메뉴 건너뛰기




Volumn 44, Issue 3, 2013, Pages 216-234

Credit rating initiation and accounting quality for emerging-market firms

Author keywords

credit ratings; emerging markets; internationalization; liability of foreignness

Indexed keywords


EID: 84877301657     PISSN: 00472506     EISSN: 14786990     Source Type: Journal    
DOI: 10.1057/jibs.2013.4     Document Type: Article
Times cited : (27)

References (52)
  • 2
    • 44449105109 scopus 로고    scopus 로고
    • Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism
    • Ball, R., Robin, A., & Sadka, G. 2008. Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism. Review of Accounting Studies, 13(2/3): 168-205.
    • (2008) Review of Accounting Studies , vol.13 , Issue.2-3 , pp. 168-205
    • Ball, R.1    Robin, A.2    Sadka, G.3
  • 3
    • 0041790655 scopus 로고    scopus 로고
    • Incentives versus standards: Properties of accounting income in four East Asian countries
    • DOI 10.1016/j.jacceco.2003.10.003, PII S016541010300065X
    • Ball, R., Robin, A., & Wu, J. S. 2003. Incentives versus standards: Properties of accounting income in four East Asian countries. Journal of Accounting and Economics, 36(1/3): 235-270. (Pubitemid 38161320)
    • (2003) Journal of Accounting and Economics , vol.36 , Issue.1-3 SPEC. ISSUE , pp. 235-270
    • Ball, R.1    Robin, A.2    Wu, J.S.3
  • 4
    • 33745328346 scopus 로고    scopus 로고
    • The role of accruals in asymmetrically timely gain and loss recognition
    • DOI 10.1111/j.1475-679X.2006.00198.x
    • Ball, R., & Shivakumar, L. 2006. The role of accruals in asymmetrically timely gain and loss recognition. Journal of Accounting Research, 44(2): 207-242. (Pubitemid 43937437)
    • (2006) Journal of Accounting Research , vol.44 , Issue.2 , pp. 207-242
    • Ball, R.1    Shivakumar, L.2
  • 5
    • 0031498138 scopus 로고    scopus 로고
    • The conservatism principle and the asymmetric timeliness of earnings
    • PII S0165410197000141
    • Basu, S. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 24(1): 3-37. (Pubitemid 127163476)
    • (1997) Journal of Accounting and Economics , vol.24 , Issue.1 , pp. 3-37
    • Basu, S.1
  • 9
    • 0042575530 scopus 로고    scopus 로고
    • The world price of earnings opacity
    • Bhattacharya, U., Daouk, H., & Welker, M. 2003. The world price of earnings opacity. The Accounting Review, 78(3): 641-678. (Pubitemid 36989974)
    • (2003) Accounting Review , vol.78 , Issue.3 , pp. 641-678
    • Bhattacharya, U.1    Daouk, H.2    Welker, M.3
  • 10
    • 33745588709 scopus 로고    scopus 로고
    • The importance of reporting incentives: Earnings management in European private and public firms
    • DOI 10.2308/accr.2006.81.5.983
    • Burgstahler, D., Hail, L., & Leuz, C. 2006. The importance of reporting incentives: Earnings management in European private and public firms. The Accounting Review, 81(5): 983-1016. (Pubitemid 44825412)
    • (2006) Accounting Review , vol.81 , Issue.5 , pp. 983-1016
    • Burgstahler, D.C.1    Hail, L.2    Leuz, C.3
  • 11
    • 2442513129 scopus 로고    scopus 로고
    • What determines corporate transparency?
