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Table 4 Correlation matrix

From: The impact of working capital management on credit rating

  RATING MICRO-RATING NWC SIZE COVERAGE LEV CAP_INTEN LOSS BIG4 SUBORD
RATING 1          
MICRO-RATING 0.979 1         
NWC 0.008 0.009 1        
SIZE 0.51 0.511  − 0.004 1       
COVERAGE 0.425 0.432 0.015 0.304 1      
LEV  − 0.503  − 0.507  − 0.031  − 0.332  − 0.536 1     
CAP_INTEN 0.179 0.182  − 0.053 0.059  − 0.07 0.019 1    
LOSS  − 0.409  − 0.419  − 0.015  − 0.212  − 0.333 0.307  − 0.031 1   
BIG4  − 0.006  − 0.001  − 0.01  − 0.059  − 0.015 0.015 0.008  − 0.006 1  
SUBORD  − 0.045  − 0.047 0.002  − 0.08  − 0.029 0.012  − 0.015 0.027 0.006 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