| Independent Variables |
Dependent Variables: working capital management |
|||
| DSO |
DIH |
DPO |
CCC |
|
| EPU |
0.211*** |
0.563*** |
0.277*** |
0.521*** |
|
|
(0.020) |
(0.062) |
(0.020) |
(0.066) |
| CFO |
−404.032*** |
−597.849*** |
−291.602*** |
−745.491*** |
|
|
(30.906) |
(91.791) |
(29.034) |
(92.702) |
| LEV |
−87.915*** |
−82.824 |
−29.816** |
−153.763*** |
|
|
(15.818) |
(54.351) |
(14.120) |
(57.121) |
| ROA |
−1.4e+03*** |
−3.0e+03*** |
−1.2e+03*** |
−3.5e+03*** |
|
|
(70.173) |
(219.592) |
(61.076) |
(235.263) |
| FA |
−129.662*** |
−626.937*** |
−66.032*** |
−705.707*** |
|
|
(15.607) |
(67.538) |
(18.088) |
(68.437) |
| SIZE |
−18.320*** |
−5.012 |
3.561 |
−25.303*** |
|
|
(2.557) |
(8.883) |
(2.750) |
(9.290) |
| SALEGROWTH |
−40.756*** |
−119.108*** |
−47.350*** |
−126.315*** |
|
|
(3.007) |
(9.927) |
(3.227) |
(10.401) |
| L.GDPGROWTH |
−58.571* |
−112.884 |
−17.510 |
−179.813* |
|
|
(31.040) |
(100.665) |
(28.518) |
(105.736) |
| _CONS |
645.908*** |
686.399*** |
107.284* |
1225.630*** |
|
|
(54.065) |
(176.623) |
(56.824) |
(184.793) |
| Quarter FE |
control |
control |
control |
control |
| Industry FE |
control |
control |
control |
control |
| N |
22101 |
22101 |
22101 |
22101 |
| R2 |
0.310 |
0.204 |
0.194 |
0.238 |