The Table 2 represents the descriptive statistics for the components of working capital management
efficiency for the sample firms. The variables are as follows. DSO is the days of sales of outstanding,
DIO is the inventories turn over per year in terms of days of inventory outstanding, DPO is the Days of
payable outstanding, DWC is the days of working capital, CCE is the cash conversion efficiency, IA is
the Income to Total Assets ratio, IS is the Income to Sales ratio, and CR is the current ratio.