96 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.1 Dividend Equation OLS
1952 1953 1954 1955Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.029 3.43 0.027 3.34 0.031 3.37 0.036 4.18
PK 0.018 1.72 0.025 2.4 0.045 3.3 0.042 3.08
CAK –0.015 –1.38 –0.017 –1.53 –0.021 –1.58 –0.026 –2.11
IK –0.043 –1.5 –0.085 –2.98 –0.068 –2.26 –0.059 –3.04
FS 0.223 3.98 0.335 4.95 0.117 2.91 0.069 1.46
F-Statistic 6.19 9.56 6.96 5.6
Adj R2 0.12 0.18 0.13 0.1
1956 1957 1958 1959Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.032 4.35 0.039 5.55 0.037 4.46 0.039 5.09
PK 0.056 4.23 0.075 4.99 0.046 2.56 0.07 4.09
CAK –0.031 –2.91 –0.041 –3.99 –0.026 –2.15 –0.039 –3.3
IK –0.088 –4.34 –0.105 –4.94 –0.074 –2.48 –0.107 –3.99
FS 0.18 4.18 0.075 2.18 0.063 2.03 0.021 0.44
F-Statistic 15.43 12.22 4.08 7.16
Adj R2 0.25 0.2 0.06 0.12
1960 1961 1962 1963Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.036 5.76 0.035 6.81 0.051 6.26 0.003 1.16
PK 0.081 5.58 0.053 4.3 0.032 1.59 0.077 4.55
CAK –0.036 –3.55 –0.027 –3.16 –0.047 –3.34 –0.007 –0.78
IK –0.083 –3.76 –0.077 –3.38 –0.065 –2.29 –0.069 –3.32
FS 0.011 0.46 –0.001 –0.05 –0.037 –1.3 0.467 9.57
F-Statistic 10.35 6.15 3.72 41.85
Adj R2 0.16 0.08 0.04 0.37
1964 1965 1966 1967Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.003 1.56 0.014 3.1 0.029 6.58 0.035 7.46
PK 0.062 4.31 0.063 4.73 0.063 5.63 0.072 5.77
CAK –0.004 –0.56 –0.021 –2.61 –0.04 –5.28 –0.05 –7.13
IK –0.023 –1.57 –0.027 –2 –0.079 –4.62 –0.116 –6.06
FS 0.309 9.73 0.191 10.55 0.192 10.54 0.17 9.33
F-Statistic 46.16 36.75 44.88 43.5
Adj R2 0.37 0.4 0.36 0.33