The potential of conflicts of interest arising in the activities of credit rating agencies in Ukraine
-
Received April 3, 2017;Accepted May 26, 2017;Published July 18, 2017
-
Author(s)Mykhailo Rebryk , Yuliia Rebryk , Sergii Sokol ,Yevhenii KozmenkoLink to ORCID Index: https://orcid.org/0000-0003-2721-2997
-
DOIhttp://dx.doi.org/10.21511/ppm.15(2-1).2017.06
-
Article InfoVolume 15 2017, Issue #2 (cont. 1), pp. 222-233
- TO CITE АНОТАЦІЯ
-
Cited by1 articlesJournal title: Cogent Business & ManagementArticle title: Elements of Credit Rating: A Hybrid Review and Future Research AgendaDOI: 10.1080/23311975.2021.1878977Volume: 8 / Issue: 1 / First page: / Year: 2021Contributors: Prashant Ubarhande, Arti Chandani, David McMillan
- 1416 Views
-
513 Downloads
This work is licensed under a
Creative Commons Attribution-NonCommercial 4.0 International License
This paper presents a comprehensive system of 38 indicators, which allows identification of possible endogenous sources and evaluation of the potential of conflicts of interest arising both at the corporate (in models of ownership, business and financial activities, corporate governance and organizational structures) and operational (analyst) levels of credit rating agencies (CRAs). Testing of proposed system of indicators was carried out based on the content analysis of the public information on the activities of five authorized credit rating agencies of Ukraine.
It is determined that at the beginning of 2017 the most sensitive to the risk of conflicts of interest were “Standard Rating” (74% of threat signals of the total number of indicators), “Expert Rating” (57%) and “Rurik” (37%). The highest potential of conflicts’ of interest escalation was identified in the models of financial activities (80% of threat signals of the total number of indicators of that group) and models of ownership of Ukrainian CRAs (63%).
The estimations of the risk level are proposed to be regarded mainly as signals of the potentially high sensitivity of the particular CRA to the risk of conflicts’ of interest escalation.
Such signals, in particular, can be used by the regulators for carrying out remote monitoring activities of CRAs, for adopting supervisory and regulatory decisions. In turn, managers and owners of rating agencies can conduct a more detailed analysis of the detected potential sources of conflict of interest with the aim of identification, localization, and elimination of shortcomings in the system of conflict of interest management.
- Keywords
-
JEL Classification (Paper profile tab)G24, G32, G38, M14
-
References26
-
Tables5
-
Figures1
-
- Figure 1. The total number of detected signals about the threat of conflicts’ of interest escalation in the activities of Ukrainian CRAs (at the beginning of 2017)
-
- Table 1. The warning signals concerning the potential of conflicts of interest in models of ownership of CRAs in Ukraine
- Table 2. The warning signals concerning the potential of conflicts of interest in models of business activities of CRAs in Ukraine
- Table 3. The warning signals concerning the potential of conflicts of interest in models of financial activities of CRAs in Ukraine
- Table 4. The warning signals concerning the potential of conflicts of interest in models of corporate governance and organizational structures of CRAs in Ukraine
- Table 5. The warning signals concerning the potential of conflicts of interest in models ensuring the independence of employees of CRAs in Ukraine
-
- Babenko, M., & Chernyj, R. (2012). Tesnyj krug. Kommer¬sant-Ukraina.
- Bai, L. (2010). On Regulating Conflict of Interests in the Credit Rating Industry.
- Beinert C., Reichling, P., & Vogt, B. (2007). The Discriminative Power of Rating Functions. Banks and Bank Systems, 2(1).
- Bergevin, P. (2010). Addicted to Ratings: The Case for Reducing Governments’ Reliance on Credit Ratings. C.D. Howe Institute Backgrounder, 130.
- BizDb.co.uk. (2017). Global Private Rating Company Standardrating Ltd: General Information.
- Coffee, John C., Jr. (2011). Ratings Reform: The Good, The Bad, and The Ugly. Harvard Business Law Review, 1.
- Crumley, D. G. (2012). Credit Rating Agencies and Conflicts of interest.
