FINANCE Corporate financial policy and R and D Management

The Model 139

TABLE 6.12 (Continued)

1960 1961 1962 1963

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

Intercept –0.034 –0.87 –0.004 –0.1 0.012 0.55 –0.037 –2.33
DE 0.003 0.44 –0.006 –0.47 0.002 0.56 –0.002 –0.83
INTE –0.161 –1.16 0.036 0.26 –0.026 –0.43 0.145 2.38
PKL 0.22 1.59 0.064 0.54 0.079 1.49 0.297 4.19
DS –0.901 –2.11 –0.247 –0.48 –0.527 –1.57 –0.3 –0.85
IS 0.531 4.32 0.352 2.11 0.388 3.73 0.029 0.15
RDS 0.474 1.38 0.389 0.84 0.288 1.12 0.139 0.7
F-Statistic 4.41 1.12 2.64 7.59
Adj R2 0.32 0.02 0.18 0.61

1964 1965 1966 1967

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

Intercept –0.051 –2.25 –0.006 –0.45 0.033 0.81 0.003 0.11
DE 0 0.65 0 –0.93 0.024 2.53 0.001 0.74
INTE 0.249 1.55 –0.017 –2.54 0.147 1.68 0.008 0.1
PKL 0.217 2.96 0.218 4.13 –0.196 –1.57 0.002 0.03
DS –0.106 –0.41 –0.339 –1.63 2.755 9.38 1.778 12.68
IS 0.437 3.11 0.106 0.87 –0.21 –0.8 –0.047 –0.45
RDS 0.301 1.63 0.078 0.63 –0.694 –1.33 0.237 0.87
F-Statistic 3.77 3.72 16.41 28.23
Adj R2 0.39 0.36 0.7 0.75

1968 1969 1970 1971

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

Intercept 0.02 1.27 0.005 0.27 –0.03 –1.35 –0.007 –0.68
DE 0 –0.66 0.001 0.31 –0.001 –0.21 0.003 2.52
INTE –0.011 –0.18 –0.028 –0.55 0.016 0.65 –0.015 –0.93
PKL 0.072 1.35 0.126 1.55 0.242 3.55 –0.041 –1.16
DS –0.178 –0.69 –0.623 –1.67 –0.03 –0.09 0.179 0.84
IS 0.163 2.08 0.211 2.18 0.186 1.85 0.308 4.76
RDS 0.316 1.58 0.528 1.67 –0.184 –0.92 0.182 1.23
F-Statistic 1.53 2.09 3.67 7.7
Adj R2 0.05 0.1 0.2 0.21

(Continued)