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