FINANCE Corporate financial policy and R and D Management

The Model 161

TABLE 6.17 (Continued)

1964 1965 1966 1967

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

Intercept 0.003 0.37 0.013 1.53 –0.004 –0.61 –0.004 –0.7
RDL 1.072 11.64 0.98 12.67 0.923 13.82 0.911 12.81
Size –0.178 –0.95 –0.339 –1.51 0.08 0.56 0.234 1.59
PKL 0.004 0.09 –0.016 –0.43 0 –0.01 0.031 1.91
IS –0.054 –0.67 –0.115 –1.51 0.009 0.27 0.018 0.59
DS –0.042 –0.33 –0.043 –0.32 0.025 0.3 –0.048 –0.38
FS –0.083 –0.51 0.009 0.07 0.027 0.89 –0.091 –1.3
F-Statistic 40.77 34.03 39.04 34.15
Adj R2 0.9 0.87 0.85 0.78

1968 1969 1970 1971

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

Intercept –0.003 –0.6 –0.008 –2.97 –0.019 –2.77 –0.003 –0.95
RDL 0.919 17.52 0.895 22.4 1.224 13.63 0.784 20.16
Size –0.171 –2.16 0.002 0.04 0.292 3.41 –0.044 –1.19
PKL 0.021 1.53 0.028 2.62 0.057 2.24 0.036 3.26
IS –0.018 –0.83 0.011 0.8 0.06 1.76 –0.003 –0.11
DS –0.037 –0.58 0.033 0.62 –0.005 –0.05 –0.105 –1.5
FS 0.035 0.55 0.018 0.55 –0.282 –4.24 0.149 2.96
F-Statistic 75.44 127.83 52.1 73.6
Adj R2 0.89 0.92 0.82 0.74

1972 1973 1974 1975

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

Intercept 0.002 1.52 0.001 0.45 –0.002 –1.03 –0.002 –1.53
RDL 0.855 45.73 0.857 39.6 0.846 34.89 1.006 54.1
Size –0.046 –2.71 0.13 8.21 –0.112 –5.67 0.037 2.89
PKL 0.006 1.28 –0.002 –0.4 0.02 3.98 0.003 1.04
IS –0.018 –1.33 –0.001 –0.09 –0.008 –0.87 0.009 1.16
DS 0.005 0.43 0.008 0.39 –0.059 –1.58 –0.002 –0.11
FS 0.041 1.47 –0.01 –2.25 0.021 2.06 –0.018 –1.68
F-Statistic 355.78 308.18 225.92 528.81
Adj R2 0.9 0.87 0.82 0.91

(Continued)