110 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.4 (Continued)
1984 1985 1986 1987Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.023 5.39 0.013 11.97 0.013 9.65 0.017 1.97
PK –0.011 –1.26 0.011 4.43 0.017 3.64 0.017 0.77
CAK –0.009 –2.06 –0.002 –1.4 –0.004 –2.42 0 0.02
IK 0.004 0.64 –0.003 –0.76 0 –0.06 –0.024 –1.23
FS –0.123 –3.2 –0.026 –3.02 –0.029 –2.54 0.007 0.1
F-Statistic 3.12 6.72 5.02 0.42
Adj R2 0.01 0.03 0.02 0
1988 1989 1990 1991Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.014 6.17 0.012 4.36 0.012 4.02 0.014 8.02
PK 0.054 5.11 0.035 5.7 0.035 4.78 0.023 3.7
CAK –0.018 –5.03 –0.01 –2.72 –0.001 –0.38 –0.003 –1.84
IK –0.024 –1.65 0.001 0.08 –0.033 –2.51 –0.022 –1.32
FS –0.034 –1.65 –0.041 –1.22 0.06 1.37 –0.009 –0.18
F-Statistic 9.19 9.9 6.74 8.35
Adj R2 0.03 0.04 0.02 0.03
1992 1993 1994 1995Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.017 9.92 0.019 9.07 0.002 0.1 0.015 3.72
PK 0.031 6.99 0.02 3.1 0.046 1.52 0.03 5.45
CAK 0 –0.07 –0.011 –2.89 –0.001 –0.03 –0.022 –5.18
IK –0.079 –6.56 –0.044 –3.26 –0.027 –0.75 –0.008 –0.84
FS 0.065 3.36 0.026 1.09 0.034 1.02 –0.002 –0.13
F-Statistic 12.82 5.5 1.32 27.31
Adj R2 0.04 0.01 0 0.07
1996 1997 1998 1999Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.021 8.83 0.027 11.62 0.016 2.62 0.016 10.43
PK 0.01 2.24 –0.018 –10.85 0.023 2.16 0.003 1.43
CAK –0.015 –5.11 –0.016 –4.86 –0.016 –2.24 –0.004 –1.79
IK –0.021 –2.41 –0.03 –5.81 –0.09 –3.57 –0.02 –2.2
FS –0.046 –3.1 –0.014 –1.99 0.086 3.33 –0.028 –1.82
F-Statistic 13.39 35.77 5.15 4.53
Adj R2 0.03 0.08 0.01 0.01