신용등급 하락 가능성에 따른 기업의 운영 여유자원관리

초록

This study examines how the likelihood of credit rating downgrade affects firms’ operational slack resource management. Firms with a “+” or “−” notch in their credit ratings are regarded as having a higher likelihood of rating changes. In particular, a “−” notch may signal a potential downgrade and a subsequent deterioration in financing conditions. Under such circumstances, firms have incentives to manage their resources more actively in order to respond flexibly to external uncertainty. Using a panel dataset of manufacturing firms listed on the KOSPI and KOSDAQ markets from 2011 to 2022, this study finds that firms facing a higher likelihood of credit rating downgrades tend to increase supply chain slack and hold greater inventory resources. These results suggest that firms exposed to downgrade risk adopt more conservative resource management policies by expanding operational slack to buffer external uncertainty. This study contributes to the literature by empirically linking the likelihood of credit rating changes to firms’ operational and resource management strategies. It also provides practical implications by suggesting that credit ratings should be considered in decision-making processes related to operational slack resources.

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