108 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.4 Dividend Equation 2SLS
1952 1953 1954 1955Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept –0.037 –1.29 0.009 0.64 –0.001 –0.05 0.037 3.35
PK 0.01 0.5 0.024 2.05 0.031 1.72 0.043 2.9
CAK 0.041 1.39 0 0 0.018 0.7 –0.027 –1.89
IK –0.013 –0.24 –0.092 –2.91 –0.03 –0.73 –0.059 –3.02
FS 1.306 3.18 0.703 3.37 0.418 2.48 0.057 0.46
F-Statistic 3.16 5.74 5.08 5.12
Adj R2 0.05 0.11 0.09 0.09
1956 1957 1958 1959Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.026 2.7 0.041 5.37 –0.017 –0.67 0.052 5.21
PK 0.046 2.75 0.087 4.9 0.046 1.46 0.095 4.41
CAK –0.023 –1.84 –0.042 –3.79 0.023 0.81 –0.049 –3.53
IK –0.087 –4.19 –0.088 –3.54 –0.007 –0.11 –0.084 –2.64
FS 0.305 2.37 –0.086 –0.77 0.676 2.76 –0.332 –2.39
F-Statistic 11.94 9.95 2.86 6.86
Adj R2 0.2 0.17 0.04 0.11
1960 1961 1962 1963Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.041 5.17 0.035 5.61 0.05 5.61 0.006 1.72
PK 0.066 3.15 0.043 2.73 0.042 1.85 0.107 4.03
CAK –0.041 –3.46 –0.028 –2.69 –0.041 –2.64 –0.002 –0.16
IK –0.109 –3.23 –0.114 –3.74 –0.044 –1.28 0.023 0.45
FS 0.144 1.16 0.238 2.78 –0.194 –1.52 –0.246 –0.73
F-Statistic 9.13 6.07 3.51 10.69
Adj R2 0.14 0.08 0.04 0.12
1964 1965 1966 1967Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.004 1.8 0.017 3.14 0.034 6.74 0.036 6.97
PK 0.075 4.39 0.065 4.76 0.07 5.79 0.075 5.58
CAK –0.008 –0.98 –0.024 –2.75 –0.046 –5.57 –0.051 –7.01
IK –0.009 –0.55 –0.025 –1.8 –0.084 –4.62 –0.116 –6.02
FS 0.206 2.66 0.148 3.07 0.088 1.94 0.14 2.42
F-Statistic 23.48 11.04 16.41 23.03
Adj R2 0.23 0.15 0.16 0.2