- Endole.co.uk. (2017). Mr. Jason Hughes Director Profile.
- Fulghieri, P., Strobl G., & Xia, H. (2011). The Economics of Solicited and Unsolicited Credit Ratings.
- Katz, J., Salinas, E., & Stephanou, C. (2009). Credit Rating Agencies. No Easy Solutions.
- Kozmenko, S., & Plastun, O. (2012). The necessity of stock markets information incorporation into the methodology of credit rating agencies. Investment Management and Financial Innovations, 9(3).
- NSSMC. (2012). Pro zatverdzhennia Poriadku podannia informatsii upovnovazhenymy reitynhovymy ahentstvamy. Rishennia NKTsPFR vid 11.12.2012 No. 1767.
- NSSMC. (2015). Pro konkurs z vyznachennia upovnovazhenykh reitynhovykh ahentstv. Polozhennia, zatverdzhene Rishenniam NKTsPFR vid 23.03.2015 No. 364.
- Opp, C. C., Opp, M. M., & Harris, M. (2013). Rating agencies in the face of regulation. Journal of Financial Economics, 108, 46-61.
- Ostriv. (2017). Pro kompaniiu. Sait ZAT “Konsaltynhova Firma “Ostriv”.
- Partnoy, F. (2009). Rethinking Regulation of Credit Rating Agencies: An Institutional Investor Perspective. San Diego Legal Studies Paper, 09- 014.
- Pererva, H. (2012). Tochnist otsinok reitynhovykh ahentstv. Nezalezhnyi Audytor, 10.
- Pro dotrymannia etychnykh norm i standartiv povedinky na rynku reitynhovykh posluh Ukrainy: Memorandum, pidpysanyi RA IBI-Reitynh, NRA Riurik y RA Ekspert- Reitynh 24.11.2010.
- Prozorro.gov.ua (2016). Nadannia posluh z reitynhuvannia: oholoshennia pro provedennia doporohovoi zakupivli Upravlinnia stratehichnoho rozvytku mista Ternopilskoi miskoi rady.
- Reitynhovi ahentstva. (2017). Zahalnodostupna informatsiina baza danykh NKTsPFR.
- The Board of the IOSCO. (2012). Credit Rating Agencies: Internal Controls Designed to Ensure the Integrity of the Credit Rating Process and Procedures to Manage Conflicts of interest.
- The Board of the IOSCO. (2015). Code of Conduct Fundamentals For Credit Rating Agencies.
- The European Parliament and the Council. (2009, September). Regulation (EC) No. 1060/2009 On credit rating agencies.
- The European Parliament and the Council. (2012, March 21). Regulation (EC) No. 449/2012 Supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on information for registration and certification of credit rating agencies.
- The European Securities and Markets Authority. (2011, December 22). Regulatory technical standards on the information for registration and certification of credit rating agencies.
- The Technical Committee of the IOSCO. (2003). Report on the Activities of Credit Rating Agencies.
-
Influencer marketing’s impact on credibility and purchase intention: A study on University of Bisha students in Saudi Arabia
Mudathir Saad
,
Abdelrehim Awad
,
Adel Fathy Aziz
,
Talaat Rashad Shma
doi: http://dx.doi.org/10.21511/im.21(1).2025.26
Innovative Marketing Volume 21, 2025 Issue #1 pp. 326-337 Views: 3662 Downloads: 1801 TO CITE АНОТАЦІЯThis study holds significance due to the increasing impact of influencer marketing on consumer behavior, particularly among the youth demographic in Saudi Arabia. This study aims to examine how influencer marketing influences perceived credibility and purchase intention, emphasizing the roles of transparency and cultural factors in shaping consumer behavior.
