감사위원회의 독립성과 신용평점 간의 비선형관계 검증

[Purpose] This study examined whether the effect of the appointment rate of the audit committee, which can act as an internal and external monitoring organization, on the credit score is nonlinear. [Methodology] This study was from 2012 to 2018, and financial data were extracted for manufacturing companies listed on the Korea Exchange (Securities, KOSDAQ) market, and credit ratings were used based on the credit rating model developed from Nice valuation information. [Findings] First, the results of the analysis showed a significant value in the square value of the audit committee’s independenceand the audit committee’s independence indicating that there is a nonlinear relationship. Second, a linear regression analysis and a dichotomous logistic regression analysis were conducted by dividing the groups into KOSDAQ-listed companies, indicating that there may be differences in the impact of the audit committee’s appointment ratio on credit ratings depending on the type of market listing on the Korea Exchange. [Implications] The results of this study are expected to provide additional useful information to investors and creditors in that they suggest that corporate governance, such as the ratio of appointments to the audit committee, can play an important role in credit evaluation.