Normal 0 21 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tableau Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} 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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