FINANCE Corporate financial policy and R and D Management

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The Model 169

TABLE 6.19 (Continued)


1968 1969 1970 1971

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


Intercept 0.099 1.95 0.132 3.67 0.202 4.66 0.106 8.59
PKL –0.062 –0.65 –0.099 –0.77 –0.24 –2.65 0.029 0.67
CAK –0.138 –2 –0.178 –3.19 –0.262 –5.48 –0.126 –6.27
D2sales –0.107 –0.8 –0.196 –1.8 –0.084 –0.6 –0.015 –0.82
DS 0.398 0.85 0.789 1.3 –0.078 –0.16 0.114 0.46
FS 1.784 1.73 2.024 3.98 1.322 2.35 1.328 9.55
RDS –0.706 –1.37 –0.813 –1.59 0.512 1.86 –0.126 –0.77


1972 1973 1974 1975

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


Intercept 0.088 6.37 0.153 8.81 0.147 8.25 0.129 10.34
PKL –0.038 –0.9 –0.039 –0.89 0.07 2.1 0.034 1.36
CAK –0.079 –4.21 –0.203 –7.06 –0.193 –7.09 –0.2 –9.36
D2sales 0.01 0.96 0.09 3.67 0.05 2.32 0.051 2.94
DS 0.262 2.41 –1.215 –5.98 –2.715 –8.33 –0.668 –3.32
FS 1.829 17.01 0.279 6.9 0.694 9.15 0.816 9.05
RDS –0.029 –0.15 0.735 2.87 0.293 1.12 0.61 3.4


1976 1977 1978 1979

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


Intercept 0.047 4.36 0.01 0.67 0.038 3.79 0.026 1.48
PKL 0.055 1.6 –0.147 –3.28 0.092 3.14 –0.108 –2.09
CAK –0.032 –3.19 –0.004 –0.39 –0.053 –5.04 –0.004 –0.53
D2sales 0.008 0.73 –0.034 –2.61 –0.008 –0.76 0.053 2.52
DS –0.958 –4.31 3.21 10.47 –0.704 –4.39 2.239 7.84
FS 1.268 22.36 1.84 18.5 1.364 25.82 1.315 14.08
RDS 0.946 5.13 2.304 12.21 0.892 6.69 0.532 2.27


1980 1981 1982 1983

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


Intercept 0.04 4.18 0.068 3.75 0.114 7.17 –0.015 –1.05
PKL 0.086 3.18 –0.049 –0.85 0.019 0.41 0.27 5.25
CAK –0.023 –2.34 0 –0.01 –0.161 –6.65 –0.003 –1.04
D2sales –0.007 –1 –0.024 –0.94 0.064 3.18 –0.019 –2.17
DS –0.552 –2.83 0.1 0.19 0.368 1.45 0.448 1
FS 1.79 15.61 1.698 13.86 –0.252 –2.06 1.238 17.33
RDS 0.015 0.09 0.281 1.21 0.71 5.16 0.013 0.11


(Continued)
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