Sovereign credit ratings: the ripple effect of investor protection

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-21 DOI:10.1016/j.frl.2025.108517

Oussama Ben Hmiden , Max Berre , Maria Tselika

引用次数: 0

Abstract

Despite extensive research on the determinants of sovereign credit ratings, the role of legal institutions such as investor protection remains underexplored. This paper investigates the relationship between investor protection and sovereign credit ratings using a sample of 39 countries from 2000 to 2023, in a complex interdependent system. Our results indicate that higher levels of investor protection are associated with stronger sovereign credit ratings, while trade openness partially mediates the effect, thus offsetting the positive impact of investor protection on sovereign credit ratings. The findings remain robust to various specifications, with greater sensitivity observed in common-law jurisdictions.

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主权信用评级：投资者保护的连锁反应

尽管对主权信用评级的决定因素进行了广泛的研究，但投资者保护等法律机构的作用仍未得到充分探讨。本文以2000 - 2023年39个国家为样本，在一个复杂的相互依存系统中考察了投资者保护与主权信用评级之间的关系。我们的研究结果表明，较高水平的投资者保护与较高的主权信用评级相关，而贸易开放部分中介了这一效应，从而抵消了投资者保护对主权信用评级的积极影响。调查结果在各种规格下都保持稳健，在普通法司法管辖区观察到更大的敏感性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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