The Impact of Value Creation (Tobin’s Q), Total Shareholder Return (TSR), and Survival (Altman’s Z) on Credit Ratings

dc.contributor.authorde Oliveira N.A.
dc.contributor.authorBasso L.F.C.
dc.date.accessioned2024-08-01T06:16:43Z
dc.date.available2024-08-01T06:16:43Z
dc.date.issued2024
dc.description.abstract© 2024 by the authors.This research explores the impact of financial indicators on the credit ratings of companies listed on the S&P 500, employing a Sys-GMM model to address endogeneity concerns. Three independent variables categorized as market and survival factors alongside seven control variables sourced from leverage, liquidity, interest coverage, profitability, market, survival, and macroeconomic domains were investigated. The sample consisted of 2398 observations from Capital IQ Pro, spanning nine years (2013 to 2021) and encompassing 240 public companies. The findings suggest that neither Tobin’s Q (TQ) nor Total Shareholder Return (TSR) lack significant correlations with credit ratings, implying that stock market performance and total shareholder return do not directly impact credit ratings. In contrast, the Altman Z-score (AZS) emerged as a significant predictor, indicating its importance in assessing credit risk. These insights enhance the understanding of financial indicators’ impacts on credit ratings, aiding financial institutions and companies in prudent lending and financing decisions.
dc.description.issuenumber2
dc.description.volume12
dc.identifier.doi10.3390/ijfs12020044
dc.identifier.issnNone
dc.identifier.urihttps://dspace.mackenzie.br/handle/10899/39040
dc.relation.ispartofInternational Journal of Financial Studies
dc.rightsAcesso Aberto
dc.subject.otherlanguagecredit rating
dc.subject.otherlanguagecredit risk
dc.subject.otherlanguagedeterminants
dc.subject.otherlanguagerisk management
dc.titleThe Impact of Value Creation (Tobin’s Q), Total Shareholder Return (TSR), and Survival (Altman’s Z) on Credit Ratings
dc.typeArtigo
local.scopus.citations0
local.scopus.eid2-s2.0-85197206721
local.scopus.updated2025-04-01
local.scopus.urlhttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85197206721&origin=inward
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