In textbooks related to finance, CCC is mentioned in the context of working capital management(Keown et al., 2003; and Bodie and Merton, 2000). The Cash Conversion Cycle (CCC) is used as acomprehensive measure of working capital as it shows the time lag between expenditure for thepurchases of raw materials and the collection of sales of finished goods (Padachi, 2006, p. 49)
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