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- Publisher
- Springer Journals
- Copyright
- Copyright © The Author(s), under exclusive licence to Springer Nature Limited 2022
- ISSN
- 1741-3591
- eISSN
- 1746-6539
- DOI
- 10.1057/s41310-022-00148-2
- Publisher site
- See Article on Publisher Site
Abstract
We examine the level of managerial ability of firms with a plus or minus specification in their bond credit ratings (i.e., firms at a proximity to broad bond rating change) because prior research suggests that these borderline firms demonstrate different behavior, relative to firms that are not near a broad bond rating change. We posit and find that such firms increase their managerial ability in the subsequent period. Our results highlight the importance of having capable managers.
Journal
International Journal of Disclosure and Governance – Springer Journals
Published: Dec 1, 2022
Keywords: Bond ratings; Proximity to broad rating change; Managerial ability; G30; M10; M39