The Model 147
TABLE 6.14 Dividend Equation 2SLS
1952 1953 1954 1955Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.023 1.23 –0.017 –0.64 –0.005 –0.2 0.017 1.11
DIVL 0.923 14.66 0.924 11.4 1.113 9.85 1.061 12.41
CAK –0.035 –1.49 0.024 0.67 0 0.01 –0.024 –1.01
PK –0.008 –0.47 –0.001 –0.08 0.016 1.01 0.009 0.56
IS –0.025 –0.72 0.022 0.5 –0.027 –0.53 –0.028 –0.5
FS –0.029 –0.42 0.106 1.31 0.037 0.51 –0.156 –1.4
RDS –0.105 –1.73 0.025 0.33 0.018 0.2 0.013 0.15
F-Statistic 61.22 46.73 34.48 67.52
Adj R2 0.95 0.92 0.89 0.93
1956 1957 1958 1959Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.005 0.38 –0.009 –1.1 –0.006 –1 –0.004 –0.64
DIVL 0.967 18.56 0.96 32.02 1.047 31.61 1.03 37.63
CAK –0.016 –0.76 0.005 0.41 0.01 0.9 0.005 0.5
PK 0.023 1.77 0.02 2.06 0.004 0.39 –0.004 –0.36
IS –0.026 –0.66 0.042 1.23 –0.002 –0.1 –0.016 –0.64
FS –0.018 –0.38 –0.056 –1.44 –0.005 –0.2 –0.003 –0.07
RDS 0.057 0.89 0.026 0.64 0.018 0.54 0.061 2.28
F-Statistic 86.91 236.3 239.21 277.83
Adj R2 0.94 0.97 0.97 0.98
1960 1961 1962 1963Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.016 2.23 0.001 0.15 –0.001 –0.36 0.002 0.36
DIVL 0.901 28.48 1.071 57.1 0.959 44.01 0.964 16.14
CAK –0.027 –2.05 0.003 0.45 –0.003 –0.58 –0.001 –0.1
PK 0.016 2.27 –0.012 –2.1 0.008 2.03 0.014 0.76
IS –0.039 –1.41 –0.008 –0.67 0.005 0.46 –0.048 –1.43
FS 0.011 0.59 –0.001 –0.07 –0.001 –0.05 0.006 0.16
RDS –0.034 –1.13 0.002 0.09 0.006 0.33 –0.035 –1.09
F-Statistic 216.87 629.38 454.9 226
Adj R2 0.97 0.99 0.98 0.98
(Continued)