Working Capital Management, Corporate Performance, and Strategic Choices of the Wholesale and Retail Industry in China

Table 8

Influence of working capital on performance in different strategies.

Variables	Model 1	Model 2
WC𝑖,𝑡	0.012∗∗ (0.011)	0.032∗∗∗ (0.004)
IO𝑖,𝑡		0.017∗∗ (0.013)
IS𝑖,𝑡		0.015∗ (0.054)
IO×WC^(1)𝑖,𝑡		−0.018 (0.136)
IS×WC^(2)𝑖,𝑡		−0.019∗ (0.098)
IDU	−0.001∗∗ (0.011)	−0.001∗∗∗ (0.009)
ROA𝑖,𝑡−1	0.440∗∗∗ (0.000)	0.421∗∗∗ (0.000)
Constant	0.055∗∗∗ (0.000)	0.048∗∗∗ (0.000)
Wald Test	142.86	142.61
𝑅-square	0.765	0.733

^∗𝑃<0.05.
^∗∗𝑃<0.01.
^∗∗∗𝑃<0.001.
ROA_{𝑖,𝑡−1} is explained by the one period lag for ROA.