FINANCE Corporate financial policy and R and D Management

146 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.13 (Continued)

1992 1993 1994 1995

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

Intercept –0.02 –5.42 0 0 –0.001 –0.49 –0.04 –7.55
RDL 1.267 60.51 1.207 36.99 0.992 112.89 1.165 76.23
Size –1.631 –9.64 –3.031 –8.14 –1.658 –13.6 4.458 26.16
PKL –0.002 –0.35 0 –0.09 –0.003 –0.88 0.058 4.56
IS 0.314 9.31 0.098 1.53 0.109 4.6 –0.062 –1.57
DS –0.124 –0.97 0.007 0.08 –0.019 –0.42 0.092 1.16
FS –0.06 –3.85 –0.067 –1.35 –0.02 –1.29 –0.04 –3.44
F-Statistic 2,069.2 817.12 4,575.6 3,756.27
Adj R2 0.95 0.89 0.98 0.97

1996 1997 1998 1999

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

Intercept –0.005 –0.55 –0.081 –6.49 0.036 9.3 –0.074 –10.48
RDL 0.336 21.75 1.715 51.33 0.356 52.24 0.812 47.78
Size 4.55 13.96 1.985 10.59 0.084 0.84 1.596 8.52
PKL –0.002 –0.07 0.134 3.66 0 –0.17 0.249 15.32
IS 0.148 2.23 –0.041 –1.03 –0.133 –10.12 0.182 5.74
DS –0.177 –0.73 0.21 0.59 –0.242 –1.88 –0.062 –0.45
FS 0.317 8.45 –0.027 –0.63 0.084 22.52 –0.061 –3.39
F-Statistic 211.32 853.92 710.73 583.1
Adj R2 0.61 0.85 0.82 0.78

2000 2001 2002

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

Intercept 0.025 5.08 0.01 2.89 –0.076 –14.98
RDL 0.203 18.9 0.577 36.8 0.829 25.21
Size 5.239 5.12 1.37 1.62 42.218 24.77
PKL 0.009 0.85 0.031 4.97 0.005 1.27
IS 0.007 0.28 0.057 3.18 0.208 6.43
DS –0.146 –1.84 –0.118 –1.48 0.293 2.4
FS 0.081 7.03 0.025 2.84 –0.04 –2.85
F-Statistic 123.69 277.08 334.57
Adj R2 0.42 0.61 0.64