دانلود مقاله ISI انگلیسی شماره 48467
ترجمه فارسی عنوان مقاله

آیا دغدغه های رتبه بندی اعتباری برای شرکت های بزرگ منجر به اداره بهتر می شود؟ مدارک و شواهد از کره

عنوان انگلیسی
Do credit rating concerns lead to better corporate governance? Evidence from Korea ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
48467 2015 17 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Pacific-Basin Finance Journal, Volume 35, Part B, November 2015, Pages 592–608

ترجمه کلمات کلیدی
رتبه بندی اعتباری - حاکمیت شرکتی - بحران مالی آسیا 1997 - چائبول
کلمات کلیدی انگلیسی
G01; G24; G34Credit ratings, Corporate governance, 1997 Asian financial crisis, Chaebol
پیش نمایش مقاله
پیش نمایش مقاله  آیا دغدغه های رتبه بندی اعتباری برای شرکت های بزرگ منجر به اداره بهتر می شود؟ مدارک و شواهد از کره

چکیده انگلیسی

We study the 1997 Asian financial crisis to show that credit rating concerns affect firms' corporate governance. We treat the crisis as an exogenous shock that led to improvements in the informativeness of Korea's credit rating system, and we determine that credit rating concerns affect corporate governance following the crisis but not before the crisis. Moreover, this effect is concentrated in firms that are in chaebol business groups, consistent with their increased dependence on external financing. Finally, we find that firms that were particularly affected by the reforms demonstrate an increased reliance on debt that is dependent on credit ratings, consistent with our hypothesized effects of this exogenous shock. Our paper presents a novel approach to evaluating whether managers would improve their firms' corporate governance in response to their credit rating concerns, and it highlights the wide-ranging effects of reforms that are implemented due to financial crises.