ABSTRACT

Although managerial ability is important for credit risk assessment, it is unclear whether local credit rating agencies consider it an independent risk factor. We examine how Korean agencies evaluate the impact of managerial ability on bond rating depending on controlling shareholders’ ownership structure. We identify controlling shareholders using family-owned businesses (chaebols). The results show that the positive effect of managerial ability on bond rating is diminished in chaebol firms, especially those with a high control–ownership wedge, compared to non-chaebol firms. These findings suggest that managerial ability carries higher weight in the rating process for firms with better ownership structure.

摘要

尽管管理能力对于信用风险评估很重要，但尚不清楚当地信用评级机构是否将其视为独立的风险因素。我们研究了韩国机构如何根据控股股东的所有权结构评估管理能力对债券评级的影响。我们使用家族企业（财阀）确定控股股东。结果表明，与非财阀公司相比，财阀公司的管理能力对债券评级的正向影响减弱了，尤其是那些拥有高控制权楔子的公司。这些发现表明，对于拥有更好所有权结构的公司，管理能力在评级过程中具有更高的权重。