FINANCE Corporate financial policy and R and D Management

104 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.3 (Continued)

1956 1957 1958 1959

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

Intercept –0.001 –0.11 –0.012 –1 0.027 1.82 0.016 1.77
DE 0.001 2.24 0.001 1.52 –0.001 –1.1 0 0.98
INTE 0.028 0.36 0.032 0.46 0.097 1.22 0.08 2.42
DEPK 0.071 0.88 –0.012 –0.11 –0.04 –0.27 –0.113 –1.1
PK 0.054 2.31 0.106 3.15 –0.042 –0.92 0.077 2.88
DS 0.521 4.26 0.157 1 0.435 2.19 –0.007 –0.06
IS 0.113 4.31 0.226 5.03 0.122 1.58 0.183 4.48
F-Statistic 9.54 6.41 1.99 5.68
Adj R2 0.23 0.15 0.03 0.13

1960 1961 1962 1963

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

Intercept –0.004 –0.29 0.011 0.82 0.014 0.86 0.001 0.37
DE 0 0.12 0 0.71 –0.001 –0.56 0 0.83
INTE –0.004 –0.2 –0.003 –0.08 0.026 2.82 0.058 2.32
DEPK –0.363 –1.98 –0.191 –1.19 0.067 0.35 0.17 2.5
PK 0.179 4.06 0.082 2.39 0.081 1.9 –0.002 –0.13
DS –0.266 –1.22 –0.209 –1.09 –0.185 –1.34 0.527 9.26
IS 0.292 4.92 0.183 3.6 –0.012 –0.41 0.047 4.97
F-Statistic 5.88 2.85 2.91 34.18
Adj R2 0.13 0.04 0.04 0.42

1964 1965 1966 1967

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

Intercept –0.001 –0.18 0.007 0.57 –0.003 –0.32 0.003 0.29
DE 0 0.25 0 –0.68 –0.001 –2.58 0 1.22
INTE –0.069 –1.7 –0.024 –1.4 0.046 1.42 0.025 0.66
DEPK 0.29 3.11 –0.061 –0.34 0.013 0.09 0.046 0.33
PK 0 0.02 –0.046 –1.13 –0.016 –0.56 0.024 0.72
DS 0.771 9.66 1.709 10.26 1.333 10.49 1.087 8.8
IS 0.052 4.98 0.08 3.75 0.038 0.86 0.065 1.39
F-Statistic 34.7 23.91 22.39 15.44
Adj R2 0.4 0.39 0.29 0.2