| 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 |