| 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 | +/− |