FINANCE Corporate financial policy and R and D Management

138 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.11 (Continued)

2000 2001 2002

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

Intercept 0.072 12.71 0.056 11.41 0.05 12.89
PKL 0.008 0.65 0.017 1.69 –0.001 –0.17
CAK –0.031 –3.29 –0.006 –1.58 –0.006 –1.62
D2sales 0.018 1.84 0.017 1.63 –0.002 –0.2
DS –0.112 –1.17 –0.069 –0.51 0.007 0.06
FS 0.068 5.11 0.041 2.73 0.047 3.64
RDS 0.01 0.33 0.117 3.45 0.146 8.86
F-Statistic 8.54 5.59 15.15
Adj R2 0.04 0.03 0.07

TABLE 6.12 Financing Equation OLS

1952 1953 1954 1955

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

Intercept 0.025 0.64 0.027 1.01 0.018 0.54 0.001 0.05
DE –0.002 –0.38 0 –0.74 0.005 1.67 0 0.09
INTE 0.297 0.65 –0.187 –0.32 0.291 0.59 0.064 0.28
PKL –0.065 –0.78 –0.017 –0.25 –0.017 –0.25 –0.002 –0.04
DS 0.361 0.7 0.431 1.28 0.658 1.93 0.469 2.1
IS 0.341 2.07 0.148 1.69 0.123 1.14 0.262 3.15
RDS –0.159 –0.36 –0.099 –0.3 –0.165 –0.46 0.365 1.25
F-Statistic 1.96 1.93 1.83 2.95
Adj R2 0.23 0.19 0.16 0.29

1956 1957 1958 1959

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

Intercept –0.025 –1.19 –0.03 –1.13 0.002 0.06 0.021 0.9
DE 0.002 4.13 –0.001 –0.27 –0.01 –1.66 –0.004 –1.01
INTE 0.195 0.86 0.261 1 0.169 0.73 –0.079 –0.55
PKL 0.109 2.44 0.147 2.75 0.011 0.17 0.155 2
DS 0.453 1.63 0.011 0.04 0.304 0.96 –0.195 –0.76
IS 0.385 3.58 0.274 2.89 0.325 2.43 0.206 1.86
RDS –0.068 –0.2 0.18 0.53 0.097 0.38 –0.15 –0.66
F-Statistic 6.67 3.06 2.24 1.52
Adj R2 0.51 0.25 0.16 0.07