FINANCE Corporate financial policy and R and D Management

106 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.3 (Continued)

1980 1981 1982 1983

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

Intercept 0.01 1.37 –0.01 –0.96 0.007 0.79 –0.022 –0.96
DE 0 –0.56 0 1.2 0 2.46 0 0.08
INTE –0.001 –0.51 –0.001 –0.39 –0.002 –2.03 –0.034 –1.17
DEPK –0.217 –2.54 –0.377 –3.38 –0.233 –3.03 –0.312 –1.64
PK –0.029 –1.32 0.057 1.82 –0.002 –0.09 0.017 1.06
DS 0.313 2.24 –0.083 –0.67 –0.302 –1.54 0.231 0.33
IS 0.28 15.09 0.401 20.85 0.372 15.44 0.514 5.77
F-Statistic 43.51 76.48 41.42 6.24
Adj R2 0.3 0.42 0.27 0.04

1984 1985 1986 1987

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

Intercept 0.046 4.64 –0.027 –2.71 –0.018 –1.3 0.006 0.39
DE 0.001 1.23 0 –1.87 –0.001 –0.98 0 –0.59
INTE –0.011 –1.3 –0.027 –3.64 0.006 1.8 –0.006 –0.5
DEPK –0.152 –4.94 –0.293 –6.08 –0.018 –0.35 0.007 0.54
PK –0.141 –5.72 0.139 8.16 0.048 1.2 –0.058 –1.09
DS 0.089 0.63 –0.171 –0.56 –0.934 –2.75 0.784 9.95
IS 0.25 7.38 0.471 14.89 0.637 12.28 0.229 3.5
F-Statistic 15.48 71.09 26.88 19.9
Adj R2 0.11 0.36 0.16 0.12

1988 1989 1990 1991

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

Intercept –0.022 –2.88 0.006 0.59 0.01 1.22 –0.007 –0.88
DE 0 –0.34 0 –0.1 –0.001 –2.34 0 –0.74
INTE –0.013 –2.12 –0.004 –2.77 –0.001 –0.68 0 –0.37
DEPK 0.938 9.46 –0.13 –2.48 –0.156 –1.74 –0.006 –0.64
PK –0.199 –9.42 –0.013 –0.53 –0.001 –0.02 –0.014 –0.7
DS 0.634 4.94 –0.324 –2.6 0.415 3.24 0.274 1.61
IS 0.217 6.1 0.319 11.7 0.12 4.2 0.142 9.08
F-Statistic 30.05 25.49 6.6 14.62
Adj R2 0.16 0.13 0.03 0.07