CEO政治意识形态与信用风险评估

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-11-15 DOI:10.1108/ajb-04-2023-0060

Shuo Li

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引用次数: 0

摘要

目的研究CEO政治意识形态在信用评级过程中的作用。设计/方法/方法本研究采用面板数据回归的定量方法，使用2001年至2012年标准普尔500指数公司的5,211个观察样本。作者发现，倾向共和党的首席执行官经营的公司往往有保守的政治意识形态，比倾向民主党的首席执行官经营的公司享有更有利的信用评级。此外，对于经营不确定性高、资本密集度低、增长潜力大、公司治理薄弱、财务报告质量低等企业，CEO政治意识形态与信用评级之间的关联更为明显。最后，作者发现CEO的政治意识形态会影响企业信用评级的债务增量成本，这与债务投资者将CEO的政治意识形态纳入其定价决策相一致。利用CEO的政治意识形态，作者证明信用评级机构在其信用评级决策中纳入了管理保守主义。这一发现表明，CEO的政治意识形态是管理层保守主义的一个有意义的信号。研究表明，信用评级机构将CEO的政治意识形态纳入其信用评级过程。其他资本市场参与者，如审计师和散户投资者，在评估公司时也可以将首席执行官的政治意识形态作为管理保守主义的代表。本文对从业人员、公司高管和监管者具有实际意义。CEO政治意识形态与信用评级之间的关联结果表明，其他金融机构也可以将CEO政治意识形态纳入其对企业的评价中。例如，在评估审计风险和确定审计定价时，审计人员可以将CEO的政治意识形态作为风险因素。对于公司，特别是那些有民主党倾向的CEO的公司，作者建议他们可以通过改善公司治理和财务报告质量来减少CEO政治意识形态对信用评级的不利影响，如横断面分析所示。最后，本研究表明，CEO的政治意识形态(以CEO的政治贡献衡量)与公司的信用评级密切相关。这一发现可能会告诉监管机构，ceo的政治献金需要更大的透明度，因为有关献金的信息可以帮助资本市场参与者为公司进行风险分析。原创性/价值信用评级机构公布了确定企业信用评级的研究方法，并将管理保守性确定为影响其风险评估的重要因素。然而，现有文献尚未实证研究信用评级与管理保守主义之间的关系，根据行为一致性理论，管理保守主义可以用CEO的政治意识形态来代替。本研究提供了新的经验证据，证明CEO的政治意识形态是信用评级过程中的重要输入因素。

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CEO political ideology and credit risk assessment

Purpose The authors examine the role of CEO political ideology in the credit rating process. Design/methodology/approach This study adopts a quantitative method with panel data regressions using a sample of 5,211 observations from S&P 500 firms from 2001 to 2012. Findings The authors find that firms run by Republican-leaning CEOs, who tend to have conservative political ideologies, enjoy more favorable credit ratings than firms run by Democratic-leaning CEOs. In addition, the association between CEO political ideology and credit ratings is more pronounced for firms with high operating uncertainty, low capital intensity, high growth potential, weak corporate governance and low financial reporting quality. Finally, the authors find that CEO political ideology affects a firm's cost of debt incremental to credit ratings, consistent with debt investors incorporating CEO political ideology in their pricing decisions. Research limitations/implications Leveraging CEO political ideology, the authors document that credit rating agencies incorporate managerial conservatism in their credit rating decisions. This finding suggests that CEO political ideology serves as a meaningful signal for managerial conservatism. Practical implications The study suggests that credit rating agencies incorporate CEO political ideology in their credit rating process. Other capital market participants such as auditors and retail investors can also use CEO political ideology as a proxy for managerial conservatism when evaluating firms. Social implications The paper carries practical implications for practitioners, firm executives and regulators. The results on the association between CEO political ideology and credit ratings suggest that other financial institutions could also incorporate CEO political ideology in their evaluation in their evaluation of firms. For example, when evaluating audit risk and determining audit pricing, auditors may add CEO political ideology as a risk factor. For firms, especially those that have Democratic-leaning CEOs, the authors suggest that they could reduce the unfavorable effect of CEO political ideology on credit ratings by improving their corporate governance and financial reporting quality, as demonstrated in the cross-sectional analyses. Finally, this study shows that CEO political ideology, as measured by CEOs' political contributions, is closely related to a firm's credit ratings. This finding may inform regulators that greater transparency for CEOs' political contributions is needed as information on contributions could help capital market participants perform risk analyses for firms. Originality/value Credit rating agencies release their research methodologies for determining corporate credit ratings and identify managerial conservatism as an important factor that affects their risk assessments. The extant literature, however, has not empirically investigated the relation between credit ratings and managerial conservatism, which, according to behavioral consistency theory, can be proxied by CEO political ideology. This study provides novel empirical evidence that identifies CEO political ideology as an important input factor in the credit rating process.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.