FINANCE Corporate financial policy and R and D Management

The Model 155

TABLE 6.15 (Continued)

1996 1997 1998 1999

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

Intercept 0.122 12.11 0.055 2.97 0.142 9.19 0.132 10.45
PKL –0.01 –0.77 –0.024 –0.51 –0.007 –0.9 –0.05 –2.25
CAK –0.108 –8.09 0 –0.03 –0.089 –3.03 –0.031 –2
D2sales 0.021 1.33 –0.087 –2.66 –0.08 –2.78 –0.121 –7.78
DS –1.324 –3.14 –0.4 –0.6 –1.285 –2.92 –0.505 –2.02
FS 0.024 1.1 1.198 5.46 0.066 2.79 –0.302 –2.4
RDS 0.109 8.38 0.023 1.37 –0.065 –1.11 0.069 3.97
F-Statistic 22.33 10.04 5.29 36.54
Adj R2 0.14 0.06 0.03 0.18

2000 2001 2002

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

Intercept 0.087 11.39 0.083 6.28 0.063 2.82
PKL 0.016 1.16 –0.002 –0.08 –0.016 –0.79
CAK –0.034 –3.08 –0.005 –0.56 –0.023 –1.17
D2sales –0.02 –1.35 –0.067 –2.21 –0.106 –2.15
DS –0.662 –2.91 –0.972 –2.04 –0.814 –0.8
FS 0.301 4.9 1.13 5.09 2.292 3.91
RDS –0.197 –3.06 –0.48 –3.3 0.267 2.86
F-Statistic 7.73 5.09 3.01
Adj R2 0.04 0.02 0.01

TABLE 6.16 Financing Equation 2SLS

1952 1953 1954 1955

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

Intercept 0.027 0.69 0.025 0.93 0.016 0.5 0.002 0.12
DE –0.002 –0.38 0 –0.71 0.005 1.71 0 0.07
INTE 0.269 0.59 –0.186 –0.32 0.325 0.66 0.071 0.31
PKL –0.062 –0.74 –0.017 –0.25 –0.02 –0.3 –0.001 –0.02
DS 0.291 0.56 0.443 1.3 0.73 2.03 0.483 2.12
IS 0.347 2.06 0.16 1.78 0.109 0.98 0.243 2.7
RDS –0.162 –0.36 –0.085 –0.26 –0.182 –0.5 0.342 1.16
F-Statistic 1.86 2.05 1.87 2.52
Adj R2 0.21 0.22 0.17 0.24

(Continued)