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Table 3 Descriptive statistics of explanatory and control variables

From: The impact of working capital management on credit rating

Variables Mean Median S.D 5% 95%
RATING 3.58 4 1.319 2 6
MICRORATING 9.74 10 3.83 4 16
NWC 0.153 0.132 0.181  − 0.015 0.392
CCC 56.94 47.706 94.11  − 40.155 195.31
AR 51.67 47.037 43.339 5.322 102.41
INV 60.957 44.068 70.667 0 175.059
AP 55.613 41.726 64.976 12.324 134.538
SIZE 7.877 7.797 1.618 5.348 10.65
LEV 0.333 0.297 0.201 0.054 0.777
COVERAGE 7.626 4.946 7.674 0.585 29.656
LOSS 0.164 0 0.37 0 1
SUBORD 0.005 0 0.07 0 0
CAP_INTEN 0.707 0.658 0.45 0.106 1.421
BIG4 0.527 1 0.499 0 1
  1. Variables definitions are provided in Table 2. The statistics in this table are based on annual panel data of U.S. listed firms from WRDS merged with CRSP/Compustat files for the period between 1985 and 2017