FINANCE Corporate financial policy and R and D Management

114 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.5 (Continued)

1984 1985 1986 1987

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

Intercept 0.185 4.91 0.329 8.72 0.122 2.54 0.128 4.67
PKL 0.015 1.93 0.277 5.63 0.286 3.57 0.003 0.08
CAK –0.022 –1.57 –0.207 –7.79 –0.004 –0.33 –0.004 –0.79
D2sales –0.063 –1.88 –0.211 –4.33 –0.096 –2.19 –0.117 –2.01
DS –6.363 –3.21 –14.406 –5.79 –8.179 –2.4 –2.785 –2.1
FS 0.759 2.75 0.902 6.67 1.076 4.17 1.032 2.67
F-Statistic 10.69 14.83 4.11 1.9
Adj R2 0.06 0.09 0.02 0.01

1988 1989 1990 1991

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

Intercept 0.156 8.2 0.087 2.69 0.119 3.12 0.065 1.41
PKL 0.002 0.15 –0.008 –0.93 0.218 1.94 –0.202 –1.85
CAK 0 –0.06 –0.057 –1.68 –0.041 –1.28 –0.001 –0.22
D2sales –0.018 –0.7 –0.116 –4.23 –0.154 –2.98 –0.338 –3.98
DS –3.335 –3.51 0.738 0.51 –5.441 –2.4 4.462 1.62
FS 0.009 0.07 2.201 8.28 2.909 4.74 4.955 6.98
F-Statistic 3.4 16.28 5.67 10.08
Adj R2 0.01 0.07 0.02 0.04

1992 1993 1994 1995

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

Intercept 0.062 1.79 0.186 2.56 0.241 9.81 0.162 4.59
PKL 0.022 0.46 0.001 0.05 –0.014 –0.75 –0.028 –0.64
CAK –0.087 –3.83 –0.079 –1.17 –0.192 –6.25 –0.156 –5.04
D2sales 0.517 3.98 –0.368 –3.34 –0.026 –0.79 –0.004 –0.32
DS –1.464 –1.07 –3.352 –1.03 –5.974 –6.24 –0.827 –0.89
FS 2.175 6.05 2.24 8.62 0.051 1.27 0.125 1.29
F-Statistic 8.94 18.38 14.89 17.52
Adj R2 0.03 0.07 0.05 0.05