FINANCE Corporate financial policy and R and D Management

The Model 157

TABLE 6.16 (Continued)

1968 1969 1970 1971

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

Intercept 0.025 1.53 0.013 0.64 –0.027 –1.21 –0.004 –0.36
DE 0 –0.74 0.001 0.65 0 –0.09 0.003 2.53
INTE –0.015 –0.24 –0.028 –0.54 0.016 0.68 –0.017 –1.02
PKL 0.07 1.31 0.133 1.62 0.238 3.47 –0.046 –1.29
DS –0.132 –0.51 –0.586 –1.53 0.034 0.1 0.242 1.08
IS 0.115 1.31 0.118 1.1 0.146 1.2 0.264 3.35
RDS 0.292 1.45 0.482 1.51 –0.182 –0.91 0.193 1.3
F-Statistic 1.08 1.51 3.33 5.71
Adj R2 0.01 0.05 0.17 0.16

1972 1973 1974 1975

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

Intercept –0.014 –1.63 –0.002 –0.06 –0.004 –0.16 –0.007 –0.76
DE –0.001 –1.34 –0.003 –1.31 0 0.46 0.001 1.37
INTE –0.024 –1.18 –0.229 –9.69 –0.02 –3.08 –0.001 –0.28
PKL 0.011 0.41 –0.383 –4.07 –0.136 –1.91 –0.05 –1.99
DS –0.126 –1.48 5.409 15.34 3.269 9.68 0.545 3.28
IS 0.425 11.15 0.607 4.21 0.204 1.59 0.364 6.57
RDS –0.025 –0.19 0.709 1.58 0.221 0.61 –0.075 –0.51
F-Statistic 23.55 43.05 16.12 9.66
Adj R2 0.36 0.47 0.24 0.14

1976 1977 1978 1979

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

Intercept –0.017 –1.71 –0.004 –0.44 –0.004 –0.5 –0.004 –0.24
DE 0 –0.59 0.001 0.37 0 1.22 0 0.02
INTE –0.009 –0.69 0.001 1.31 –0.004 –0.71 –0.007 –0.62
PKL –0.077 –2.43 0.063 2.17 –0.084 –3.36 0.034 0.76
DS 0.809 4.13 –1.697 –9.19 0.534 3.93 –1.461 –6.1
IS 0.667 13.41 0.444 9.72 0.606 16.92 0.544 7.68
RDS –0.319 –1.9 –0.522 –3.56 –0.141 –1.15 –0.222 –1.08
F-Statistic 36.87 26.78 57.83 13.26
Adj R2 0.39 0.31 0.5 0.18

(Continued)