FINANCE Corporate financial policy and R and D Management

122 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.7 (Continued)

1988 1989 1990 1991

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

Intercept 0.028 14.43 0.009 3.39 0.014 5.34 0.013 7.6
PK 0.039 4.07 0.032 5.27 0.033 4.93 0.015 2.53
CAK –0.002 –0.61 –0.005 –1.36 –0.002 –0.74 –0.001 –0.46
IK –0.14 –13.51 0.022 1.84 –0.045 –3.91 0.001 0.04
FS –0.067 –3.87 –0.107 –3.58 0.057 1.35 –0.096 –2.05

1992 1993 1994 1995

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

Intercept 0.016 9.59 0.019 9.37 0.002 0.17 0.02 5.07
PK 0.033 7.89 0.019 3.13 0.051 2.06 0.025 4.58
CAK 0.005 4.08 –0.01 –2.78 0 –0.03 –0.026 –6.12
IK –0.09 –8.17 –0.044 –3.53 –0.046 –2.26 –0.023 –2.52
FS 0.091 5.23 0.026 1.13 0.041 1.87 –0.014 –1

1996 1997 1998 1999

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

Intercept 0.018 7.68 0.026 11.1 0.019 5.49 0.018 12.53
PK 0.009 2.01 –0.017 –10.38 –0.01 –3.11 –0.002 –1.31
CAK –0.009 –3.32 –0.013 –4.09 –0.004 –0.92 0.001 0.43
IK 0.002 0.21 –0.026 –5.08 –0.04 –4.28 –0.019 –2.14
FS –0.075 –5.54 –0.014 –2.14 0.039 2.17 –0.056 –4.78

2000 2001 2002

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

Intercept 0.022 13.12 0.011 11.26 0.011 6.35
PK –0.01 –4.43 0.006 4.67 0.009 2
CAK –0.006 –3.97 –0.002 –3.17 –0.003 –1.6
IK –0.021 –4.76 0.005 1.11 –0.044 –3.06
FS –0.098 –4.3 –0.053 –4.01 0.106 1.8