FINANCE Corporate financial policy and R and D Management

130 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.10 (Continued)

1956 1957 1958 1959

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

Intercept –0.007 –0.93 –0.007 –1.57 –0.005 –0.99 –0.007 –1.54
DIVL 0.956 21.65 0.965 34.84 1.039 32.98 1.032 38.97
CAK 0.004 0.28 0.005 0.58 0.008 0.92 0.01 1.39
PK 0.013 1.42 0.013 1.65 0.002 0.19 –0.001 –0.08
IS 0.013 0.52 0.027 1.78 –0.009 –0.41 0.003 0.19
FS 0.017 0.67 –0.016 –0.85 0.014 0.65 –0.028 –1.47
RDS 0.079 1.41 0.012 0.32 0.016 0.51 0.052 2.13
F-Statistic 106.61 272.85 245.38 295.83
Adj R2 0.95 0.98 0.97 0.98

1960 1961 1962 1963

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

Intercept 0.006 1.13 0 –0.12 –0.002 –0.65 0 0.01
DIVL 0.91 33.7 1.073 58.37 0.963 46.21 0.993 21.54
CAK –0.008 –0.88 0.004 0.77 –0.002 –0.46 0.003 0.45
PK 0.012 2.08 –0.011 –2.06 0.008 1.95 0.003 0.24
IS 0.008 0.45 –0.006 –0.61 0.005 0.5 –0.025 –0.87
FS –0.013 –1.18 0.003 0.5 0.006 0.59 0.032 1.3
RDS –0.045 –1.75 –0.003 –0.15 0.003 0.18 –0.052 –2
F-Statistic 263.18 639.9 460.27 246.53
Adj R2 0.97 0.99 0.98 0.98

1964 1965 1966 1967

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

Intercept –0.011 –1.04 0.001 0.17 0 0 0.004 0.77
DIVL 1.033 10.82 0.85 17.17 0.988 46.55 0.99 28.52
CAK 0.01 0.71 –0.004 –0.4 0 0 –0.003 –0.43
PK 0.018 0.76 0.014 1 –0.009 –1.6 –0.015 –1.69
IS 0.075 1.17 –0.037 –0.81 –0.007 –0.52 –0.021 –1.2
FS –0.1 –1.46 0.019 0.35 0.048 8.31 0.048 3.18
RDS 0.08 1.5 0.064 2 –0.004 –0.2 –0.01 –0.34
F-Statistic 47.53 123.98 1,425.56 691.99
Adj R2 0.91 0.96 1 0.99