    • DOI 10.1111/j.1475-679X.2004.00136.x
    • Bushman, R. M., Piotroski, J. D., & Smith, A. J. 2004. What determines corporate transparency? Journal of Accounting Research, 42(2): 207-252. (Pubitemid 38652291)
    • (2004) Journal of Accounting Research , vol.42 , Issue.2 , pp. 207-252
    • Bushman, R.M.1    Piotroski, J.D.2    Smith, A.J.3
  • 12
    • 0000735805 scopus 로고    scopus 로고
    • Understanding risk and return
    • Campbell, J. 1996. Understanding risk and return. Journal of Political Economy, 104(2): 298-345. (Pubitemid 126552015)
    • (1996) Journal of Political Economy , vol.104 , Issue.2 , pp. 298-345
    • Campbell, J.Y.1
  • 13
    • 11244285217 scopus 로고    scopus 로고
    • The impact of SEC rule 144A on corporate debt issuance by international firms
    • DOI 10.1086/422441
    • Chaplinsky, S., & Ramchand, L. 2004. The impact of SEC Rule 144A on corporate debt issuance by international firms. Journal of Business, 77(4): 1073-1097. (Pubitemid 40419152)
    • (2004) Journal of Business , vol.77 , Issue.4 , pp. 1073-1097
    • Chaplinsky, S.1    Ramchand, L.2
  • 14
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee, J. C. 1999. The future as history: The prospects for global convergence in corporate governance and its implications. Northwest University Law Review, 93(3): 641-708.
    • (1999) Northwest University Law Review , vol.93 , Issue.3 , pp. 641-708
    • Coffee, J.C.1
  • 15
    • 24944479553 scopus 로고    scopus 로고
    • Earnings predictability, bond ratings, and bond yields
    • DOI 10.1007/s11156-005-4766-2
    • Crabtree, A., & Maher, J. 2005. Earnings predictability, bond ratings, and bond yields. Review of Quantitative Finance and Accounting, 25(3): 233-253. (Pubitemid 41314653)
    • (2005) Review of Quantitative Finance and Accounting , vol.25 , Issue.3 , pp. 233-253
    • Crabtree, A.D.1    Maher, J.J.2
  • 16
    • 80052491862 scopus 로고    scopus 로고
    • Internal control disclosures, monitoring, and the cost of debt
    • Dhaliwal, D., Hogan, C., Trezevant, R., & Wilkins, M. 2011. Internal control disclosures, monitoring, and the cost of debt. The Accounting Review, 86(4): 1131-1156.
    • (2011) The Accounting Review , vol.86 , Issue.4 , pp. 1131-1156
    • Dhaliwal, D.1    Hogan, C.2    Trezevant, R.3    Wilkins, M.4
  • 17
    • 0040291377 scopus 로고    scopus 로고
    • The long-run stock returns following bond ratings changes
    • Dichev, I. D., & Piotroski, J. D. 2001. The long-run stock returns following bond ratings changes. Journal of Finance, 56(1): 173-203. (Pubitemid 33581656)
    • (2001) Journal of Finance , vol.56 , Issue.1 , pp. 173-203
    • Dichev, I.D.1    Piotroski, J.D.2
  • 18
    • 29344460646 scopus 로고    scopus 로고
    • Does the source of capital affect capital structure?
    • DOI 10.1093/rfs/hhj003
    • Faulkender, M., & Petersen, M. A. 2006. Does the source of capital affect capital structure? Review of Financial Studies, 19(1): 45-79. (Pubitemid 43007155)
    • (2006) Review of Financial Studies , vol.19 , Issue.1 SPEC. ISSUE , pp. 45-79
    • Faulkender, M.1    Petersen, M.A.2
  • 20
    • 0000815950 scopus 로고
    • Investor diversification and international equity markets
    • French, K., & Poterba, J. 1991. Investor diversification and international equity markets. American Economic Review, 81(2): 222-226.
    • (1991) American Economic Review , vol.81 , Issue.2 , pp. 222-226
    • French, K.1    Poterba, J.2
  • 23
    • 59549085847 scopus 로고    scopus 로고
    • Market segmentation effects in corporate credit rating changes: The case of emerging markets
    • Han, S. H., Shin, Y. S., Reinhart, W., & Moore, W. T. 2009. Market segmentation effects in corporate credit rating changes: The case of emerging markets. Journal of Financial Services Research, 35(2): 141-166.
