Proxy Variables | Definitions | Predicted Sign |

CCP | Accounts receivables divided by sales and multiplied by 365 days | +/− |

CPP | Accounts payables divided by cost of goods sold and multiplied by 365 days | +/− |

CRA | current assets divided by current liabilities | +/− |

IVP | Inventory divided by cost of goods sold and multiplied by 365 days | +/− |