From: The impact of working capital management on credit rating
Dependent variable | Rating | |
---|---|---|
Column 1 | Column 2 | |
AR | 0.0016*** | 0.0025*** |
(0.0001) | (0.0002) | |
AR2 | − 0.0000023*** | |
(0.0000005) | ||
INV | 0.0004*** | 0.0014*** |
(0.0001) | (0.0002) | |
INV2 | − 0.0000024*** | |
(0.0000003) | ||
AP | − 0.0011*** | − 0.0011*** |
(0.0001) | (0.0002) | |
AP2 | 0.000000033 | |
(0.0000003) | ||
SIZE | 0.4906*** | 0.4912*** |
(0.0044) | (0.0044) | |
COVERAGE | 0.0523*** | 0.0521*** |
(0.0009) | (0.0009) | |
LEV | − 1.6270*** | − 1.6152*** |
(0.0349) | (0.0350) | |
CAP_INTEN | 0.4443*** | 0.4564*** |
(0.0153) | (0.0154) | |
LOSS | − 0.6586*** | − 0.6588*** |
(0.0145) | (0.0145) | |
BIG4 | 0.0016 | 0.0042 |
(0.0120) | (0.0120) | |
SUBORD | − 0.1650** | − 0.1590** |
(0.0639) | (0.0639) | |
Year effect | Yes | Yes |
Industry effect | Yes | Yes |
Pseudo R2 | 0.2888 | 0.2893 |
Firm-year observations | 43,141 | 43,141 |