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| Author: | Ashbaugh-Skaife, H. Collins, D.W. LaFond, R. |
| Title: | The effects of corporate governance on firms' credit ratings |
| Journal: | Journal of Accounting & Economics
2006 : OCT, VOL. 42:1-2, p. 203-243 |
| Index terms: | executive remuneration management compensation pay corporate governance credit rating companies |
| Language: | eng |
| Abstract: | This study examines whether firms with strong corporate governance (here as: c-gov.) benefit from higher credit ratings (as: c-rats.) relative to firms with weaker c-gov. It is documented, after controlling for firm-specific risk characteristics, that c-rats. are negatively associated with the number of blockholders and CEO power, and positively related to takeover defenses, accrual quality, earnings timeliness, board independence, board stock ownership, and board expertise. There is also provided evidence that CEOs of firms with speculative-grade c-rats. are over-compensated to a greater degree than their counterparts at firms with investment-grade ratings. |
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