Credit rating modeling of pharmaceutical companies in Iran

Subject Areas : Journal of Investment Knowledge

saeed sirghani ¹ , behrooz khodarahmi ² , javad rezazadeh ³ , jalil delkhah ⁴

1 - PhD student in accounting, Accounting Department of TMU
2 - Associate Professor, Member of the academic staff of the accounting department of TMU
3 - Associate Professor, Member of the academic staff of the accounting department of TMU
4 - Assistant Professor, Member of the academic staff of the management department of TMU

Received: 2022-11-26 Accepted : 2023-01-08 Published : 2024-12-21

Keywords: credit rating, exploratory research, Pharmaceutical industry, information asymmetry,

Abstract :

Information asymmetry has made it difficult for lenders and borrowers to make the right decisions regarding lending and borrowing that credit rating can solve these problems by clarifying the status and desirability of the borrower's credit. These problems are shown more in industries, including the pharmaceutical industry, which has specific restrictions and characteristics governing the industry in the country. Therefore, the aim of the current research is to present the credit rating models of companies for the pharmaceutical industry based on the characteristics and conditions governing the pharmaceutical industry in Iran and in the direction of enriching the knowledge of credit rating. The current research is based on studying and reviewing the texts and guidelines of Moody's rating agency and extracting the primary credit rating factors of companies active in the pharmaceutical industry, conducting interviews with experts and analysts of companies active in the pharmaceutical industry, conducting surveys and removing and adding effective factors on the credit rating of pharmaceutical industry companies. And by using formal and content validity tests and confirmatory factor analysis as well as binomial test, the final indicators of credit rating of pharmaceutical companies were extracted and finally, the priority and importance of these indicators were evaluated using Friedman's test.

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