종업원의 근속연수가 신용등급에 미치는 영향: 종업원 영향력의 조절효과

This study aims to examine the impact of employees, a primary internal stakeholder of corporations, on bond ratings. Despite the recognition that credit rating agencies consider various non-financial factors, including management and major governance structures, in evaluating corporate bond credit ratings, research on the role of employees, who actually carry out business operations and generate outcomes, is limited. This research investigates the effect of employee tenure and compensation plan on credit ratings. The findings indicate that longer employee tenure is associated with higher corporate bond credit ratings, suggesting that long employee tenure may serve as a signal of corporate stability or reflect the expertise of long-tenured employees, which in turn influences the company’s financial performance and credit ratings. However, the positive impact of tenure on credit ratings diminishes with greater employee power through stock ownership existence and relative higher compensation levels compared to executives. This suggests that creditors negatively perceive the possibility of imbalance of power between employees and management. This study provides meaningful evidence of the role of key internal stakeholder, as emphasized in the recent ESG concept, by considering employee characteristics as significant factors in the evaluation of corporate bond credit ratings. By extending the research scope of accounting to include the capital market connection beyond traditional areas of focus such as management and major shareholders, this research verifies the determinants of credit ratings from the perspective of employees.