of the period studied (2010 and 2011). A paired
t-test was conducted to test whether the 2-year
average inventory to sales at the beginning of the
period studied is signifi cantly different from that
at the end of the period studied when examined
in aggregate and by industry. Table 8 shows the
correlations and paired-sample t-test results of
2-year average inventory to sales of the total
sample and each of the three industries at the
beginning and those at the end of the period
studied.