FINANCE Corporate financial policy and R and D Management

158 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.16 (Continued)

1980 1981 1982 1983

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

Intercept –0.009 –1.42 –0.037 –3.56 –0.036 –2.85 0.037 2.66
DE 0 –1.05 0 –0.31 0 0.44 0 –0.11
INTE –0.009 –1.24 –0.004 –0.24 –0.002 –1.44 –0.022 –1.8
PKL –0.041 –2.48 0.032 1.02 0.047 1.23 –0.215 –4.8
DS 0.362 3.03 0.016 0.05 –0.017 –0.08 –0.326 –0.79
IS 0.442 8.52 0.557 12.69 0.183 2.59 0.573 7.39
RDS 0.077 0.69 –0.139 –1.01 0.724 8.36 –0.075 –0.66
F-Statistic 19.49 32.05 19.72 15.04
Adj R2 0.24 0.35 0.24 0.19

1984 1985 1986 1987

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

Intercept –0.001 –0.2 –0.004 –0.19 0.012 0.79 0.018 1.27
DE 0.001 2.51 0 –0.03 0.003 3.84 0 –0.54
INTE –0.003 –0.92 –0.016 –0.49 –0.004 –1.73 –0.004 –0.71
PKL –0.008 –4.87 0.021 0.95 0.031 0.67 0 –0.03
DS –0.461 –2.18 0.246 0.43 –0.742 –1.99 –0.547 –0.83
IS 0.391 7.85 0.068 0.38 0.058 0.5 0.372 2.98
RDS –0.121 –4.12 0.165 1.16 0.235 3.93 –0.492 –5.16
F-Statistic 16 0.59 8.67 4.76
Adj R2 0.19 –0.01 0.1 0.05

1988 1989 1990 1991

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

Intercept 0.013 1.05 0.001 0.11 0.001 0.04 0.002 0.26
DE 0 –0.68 0 0.13 –0.001 –2.28 –0.001 –1.02
INTE –0.021 –2.52 –0.002 –0.45 0.001 0.05 –0.005 –0.86
PKL –0.017 –0.52 0.078 1.89 –0.016 –0.46 0.001 0.06
DS –0.22 –0.62 –1.852 –3.12 –0.964 –1.42 –0.773 –2.34
IS 0.341 2.98 0.347 4.02 0.4 2.9 0.215 2.59
RDS –0.074 –0.84 –0.045 –2.03 –0.014 –1.14 –0.012 –0.66
F-Statistic 3.19 5.19 3.41 2.47
Adj R2 0.03 0.05 0.03 0.02