FINANCE Corporate financial policy and R and D Management

The Model 133

TABLE 6.10 (Continued)

1992 1993 1994 1995

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

Intercept 0.001 2.94 0.02 4.51 0.017 4.82 0.005 1.98
DIVL 0.84 52.07 0.389 6.44 0.156 5.55 0.898 14.83
CAK –0.001 –1.8 –0.017 –2.42 –0.014 –2.83 –0.009 –2.31
PK 0 0.91 –0.001 –0.29 0 0 0.008 1.81
IS 0.003 0.75 –0.068 –2.32 –0.013 –0.66 –0.026 –1.58
FS 0.014 6.02 0.126 5.72 0.003 0.2 0 0.04
RDS –0.001 –0.36 0.006 0.81 0 0.07 0.002 0.54
F-Statistic 455.51 13.05 7.17 45.47
Adj R2 0.82 0.1 0.05 0.27

1996 1997 1998 1999

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

Intercept 0.009 4.52 0.002 2.99 0.005 3.17 0.001 0.69
DIVL 0.177 8.52 0.461 22.18 0.537 25.7 0.805 23.7
CAK –0.013 –4.59 –0.005 –6.06 –0.008 –3.62 0.001 0.46
PK 0.017 3.59 0.018 6.44 0.01 3.22 0.002 0.57
IS 0.005 0.52 0.001 0.37 –0.001 –0.39 0 –0.04
FS –0.015 –4.13 –0.003 –0.93 0 –0.55 0.002 0.55
RDS 0.002 0.75 0.002 2.23 0.008 1.99 0 0
F-Statistic 28.35 110.13 126.68 96.59
Adj R2 0.17 0.43 0.45 0.37

2000 2001 2002

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

Intercept 0.007 3.59 0.003 2.94 0.004 3.92
DIVL 0.537 18.1 0.467 31.11 0.6 24.42
CAK –0.006 –1.94 0 0.32 –0.001 –1.06
PK 0.002 0.41 0.009 4.76 0.001 0.43
IS –0.009 –0.96 0.001 0.14 –0.003 –0.46
FS 0.002 0.46 –0.001 –0.25 0.003 0.97
RDS –0.003 –0.3 –0.001 –0.25 0 –0.06
F-Statistic 57.93 174.93 102.14
Adj R2 0.25 0.49 0.35