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b. Vokal rangkap ( ‫ ) أَي‬dilambangkan dengan gabungan huruf ay, misalnya:

al-bayt.
3. Vokal panjang atau maddah bahasa Arab yang lambangnya berupa harakat

dan huruf, transliterasinya dalam tulisan Latin dilambangkan dengan huruf

dan tanda macron (coretan horisontal) di atasnya, misalnya ( ‫ = الفَاتِ َحة‬al-

f̄atihah ), ( ‫ = العُلُوم‬al-‘ul̄um ) dan ( ‫ = قِي َمة‬q̄ imah ).

4. Syaddah atau tasydid yang dilambangkan dengan tanda syaddah atau tasydid,

transliterasinya dalam tulisan Latin dilambangkan dengan huruf yang sama

dengan huruf yang bertanda syaddah itu, misalnya ( ‫ = َحد‬haddun ), ( ‫سد‬

َ =

َ = tayyib ).
saddun ), ( ‫ط ِيب‬

5. Kata sandang dalam bahasa Arab yang dilambangkan dengan huruf alif-lam,

transliterasinya dalam tulisan Latin dilambangkan dengan huruf “al”, terpisah

dari kata yang mengikuti dan diberi tanda hubung, misalnya ( ‫ = البَيت‬al-bayt ),

( ‫ = السَّمآء‬al-sam̄a’ ).

6. T̄a’ marb̄utah mati atau yang dibaca seperti ber-h arakat suk̄un,

transliterasinya dalam tulisan Latin dilambangkan dengan huruf “h”,

sedangkan t̄a’ marb̄ut ah yang hidup dilambangkan dengan huruf “t”,

misalnya ( ‫ = ُرؤيَةُ ال ِهالل‬ru’yah al-hil̄al atau ru’yatul hil̄al ).

7. Tanda apostrof (’) sebagai transliterasi huruf hamzah hanya berlaku untuk

yang terletak di tengah atau di akhir kata, misalnya ( ُ ‫ = ُرؤ َية‬ru’yah ), ( ‫= فُقَ َهاء‬

fuqah̄a’).

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DAFTAR ISI

COVER .......................................................................................................................................... 1
HALAMAN PERSETUJUAN…...…………………………………………………...ii
PERNYATAAN ORISINALITAS SKRIPSI ....................................................................... iii
DECLARATION ........................................................................................................................ iv
KATA PENGANTAR ............................................................................................................. viii
ABSTRAK .................................................................................................................................... x
ABSTRACT ................................................................................................................................. xi
‫ المستخلص‬......................................................................................................................................... ix
PEDOMAN TRANSLITERASI ARAB-LATIN .................................................................. x
DAFTAR ISI ............................................................................................................................... xv
DAFTAR TABEL ................................................................................................................... xviii
DAFTAR GAMBAR ............................................................................................................... xvi
DAFTAR PERSAMAAN ...................................................................................................... xvii
DAFTAR LAMPIRAN.......................................................................................................... xviii
BAB 1 PENDAHULUAN ........................................................................................................ 1
1.1 Latar Belakang Masalah.............................................................................. 1
1.2 Kesenjangan Penelitian ............................................................................... 6
1.3 Tujuan Penulisan ........................................................................................ 7
1.4 Ringkasan Hasil Penelitian.......................................................................... 7
1.5 Sistematika Penulisan ................................................................................. 8
BAB 2 TINJAUAN PUSTAKA ............................................................................................. 9
2.1 Landasan Teori ........................................................................................... 9
2.1.1 Investasi .............................................................................................. 9
2.1.2 Pasar Modal ....................................................................................... 10
2.1.3 Pasar Modal Syariah .......................................................................... 10
2.1.4 Pengertian Sukuk ............................................................................... 11
2.1.5 Karakteristik Sukuk ........................................................................... 11
2.1.6 Jenis Sukuk........................................................................................ 12

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2.1.7 Perbedaan Sukuk dan Obligasi ........................................................... 12

