Verfügbarkeit: The increasing importance of credit ratings for corporate strategy

The increasing importance of credit ratings for corporate strategy:

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Bibliographische Detailangaben
1. Verfasser:	Burkhardt, Martin (VerfasserIn)
Format:	Abschlussarbeit Buch
Sprache:	English
Veröffentlicht:	Berlin 2017
Schlagworte:	Rating Strategisches Management Bonität Hochschulschrift
Online-Zugang:	Abstract Inhaltsverzeichnis Inhaltsverzeichnis
Beschreibung:	204 Blatt Diagramme

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MARC


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adam_text	TABLE OF CONTENTS TABLE OF CONTENTS........................................................................................................I TABLE OF FIGURES........................................................................................................ILL TABLE OF TABLES......................................................................................................... IV LIST OF ABBREVIATIONS.................................................................................................V 1. INTRODUCTION.........................................................................................................1 2. THE INCREASING IMPORTANCE OF CREDIT RATING AGENCIES AND REGULATORY CONSEQUENCES FOLLOWING THE FINANCIAL CRISIS 2007-2008..................................6 2.1. THE HISTORY OF CREDIT RATING AGENCIES ....................................................... 8 2.2. THE CREDIT RATING PROCESS AND RECENT CRITICISMS .................................... 12 2.3. THE INCREASING IMPORTANCE OF RATING AGENCIES FOR REGULATION, ISSUERS AND INVESTORS UP TO THE FINANCIAL CRISIS 2007-2008 ............................. 19 2.4. MAJOR REGULATORY CONSEQUENCES FOR RATING AGENCIES AFTER THE FINANCIAL CRISIS 2007-2008....................................................................................25 2.4.1. BACKGROUND ON THE FINANCIAL CRISIS IN 2007-2008 .................................... 25 2.4.2. THE ROLE OF CREDIT RATINGS AGENCIES DURING THE CRISIS ............................ 26 2.4.3. REGULATORY CONSEQUENCES OF THE CRISIS FOR THE RATING INDUSTRY ............. 32 2.4.4. DISCUSSION OF REGULATORY CONSEQUENCES AND IMPLICATIONS FOR ISSUERS, INVESTORS, AND RATING AGENCIES..............................................................40 2.5. SUMMARY AND CONCLUSION......................................................................49 3. THE LINK BETWEEN CREDIT RATINGS AND CORPORATE STRATEGY ............................ 53 3.1. THEORY DEVELOPMENT ............................................................................. 56 3.1.1. INFLUENCE OF CREDIT RATINGS ON CORPORATE STRATEGY ................................. 57 3.1.2. IMPACT OF CORPORATE STRATEGY ON THE CREDIT RATING .................................. 65 3.1.3. INTERDEPENDENCIES BETWEEN CREDIT RATINGS AND CORPORATE STRATEGY .... 67 3.2. METHODOLOGY........................................................................................... 70 3.2.1. SAMPLE.................................................................................................. 70 3.2.2. DEPENDENT AND INDEPENDENT VARIABLES ................................................ 71 3.2.2.1. DIVERSIFICATION LEVEL.................................................................................71 3.2.2 2. CREDIT RATING............................................................................................ 74 3.2.3. CONTROL VARIABLES....................................................................................75 3.2.4. ANALYSIS................................................................................................. 78 3.3. RESULTS....................................................................................................81 3.3.1. RELATIONSHIP BETWEEN CREDIT RATING AND RELATED DIVERSIFICATION ............. 81 3.3.2. RELATIONSHIP BETWEEN CREDIT RATING AND UNRELATED DIVERSIFICATION ...... 85 3.3.3. ROBUSTNESS CHECKS .............................................................................. 88 3.4. DISCUSSION AND CONCLUSION .................................................................... 90 4. IS THE OPTIMAL DIVERSIFICATION LEVEL RELEVANT FOR THE CREDIT RATING DETERMINATION?................................................................................................ 101 4.1. WHAT IS THE OPTIMAL DIVERSIFICATION LEVEL? ........................................... 