Credit ratings and their interaction with the capital structure of Greek listed firms

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dc.contributor.authorKalaitzoglou, Mariaen
dc.contributor.authorGrolliou, Alexandraen
dc.date.accessioned2015-03-17T14:24:26Z
dc.date.available2015-09-27T06:05:05Z
dc.date.issued2015-03-17
dc.identifier.urihttps://repository.ihu.edu.gr/xmlui/handle/11544/32
dc.rightsDefault License
dc.titleCredit ratings and their interaction with the capital structure of Greek listed firmsen
heal.abstractThis study examines the effect of credit rating changes on managers’ capital structure decisions in Greek listed firms. It is an attempt to combine traditional capital structure theories with the modern credit rating-capital structure hypothesis (CR-CS). Many of the theoretically proposed determinants of leverage appear insignificant in this study. Leverage ratios present on average ambiguous variations around the year of credit rating change. Firms close to a credit rating change appear to issue more debt relative to equity no matter the direction of the change. On the contrary, these results are persistent with companies that expect to be downgraded from investment to speculation grade. The overall results are partly consistent with the CR-CS theory. Keywords: Credit ratings, agency costs, capital structure, leverageen
heal.academicPublisherSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Financeen
heal.academicPublisherIDihu
heal.accessfreeel
heal.advisorNameDasilas, Dr. Apostolosen
heal.bibliographicCitationGrolliou Alexandra and Kalaitzoglou Maria, 2010, Credit ratings and their interaction with the capital structure of Greek listed firms, Master's Dissertation, International Hellenic Universityen
heal.committeeMemberNameTsekrekosen
heal.committeeMemberNameLevisen
heal.committeeMemberNameLeventisen
heal.fullTextAvailabilitytrue
heal.keywordDissertations, Academicen
heal.keywordCredit ratings--Evaluationen
heal.keywordAgency costsen
heal.keywordURI.LCSHCredit ratingsen
heal.keywordURI.LCSHagency costsen
heal.keywordURI.LCSHcapital structureen
heal.keywordURI.LCSHleverageen
heal.languageen
heal.licensehttp://creativecommons.org/licenses/by-nc/4.0
heal.numberOfPages51
heal.publicationDate2010-09
heal.recordProviderSchool of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
heal.tableOfContents1. Introduction 5 2. Credit ratings and capital structure theories 8 2.1. The importance of credit ratings 8 2.2. Traditional capital structure theories 9 3. Literature Review 11 4. Data and Methodology 19 4.1. Data Description 19 4.1.1. Leverage a. Definition of leverage 19 b. Expressions of leverage 20 4.1.2. Credit Ratings a. Empirical evidence 22 b. The MORE model 23 4.1.3. Profitability 24 4.1.4. Liquidity 24 4.1.5. Tangibility 25 4.1.6. Firm size 25 4.1.7. Effective tax rate 25 4.1.8. Growth opportunities 26 4.2. Tests for equality analysis 26 4.3. Regression Analysis 28 5. Results of empirical tests 32 5.1. Test for equality outputs 32 5.2. Regression outputs 36 5.2.1. Interpretation of basic statistics 37 5.2.2. Full sample 38 5.2.3. Upgrades – Downgrades 41 5.2.4. Changes between investment and speculative grade 43 5.3. Results’ overview 45 Conclusions 47 References 49en
heal.typemasterThesis

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