FINANCE Corporate financial policy and R and D Management

The Model 131

TABLE 6.10 (Continued)

1968 1969 1970 1971

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

Intercept –0.002 –0.81 0 0.23 –0.004 –1.83 –0.005 –2.74
DIVL 0.968 47.22 0.994 51.58 0.937 40.63 0.976 46.89
CAK 0 –0.12 –0.001 –0.26 0.003 0.77 0.005 1.9
PK 0.001 0.13 –0.002 –0.37 0.011 2.43 0.004 1.07
IS 0.005 0.65 –0.013 –2.18 0.013 1.48 0.01 1.16
FS –0.005 –0.43 0.011 1.69 –0.017 –1.82 0.005 0.54
RDS 0.03 1.88 0.013 0.8 0.018 1.28 0.008 0.51
F-Statistic 640.21 727.93 470.9 581.88
Adj R2 0.99 0.99 0.98 0.96

1972 1973 1974 1975

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

Intercept 0 –0.4 0.001 0.61 –0.005 –1.83 –0.006 –4.79
DIVL 0.877 214.17 0.742 104.52 0.555 31.8 0.846 64.06
CAK 0 0.28 –0.003 –1.81 0.004 1.04 0.01 5.01
PK 0.004 2.33 0.014 4.95 0.024 4.62 0.005 1.72
IS 0.002 0.6 –0.008 –2.67 0.018 2.15 0.051 10.88
FS –0.005 –1.13 0.025 18.52 0.033 7.67 0.011 2.01
RDS –0.003 –0.37 0.01 0.77 0.003 0.09 –0.034 –2.38
F-Statistic 8,477.94 2,889.18 263.02 796.59
Adj R2 1 0.98 0.84 0.94

1976 1977 1978 1979

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

Intercept –0.001 –0.93 –0.001 –1.89 –0.001 –1.27 0.002 2.15
DIVL 0.889 102.15 1.002 83.68 1.023 66.06 1.009 87.61
CAK 0.002 2.5 0 0.27 0 –0.01 –0.001 –1.5
PK 0.004 2.98 0.007 3.9 0.006 2.3 –0.002 –1.4
IS 0.01 3.73 0.001 0.29 –0.015 –2.86 –0.007 –2.51
FS –0.011 –3.83 0 0.01 0.026 4.2 0.006 2.25
RDS –0.016 –1.85 0.004 0.42 0.006 0.44 –0.001 –0.08
F-Statistic 1,873.33 1,528.53 847.67 1,510.98
Adj R2 0.97 0.96 0.94 0.96

(Continued)