170 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.19 (Continued)
1984 1985 1986 1987Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.019 2.08 0.076 11.31 0.05 6.22 0.079 7
PKL 0.018 5.34 0.119 6.99 0.039 1.31 –0.003 –0.32
CAK 0.001 0.89 –0.115 –8.2 –0.004 –1.84 –0.066 –4.64
D2sales 0.002 0.24 –0.012 –1.02 –0.001 –0.04 0.014 1.21
DS 0.886 2.14 –0.128 –0.51 0.283 1.16 –1.227 –2.6
FS 2.161 19.79 0.445 9.51 0.027 0.35 0.592 6.88
RDS 0.223 5.02 0.491 9.12 0.393 11.36 0.738 13.26
1988 1989 1990 1991Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.139 8.51 0.076 6.25 0.108 12.22 –0.019 –1.22
PKL 0.026 1.57 –0.018 –0.48 0.019 1.17 0.036 1.06
CAK –0.142 –6.18 –0.044 –3.64 –0.077 –6.71 0 –0.09
D2sales –0.001 –0.1 –0.012 –2.12 0.002 0.6 –0.004 –0.82
DS –1.754 –5.92 0.133 0.23 –1.368 –3.71 3.989 5.24
FS –0.103 –0.71 0.871 8.66 0.174 4.42 2.755 14.28
RDS 0.43 6.7 0.132 7.32 0.056 10.45 0.187 4.16
1992 1993 1994 1995Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.05 7.13 0.036 3.55 0.064 5.84 0.071 10.22
PKL 0.002 0.15 0.001 0.21 0.004 0.38 –0.01 –0.85
CAK 0.017 3.12 –0.009 –0.71 –0.012 –1.41 –0.058 –6.56
D2sales –0.036 –2.34 0.004 0.2 0.018 2.48 0.071 5.34
DS 0.055 0.17 1.007 2.8 –1.218 –2.19 0.337 2.14
FS 0.091 0.73 1.018 5.84 1.362 13.6 –0.019 –1.89
RDS 0.291 17.47 0.216 13.08 0.063 2.7 0.033 4.39
1996 1997 1998 1999Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.131 13.41 0.012 0.78 0.15 9.84 0.162 15.29
PKL –0.013 –1.09 0.016 0.36 –0.019 –2.55 –0.117 –5.96
CAK –0.111 –8.45 –0.001 –0.15 –0.106 –3.71 –0.023 –1.93
D2sales 0.022 1.53 –0.015 –0.7 –0.044 –1.57 –0.074 –6.05
DS –1.909 –4.64 0.169 0.26 –1.737 –3.96 –0.401 –1.62
FS –0.044 –2.07 1.472 9.95 0.089 3.78 –0.643 –6.68
RDS 0.117 9.04 0.074 4.57 –0.123 –2.11 –0.047 –3.13