Table 1 presents the variables (bot

Table 1 presents the variables (both definition and calculation) in order to estimate the effect of
working capital management on profitability by using panel data methods (See Section 4.
Methodology). Roa is the dependent variable; the rest of the variables are treated as independent
variables in which three of them are used as control variables, namely Debt, Size and Gdpg.
Working capital management is related to four variables: Ar, Ap, Inv and Ccc. Ar symbolizes the
average number of days which takes the company to gather payments from customers. Ap
measures how long it takes to pay company’s suppliers. Inv indicates the average number of days
of inventories kept by a company (Garcia-Teruel and Martinez-Solano, 2007).

Results (English) 3:

表1给出了（两个变量的定义和计算），采用面板数据方法估计
营运资本管理对盈利能力的影响（见4节。
方法）。ROA是因变量；其余的变量作为独立变量
其中三作为控制变量，即债务，大小和
区域。营运资本管理相关的四个变量：AR，AP，INV和CCC。AR象征着天将公司从顾客支付的
平均数。美联社
措施支付公司的供应商需要多长时间。调查表明平均天数
存货的公司保持（加西亚特鲁埃尔马丁内兹Solano，2007）。