International rating agencies and corporate impact: a case study in Iberian companies
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/11328/3189 |
Resumo: | This study intended to analyse the impact of Rating Notation, from four of the major International Credit Rating Agencies, in Iberian private companies. Primary data was collected via SABI Database, with financial relevant data of Iberian private companies, in a time frame from 2003 to 2015. Results were determined by an empirical analysis, through a new econometric model, starting with correlations between leverage and variables Return on Assets, Return on Equity, Dimension, Tangibility, Sales Variation, Political Risk and Critical Political Risk. Critical Political Risk is a dummy variable on notations of the Credit Rating Agencies. Considering the impact of these international notations, we address the issue of how this notation impacts domestic Political Risk and affect companies’ capital structure. Support evidence was found for our hypothesis: as Political Risk increases, Leverage tends to decrease. Further studies interest lays in research how CPR affects each company, measuring that risk by company, and analysing in detail the impact of Rating Notation in the decision of financing in private companies from Iberian Market. |
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International rating agencies and corporate impact: a case study in Iberian companiesInternational credit rating agenciesFinancial crisisCorporate structureLeverageThis study intended to analyse the impact of Rating Notation, from four of the major International Credit Rating Agencies, in Iberian private companies. Primary data was collected via SABI Database, with financial relevant data of Iberian private companies, in a time frame from 2003 to 2015. Results were determined by an empirical analysis, through a new econometric model, starting with correlations between leverage and variables Return on Assets, Return on Equity, Dimension, Tangibility, Sales Variation, Political Risk and Critical Political Risk. Critical Political Risk is a dummy variable on notations of the Credit Rating Agencies. Considering the impact of these international notations, we address the issue of how this notation impacts domestic Political Risk and affect companies’ capital structure. Support evidence was found for our hypothesis: as Political Risk increases, Leverage tends to decrease. Further studies interest lays in research how CPR affects each company, measuring that risk by company, and analysing in detail the impact of Rating Notation in the decision of financing in private companies from Iberian Market.Scienceweb Publishing2020-09-10T10:34:15Z2020-02-01T00:00:00Z2020-02info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/11328/3189eng2384-732810.33495/jeibm_v8i1.19.125Soares, Vasco SalazarCarvalho, Sónia deMendes-Ribeiro, Mafaldainfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-06-15T02:11:38ZPortal AgregadorONG |
dc.title.none.fl_str_mv |
International rating agencies and corporate impact: a case study in Iberian companies |
title |
International rating agencies and corporate impact: a case study in Iberian companies |
spellingShingle |
International rating agencies and corporate impact: a case study in Iberian companies Soares, Vasco Salazar International credit rating agencies Financial crisis Corporate structure Leverage |
title_short |
International rating agencies and corporate impact: a case study in Iberian companies |
title_full |
International rating agencies and corporate impact: a case study in Iberian companies |
title_fullStr |
International rating agencies and corporate impact: a case study in Iberian companies |
title_full_unstemmed |
International rating agencies and corporate impact: a case study in Iberian companies |
title_sort |
International rating agencies and corporate impact: a case study in Iberian companies |
author |
Soares, Vasco Salazar |
author_facet |
Soares, Vasco Salazar Carvalho, Sónia de Mendes-Ribeiro, Mafalda |
author_role |
author |
author2 |
Carvalho, Sónia de Mendes-Ribeiro, Mafalda |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Soares, Vasco Salazar Carvalho, Sónia de Mendes-Ribeiro, Mafalda |
dc.subject.por.fl_str_mv |
International credit rating agencies Financial crisis Corporate structure Leverage |
topic |
International credit rating agencies Financial crisis Corporate structure Leverage |
description |
This study intended to analyse the impact of Rating Notation, from four of the major International Credit Rating Agencies, in Iberian private companies. Primary data was collected via SABI Database, with financial relevant data of Iberian private companies, in a time frame from 2003 to 2015. Results were determined by an empirical analysis, through a new econometric model, starting with correlations between leverage and variables Return on Assets, Return on Equity, Dimension, Tangibility, Sales Variation, Political Risk and Critical Political Risk. Critical Political Risk is a dummy variable on notations of the Credit Rating Agencies. Considering the impact of these international notations, we address the issue of how this notation impacts domestic Political Risk and affect companies’ capital structure. Support evidence was found for our hypothesis: as Political Risk increases, Leverage tends to decrease. Further studies interest lays in research how CPR affects each company, measuring that risk by company, and analysing in detail the impact of Rating Notation in the decision of financing in private companies from Iberian Market. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-09-10T10:34:15Z 2020-02-01T00:00:00Z 2020-02 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/11328/3189 |
url |
http://hdl.handle.net/11328/3189 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
2384-7328 10.33495/jeibm_v8i1.19.125 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Scienceweb Publishing |
publisher.none.fl_str_mv |
Scienceweb Publishing |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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1777302554793738240 |