Pengaruh Penerbitan Sukuk Terhadap Reaksi Pasar Modal Pada Perusahaan-perusahaan Yang Menerbitkan Sukuk di Bursa Efek Indonesia

The capital market is one of the important elements and a benchmark for the progress of a country's economy and has a role as a source of financing for investors, both in ownership certificates (shares) and debt securities (bonds/sukuk). Information regarding the announcement of the issuance of sukuk will be responded by investors whether there is a positive or negative market reaction related to the efficiency of investment decisions. This study aims to determine the effect of the issuance of sukuk and the presence or absence of the influence of the issuance of corporate sukuk (sukuk issuance and sukuk rating) on the reaction of the capital market. The analytical method used is quantitative data sourced from the archives and records of companies issuing sukuk and financial statements listed on the Indonesia Stock Exchange sequentially during the observation period. The results showed that there was no significant effect between the value of the issuance of sukuk represented by the Sukuk Equity Ratio and Rating on the market reaction represented by the Cumulative Abnormal Return