主权信用评级：投资者保护的连锁反应

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

{"title":"主权信用评级：投资者保护的连锁反应","authors":"Oussama Ben Hmiden , Max Berre , Maria Tselika","doi":"10.1016/j.frl.2025.108517","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108517"},"PeriodicalIF":6.9000,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Sovereign credit ratings: the ripple effect of investor protection\",\"authors\":\"Oussama Ben Hmiden , Max Berre , Maria Tselika\",\"doi\":\"10.1016/j.frl.2025.108517\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"86 \",\"pages\":\"Article 108517\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-09-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325017714\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325017714","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

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。

查看原文本刊更多论文

Sovereign credit ratings: the ripple effect of investor protection

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.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance