The role of Japanese corporate governance features in explaining rating differences between global and Japanese rating agencies

被引：0

作者：

Arikawa, Yasuhiro ^{[1
]}

Byoun, Soku ^{[2
]}

Han, Seung Hun ^{[3
]}

Pagano, Michael S. ^{[4
]}

Shin, Yoon S. ^{[5
]}

机构：

[1] Waseda Univ, Waseda Business Sch, Bldg 26,1-6-1 Nishi Waseda,Shunjuku Ku, Tokyo 1698058, Japan

[2] Baylor Univ, Hankamer Sch Business, Waco, TX 76798 USA

[3] Korea Adv Inst Sci & Technol, Coll Business, Sch Business & Technol Management, Daejeon 34141, South Korea

[4] Villanova Univ, Sch Business, Bartley Hall Rm 2041,800 Lancaster Ave, Villanova, PA 19085 USA

[5] Loyola Univ Maryland, Sellinger Sch Business Management, Baltimore, MD 21210 USA

来源：

JOURNAL OF BANKING & FINANCE | 2024年 / 164卷

基金：

新加坡国家研究基金会;

关键词：

Rating agency; Fixed income; Split ratings; Japanese capital markets; Main banks; Corporate governance; UNSOLICITED CREDIT RATINGS; BOND RATINGS; INFORMATION-CONTENT; DEBT; OWNERSHIP; ISSUANCE; MATTER; SPEED; BANKS; FIRMS;

D O I：

10.1016/j.jbankfin.2024.107215

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Many Japanese bond issuers believe that global credit rating agencies (CRAs)-Moody's and S&P-do not consider the unique corporate governance structure in Japan and assign lower credit ratings even though the "main bank" relationship in Japan can significantly reduce the default risk of these companies. Using 5,814 rated corporate bonds issued by 558 non-financial firms in Japan from 2003 to 2021, we find that local CRAs (R&I and JCR) weigh unique Japanese corporate governance features more heavily and assign higher ratings to Japanese corporate bonds relative to global CRAs. Our results further suggest that the degree of rating differences between local and global CRAs for individual issuers results from systematically different assessments of company-specific risk by these CRAs. Our data also reveal that the importance of main bank ties in Japanese corporate governance remains intact in more recent years, contrary to previous findings.

引用

页数：17