FINANCE Corporate financial policy and R and D Management

152 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.15 (Continued)

1960 1961 1962 1963

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

Intercept 0.239 7.46 0.23 6.14 0.206 5.21 0.088 2.9
PKL 0.163 1.84 –0.004 –0.05 0.037 0.61 0.22 1.56
CAK –0.448 –7.98 –0.397 –5.96 –0.347 –4.91 –0.136 –3.15
D2sales –0.069 –1.15 –0.006 –0.07 0.03 0.46 0.015 0.19
DS –0.444 –1.47 –0.294 –0.82 0.109 0.29 –0.437 –0.9
FS 0.505 3.09 0.391 1.38 0.131 0.46 –0.55 –1.46
RDS 0.231 0.9 0.602 1.81 0.193 0.66 0.349 1.39
F-Statistic 21.59 9.65 10.05 2.3
Adj R2 0.74 0.54 0.55 0.24

1964 1965 1966 1967

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

Intercept 0.132 4.77 0.145 5.87 0.202 7 0.224 8.89
PKL –0.101 –0.9 –0.019 –0.23 0.221 3.57 0.116 1.79
CAK –0.14 –2.98 –0.167 –4.29 –0.249 –5.41 –0.291 –7.21
D2sales 0.035 0.54 0.081 1.39 –0.224 –3.35 –0.137 –2.48
DS –0.071 –0.23 0.077 0.25 –0.98 –3.23 –1.229 –2.37
FS 0.325 0.5 –0.378 –0.75 0.298 2.42 0.49 1.7
RDS 0.021 0.07 0.114 0.58 0.107 0.43 0.04 0.15
F-Statistic 4.93 3.45 11.74 10.31
Adj R2 0.48 0.34 0.62 0.5

1968 1969 1970 1971

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

Intercept 0.137 2.34 0.196 4.75 0.211 4.46 0.127 9.28
PKL 0.005 0.05 0.026 0.19 –0.107 –1.11 0.057 1.2
CAK –0.185 –2.28 –0.293 –4.02 –0.307 –6.08 –0.193 –8
D2sales –0.19 –1.17 –0.295 –1.92 –0.072 –0.46 –0.033 –1.24
DS 0.22 0.46 0.026 0.04 –0.153 –0.29 0.045 0.18
FS 1.427 1.15 1.548 2.16 0.88 1.39 0.96 5.58
RDS –0.509 –0.88 –0.254 –0.45 0.354 1.21 0.242 1.45
F-Statistic 4.67 5.03 10.76 23.11
Adj R2 0.28 0.28 0.47 0.47