| Variables | Working capital management | |||
| DSO | DIH | DPO | CCC | |
| EPU | 0.233*** | 0.465*** | 0.208*** | 0.555*** |
|
| (0.024) | (0.072) | (0.024) | (0.079) |
| CFO | −403.371*** | −598.132*** | −292.018*** | −744.142*** |
|
| (30.913) | (91.867) | (29.079) | (92.750) |
| LEV | −88.296*** | −84.080 | −30.468** | −154.737*** |
|
| (15.820) | (54.368) | (14.137) | (57.130) |
| ROA | −1.4e+03*** | −3.1e+03*** | −1.2e+03*** | −3.5e+03*** |
|
| (70.111) | (219.207) | (61.092) | (234.937) |
| FA | −129.718*** | −627.217*** | −66.188*** | −705.864*** |
|
| (15.612) | (67.550) | (18.096) | (68.444) |
| SIZE | −18.298*** | −4.923 | 3.609 | −25.246*** |
|
| (2.557) | (8.885) | (2.751) | (9.291) |
| SALEGROWTH | −40.888*** | −120.437*** | −48.137*** | −126.776*** |
|
| (3.009) | (9.952) | (3.237) | (10.416) |
| L.GDPGROWTH | −54.626* | −93.371 | −6.679 | −168.832 |
|
| (30.893) | (100.425) | (28.423) | (105.551) |
| _CONS | 649.946*** | 706.962*** | 118.741** | 1236.952*** |
| Quarter FE | control | control | control | control |
| Industry FE | control | control | control | control |
| N | 22101 | 22101 | 22101 | 22101 |
| R2 | 0.310 | 0.203 | 0.192 | 0.238 |