The regression analysis results indicate that there is evidence that the liquidity and profitability
measures are negatively associated with DWC. However, even though the profitability measure IA is
negatively associated with the DWC, the association is not significant. This means that there is no
significant predictability of IA using DWC. The results also indicate that there is evidence that the
profitability measure - profit margin (IS) is negatively related to the DWC, DSO, DIO and DPO.
However the association of DSO with IS and IA is not significant enough to predict IS or IA using DSO.
This means that effect of managing DSO is not significant enough to impact the profitability measures.
This result is consistent with the correlation analysis.