FINANCE Corporate financial policy and R and D Management

The Model 99

TABLE 6.1 (Continued)

2000 2001 2002

Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat

Intercept 0.012 9.76 0.01 11.59 0.01 10.17
PK 0.006 2.32 0.007 5.59 0.007 2.55
CAK –0.005 –2.83 –0.004 –5.06 –0.002 –1.76
IK –0.015 –2.74 –0.005 –1.08 –0.014 –1.72
FS 0.003 1.63 0.002 0.87 0.001 0.9
F-Statistic 4.82 9.38 2.73
Adj R2 0.01 0.02 0

TABLE 6.2 Investment Equation OLS

1952 1953 1954 1955

Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat

Intercept 0.141 10.28 0.126 9.36 0.166 11.56 0.162 10.47
PKL –0.01 –0.4 –0.019 –0.86 –0.03 –1.2 –0.021 –0.72
CAK –0.205 –10.32 –0.19 –9.84 –0.23 –10.63 –0.221 –9.61
D2sales 0 –99 0.028 1.54 0.068 2.86 0.078 3.14
DS 0.351 2.03 0.249 1.48 0.316 1.93 –0.039 –0.25
FS 0.432 3.53 0.677 4.39 0.062 0.74 0.226 2.13
F-Statistic 43.27 39.53 33.79 29.6
Adj R2 0.52 0.55 0.51 0.46

1956 1957 1958 1959

Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat

Intercept 0.188 7.52 0.189 11.6 0.139 10.69 0.16 10.3
PKL –0.035 –0.68 –0.076 –1.85 –0.028 –0.8 0.001 0.02
CAK –0.257 –6.85 –0.229 –9.29 –0.189 –9.52 –0.248 –10.44
D2sales 0.043 0.85 –0.027 –0.7 0.063 2.88 0.063 2.11
DS –0.257 –0.8 0.056 0.24 0.528 2.95 0.275 1.45
FS 0.527 2.52 0.534 4.95 0.019 0.3 0.206 1.64
F-Statistic 14.52 27.26 24.94 29.39
Adj R2 0.28 0.42 0.39 0.43

(Continued)