    • (2009) Journal of Financial Services Research , vol.35 , Issue.2 , pp. 141-166
    • Han, S.H.1    Shin, Y.S.2    Reinhart, W.3    Moore, W.T.4
  • 24
    • 33748039409 scopus 로고    scopus 로고
    • World markets for raising new capital
    • DOI 10.1016/j.jfineco.2005.08.004, PII S0304405X06000432
    • Henderson, B. J., Jegadeesh, N., & Weisbach, M. S. 2006. World markets for raising new capital. Journal of Financial Economics, 82(1): 63-101. (Pubitemid 44296035)
    • (2006) Journal of Financial Economics , vol.82 , Issue.1 , pp. 63-101
    • Henderson, B.J.1    Jegadeesh, N.2    Weisbach, M.S.3
  • 25
    • 84857044530 scopus 로고    scopus 로고
    • Corporate suppliers and customers and accounting conservatism
    • Hui, K. W., Klasa, S., & Yeung, E. 2012. Corporate suppliers and customers and accounting conservatism. Journal of Accounting and Economics, 53(1-2): 115-135.
    • (2012) Journal of Accounting and Economics , vol.53 , Issue.1-2 , pp. 115-135
    • Hui, K.W.1    Klasa, S.2    Yeung, E.3
  • 26
    • 69949158234 scopus 로고    scopus 로고
    • Product and geographic scope changes of multinational enterprises in response to international competition
    • Hutzschenreuter, T., & Groene, F. 2009. Product and geographic scope changes of multinational enterprises in response to international competition. Journal of International Business Studies, 40(7): 1149-1170.
    • (2009) Journal of International Business Studies , vol.40 , Issue.7 , pp. 1149-1170
    • Hutzschenreuter, T.1    Groene, F.2
  • 27
    • 16844367658 scopus 로고    scopus 로고
    • Informational effects of regulation FD: Evidence from rating agencies
    • Jorion, P., Liu, Z., & Shi, C. 2005. Informational effects of regulation FD: Evidence from rating agencies. Journal of Financial Economics, 76(2): 309-330.
    • (2005) Journal of Financial Economics , vol.76 , Issue.2 , pp. 309-330
    • Jorion, P.1    Liu, Z.2    Shi, C.3
  • 28
    • 70350375270 scopus 로고    scopus 로고
    • Estimation and empirical properties of a firm-year measure of accounting conservatism
    • Khan, M., & Watts, R. 2009. Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2-3): 132-150.
    • (2009) Journal of Accounting and Economics , vol.48 , Issue.2-3 , pp. 132-150
    • Khan, M.1    Watts, R.2
  • 29
    • 58449085263 scopus 로고    scopus 로고
    • The relationship between product and international diversification: The effects of short-run constraints and endogeneity
    • Kumar, S. M. V. 2009. The relationship between product and international diversification: The effects of short-run constraints and endogeneity. Strategic Management Journal, 30(1): 99-116.
    • (2009) Strategic Management Journal , vol.30 , Issue.1 , pp. 99-116
    • Kumar, S.M.V.1
  • 30
    • 0038062629 scopus 로고    scopus 로고
    • ADRs, analysts, and accuracy: Does cross-listing in the United States improve a firm's information environment and increase market value?
    • Lang, M., Lins, K., & Miller, D. 2003. ADRs, analysts, and accuracy: Does cross-listing in the United States improve a firm's information environment and increase market value? Journal of Accounting Research, 41(2): 317-346.
    • (2003) Journal of Accounting Research , vol.41 , Issue.2 , pp. 317-346
    • Lang, M.1    Lins, K.2    Miller, D.3
  • 31
    • 2642546687 scopus 로고    scopus 로고
    • Concentrated control, analyst following, and valuation: Do analysts matter most when investors are protected least?
