Variables | Variable definition |
DSO | Accounts receivables/sales × 365 |
DIH | Inventories/purchases × 365 |
DPO | Accountspayable/purchases × 365 |
CCC | Accounts receivables/sales × 365 + Inventories/purchases × 365 − Accountspayable/purchases × 365 |
EPU | Monthly average of China’s economic policy uncertainty index as the quarter index |
CFO | Net cash flow from operating activities/total assets |
LEV | Liabilities/total assets |
SALEGROWTH | sales amount difference from the previous quarter divided by the sales of the previous quarter |
GDPGROWTH | annual GDP growth |
ROA | profitability |
SIZE | logarithm of total assets |
FA | fixed asset divided by total assets |