谁从企业创业信息披露中受益？来自信用评级的证据

摘要

The study introduces a scalable textual measure of corporate entrepreneurship disclosure (CED) and establishes its relevance to external credit ratings. CED increases over the sample period and firms with higher semantic CED receive more favorable external credit ratings, although financial constraints weaken this association. Rating agencies discount entrepreneurial activity in financially constrained firms, which reflects their perceived uncertainty about whether these firms can finance ongoing operations while sustaining entrepreneurial activities.