FINANCE Corporate financial policy and R and D Management

The Model 149

TABLE 6.14 (Continued)

1976 1977 1978 1979

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

Intercept 0.001 0.98 –0.001 –0.72 –0.001 –0.39 0.002 1.92
DIVL 0.879 69.7 1.002 50.22 1.021 52.9 1.019 71.85
CAK 0 0.09 –0.001 –0.5 –0.001 –0.47 –0.001 –1.5
PK 0.005 2.83 0.007 3.74 0.006 1.81 –0.002 –1.37
IS –0.006 –0.62 –0.004 –0.53 –0.02 –1.38 –0.012 –2.29
FS 0.003 0.28 –0.001 –0.07 0.029 1.49 0.012 1.99
RDS –0.006 –0.51 0.007 0.6 0.009 0.62 0.001 0.08
F-Statistic 1,679.04 1,500.19 839.35 1,486.66
Adj R2 0.97 0.96 0.94 0.96

1980 1981 1982 1983

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

Intercept 0.001 0.45 –0.001 –1.71 –0.001 –0.94 0 0.06
DIVL 1.071 75.2 0.986 78.54 1.091 107.25 0.987 74.18
CAK –0.002 –0.88 0.001 1.3 0.002 2.01 0 0.38
PK –0.001 –0.5 0.005 3.48 –0.002 –1.51 0 0.26
IS –0.019 –1.38 –0.004 –1.37 –0.004 –1.11 0.005 1.35
FS 0.013 0.6 0.003 0.67 0.004 0.9 –0.01 –2.54
RDS 0.027 2.38 0.002 0.37 –0.003 –0.63 –0.001 –0.25
F-Statistic 1,684.73 1,293.04 2,105.6 1,006.36
Adj R2 0.97 0.96 0.97 0.94

1984 1985 1986 1987

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

Intercept –0.001 –1.43 0.001 1.1 0.001 0.33 0.015 6.08
DIVL 0.897 54.18 1.016 82.42 0.92 9.46 0.196 8.06
CAK 0.002 2.52 0 –0.27 –0.003 –1.82 –0.013 –3.7
PK 0.005 2.88 0.001 0.6 0.015 1.98 0.016 3.33
IS 0.01 1.55 –0.006 –1.49 0.011 0.37 –0.065 –3.09
FS –0.016 –1.4 0.005 2.19 –0.06 –1.87 0.017 0.82
RDS –0.003 –0.97 0.001 0.38 0.003 0.21 0.04 2.12
F-Statistic 575.45 1,251.9 20.62 20.63
Adj R2 0.9 0.95 0.22 0.21

(Continued)