FINANCE Corporate financial policy and R and D Management

164 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.17 (Continued)

2000 2001 2002

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

Intercept 0.039 2.54 0.038 2.91 –0.121 –3.92
RDL –0.175 –3.17 0.224 2.69 0.821 4.64
Size 3.667 1.15 1.552 0.59 32.796 3.44
PKL –0.025 –0.77 –0.002 –0.12 0.021 0.95
IS –0.206 –1.85 –0.182 –1.76 0.891 3.44
DS 0.019 0.04 –0.729 –2.04 1.692 1.5
FS 1.101 8.7 0.875 5.2 –2.515 –4.22
F-Statistic 25.78 33.73 14.72
Adj R2 0.13 0.15 0.07

TABLE 6.18 Dividend Equation 3SLS

1952 1953 1954 1955

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

Intercept 0.01 0.66 –0.011 –0.41 0.008 0.36 0.029 1.99
DIVL 0.947 15.5 0.888 11.16 1.059 9.65 1.058 12.84
CAK –0.018 –0.99 0.014 0.39 –0.02 –0.62 –0.039 –1.81
PK 0.005 0.44 –0.002 –0.17 0.01 0.61 0.012 0.78
IS –0.002 –0.07 0 0.01 –0.055 –1.15 –0.056 –1.08
FS –0.023 –0.39 0.14 1.78 0.049 0.68 –0.202 –1.87
RDS –0.141 –2.44 0.041 0.56 0.075 0.86 0 0

1956 1957 1958 1959

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

Intercept 0.012 1.08 –0.008 –1.14 –0.006 –1.02 –0.001 –0.09
DIVL 0.96 18.49 0.951 31.92 1.055 31.92 1.028 37.64
CAK –0.027 –1.43 0.004 0.29 0.01 0.97 –0.001 –0.16
PK 0.023 1.89 0.024 2.6 0.003 0.31 –0.006 –0.52
IS –0.054 –1.43 0.052 1.6 0.001 0.04 –0.041 –1.63
FS –0.018 –0.38 –0.082 –2.19 –0.022 –0.82 0.026 0.59
RDS 0.068 1.08 0.027 0.68 0.024 0.72 0.071 2.7