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美国威斯康星大学留学生毕业论文:the Effects of Corporate Governance on Firms’ Credit Ratings

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2011-02-21编辑:lizhongxia点击率:16727

论文字数:17571论文编号:org201102210950525260语种:英语论文 English地区:中国价格:免费论文

关键词:Corporate governanceCredit ratingExecutive compensation

The Effects of Corporate Governance on Firms’ Credit Ratings
Hollis Ashbaugh
University of Wisconsin – Madison
代写留学生论文Daniel W. Collins *
University of Iowa
daniel-collins@uiowa.edu
Ryan LaFond
University of Wisconsin – Madison
rzlafond@wisc.edu
March 2004
Revised, June 2004
Corresponding author
We would like to thank Sanjeev Bhojraj, Bob Bowen, Tom Dyckman, Paul Hribar, April Klein,S. P. Kothari, Charles Lee, Mark Nelson, Shiva Rajgopal, D. Shores, Joe Weber, Peter Wysocki,and seminar participants at Cornell, Iowa State University, Lancaster University, London
Business School, MIT, and the University of Washington for helpful comments and suggestions.We especially thank Johannes Ledolter for useful discussions on implementation andinterpretation of ordered logit models.The Effects of Corporate Governance on Firms’ Credit Ratings
Abstract
Using a framework for evaluating corporate governance recently developed by Standard & Poor’s, thisstudy investigates whether firms that exhibit strong governance benefit from higher credit ratings relative
to firms with weaker governance. We document, after controlling for risk characteristics, that firm creditratings are: (1) negatively associated with the number of blockholders that own at least a 5% ownership in
the firm; (2) positively related to weaker shareholder rights in terms of takeover defenses; (3) positivelyrelated to the degree of financial transparency; and (4) positively related to over-all board independence,
board stock ownership and board expertise, and negatively related to CEO power on the board. We alsoprovide evidence that CEOs of firms with speculative grade creditratings are overcompensated to a
greater degree than their counterparts at firms with investment grade ratings, and that theovercompensation exceeds the CEO’s share of additional debt costs related to lower credit ratings. Ourstudy provides insights into the characteristics of governance that are likely to affect the cost of debtfinancing and provides one explanation for why some firms continue to operate with weaker governancewhen doing so may mean lower credit ratings.

 

Keywords: Corporate governance, Credit rating, Executive compensation
1
The Effects of Corporate Governance on Firms’ Credit Ratings
I. Introduction
This paper investigates whether firms that possess strong corporate governance benefit from higheoverall credit ratings relative to firms with weak governance. Firms’ overall credit ratings reflect a rating
agency’s opinion of an entity's overall creditworthiness and its capacity to satisfy its financial obligations(Standard and Poor’s 2004). Credit agencies are concerned with governance because weak governancecan impair a firm’s financial position and leave debt stakeholders (hereafter referred to as bondholders)vulnerable to losses (FitchRatings 2004). To structure our analysis, we adopt the framework recently
developed by Standard and Poor’s for rating firms’ corporate governance structures and practices
(Standard & Poor’s 2002). The S&P Corporate Governance Scoring system focuses on four major
components: Ownership Structure and Influence, Financial Stakeholder Rights and Relations, Financial
Transparency and Information Disclosure, and Board Structure and Processes The governance attributes
we examine within each of these components are designed to increase the monitoring of man论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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