154 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.15 (Continued)
1984 1985 1986 1987Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.023 1.91 0.08 11.6 0.06 7.32 0.101 8.02
PKL 0.016 4.31 0.133 7.44 0.003 0.1 0.001 0.07
CAK 0.004 0.59 –0.129 –8.56 –0.004 –1.93 –0.095 –5.79
D2sales –0.014 –0.52 0 0.02 0.008 0.54 0.008 0.48
DS 0.802 1.83 –0.147 –0.58 0.38 1.55 –1.499 –3.01
FS 1.836 8.79 0.324 6.43 0.094 1.2 0.394 3.95
RDS 0.324 7.21 0.43 7.91 0.284 8.02 0.664 11.08
F-Statistic 24.68 20.51 20.11 29.27
Adj R2 0.28 0.23 0.22 0.27
1988 1989 1990 1991Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.12 6.87 0.088 6.39 0.104 10.81 0.028 1.36
PKL 0.055 2.03 –0.006 –0.15 0.031 1.61 –0.006 –0.11
CAK –0.128 –5.09 –0.061 –3.76 –0.078 –6.12 0 –0.17
D2sales –0.009 –0.49 –0.04 –4.7 0 0 –0.038 –1.11
DS –1.532 –3.98 –0.025 –0.04 –1.196 –3.09 2.012 1.98
FS 0.094 0.62 0.825 6.66 0.131 3.23 2.577 3.4
RDS 0.439 6.64 0.131 7.26 0.054 10.13 0.067 1.46
F-Statistic 14.66 21.23 25.22 2.44
Adj R2 0.15 0.2 0.22 0.02
1992 1993 1994 1995Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.053 7.4 0.106 7.82 0.103 5.72 0.069 9.79
PKL 0.016 1.41 –0.002 –0.46 –0.006 –0.57 –0.007 –0.56
CAK –0.015 –2.25 –0.072 –3.81 –0.05 –2.04 –0.056 –6.23
D2sales –0.021 –1.09 –0.142 –3.92 –0.046 –1.7 0.074 5.49
DS 0.376 1.11 –0.643 –1.49 –1.751 –2.55 0.337 2.13
FS 0.364 2.46 1.599 6.35 1.374 7.15 –0.004 –0.35
RDS 0.263 15.61 0.12 6.92 –0.004 –0.14 0.027 3.5
F-Statistic 40.84 19.6 16.13 12.78
Adj R2 0.29 0.15 0.12 0.09