This paper examines the relationship between relative efficiency and credit ratings using a sample of Korean listed firms and finds a positive relationship in the subsequent period after adjusting for absolute efficiency. The results suggest that credit rating agencies consider relative efficiency as a variable that influences a firm’s ability to survive a business cycle. Interestingly, when we divide our samples into investment- grade and non-investment-grade firms, we find a different relationship. While we continue to find consistent results for the investment-grade group, we find a negative relationship between relative efficiency and credit ratings for non-investment-grade firms. We suggest “higher” levels of efficiency by non-investment-grade firms can be considered opportunistic or a form of distress, and potentially be the result of ineffective decision making. We conjecture that credit rating agencies have the ability to impose penalties of lower credit ratings on firms that engage in such behavior.

中文翻译：

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企业效率对机构信用评级的影响

本文以韩国上市公司为样本考察了相对效率与信用评级之间的关系，并发现在调整绝对效率后在随后的时期内存在正相关关系。结果表明，信用评级机构将相对效率视为影响公司在商业周期中生存能力的变量。有趣的是，当我们将样本分为投资级公司和非投资级公司时，我们发现了不同的关系。虽然我们继续为投资级组找到一致的结果，但我们发现非投资级公司的相对效率和信用评级之间存在负相关关系。我们建议非投资级公司的“更高”效率水平可以被视为机会主义或一种困境，并可能是无效决策的结果。我们推测信用评级机构有能力对从事此类行为的公司施加较低信用评级的处罚。