We examine the effect of voluntary disclosure on rating disagreement among credit rating agencies (CRAs). Previous empirical findings suggest that precise financial reporting decreases information risk and affects split ratings. However, no prior research has investigated the relationship between voluntary disclosure and split ratings, even though such disclosure can reduce information asymmetry. We find a negative relationship between voluntary disclosure and split ratings by CRAs. This study reveals voluntary disclosure that includes the manager's intentions (i.e., discretionary judgment) is a determinant of split ratings. In doing so the study contributes to the literature on the role of voluntary disclosure on CRAs.

中文翻译：

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信用评级机构之间的自愿披露和评级分歧：来自韩国的证据

我们研究了自愿披露对信用评级机构 (CRA) 之间评级分歧的影响。先前的实证结果表明，精确的财务报告会降低信息风险并影响拆分评级。然而，之前没有研究调查过自愿披露和拆分评级之间的关系，尽管这种披露可以减少信息不对称。我们发现自愿披露与信用评级机构的拆分评级之间存在负相关关系。这项研究表明，包括经理意图（即酌情判断）的自愿披露是拆分评级的决定因素。在这样做的过程中，该研究为关于自愿披露对 CRA 的作用的文献做出了贡献。