2.1.8 Sukuk Ijarah Korporasi ...................................................................... 13
2.1.9 Imbal Hasil Sukuk ............................................................................. 14
2.1.10 Faktor yang mempengaruhi imbal hasil sukuk........................................... 14
2.1.11 Hubungan Antar Variabel ......................................................................... 15
2.2 Penelitian Sebelumnya .............................................................................. 17
2.3 Hipotesis ................................................................................................... 20
BAB 3 METODE PENELITIAN ........................................................................................ 21
3.1 Pendekatan Penelitian ............................................................................... 21
3.2 Model Empiris .......................................................................................... 21
3.3 Definisi Operasional Variabel ................................................................... 22
3.3.1 DER .................................................................................................. 22
3.3.2 ROA .................................................................................................. 23
3.3.3 Inflasi ................................................................................................ 23
3.3.4 Tingkat Suku Bunga .......................................................................... 23
3.3.5 Imbal Hasil Sukuk ............................................................................. 24
3.4 Jenis dan Sumber Data .............................................................................. 25
3.5 Populasi dan Sampel ................................................................................. 25
3.6 Teknik Analisis Data ................................................................................ 27
3.6.1 Pemilihan Metode Estimasi................................................................ 28
3.6.2 Pengujian Hipotesis ........................................................................... 29
BAB 4 HASIL DAN PEMBAHASAN ............................................................................... 31
4.1 Gambaran Umum Penelitian ..................................................................... 31
4.2 Analisis Deskriptif .................................................................................... 32
4.3 Hasil Analisis dan Uji Hipotesis ................................................................ 33
4.3.1 Analisis Model Regresi ...................................................................... 33
4.3.2 Pengujian Hipotesis ........................................................................... 34
4.4 Pembahasaan ............................................................................................ 36
4.4.1 Pengaruh DER secara parsial terhadap imbal hasil sukuk ................... 37
4.4.2 Pengaruh ROA secara parsial terhadap imbal hasil sukuk .................. 37
4.4.3 Pengaruh Inflasi secara parsial terhadap imbal hasil sukuk ................. 38

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4.4.4 Pengaruh Tingkat Suku Bunga secara parsial terhadap imbal hasil
sukuk .......................................................................................................... 39
BAB 5 SIMPULAN DAN SARAN ...................................................................................... 41
5.1 Kesimpulan............................................................................................... 41
5.2 Saran ........................................................................................................ 41
5.3 Keterbatasan ............................................................................................. 42
DAFTAR PUSTAKA .............................................................................................................. 43
LAMPIRAN ............................................................................................................................... 49

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DAFTAR TABEL
Tabel 1.1 Perbandingan Sukuk Mudharabah dan Sukuk Ijarah ................................................ 5
Tabel 2.1 Perbedaan Sukuk dan Obligasi ................................................................................. 13
Tabel 3.1 Daftar Sampel Sukuk Ijarah ...................................................................................... 26
Table 4.1 Hasil Statistik Deskriptif .......................................................................................... 32
Tabel 4.2 Hasil Regresi Data Panel Random Effect Model ........................................................ 33

Table 4.3 Hasil t-statistik Random Effect Model ....................................................................... 35

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DAFTAR GAMBAR
Gambar 1.1 Perkembangan Sukuk Korporasi di Indonesia ...................................................... 2
Gambar 1.2 Perkembangan Sukuk Periode 2015-2018 ............................................................ 3
Gambar 3.1 Model Empiris ..................................................................................................... 21

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DAFTAR PERSAMAAN
Fungsi 3.1 Model Empiris ........................................................................................................ 21
Fungsi 3.2 DER ....................................................................................................................... 23
Fungsi 3.3 ROA ....................................................................................................................... 23
Fungsi 3.4 Inflasi ..................................................................................................................... 23

Fungsi 3.5 I Rate ...................................................................................................................... 23

Fungsi 3.6 YTM ...................................................................................................................... 24
Fungsi 3.7 Persamaan Regresi Fixed Effect Model ................................................................... 28
Fungsi 3.8 Persamaan Regresi Random Effect Model ............................................................... 28

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