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The Impact of Sovereign Credit Ratings on Corporations: A Literature Review and Research Recommendations

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  • Janna Mai Nguyen
  • Dodo zu Knyphausen‐Aufseß

Abstract

During the financial crisis, sovereign ratings have come under increased public scrutiny due to their strong impact on sovereign borrowing costs and hence financial stability of countries. However, their influence on corporations within and outside the respective nations has so far attracted only limited attention, although several academics have provided intriguing insights in this regard. In order to obtain a structured overview of this relatively young strand of research, this paper reviews key insights and conclusions that the extant literature offers on the role of sovereign creditworthiness for corporations. Herein, it focuses on the effects that have been observed for the corporate business environment, access to capital, and foreign investment activities. Different research issues providing fertile ground for future studies are identified.

Suggested Citation

  • Janna Mai Nguyen & Dodo zu Knyphausen‐Aufseß, 2014. "The Impact of Sovereign Credit Ratings on Corporations: A Literature Review and Research Recommendations," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 23(3), pages 125-178, August.
    • Handle: RePEc:wly:finmar:v:23:y:2014:i:3:p:125-178
    DOI: 10.1111/fmii.12017
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