기타포괄손익의 변동성이 신용등급과 차입이자율에 미치는 영향

[Purpose] The purpose of this study is to analyze whether the volatility of other comprehensive income is used as useful information for creditors and credit rating agencies in addition to the traditional net income. To this end, the effect of other comprehensive income volatility on credit ratings and borrowing interest rates is analyzed. [Methodology] The sample of this study consists of 6,835 firm－year, which is a nonfinancial business, among the companies listed on the KOSPI and KOSDAQ markets from 2013 to 2018, and the analysis is conducted using the OLS and the Ordered Logit Model. [Findings] The results of this study are as follows. First, the greater the other comprehensive income volatility, the lower the credit rating. This means that credit rating agencies consider the volatility in other comprehensive income when assessing a firm's credit risk. Second, the greater the other comprehensive income volatility, the higher the borrowing interest rate. This is understood to be the higher the volatility in other comprehensive income, the higher the risk of default. These results indicate that other comprehensive income volatility is useful information. [Policy Implications] As the results of this study emphasize the importance of information on other comprehensive income, it is judged that companies need to faithfully disclose information related to other comprehensive income and pay close attention.