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Iranian Economic Review، جلد ۲۲، شماره ۳، صفحات ۷۶۷-۷۸۶
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کلیدواژه‌های فارسی مقاله
عنوان انگلیسی Analyzing the Impact of Credit Ratings on Firm Performance and Stock Returns: Evidence from Taiwan
چکیده انگلیسی مقاله The respective study covers three aspects; factors determining credit rating, credit rating impact on performance of entities and the relation between stock returns and credit rating. The study focuses on the firms listed in Taiwan Stock Exchange (TSE) of Taiwan. The empirical analysis uses the data of 50 firms rated by Taiwan Ratings Corporation (TRC) for the period 2010-2015. Two estimation techniques Ordered Probit Model and Panel Data Regression are applied. The findings show that credit ratings are predicted by specific important firm factors like size, growth opportunities, capital intensity, asset returns, sector type etc. Moreover, it is further suggested that firms with higher credit rating tend to have better performance. Performance is measured using return on investment and Tobin's q factors. Likewise, high rated firms tend to achieve higher returns on their stocks. Similar study should be carried out using other credit ratings covering more firms and time span.  
کلیدواژه‌های انگلیسی مقاله
نویسندگان مقاله Maham Ijaz |
University of Management & Technology(UMT), Pakistan.

Abdul Rafay |
Department of Finance, School of Business & Economics, University of Management & Technology, Lahore, Pakistan

Yang Chen |
Public Joint Stock Company Polyus, Taipei, Taiwan 股权研究所

Muhammad A. B. Naeem |
School of Economics & Finance, Massey University, Auckland, New Zealand

نشانی اینترنتی https://ier.ut.ac.ir/article_66643_a6721cf867894e7b25151fd185d68e33.pdf
فایل مقاله اشکال در دسترسی به فایل - ./files/site1/rds_journals/434/article-434-684545.pdf
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