the US dollar), have a positive and significant effect on the fair price of sukuk in Indonesia and Malaysia; Yield To Maturity, has a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia; Time To Maturity, has a negative and significant effect on the fair price of sukuk in Indonesia and Malaysia.

KEYWORDS:

corporate sukuk, fair price, macroeconomics factor.

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