FINANCE Corporate financial policy and R and D Management

The Model 129

TABLE 6.9 (Continued)

1996 1997 1998 1999

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

Intercept 0.049 2.8 0.026 1.79 –0.068 –1.99 0.262 6.37
DE 0 0.07 0 –1.54 0 1.43 0 –0.11
INTE 0 –0.04 0 0.13 0 0.11 0 0.14
DEPK 0.019 0.14 –0.012 –0.74 –0.218 –1.91 –0.054 –0.93
PK 0.09 2.72 –0.009 –1.04 –0.015 –0.51 –0.027 –0.93
DS –5.196 –5.89 –0.276 –0.41 8.758 6.7 –14.776 –5.55
IS 0.386 13.02 0.534 19.96 0.561 6.32 –0.031 –0.29

2000 2001 2002

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

Intercept 0.056 2.85 0.041 2.66 0.048 0.59
DE 0 –0.59 0 0.27 0 –0.58
INTE 0 0.65 0 0.43 0 0.25
DEPK –0.157 –2.82 0.007 0.76 –0.17 –1.19
PK –0.067 –2.49 0.01 1.02 0.115 1.21
DS –0.199 –0.16 –3.964 –2.92 –6.088 –0.73
IS 0.242 3.23 0.371 8.18 0.28 2.06

TABLE 6.10 Dividend Equation OLS

1952 1953 1954 1955

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

Intercept 0.012 0.9 –0.005 –0.22 0.007 0.35 0.012 1.09
DIVL 0.924 15.61 0.912 11.9 1.094 10.19 1.015 16.21
CAK –0.022 –1.28 0.008 0.27 –0.017 –0.56 –0.014 –0.8
PK 0 0.02 –0.006 –0.46 0.014 0.89 –0.005 –0.42
IS –0.022 –0.7 0.012 0.3 –0.05 –1.13 –0.028 –0.77
FS 0.024 0.57 0.047 0.75 0.009 0.22 –0.035 –0.6
RDS –0.097 –1.72 0.042 0.59 0.037 0.43 0.018 0.24
F-Statistic 68.91 48.98 35.71 83.85
Adj R2 0.96 0.93 0.89 0.94

(Continued)