FINANCE Corporate financial policy and R and D Management

144 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.13 (Continued)

1968 1969 1970 1971

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

Intercept –0.002 –0.58 –0.008 –2.93 –0.012 –2.26 –0.002 –0.87
RDL 0.927 18.57 0.9 23.63 1.119 16.25 0.793 22.38
Size –0.171 –2.17 0.001 0.01 0.409 6.44 –0.049 –1.48
PKL 0.023 1.74 0.031 3.07 0.012 0.69 0.029 2.99
IS –0.013 –0.68 0.011 0.89 0.037 1.56 0.017 0.9
DS –0.041 –0.66 0.025 0.51 0.056 0.66 –0.062 –1.03
FS 0.011 0.33 0.003 0.17 –0.105 –3.18 0.033 1.49
F-Statistic 76.14 129.78 74.55 86.54
Adj R2 0.89 0.93 0.87 0.77

1972 1973 1974 1975

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

Intercept 0.002 1.21 0.001 0.42 –0.002 –1.41 –0.002 –1.51
RDL 0.853 46.94 0.86 40.24 0.844 36.22 1.007 54.4
Size –0.044 –2.68 0.122 8.13 –0.102 –5.55 0.038 2.94
PKL 0.006 1.47 0 –0.04 0.018 3.8 0.004 1.26
IS –0.003 –0.45 –0.002 –0.5 –0.001 –0.1 0.004 0.81
DS –0.001 –0.12 –0.01 –0.64 –0.008 –0.34 –0.008 –0.4
FS 0.006 0.58 –0.004 –1.43 0.003 0.83 –0.007 –1.04
F-Statistic 372.68 313.88 242.01 533.52
Adj R2 0.9 0.87 0.83 0.91

1976 1977 1978 1979

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

Intercept 0 –0.23 –0.006 –3.95 0 0.07 0 0.44
RDL 0.903 54.26 0.967 38.69 0.81 30.01 0.991 65.47
Size –0.013 –3.18 –0.006 –0.64 0.036 2.35 –0.036 –2.94
PKL 0.005 1.64 0.021 4.61 0.008 1.39 0.001 0.41
IS 0.006 1.13 0.043 6.74 0.014 1.35 0.004 0.96
DS –0.006 –0.31 –0.116 –3.69 0.037 1.17 –0.019 –1.09
FS –0.005 –0.82 –0.047 –5.56 –0.045 –3.47 –0.005 –1.19
F-Statistic 511.76 274.6 167.33 770.37
Adj R2 0.9 0.83 0.74 0.93