What Drives Corporate Sukuk Issuance? Firm-Specific and Macroeconomic Determinants in Indonesia's Sukuk Market
DOI:
https://doi.org/10.21580/economica.2026.17.1.30281Keywords:
ARDL, Corporate Sukuk, Indonesia, Macroeconomic Factors, Panel RegressionAbstract
There has been increasing adoption of sukuk for raising Shariah-compliant funds in Indonesia; however, there is a dearth of research concerning the role of macroeconomic factors and firm attributes in the determination of sukuk issuances by Indonesian corporations. This study explores the impact of macroeconomic and firm-specific factors in the determination of corporate sukuk issuance in Indonesia from 2018 to 2025. This study uses the Autoregressive Distributed Lag (ARDL) approach to investigate the impact of macroeconomic variables in the short and long run, as well as panel regression to analyse the impact of firm-specific variables. According to the ARDL findings, changes in the Bank Indonesia (BI) policy rate, inflation and Indonesia Sharia Stock Index (ISSI) in the short-run significantly impact sukuk issuance, but their long-run impact, along with exchange rate, does not have any statistically significant effect on the same. Firmspecific factors, such as sukuk maturity period, profitability (ROA), leverage and firm size, significantly influence the issuance decision. The higher the maturity period of sukuk, profitability and firm size, the more would be sukuk issuance; whereas higher leverage hinders sukuk issuance. This study contributes to enhancing the Islamic finance body of knowledge by analyzing macroeconomic and firm-level determinants together in a single model, and offers implications for improving the corporate sukuk market of Indonesia.
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