FINANCE Corporate financial policy and R and D Management

150 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.14 (Continued)

1988 1989 1990 1991

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

Intercept 0.015 1.42 0.009 1.41 0.017 3.11 0.006 2.39
DIVL 0.102 1.83 0.097 2.38 0.182 4.6 0.245 6.92
CAK –0.031 –2.61 –0.008 –1.13 –0.011 –1.56 –0.001 –1.62
PK 0.068 3.43 0.038 2.81 0.007 0.8 0.009 1.8
IS –0.14 –2.44 –0.022 –0.52 –0.043 –1.01 0.056 1.78
FS 0.058 0.64 –0.004 –0.08 0.001 0.03 –0.232 –2.5
RDS 0.077 1.93 0.004 0.46 0.002 0.58 –0.004 –0.75
F-Statistic 7.29 3.55 4.8 17.55
Adj R2 0.07 0.03 0.04 0.15

1992 1993 1994 1995

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

Intercept 0.002 3.7 0.012 1.77 0.021 5.25 0.006 1.87
DIVL 0.842 37.28 0.383 5.28 0.154 5.3 0.898 14.83
CAK –0.001 –1.1 –0.005 –0.53 –0.017 –3.3 –0.01 –2.3
PK 0 0.77 –0.002 –0.48 0 –0.01 0.007 1.71
IS –0.006 –1.54 0.028 0.44 –0.068 –1.63 –0.03 –1.25
FS 0.015 1.19 –0.24 –2.55 0.025 0.37 –0.002 –0.53
RDS 0.002 1.07 –0.002 –0.2 0.005 0.83 0.003 0.83
F-Statistic 444.04 6.64 7.91 45.32
Adj R2 0.82 0.05 0.06 0.27

1996 1997 1998 1999

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

Intercept 0.013 5.46 0.003 3.31 0.005 3.18 0.001 0.51
DIVL 0.175 8.37 0.461 21.89 0.535 25.33 0.806 23.62
CAK –0.016 –5.25 –0.005 –5.29 –0.008 –3.7 0.001 0.55
PK 0.015 3.23 0.016 5.29 0.008 2.21 0.002 0.36
IS –0.027 –1.99 –0.004 –0.73 –0.004 –0.92 0.005 0.6
FS –0.016 –3.41 –0.015 –1.11 0.001 0.36 –0.005 –0.34
RDS 0.006 1.62 0.003 2.62 0.005 0.66 0 –0.1
F-Statistic 28.03 107.58 126.34 96.13
Adj R2 0.17 0.42 0.45 0.37