FINANCE Corporate financial policy and R and D Management

102 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.2 (Continued)

1984 1985 1986 1987

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

Intercept 0.098 14.89 0.131 14.93 0.082 10.41 0.095 16.67
PKL 0.005 1.31 0.084 4.3 0.033 1.84 –0.03 –2.04
CAK –0.015 –2.23 –0.119 –11.41 –0.006 –1.35 –0.003 –1.36
D2sales –0.038 –2.33 –0.061 –2.81 –0.003 –0.16 0.016 1.35
DS –0.094 –0.63 –0.669 –2.11 0.235 1.11 –0.005 –0.13
FS 0.285 7.54 0.539 16.57 0.254 12.15 0.06 3.37
F-Statistic 13.46 61.06 30.72 4.18
Adj R2 0.08 0.29 0.16 0.02

1988 1989 1990 1991

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

Intercept 0.098 13.76 0.118 14.16 0.11 11.25 0.115 9.24
PKL –0.009 –0.96 –0.009 –2.19 –0.027 –0.92 –0.061 –1.63
CAK 0 –0.1 –0.09 –5.68 –0.038 –3.62 0 –0.09
D2sales –0.02 –1.24 –0.027 –2.21 0.014 0.98 –0.093 –3.32
DS 0.028 0.24 0.337 2.49 –0.038 –0.26 0.032 0.1
FS 0.23 7.94 0.396 11.75 0.138 3.9 0.545 9.63
F-Statistic 13.04 36.14 6.52 20.01
Adj R2 0.06 0.16 0.03 0.08

1992 1993 1994 1995

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

Intercept 0.095 13.62 0.169 12.58 0.126 16.35 0.158 14.97
PKL –0.003 –0.2 –0.012 –1.45 –0.021 –1.99 –0.057 –2.14
CAK –0.022 –3.52 –0.122 –4.61 –0.121 –8.18 –0.15 –8.36
D2sales 0.026 1.13 –0.157 –4.48 0.054 3.05 0.002 0.17
DS –0.006 –0.06 –0.472 –2.29 –0.03 –0.25 –0.094 –0.69
FS 0.413 23.35 0.771 39.16 0.056 41.98 0.075 17.16
F-Statistic 113.13 315.34 372.19 76.58
Adj R2 0.33 0.56 0.58 0.21