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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