FINANCE Corporate financial policy and R and D Management

The Model 127

TABLE 6.9 (Continued)

1964 1965 1966 1967

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

Intercept –0.009 –1.41 –0.012 –0.79 –0.017 –1.62 0.011 0.91
DE 0 –0.59 0 –0.26 0 –1.44 0 0.13
INTE 0.001 0.07 0.004 0.47 –0.014 –0.62 –0.033 –0.86
DEPK 0.06 0.87 –0.084 –0.45 –0.308 –2.49 –0.311 –2.04
PK –0.158 –3.24 –0.025 –0.52 0.097 3.63 0.116 3.14
DS 2.959 7.37 1.976 3.8 0.742 2.19 0.305 1.06
IS 0.036 1.63 0.134 6.53 0.273 6.52 0.225 3.81

1968 1969 1970 1971

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

Intercept 0.035 3 0.031 2.11 0.017 1.66 –0.055 –4.07
DE 0 –1.49 0 0.08 0 1.35 0 0.31
INTE –0.056 –2.05 –0.007 –0.72 –0.002 –0.4 0 0.08
DEPK –0.37 –3.4 –0.397 –2.7 –0.225 –2.58 0.026 0.33
PK 0.026 0.97 0.051 1.52 0.225 6.83 –0.007 –0.36
DS 0.671 2.54 0.544 1.54 –1.486 –3.11 1.203 2.02
IS 0.303 8.28 0.199 3.67 0.048 2.28 0.66 21.43

1972 1973 1974 1975

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

Intercept 0.008 0.43 0.014 0.65 0.019 1.13 0.033 3.25
DE –0.004 –2.91 0 –0.06 0 –0.42 0 0.65
INTE 0.034 0.76 0.066 2.64 0.005 0.88 0.001 0.33
DEPK –0.675 –3.94 –1.06 –5.66 –1.167 –6.31 –1.284 –10.83
PK 0.008 0.14 0.004 0.06 0.141 3.38 0.162 4.87
DS 0.026 0.05 –0.512 –0.68 –1.397 –1.68 –2.335 –4.28
IS 0.588 7.87 0.814 7.41 0.629 8.32 0.606 12.06

1976 1977 1978 1979

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

Intercept –0.009 –1.04 0.015 1.23 0.13 3.29 0.095 5.31
DE 0 0.31 0 0.25 0 –0.96 0 –0.06
INTE 0.003 0.78 0.001 2.18 0 0.18 –0.005 –1.08
DEPK –0.161 –2.09 –0.303 –3.15 –0.013 –0.06 –0.513 –4.51
PK –0.001 –0.28 0.119 4.05 0.248 2.59 0.073 2.04
DS –0.858 –1.86 –3.353 –4.25 –13.224 –9.45 –6.703 –6.01
IS 0.518 14.07 0.397 8.32 0.221 1.48 0.493 10.14

(Continued)