Abstract

In this article, we studied the problem of the determination of operating cash flows. On the basis of a sample representative of the Tunisian commercial companies, we determined the explanatory power of the operating cycle components on the behaviour of the operating cash-flows.

The results of this study prove that our dependent variable, operating cash-flow, is significantly given by the means of four factors dependent on the operating cycle: the timely debt collection, the timely debt payment, the timely flow of stock and the gross commercial margin. However, our dependent variable varies independently of two factors: Earnings and Variation of turnover.

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