Likuiditas Obligasi di Tengah Asimetri Informasi dan Inflasi pada Manufaktur BEI 2023-2025

Authors

  • Nikke Yusnita Mahardini Universitas Serang Raya
  • Santi Octaviani Universitas Serang Raya
  • Yuni Pristiwati Noer Widianingsih Universitas Muhammadiyah Surakarta

DOI:

https://doi.org/10.21009/wahana.21.017

Keywords:

Bid-Ask Spread, Bond Rating, Bond Size, Inflation, Liquidity of Bonds

Abstract

This study examines factors affecting corporate bond liquidity in manufacturing firms listed on the Indonesia Stock Exchange during 2023–2025. The variables include bond maturity, bond size, bond capitalization, bond rating, bid-ask spread, and inflation. A quantitative approach is used with secondary data from the Indonesia Stock Exchange, PEFINDO, company financial reports, and the Central Bureau of Statistics. The sample consists of 129 bond observations selected through purposive sampling and analyzed using multiple linear regression. The results show that bond maturity, bid-ask spread, and inflation significantly and negatively affect bond liquidity. In contrast, bond size and bond rating have a significant positive effect, while bond capitalization is not significant. These findings indicate that information quality, transaction costs, and macroeconomic conditions play key roles in determining corporate bond liquidity. The study provides implications for investors, issuers, and regulators in improving the efficiency of the corporate bond market.

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Published

2026-07-31

How to Cite

Mahardini, N. Y., Octaviani, S., & Widianingsih, Y. P. N. (2026). Likuiditas Obligasi di Tengah Asimetri Informasi dan Inflasi pada Manufaktur BEI 2023-2025 . Jurnal Ilmiah Wahana Akuntansi, 21(1), 115–132. https://doi.org/10.21009/wahana.21.017

Issue

Vol. 21 No. 1 (2026): Jurnal Ilmiah Wahana Akuntansi

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Articles

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