FINANCE Corporate financial policy and R and D Management

The Model 143

TABLE 6.13 (Continued)

1956 1957 1958 1959

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

Intercept 0.005 0.92 –0.003 –0.71 –0.004 –0.47 –0.005 –1.29
RDL 0.781 7.92 0.968 14.93 1.031 8.69 1.202 25.3
Size 0.041 0.42 0.023 0.24 0.426 2.52 0.049 0.54
PKL 0.004 0.26 0.013 1.29 –0.003 –0.14 –0.014 –1.02
IS –0.04 –1.43 0.016 0.81 0.029 0.66 0.051 2.7
DS 0.003 0.04 –0.003 –0.05 0.147 1.34 –0.011 –0.28
FS 0.023 0.5 –0.021 –0.59 –0.193 –2.65 –0.041 –1.42
F-Statistic 18.42 56.14 16.57 126.46
Adj R2 0.76 0.9 0.71 0.95

1960 1961 1962 1963

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

Intercept 0.005 1.4 –0.008 –2.11 –0.005 –1.33 0.003 0.39
RDL 1.003 30.52 0.944 20.51 1 25.49 1.048 11.53
Size –0.158 –2.75 0.34 1.94 –0.006 –0.09 0.201 0.89
PKL 0.005 0.48 0.034 3.04 0.012 1.53 –0.024 –0.6
IS –0.025 –1.79 0.016 0.92 0.031 1.72 0.039 0.49
DS –0.015 –0.42 –0.12 –2.33 –0.002 –0.03 –0.12 –0.84
FS 0.017 1.07 –0.003 –0.18 –0.051 –2.02 –0.014 –0.17
F-Statistic 174.98 81.41 119.13 35.66
Adj R2 0.96 0.92 0.94 0.89

1964 1965 1966 1967

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

Intercept 0.004 0.5 0.013 1.49 –0.004 –0.66 –0.003 –0.51
RDL 1.058 12.21 0.978 12.91 0.919 13.9 0.887 13.4
Size –0.149 –0.84 –0.335 –1.49 0.102 0.74 0.152 1.2
PKL –0.008 –0.22 –0.018 –0.52 –0.002 –0.11 0.032 2.06
IS –0.067 –0.97 –0.107 –1.46 0.014 0.46 0.007 0.27
DS –0.025 –0.21 –0.038 –0.29 0.056 0.84 –0.168 –2.33
FS –0.024 –0.24 0.019 0.18 0.013 0.6 –0.018 –0.49
F-Statistic 41.52 34.04 39.4 36.71
Adj R2 0.9 0.87 0.86 0.8

(Continued)