Purpose

This study empirically examines, from the first quarter of 1981 until the fourth quarter of 2017, the relations across customary domestic issuer credit ratings (long-term, short-term and subordinate) and three popular corporate risk-taking measurements (the variability of operating profitability, net profitability, and research and development expenses).

Design/methodology/approach

The author deploys categorical regressions and robustness tests with control variables, interaction terms, fixed effect variables, lag variables and delta variables.

Findings

The author documents that both short-term and subordinate domestic credit ratings are key determinants of the volatility of operating profitability. The author also identifies long-term credit ratings as secondary factors, yet they do affect broader corporate risk-taking behavioral features (along all three measurements). Furthermore, the author finds that the higher (lower) the credit ratings assigned, i.e. the superior (inferior) the credit quality externally judged, the more (less) overall risk firms tend to undertake.

Originality/value

It is the first research to examine both the inclusive influence and the granular effects of credit ratings on corporate risk-taking (CRT) behavior. It is also the only enquiry to inspect the specific relationships along three types of domestic issuer credit ratings: long-term, short-term and subordinate ratings.

中文翻译：

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具有长期、短期和次级信用评级的企业风险承担

目的

本研究实证检验了从 1981 年第一季度到 2017 年第四季度，习惯性国内发行人信用评级（长期、短期和次级）与三种流行的企业风险承担指标（经营盈利能力、净盈利能力和研发费用）。

设计/方法/方法

作者使用控制变量、交互项、固定效应变量、滞后变量和增量变量部署分类回归和稳健性检验。

发现

作者记录了短期和次级国内信用评级是经营盈利能力波动的关键决定因素。作者还将长期信用评级确定为次要因素，但它们确实会影响更广泛的企业冒险行为特征（在所有三个测量中）。此外，作者发现分配的信用等级越高（越低），即外部判断的信用质量越好（越差），公司倾向于承担的总体风险就越多（越低）。

原创性/价值

这是第一项检验信用评级对企业风险承担 (CRT) 行为的包容性影响和细粒度影响的研究。也是唯一一项考察境内发行人信用评级长期、短期和次级评级三类具体关系的查询。