FINANCE Corporate financial policy and R and D Management

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168 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.19 Investment Equation 3SLS


1952 1953 1954 1955

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


Intercept 0.162 1.61 0.434 4.64 0.418 8.03 0.251 5.82
PKL –0.069 –0.64 –0.092 –0.99 –0.09 –1.32 –0.011 –0.18
CAK –0.243 –1.87 –0.605 –4.9 –0.625 –7.89 –0.372 –5.65
D2sales 0 –99 –0.02 –0.25 0.098 1.3 –0.075 –1.02
DS 0.499 0.87 –1.313 –1.95 –0.742 –1.61 –1.165 –3.05
FS 0.565 1.17 0.227 0.45 –0.493 –1.3 1.1 2.72
RDS 0.177 0.35 0.482 0.92 0.828 2.09 0.217 0.52


1956 1957 1958 1959

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


Intercept 0.273 6.14 0.138 4.24 0.208 8.31 0.14 4.16
PKL 0.162 1.87 –0.139 –1.84 0.126 1.69 –0.106 –0.89
CAK –0.403 –4.92 –0.172 –2.59 –0.352 –6.33 –0.264 –4.79
D2sales –0.009 –0.15 –0.026 –0.51 –0.029 –0.6 –0.043 –0.76
DS –0.064 –0.13 0.24 0.66 –0.106 –0.28 –0.223 –0.67
FS –0.344 –0.79 1.468 5.56 0.063 0.22 1.4 2.55
RDS –0.793 –1.48 –0.311 –0.69 0.024 0.09 0.489 1.8


1960 1961 1962 1963

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


Intercept 0.223 7.3 0.201 5.62 0.181 4.78 0.058 2.1
PKL 0.088 1.1 –0.028 –0.36 0.016 0.26 0.355 2.77
CAK –0.388 –7.3 –0.344 –5.49 –0.316 –4.69 –0.105 –2.66
D2sales –0.078 –1.57 –0.002 –0.03 0.066 1.09 0.028 0.44
DS –0.269 –0.93 –0.16 –0.46 0.215 0.58 –0.767 –1.73
FS 0.726 4.97 0.609 2.4 0.281 1.04 –0.91 –2.76
RDS 0.061 0.24 0.5 1.54 0.153 0.53 0.478 2


1964 1965 1966 1967

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


Intercept 0.124 4.69 0.145 5.9 0.19 6.7 0.218 8.75
PKL –0.128 –1.17 –0.02 –0.23 0.233 3.79 0.102 1.62
CAK –0.124 –2.81 –0.163 –4.22 –0.241 –5.45 –0.286 –7.32
D2sales 0.052 0.87 0.072 1.25 –0.201 –3.25 –0.133 –2.7
DS –0.02 –0.07 0.084 0.27 –1.316 –4.53 –1.795 –3.78
FS 0.41 0.67 –0.343 –0.69 0.43 3.7 0.828 3.16
RDS –0.027 –0.1 0.059 0.3 0.176 0.7 0.12 0.45

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