    • DOI 10.1111/j.1475-679X.2004.t01-1-00142.x
    • Lang, M., Lins, K., & Miller, D. 2004. Concentrated control, analyst following, and valuation: Do analysts matter most when investors are protected least? Journal of Accounting Research, 42(3): 589-623. (Pubitemid 38727259)
    • (2004) Journal of Accounting Research , vol.42 , Issue.3 , pp. 589-623
    • Lang, M.H.1    Lins, K.V.2    Miller, D.P.3
  • 32
    • 0038739077 scopus 로고    scopus 로고
    • How representative are firms that are cross-listed in the United States? An analysis of accounting quality
    • Lang, M., Raedy, J., & Yetman, M. 2003. How representative are firms that are cross-listed in the United States? An analysis of firm and accounting quality. Journal of Accounting Research, 41(2): 363-386. (Pubitemid 36571272)
    • (2003) Journal of Accounting Research , vol.41 , Issue.2 , pp. 363-386
    • Lang, M.1    Raedy, J.S.2    Yetman, M.H.3
  • 33
    • 77958530761 scopus 로고    scopus 로고
    • Different approaches to corporate reporting regulation: How jurisdictions differ and why
    • Leuz, C. 2010. Different approaches to corporate reporting regulation: How jurisdictions differ and why. Accounting and Business Research, 40(3): 229-256.
    • (2010) Accounting and Business Research , vol.40 , Issue.3 , pp. 229-256
    • Leuz, C.1
  • 34
    • 33644808364 scopus 로고    scopus 로고
    • Reactions of Japanese markets to changes in credit ratings by global and local agencies
    • DOI 10.1016/j.jbankfin.2005.05.026, PII S037842660500230X
    • Li, J., Shin, Y. S., & Moore, W. T. 2006. Reactions of Japanese markets to changes in credit ratings by global and local agencies. Journal of Banking and Finance, 30(3): 1007-1021. (Pubitemid 43349583)
    • (2006) Journal of Banking and Finance , vol.30 , Issue.3 , pp. 1007-1021
    • Li, J.1    Shin, Y.S.2    Moore, W.T.3
  • 35
    • 34547331340 scopus 로고    scopus 로고
    • International expansion of emerging market enterprises: A springboard perspective
    • Luo, Y., & Tung, R. L. 2007. International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4): 481-498.
    • (2007) Journal of International Business Studies , vol.38 , Issue.4 , pp. 481-498
    • Luo, Y.1    Tung, R.L.2
  • 36
    • 84894582588 scopus 로고    scopus 로고
    • Informational failures in structured finance and Dodd-Frank's "Improvements to the regulation of credit rating agencies"
    • McNamara, S. 2012. Informational failures in structured finance and Dodd-Frank's "Improvements to the regulation of credit rating agencies". Fordham Journal of Corporate & Financial Law, 17(3): 665-749.
    • (2012) Fordham Journal of Corporate & Financial Law , vol.17 , Issue.3 , pp. 665-749
    • McNamara, S.1
  • 37
    • 84993660717 scopus 로고
    • Ratings, commercial paper, and equity returns
    • Nayar, N., & Rozeff, M. S. 1994. Ratings, commercial paper, and equity returns. Journal of Finance, 49(4): 1431-1449.
    • (1994) Journal of Finance , vol.49 , Issue.4 , pp. 1431-1449
    • Nayar, N.1    Rozeff, M.S.2
  • 38
    • 25444448564 scopus 로고    scopus 로고
    • The link between earnings conservatism and the price-to-book ratio
    • Pae, J., Thornton, D., & Welker, M. 2005. The link between earnings conservatism and the price-to-book ratio. Contemporary Accounting Research, 22(3): 693-717.
