caa a22 4500 605485984 CHVBK 20210128100443.0 cr unu---uuuuu 210128e20150701xx s 000 0 eng 10.1007/s10551-014-2175-y doi (NATIONALLICENCE)springer-10.1007/s10551-014-2175-y Debt Issuer: Credit Rating Agency Relations and the Trinity of Solicitude: An Empirical Study of the Role of Commitment [Elektronische Daten] [Angus Duff, Sandra Einig] Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulators and other commentators. These issues we term the credit ratings agency (CRA) trinity of solicitude. We shed some light on this trinity by considering the unique relationship that exists between corporate borrowers (debt issuers) and the CRAs they engage to rate their securities. The exchange relationships literature is used to create a model where commitment plays a central role. Technical qualities, relationship qualities and dependence are theorised as antecedents of commitment, which is described by two constructs of affective commitment and calculative commitment. The issuer's intention to remain with the CRA, their loyalty, is the consequence of commitment. The model is operationalized by means of a survey questionnaire administered to issuers of corporate debt in the United Kingdom. As expected, perceptions of the quality of the relationship and affective commitment play an important role in CRA-issuer relations. However, contrary to expectations, the technical quality of the rating and issuer dependence on the CRA play little role in determining commitment and continuance. The implications of these findings are discussed along with areas for future research. Springer Science+Business Media Dordrecht, 2014 Credit rating agency nationallicence Trinity of solicitude nationallicence Conflict of interest nationallicence Transparency nationallicence Competition nationallicence Relationship quality nationallicence Technical quality nationallicence Calculative commitment nationallicence Affective commitment nationallicence Duff Angus Management Centre, University of the West of Scotland, Craigie House, Craigie Park, KA8 0SS, Ayr, UK aut Einig Sandra Business School, Oxford Brookes University, Wheatley Campus, OX33 1HX, Oxford, UK aut Journal of Business Ethics Springer Netherlands 129/3(2015-07-01), 553-569 0167-4544 129:3<553 2015 129 10551 https://doi.org/10.1007/s10551-014-2175-y text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2175-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Duff Angus Management Centre, University of the West of Scotland, Craigie House, Craigie Park, KA8 0SS, Ayr, UK aut NATIONALLICENCE 700 1- Einig Sandra Business School, Oxford Brookes University, Wheatley Campus, OX33 1HX, Oxford, UK aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 129/3(2015-07-01), 553-569 0167-4544 129:3<553 2015 129 10551