A descriptive-analytical method was utilized, the research was conducted at University of Bisha, incorporating a structured survey to gather data from 384 university students, both male and female. The sample was meticulously chosen to embody the characteristics of young consumers, a group recognized for its significant involvement with social media channels and vulnerability to influencer marketing tactics. The findings indicate that the traits of influencers play a crucial role in boosting purchase intention (β = 0.42, p < 0.001). Furthermore, the influence of brand credibility on purchase intention is significant (β = 0.51, p < 0.001), and it serves as a partial mediator in the connection between influencer characteristics and purchase intention (indirect effect = 0.27, p < 0.001). The results underscore Snapchat’s prominence as the leading platform among participants, illustrating its significance for focused influencer marketing initiatives. Marketers are advised to prioritize transparent and authentic collaborations with influencers to strengthen brand credibility and foster consumer trust. Emphasizing partnerships with influencers whose values align with students’ interests on Snapchat will enhance engagement and drive purchasing behavior. This information provides actionable direction for marketers aiming to enhance their influencer marketing approaches, cultivating enduring consumer confidence and sustainable brand development among younger demographics. -
Economic policy uncertainty and corporate investment: The moderating effect of corporate social responsibility
Investment Management and Financial Innovations Volume 22, 2025 Issue #2 pp. 1-13 Views: 2455 Downloads: 560 TO CITE АНОТАЦІЯEconomic policy uncertainty has a profound impact on firms’ investment decisions, mainly in terms of increased risk and uncertainty for firms when planning future investments. This study aims to explore the impact of corporate economic policy uncertainty on corporate investment, as well as how corporate social responsibility disclosure moderates the relationship between economic policy uncertainty (EPU) and corporate investment. The analysis uses a sample of Chinese listed companies from 2010 to 2022, including 33,791 observations. The study uses ordinary least squares (OLS) regression with clustered standard errors. The basic and robust regression empirical results show that economic policy uncertainty has a negative impact on corporate investment. However, corporate social responsibility plays an important moderating role between them. The two-stage least squares method (2SLS) is used to solve the endogeneity problem of reverse causation. The heterogeneity results show that economic policy uncertainty significantly dampens business investment, while corporate social responsibility (CSR) is effective in mitigating this negative effect, especially among non-state-owned and low-cash-flow firms, where this moderating effect is more pronounced. The study concludes that as corporate social responsibility disclosure enhances information transparency and investor confidence, companies should prioritize CSR programs that ultimately help companies remain competitive and attractive to investors in volatile markets. Meanwhile, this also highlights the strategic importance of CSR in mitigating external risks, such as those presented through volatile economic policies.
-
The use of artificial intelligence in public administration: Bibliometric analysis
Ihor Rekunenko
,
Iana Kobushko
,
Oleksii Dzydzyguri
,
Inna Balahurovska
,
Oksana Yurynets
,
Oleksandr Zhuk
doi: http://dx.doi.org/10.21511/ppm.23(1).2025.16
Problems and Perspectives in Management Volume 23, 2025 Issue #1 pp. 209-224 Views: 2396 Downloads: 730 TO CITE АНОТАЦІЯArtificial intelligence in public administration is critical for the modernization of the public sector and adaptation to the challenges of modern society. The paper analyzes studies dedicated to the impact of artificial intelligence on the efficiency, innovation, and transparency of management processes in the public sector using meta- and bibliometric analysis. The goal is to identify the main areas and keywords that highlight theoretical and practical aspects of artificial intelligence in public administration. In total, 879 scientific articles were analyzed, of which 598 works are devoted to artificial intelligence. Dynamic time analysis revealed a significant surge in scientific interest in artificial intelligence in public administration: from 2010 to 2019, 135 publications were devoted to this issue, and from 2020 to 2024, 421. Bibliographic maps of keywords and publication maps showed the main thematic areas of research on artificial intelligence: the application of AI in public administration and the public sector, decision-making in public administration, data management and digital technologies in public administration, and the strategic use of AI to forecast socio-economic trends.
The obtained data became the basis for expanding the scientific and practical potential of using artificial intelligence in public administration. The main areas of future research will concern the regulation of ethical issues to ensure the trust of citizens, the development of a regulatory framework and standards, increasing the efficiency of public services, the integration of artificial intelligence into strategic planning, and the use of artificial intelligence to achieve sustainable development goals.Acknowledgment
The analysis was carried out within the framework of the implementation of the perspective plan for the development of the scientific area “Social Sciences” of Sumy State University, number d/r 0121U112685.

