ABSTRACT

This study examines the effect of initial credit ratings on voluntary disclosure in Korea. Managers are concerned about initial credit ratings because they become the benchmark for future debt issues. Therefore, firms may have incentives to opportunistic disclosure in order to get favorable credit ratings during the initial credit rating evaluation. We find that the frequency of voluntary disclosures at the time of initial credit rating evaluations are greater than during the two accounting periods before and after the evaluation. This study provides insights that firms have incentives to expand voluntary disclosure to obtain favorable initial ratings.

中文翻译：

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初始信用评级和自愿披露：来自韩国的证据

摘要

本研究考察了初始信用评级对韩国自愿披露的影响。经理们担心初始信用评级，因为它们会成为未来债务问题的基准。因此，企业可能有机会主义披露的动机，以便在初始信用评级评估期间获得有利的信用评级。我们发现，初始信用评级评估时的自愿披露频率高于评估前后的两个会计期间。这项研究提供的见解表明，公司有动机扩大自愿披露以获得有利的初始评级。