The Influence of Sharia Bonds (Sukuk) Issuance Values and Ratings on Indonesian Capital Market Reaction Period 2017-2020

This study aims to analyze the effect of Sukuk issuance and Sukuk Ratings on the Islamic capital market in Indonesia. The market reaction indicator is cumulative abnormal return [CAR], the Sukuk issuance indicator is the Sukuk equity ratio [SER], and the Sukuk Rating indicator is the method of a successive interval [MSI]. The research sample is 38 companies that issue Sukuk in the 2017-2020 period. The data analysis uses multiple regression. The test results show that the value of the issuance of Sukuk has no significant effect on the reaction of the Islamic capital market in Indonesia. The Sukuk Rating effect on the Islamic capital market in Indonesia is not significantly. The R-squared value of 8.5% shows that the
influence of Sukuk issuance and Sukuk Ratings on the Islamic capital market in Indonesia is small.