FINANCE Corporate financial policy and R and D Management

The Model 135

TABLE 6.11 (Continued)

1964 1965 1966 1967

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

Intercept 0.135 5.26 0.136 6.15 0.206 7.87 0.22 9.69
PKL –0.098 –1.15 –0.048 –0.64 0.191 3.45 0.111 1.89
CAK –0.145 –3.7 –0.154 –4.37 –0.274 –6.66 –0.294 –8.05
D2sales 0.044 1.11 0.037 0.89 –0.161 –2.88 –0.085 –2
DS –0.013 –0.05 0.094 0.33 –0.586 –2.56 –0.5 –1.83
FS 0.222 0.88 0.097 0.35 0.095 1.19 0.053 0.39
RDS 0.03 0.15 0.009 0.05 0.108 0.47 0.127 0.53
F-Statistic 5.05 3.79 13.26 12.14
Adj R2 0.48 0.37 0.65 0.55

1968 1969 1970 1971

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

Intercept 0.18 6.4 0.205 7.05 0.171 7.21 0.136 11.98
PKL 0.019 0.24 0.088 0.94 –0.062 –0.89 –0.011 –0.29
CAK –0.235 –4.89 –0.314 –6.17 –0.279 –7.01 –0.195 –9.55
D2sales –0.059 –0.98 –0.089 –1.36 0.071 1.23 –0.003 –0.16
DS 0.124 0.33 –0.266 –0.59 0.292 0.86 0.43 2.16
FS 0.341 1.54 0.396 2.55 0.282 1.83 0.416 5.78
RDS –0.106 –0.35 0.154 0.43 0.524 2.5 0.371 2.68
F-Statistic 6.95 9.53 13.75 30.98
Adj R2 0.39 0.45 0.54 0.55

1972 1973 1974 1975

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

Intercept 0.153 10.34 0.168 9.04 0.152 9.35 0.13 10.29
PKL –0.026 –0.61 0.024 0.46 0.031 0.8 0.087 2.86
CAK –0.225 –8.93 –0.276 –9.3 –0.255 –10.9 –0.227 –10.63
D2sales 0.038 2.44 0.081 2.54 0.046 1.74 –0.001 –0.05
DS –0.021 –0.21 –0.668 –3.78 –0.064 –0.33 –0.068 –0.36
FS 1.063 15.22 0.081 2.96 –0.095 –2.95 0.63 11.11
RDS 0.334 1.72 0.713 2.85 0.911 4.53 0.593 3.37
F-Statistic 72.57 16.83 24.42 48.71
Adj R2 0.64 0.25 0.32 0.48

(Continued)