103 4.1.1. BENEFITS OF DIVERSIFICATION .................................................................... 104 4.1.2. COSTS OF DIVERSIFICATION ........................................................................ 110 4.1.3. OPTIMAL LEVEL OF DIVERSIFICATION............................................................113 4.1.4. HYPOTHESES SUMMARY..........................................................................118 4.2. METHODOLOGY ......................................................................................... 121 4.2.1. SAMPLE................................................................................................ 121 4.2.2. DEPENDENT AND INDEPENDENT VARIABLES .............................................. 122 4.2.2.1. CREDIT RATING.......................................................................................... 122 4.2.2.2. DIVERSIFICATION LEVEL..............................................................................122 4.2.3. CONTROL VARIABLES..................................................................................123 4.2.4. ANALYSIS............................................................................................... 124 4.3. RESULTS..................................................................................................127 4.3.1. CREDIT RATING AND OPTIMAL RELATED DIVERSIFICATION .................................. 128 4.3.2. CREDIT RATING AND OPTIMAL UNRELATED DIVERSIFICATION............................132 4.3.3. ROBUSTNESS CHECKS.............................................................................135 4.4. DISCUSSION AND CONCLUSION .................................................................. 137 5. SUMMARY AND CONCLUSION ON THE RELEVANCE OF CREDIT RATINGS FOR CORPORATE STRATEGY............................................................................................................ 146 REFERENCES.............................................................................................................. 164 APPENDIX................................................................................................................. 196 1. LIST OF ALL CRAS REGISTERED/ CERTIFIED BY THE ESMA AS OF 21 MAY 2014 ............................................................................................................. 196 2. CONVERSION OF ORDINAL RATING SCALES TO NUMERICAL VALUES ................... 197 3. DESCRIPTIVE STATISTICS AND BIVARIATE CORRELATIONS FOR DIFFERENCE REGRESSIONS.......................................................................................... 198 4. VARIANCE INFLATION FACTOR ANALYSIS......................................................199 5. DERIVATION OF THE OPTIMAL DIVERSIFICATION LEVEL.....................................200 6. VARIANCE INFLATION FACTORS...................................................................204
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spellingShingle	Burkhardt, Martin The increasing importance of credit ratings for corporate strategy Rating (DE-588)4255219-9 gnd Strategisches Management (DE-588)4124261-0 gnd Bonität (DE-588)4146274-9 gnd
subject_GND	(DE-588)4255219-9 (DE-588)4124261-0 (DE-588)4146274-9 (DE-588)4113937-9
title	The increasing importance of credit ratings for corporate strategy
title_auth	The increasing importance of credit ratings for corporate strategy
title_exact_search	The increasing importance of credit ratings for corporate strategy
title_full	The increasing importance of credit ratings for corporate strategy vorgelegt von Diplom-Kaufman Martin Burkhardt, geb. in Oranienburg
title_fullStr	The increasing importance of credit ratings for corporate strategy vorgelegt von Diplom-Kaufman Martin Burkhardt, geb. in Oranienburg
title_full_unstemmed	The increasing importance of credit ratings for corporate strategy vorgelegt von Diplom-Kaufman Martin Burkhardt, geb. in Oranienburg
title_short	The increasing importance of credit ratings for corporate strategy
title_sort	the increasing importance of credit ratings for corporate strategy
topic	Rating (DE-588)4255219-9 gnd Strategisches Management (DE-588)4124261-0 gnd Bonität (DE-588)4146274-9 gnd
topic_facet	Rating Strategisches Management Bonität Hochschulschrift
url	http://verlag.tu-berlin.de/abstracts/diss/burkhardt_martin_abstract.pdf http://verlag.tu-berlin.de/abstracts/diss/burkhardt_martin_inhalt.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029833070&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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