경영전략이 투자 및 투기 신용등급에 미치는 차별적 영향

[Purpose] In credit ratings, grades of BBB－ or higher are classified as investment grade, allowing companies to issue bonds, while grades of BB＋ or lower are classified as speculative grade, restricting bond issuance. Credit ratings are influenced by management strategies. This study aimed to examine how determinants of credit ratings based on management strategies differ between investment and speculative－grade companies. In addition, it was intended to identify the factors that determine the ratings of companies at the boundary between investment and speculation ratings. [Methodology] The business strategy was measured using the methodology of Bentley et al. (2013), and the credit rating was given a credit rating score in a 20－grade system. The impact of management strategies on credit ratings was analyzed separately for investment and speculative－grade companies. Furthermore, dummy variables were created for the boundary grades between investment and speculative ratings, and logistic regression analysis was conducted to identify factors determining these boundary grades. [Findings] In the investment grade category, defensive firms tended to have higher ratings, while prospector firms had lower ratings. However, the opposite trend was observed in the speculative grade category. Additionally, prospector companies were more likely to be rated at the lowest investment grade (BBB－) or the highest speculative grade (BB＋). [Implications] The study revealed that the relationship between business strategy and credit rating is not uniform. Instead, management strategies are reflected differently in credit ratings depending on whether a company falls into the investment or speculative grade category, taking into account the characteristics of each grade level.