Using the GEE method for the analysis, my sample data yielded below relation between liquidity measures/metrics and firm profitability (proxy is Tobin's q ratio)

- positive relationship between quarterly changes in Days of sales outstanding/inventory days on hand (DSO/DOH) and quarterly changes in Tobin's q

- negative relationship between quarterly changes in days of creditor payment outstanding (DPO) and quarterly changes in Tobin's q.

- positive relationship between quarterly changes in cash cycle (CCC) and quarterly changes in Tobin's q.

What could be the reasons for these results. Note that hypothesis test revealed non-significant value at p=5% and parameter estimate of the intercept return extreme value. Any idea on potential issue with the data or model.

See models below -

The CCC Model

∆TOBINS_Qit = β0 + β1(∆CCCit) + β2(∆CCCit-1) + β3(∆CCCit-2) + β4(∆CCCit-3) + β5(∆CCCit-4) + β6(ln SALESQit) + β7(ln DEBTit) + eit

Component Model

∆TOBINS_Qit = β0 + β1(∆DSOit) + β2(∆DSOit-1) + β3(∆DSOit-2) + β4(∆DSOit-3) + β5(∆DSOit-4) + β6(∆DOHit) + β7(∆DOHit-1) + β8(∆DOHit-2) + β9(∆DOHit-3) + β10(∆DOHit-4) + β11(∆DPOit) + β12(∆DPOit-1) + β13(∆DPOit-2) + β14(∆DPOit-3) + β15(∆DPOit-4) + β16(ln SALESQit) + β17(ln DEBTit) + eit