The Effect of Leverage, Liquidity, Profitability, and Growth Ratio on Bond Ratings with Earnings Management as a Moderating Variable in Manufacturing Companies Listed on the IDX 2019-2023

This study aims to analyze the moderating effect of earnings management on the relationship between leverage, liquidity, profitability, and growth ratio with bond ratings of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The population of this study includes all manufacturing companies listed on the IDX that issued bonds, published complete annual financial statements, were rated by PEFINDO, and whose bonds had not matured during the 2019-2023 period, totaling 165 companies. The sampling technique used was purposive sampling, resulting in 14 companies selected as the sample over a five-year period from 2019-2023. The data were analyzed using panel data regression with the assistance of Views 10 software. The results show that leverage and growth ratio significantly influence the bond ratings of manufacturing companies listed on the IDX. Meanwhile, liquidity and profitability have no significant effect. Furthermore, earnings management moderates the relationship between leverage and bond ratings, but does not moderate the effects of liquidity, profitability, or growth ratio on bond ratings in manufacturing companies listed on the IDX. Keywords: leverage, liquidity, profitability, growth ratio, bond rating, earnings management