FINANCE Corporate financial policy and R and D Management

The Model 109

TABLE 6.4 (Continued)

1968 1969 1970 1971

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

Intercept 0.024 3.86 0.034 6.76 0.02 6.42 0.028 5.26
PK 0.074 6.72 0.068 6.15 0.06 6.14 0.049 2.85
CAK –0.043 –5.68 –0.047 –6.64 –0.024 –4.86 –0.017 –3.39
IK –0.091 –5.63 –0.113 –6.77 –0.027 –2.34 –0.135 –2.76
FS 0.158 3.28 0.076 1.81 –0.038 –0.75 0.056 1.39
F-Statistic 22.93 20.51 17.23 4.76
Adj R2 0.19 0.16 0.13 0.03

1972 1973 1974 1975

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

Intercept 0.033 6.13 0.02 4.72 0.022 7.61 0.023 7.23
PK 0.079 4.76 0.085 6.34 0.039 5.68 0.055 6.7
CAK –0.049 –6.32 –0.034 –6.24 –0.026 –5.84 –0.029 –5.9
IK –0.132 –6.75 –0.121 –7.45 –0.067 –5.73 –0.105 –6.07
FS 0.06 1.64 0.088 3.23 0.07 3.17 0.124 4.91
F-Statistic 16.06 19.67 14.95 15.98
Adj R2 0.11 0.13 0.1 0.1

1976 1977 1978 1979

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

Intercept 0.025 9.4 0.017 7 0.008 1.75 0.013 5.5
PK 0.001 0.8 0.027 4.38 0.033 3.8 0.015 2.77
CAK –0.015 –4.01 –0.011 –3.66 –0.004 –0.59 –0.004 –1.82
IK –0.038 –3.26 –0.039 –3.29 0.001 0.03 0 –0.02
FS 0.005 0.24 –0.007 –0.27 –0.05 –2.31 –0.01 –0.45
F-Statistic 5.98 9.51 8.17 3.85
Adj R2 0.03 0.06 0.05 0.02

1980 1981 1982 1983

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

Intercept 0.019 7.05 0.021 4.6 0.018 9.29 0.017 13.21
PK 0.043 5.63 0.028 2.52 0.032 5.65 0.002 1.19
CAK –0.019 –4.99 –0.015 –2.46 –0.014 –4.53 –0.003 –1.41
IK –0.066 –4.63 –0.054 –3.75 –0.052 –4.86 –0.014 –2.45
FS 0.118 2.74 0.101 1.97 0.096 2.86 0 –0.13
F-Statistic 12.32 5.05 11.36 2.87
Adj R2 0.07 0.03 0.06 0.01

(Continued)