Exploring the relationship between corporate credit ratings and strategic decision making: empirical evidence and managerial usage of rating mechanisms
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| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
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Berlin
2016
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| Online-Zugang: | Abstract Abstract Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | IX, 218 Seiten Diagramme |
Internformat
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| 245 | 1 | 0 | |a Exploring the relationship between corporate credit ratings and strategic decision making |b empirical evidence and managerial usage of rating mechanisms |c vorgelegt von Master of Science Stefan Menke aus Remscheid |
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Datensatz im Suchindex
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| adam_text | Titel: Exploring the relationship between corporate credit ratings and strategic decision making
Autor: Menke, Stefan
Jahr: 2016
Table of contents
1. Overview.................................................................................................................................1
1.1 Motivation and research objectives......................................................................................I
1.2 Theoretical background and dissertation positioning..........................................................5
1.3 Structure and organization.................................................................................................10
1.4 Results overview.................................................................................................................II
2. The effect of a firm s competitive strategy on corporate credit ratings: A resource-
based view approach............................................................................................................14
2.1 Introduction........................................................................................................................75
2.2 Related literature, theoretical background, and hypotheses..............................................18
2.2.1 The relationship of corporate credit ratings andfirm departments...................................19
2.2.2 The resource-based view: Introducing the strategic management process and relating
Tobin s q to competitive strategy.......................................................................................24
2.2.3 Competitive strategy s effect on corporate credit ratings in regulated industries.............31
2.2.4 Strategic flexibility moderating the strategy department-corporate credit rating interface
............................................................................................................................................33
2.3 Data and methodology.......................................................................................................36
2.3.1 Data sources and sample specification..............................................................................36
2.3.2 Model specification............................................................................................................37
2.3.3 Dependent variable............................................................................................................39
2.3.4 Independent variables........................................................................................................40
2.4 Empirical results and discussion........................................................................................41
2.4.1 Base regressions.................................................................................................................42
2.4.2 Robustness tests..................................................................................................................46
2.5 Conclusion, limitations, and suggestions for future research............................................50
2.6 Appendix.............................................................................................................................52
3. Corporate credit ratings effects on corporate strategy: Combining lenses of mergers
and acquisitions value theories and organizational learning theory...............................57
3.1 Introduction........................................................................................................................58
3.2 Related literature, theoretical background, and hypotheses..............................................61
3.2.1 Combining theoretical lenses to investigate corporate credit ratings influence in M A
deals....................................................................................................................................61
3.2.2 Value-increasing M A theory: Size benefits as typical source of synergies.....................67
3.2.3 Value-decreasing M A theory: Free cash flow as an indicator of value destruction.......71
3.2.4 Value-neutral M A theory: Managerial hubris results in wealth transfer from old to new
shareholders.......................................................................................................................74
3.2.5 Organizational learning theory: Lessons learnedfrom previous acquisitions?................78
3.3 Data and methodology.......................................................................................................81
3.3.1 Data sources and sample specification..............................................................................81
3.3.2 Model specification............................................................................................................82
3.3.3 Dependent variables...........................................................................................................85
3.3.4 Independent variables........................................................................................................85
3.4 Empirical results and discussion........................................................................................87
3.4.1 Base regressions.................................................................................................................87
3.4.2 Robustness tests..................................................................................................................92
3.5 Conclusion, limitations, and suggestions for future research............................................95
4. Corporate credit ratings and internal ratings role in mergers and acquisitions:
Business examples from a strategic viewpoint.................................................................104
4.1 Introduction......................................................................................................................105
4.2 Theoretical background....................................................................................................108
4.3 Data and methodology.....................................................................................................113
4.3.1 Data collection.................................................................................................................113
4.3.2 Data analysis....................................................................................................................116
4.4 Results and discussion......................................................................................................117
4.4.1 Interactions between the credit rating agency and the bidder.........................................117
4.4.2 Interactions between the credit rating agency and external service providers................124
4.4.3 Interactions between the credit rating agency and the regulator....................................126
4.4.4 Interactions between the credit rating agency and other parties.....................................130
4.4.5 Other relevant credit rating interactions between the bidder and external service
providers as well as other parties....................................................................................132
4.4.6 The importance of banks and bidder s internal rating mechanisms...............................137
4.5 Conclusion, limitations, and suggestions for future research..........................................140
5. Final conclusion, limitations, and suggestions for future research...............................183
6. Reference list.......................................................................................................................188
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| spelling | Menke, Stefan Verfasser (DE-588)1108840795 aut Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms vorgelegt von Master of Science Stefan Menke aus Remscheid Berlin 2016 IX, 218 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Dissertation Technische Universität Berlin 2016 Strategisches Management (DE-588)4124261-0 gnd rswk-swf Bonität (DE-588)4146274-9 gnd rswk-swf Rating (DE-588)4255219-9 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Bonität (DE-588)4146274-9 s Rating (DE-588)4255219-9 s Strategisches Management (DE-588)4124261-0 s DE-604 http://verlag.tu-berlin.de/abstracts/diss/menke_stefan_dt.pdf Abstract http://verlag.tu-berlin.de/abstracts/diss/menke_stefan_engl.pdf Abstract http://verlag.tu-berlin.de/abstracts/diss/menke_stefan_inhalt.pdf Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029104884&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Menke, Stefan Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms Strategisches Management (DE-588)4124261-0 gnd Bonität (DE-588)4146274-9 gnd Rating (DE-588)4255219-9 gnd |
| subject_GND | (DE-588)4124261-0 (DE-588)4146274-9 (DE-588)4255219-9 (DE-588)4113937-9 |
| title | Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms |
| title_auth | Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms |
| title_exact_search | Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms |
| title_full | Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms vorgelegt von Master of Science Stefan Menke aus Remscheid |
| title_fullStr | Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms vorgelegt von Master of Science Stefan Menke aus Remscheid |
| title_full_unstemmed | Exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms vorgelegt von Master of Science Stefan Menke aus Remscheid |
| title_short | Exploring the relationship between corporate credit ratings and strategic decision making |
| title_sort | exploring the relationship between corporate credit ratings and strategic decision making empirical evidence and managerial usage of rating mechanisms |
| title_sub | empirical evidence and managerial usage of rating mechanisms |
| topic | Strategisches Management (DE-588)4124261-0 gnd Bonität (DE-588)4146274-9 gnd Rating (DE-588)4255219-9 gnd |
| topic_facet | Strategisches Management Bonität Rating Hochschulschrift |
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