本研究主要探討策略差異化如何影響公司的信用評級。我們使用了 1983 年至 2017 年美國公司的數據和 18,385 個公司年度觀察結果，我們證明策略差異化透過資訊不對稱、代理問題和企業的文化價值觀對信用評等產生負面影響。我們利用 2SLS 和 PSM-DID 來解決內生性問題，2SLS中以地理接近度作為工具變量，而PSM-DID以沙賓法案（SOX）作為外生衝擊事件，並獲得更穩健的結果。此外，我們透過子樣本分析驗證，當企業財務狀況較弱且總體經濟風險較高的環境時，這一點更為明顯。透過了解策略差異化的影響，企業可以制定更有效的企業策略，減少資訊不對稱和代理問題，從而提高企業的信用評等。;This study predominantly discuss how strategy deviation affects a company′s credit rating. Using data on U.S. corporates from 1983 to 2017 and 18,385 firm-year observations, we demonstrate that strategy deviation negatively affects credit rating through information asymmetries, agency issues, and cultural values. We utilize both 2SLS and PSM-DID to solve the endogeneity problem, using geographic proximity as an instrumental variable and the Sarbanes‐Oxley Act (SOX) as an exogenous shock, and obtain more robust results. Furthermore, we validate through our subsample analysis is more noticeable when firms are in a weaker financial status and in an environment of high macroeconomic risk. With knowing the influence of strategy deviation, firms can make more efficient corporate strategies and decrease information asymmetry and agency problem, and thus raise the firms’ credit ratings. Moreover, we provide some valuable insights about strategy and credit rating to the decision makers, corporate managers, and credit rating agencies.
