FINANCE Corporate financial policy and R and D Management

The Model 159

TABLE 6.16 (Continued)

1992 1993 1994 1995

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

Intercept 0.026 2.5 0.005 0.53 –0.029 –3.36 0.069 2.5
DE 0 0.28 0 –1.54 0 –0.72 0 0.16
INTE –0.003 –0.7 0 –0.17 0 0.11 0 –0.03
PKL –0.018 –1.24 –0.002 –0.78 0.004 0.6 –0.167 –2.85
DS –1.523 –4.02 –0.82 –3.11 0.319 0.81 –0.327 –0.52
IS 0.04 0.5 0.249 2.64 0.502 7.01 –0.104 –0.39
RDS –0.024 –0.78 –0.02 –1.1 0.032 1.91 0.419 13.34
F-Statistic 3.18 5.13 14.12 35.39
Adj R2 0.02 0.04 0.1 0.22

1996 1997 1998 1999

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

Intercept 0.039 2.24 0.039 3.62 –0.057 –1.59 0.105 8.49
DE 0.001 1.5 0 0.22 0.001 1.85 0 0.09
INTE 0 –0.31 0 –0.93 0 –0.17 0 –0.08
PKL 0.082 2.52 –0.024 –0.81 0.003 0.11 –0.132 –5.14
DS –5.755 –7.08 –0.559 –1.22 1.602 0.96 –0.106 –0.26
IS 0.367 2.73 0.158 2.96 0.249 1.64 –0.27 –3.54
RDS –0.04 –1.13 0.021 1.91 1.948 17.58 0.034 1.19
F-Statistic 10.24 4.52 54.61 7.12
Adj R2 0.07 0.02 0.26 0.04

2000 2001 2002

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

Intercept –0.023 –1.72 –0.034 –3.04 –0.016 –1.62
DE 0 –0.3 0 –0.42 0.001 0.69
INTE 0 –0.47 0 –0.71 –0.001 –0.52
PKL –0.013 –0.47 0.01 0.49 0.007 0.75
DS –0.219 –0.57 0.724 1.9 0.38 0.88
IS 0.207 2.1 0.314 3.36 0.278 3.09
RDS 0.919 13.68 0.524 7.72 –0.1 –2.48
F-Statistic 35.15 14.31 2.46
Adj R2 0.17 0.07 0.01