FINANCE Corporate financial policy and R and D Management

The Model 105

TABLE 6.3 (Continued)

1968 1969 1970 1971

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

Intercept 0.042 3.81 0.031 2.41 0.019 2.15 –0.019 –2.41
DE 0 –0.51 0 0.23 0 2.26 0 –0.86
INTE –0.001 –0.03 –0.002 –0.13 –0.001 –0.12 0 –0.01
DEPK –0.145 –1.12 –0.124 –0.78 –0.073 –0.8 –0.062 –1.09
PK –0.045 –1.4 –0.02 –0.54 0.129 4.76 –0.001 –0.02
DS 0.812 6.08 1.143 7.8 –0.255 –1.45 –0.447 –5.41
IS 0.199 5.37 0.091 2.47 –0.083 –5.17 0.654 42.29
F-Statistic 15.57 12.44 11.6 308.98
Adj R2 0.19 0.14 0.13 0.8

1972 1973 1974 1975

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

Intercept 0.048 2.6 0.05 2.58 0.03 2.35 0.02 2.74
DE –0.005 –2.86 –0.001 –0.9 0 0.36 0.001 1.74
INTE –0.184 –4.56 –0.132 –8.51 –0.015 –2.85 –0.001 –0.27
DEPK –0.456 –2.66 –0.582 –3.54 –0.626 –4.32 –0.911 –11.18
PK –0.168 –2.69 –0.234 –3.54 –0.059 –1.56 0.05 2.18
DS 1.951 10.14 4.128 16.34 2.129 9.23 0.056 0.43
IS 0.338 6.95 0.309 4.54 0.204 4.16 0.402 14.89
F-Statistic 30.57 53.64 22.43 49.5
Adj R2 0.27 0.39 0.2 0.34

1976 1977 1978 1979

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

Intercept 0.009 1.02 0.001 0.18 –0.056 –1.8 0.026 2.37
DE 0 0.56 0 0.99 0 0.81 0 0.14
INTE –0.011 –1.36 0 0.54 –0.004 –0.75 0.003 0.52
DEPK –0.498 –5.45 –0.284 –3.27 –0.59 –1.68 –0.592 –6.3
PK –0.031 –4.75 0.054 2.02 0.185 1.92 –0.01 –0.38
DS 0.68 3.34 –1.277 –6.8 0.645 1.1 –1.428 –6.7
IS 0.394 16.04 0.382 13.54 0.49 5.83 0.647 25.28
F-Statistic 46.68 36.89 6.95 108.07
Adj R2 0.32 0.27 0.06 0.52

(Continued)