    • (2005) Contemporary Accounting Research , vol.22 , Issue.3 , pp. 693-717
    • Pae, J.1    Thornton, D.2    Welker, M.3
  • 39
    • 45749101291 scopus 로고    scopus 로고
    • The effects of credit ratings on stock returns in China
    • Poon, W. P. H., & Chan, K. C. 2008. The effects of credit ratings on stock returns in China. Journal of Chinese Economy, 41(2): 34-55.
    • (2008) Journal of Chinese Economy , vol.41 , Issue.2 , pp. 34-55
    • Poon, W.P.H.1    Chan, K.C.2
  • 42
    • 12144259346 scopus 로고    scopus 로고
    • Can foreign firms bond themselves effectively by renting U.S. securities laws?
    • DOI 10.1016/j.jfineco.2004.02.001, PII S0304405X04001473
    • Siegel, J. 2005. Can foreign firms bond themselves effectively by renting US securities laws? Journal of Financial Economics, 75(2): 319-359. (Pubitemid 40105915)
    • (2005) Journal of Financial Economics , vol.75 , Issue.2 , pp. 319-359
    • Siegel, J.1
  • 43
    • 69949168100 scopus 로고    scopus 로고
    • Is there a better commitment mechanism than cross-listings for emerging economy firms? Evidence from Mexico
    • Siegel, J. 2009. Is there a better commitment mechanism than cross-listings for emerging economy firms? Evidence from Mexico. Journal of International Business Studies, 49(7): 1171-1191.
    • (2009) Journal of International Business Studies , vol.49 , Issue.7 , pp. 1171-1191
    • Siegel, J.1
  • 44
    • 77951226178 scopus 로고    scopus 로고
    • Standard & Poor's Rating Services New York: Standard & Poor's
    • Standard & Poor's Rating Services. 2006. Corporate rating criteria. New York: Standard & Poor's.
    • (2006) Corporate Rating Criteria
  • 45
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance and the cost of capital
    • Stulz, R. 1999. Globalization, corporate finance and the cost of capital. Journal of Applied Corporate Finance, 12(3): 8-25.
    • (1999) Journal of Applied Corporate Finance , vol.12 , Issue.3 , pp. 8-25
    • Stulz, R.1
  • 47
    • 0742311560 scopus 로고    scopus 로고
    • Conservatism in accounting Part I: Explanations and implications
    • Watts, R. 2003. Conservatism in accounting part I: Explanations and implications. Accounting Horizons, 17(3): 207-221.
    • (2003) Accounting Horizons , vol.17 , Issue.3 , pp. 207-221
    • Watts, R.1
  • 48
    • 77952685446 scopus 로고    scopus 로고
    • Markets: The credit rating agencies
    • White, L. J. 2010. Markets: The credit rating agencies. Journal of Economic Perspectives, 24(2): 211-226.
    • (2010) Journal of Economic Perspectives , vol.24 , Issue.2 , pp. 211-226
    • White, L.J.1
  • 49
    • 56249124205 scopus 로고    scopus 로고
    • The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market
    • Wittenberg-Moerman, R. 2008. The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting and Economics, 46(2/3): 240-260.
    • (2008) Journal of Accounting and Economics , vol.46 , Issue.2-3 , pp. 240-260
    • Wittenberg-Moerman, R.1
  • 51
    • 11044238574 scopus 로고    scopus 로고
    • Accounting transparency and the term structure of credit spreads
    • DOI 10.1016/j.jfineco.2004.07.002, PII S0304405X04001321
    • Yu, F. 2005. Accounting transparency and the term structure of credit spreads. Journal of Financial Economics, 75(1): 53-84. (Pubitemid 40045889)
    • (2005) Journal of Financial Economics , vol.75 , Issue.1 , pp. 53-84
    • Yu, F.1
  • 52
    • 84993045814 scopus 로고
    • Overcoming the liability of foreignness
    • Zaheer, S. 1995. Overcoming the liability of foreignness. Academy of Management Journal, 38(2): 341-363.
    • (1995) Academy of Management Journal , vol.38 , Issue.2 , pp. 341-363
    • Zaheer, S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.