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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