경영자 능력 및 소유집중도는 이익투명성과 신용등급 간에 어떤 차이를 야기하는가?

초록

Given that accounting information is a product of a firm’s management and governance structure, this study aims to take this into account in identifying the relationship between earnings transparency and credit ratings. Specifically, this study aims to identify the impact of transparency on credit ratings by considering managerial ability. We also want to verify whether it makes a difference depending on the size of the largest shareholder. Using a sample listed on the KSE and KOSDAQ from 2002 to 2023, we find that, first, the plus relationship between earnings transparency and credit ratings is weaker for firms with low managerial ability than for firms with high managerial ability. Second, the positive effect of earnings transparency on credit ratings is reduced when the majority shareholder ownership is low. This study shows that credit rating agencies consider the quality of accounting and earnings information as the primary financial information when evaluating a company’s credit rating, but they also consider other factors such as management ability and corporate governance. Therefore, it is necessary for companies to make efforts to strengthen management ability and, in the case of a low majority shareholding, to strengthen corporate governance.

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