Simple linear regression analysis was done for CCE, IA and IS with DWC, DSO, DIO and DPO to
investigate further, the association between the working capital measures and the profitability and
liquidity measures. The profitability and liquidity measures are the dependent variables and working
capital management measures are the independent variables. The following table gives the results of the
regression analysis that shows the slope and the corresponding P-values in parenthesis.