FINANCE Corporate financial policy and R and D Management

126 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.8 (Continued)

2000 2001 2002

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

Intercept 0.433 3.35 –0.078 –1.89 0.198 1.82
PKL –0.006 –1.16 0.006 0.38 0 –0.02
CAK –0.132 –3.07 –0.005 –0.53 –0.068 –1.31
D2sales –0.102 –0.74 –0.018 –0.63 –0.002 –0.32
DS –2.832 –3.85 7.232 2.23 –15.439 –1.62
FS 0.533 1.01 2.629 7.18 2.818 2.24

TABLE 6.9 Financing Equation 3SLS

1952 1953 1954 1955

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

Intercept 0.001 0.13 0.007 0.95 –0.054 –3 –0.019 –0.9
DE 0 0.3 0 –0.01 –0.003 –2.06 0 –0.34
INTE 0.021 0.61 –0.07 –1.86 0.2 2.64 0.097 0.6
DEPK 0 0.01 –0.079 –1.74 0.515 3.06 0.102 1.13
PK –0.001 –0.04 0.015 1.42 –0.111 –2.85 –0.002 –0.09
DS 0.985 3.52 0.367 1.9 3.152 7.74 1.359 2.84
IS 0.045 0.98 0.269 12.36 –0.117 –1.36 0.168 3.01

1956 1957 1958 1959

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

Intercept –0.013 –1.12 0.018 1.31 0.015 1.05 0.031 2.97
DE 0 0.55 0 –1.54 0.001 1.82 0 0.84
INTE 0.091 1.82 0.055 1.02 –0.067 –1.47 0.018 0.6
DEPK 0.156 2.3 –0.032 –0.34 0.258 2.37 –0.213 –2.1
PK –0.017 –0.78 0.108 4.09 –0.055 –1.37 0.132 4.58
DS 1.473 5.87 –0.643 –2.26 1.187 6.44 –0.802 –3.66
IS 0.051 1.9 0.151 3.54 –0.188 –2.36 0.224 5.11

1960 1961 1962 1963

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

Intercept 0.008 0.42 –0.029 –2.24 0.056 2.58 0.018 1.94
DE 0 –0.67 0 0.18 0 0.13 0 –0.39
INTE –0.01 –1.31 0.001 0.1 0.005 0.59 –0.031 –2.48
DEPK –0.357 –2.03 –0.063 –0.47 –0.288 –1.52 0.064 0.65
PK 0.176 3.99 0.011 0.58 0.113 3.01 0.339 3.69
DS –0.385 –0.73 1.516 4.62 –1.623 –4.16 –3.004 –3.95
IS 0.192 3.06 0.19 3.43 0.195 7.38 0.061 1.76