5
SUMMARY
DHONY PRATAMA. The Influence of Bond Characteristic and Macroeconomic Factor towards the Corporate Bond Returns on the Property, Real Estate, and Building Construction Sector. Supervised by SRI HARTOYO and TUBAGUS NUR AHMAD MAULANA.
A company as a party that needs some amount of fund can collect the fund through a capital market by selling their shares to the public or issuing a bond, while the investor as a party who owns some amount of fund can use the capital market as one of the investment alternatives for collecting profit. Bond trading continuously increases year by year. The frequency of bond trading continuously increased from 2013 to 2016. In 2013, it has been recorded that the frequency of bond trading was 19.989 and then it increased become 22.152 in 2014 and it continuously increased up to 24.398 in 2016. The growth of the sectors of property, real estate, and building construction was included at the top-three rank after basic industry and chemicals sector and financial sector i.e. 76.23%. The outstanding values of the property, real estate, and building construction sector were at 22.20 billion rupiahs, in which it was at the second highest rank after the financial sector.
The high outstanding value and the growth of corporate bond in the property, real estate, and building construction sector were caused by the new government policy.
The data used here was in form of the listed corporate bond and it was actively traded in IDX (Indonesia’s Stock Exchange) especially in the property, real estate, and building construction sector for the period 2013-2016. The sampling technique used in this research was purposive sampling method, which the sample was determined through a certain criterion, and it had been chosen 6 issuers with the total bond of 11 bond series as the research object. The data processing and the data analysis in the research used a panel data regression technique. The panel data was collected using the cross-section model and it was followed by the data collected within a certain period/time series.
The research finding showed that the bond characteristic used here i.e.
duration had a significant and positive impact on the return of the property, real estate, and building construction sector. The macroeconomic factors such as inflation and interest had a negative impact on the bond return in the property, real estate, and building construction sector. Meanwhile, other macroeconomic factors i.e. exchange rate and IHSG gave no impact toward the bond returns. The gold price gave a positive impact on the bond returns in the property, real estate, and building construction sector. However, global oil prices had no significant impact on the bond return.
Keywords: macroeconomic factor, bond characteristic, bond return, sector property real estate and building construction
