FINANCE Corporate financial policy and R and D Management

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172 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.20 (Continued)


1960 1961 1962 1963

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


Intercept –0.037 –0.96 –0.012 –0.33 0.008 0.37 –0.022 –1.41
DE 0 0.07 0.003 0.29 0.002 0.57 –0.001 –0.42
INTE –0.092 –0.74 –0.029 –0.23 –0.041 –0.74 0.091 1.67
PKL 0.189 1.4 0.101 0.86 0.086 1.64 0.348 4.99
DS –0.752 –1.77 –0.357 –0.7 –0.639 –1.89 –0.485 –1.41
IS 0.526 3.95 0.469 2.69 0.48 4.4 –0.393 –2.05
RDS 0.559 1.62 0.232 0.5 0.242 0.95 0.242 1.22


1964 1965 1966 1967

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


Intercept –0.045 –2.03 –0.003 –0.23 0.013 0.31 –0.004 –0.18
DE 0 0.36 0 –0.94 0.018 1.96 0.001 1.21
INTE 0.166 1.1 –0.019 –2.89 0.096 1.19 –0.027 –0.36
PKL 0.198 2.69 0.224 4.17 –0.221 –1.76 0.021 0.32
DS –0.03 –0.11 –0.329 –1.53 2.614 8.88 1.723 12.24
IS 0.483 3.36 0.015 0.11 0.089 0.31 0.067 0.57
RDS 0.223 1.2 0.104 0.83 –0.342 –0.65 0.097 0.36


1968 1969 1970 1971

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


Intercept 0.001 0.07 –0.012 –0.59 –0.037 –1.7 –0.029 –2.91
DE 0 –0.96 0.002 1.09 0 0.13 0 0.27
INTE –0.018 –0.37 –0.021 –0.61 0.006 0.33 –0.01 –0.89
PKL 0.075 1.41 0.107 1.33 0.278 4.17 –0.011 –0.3
DS –0.298 –1.16 –0.752 –2.01 –0.171 –0.5 –0.038 –0.17
IS 0.327 4.36 0.361 4.14 0.286 2.48 0.455 6.47
RDS 0.489 2.49 0.751 2.43 –0.395 –2.06 0.509 3.6


1972 1973 1974 1975

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


Intercept –0.024 –3.03 –0.074 –2.82 –0.065 –3.67 –0.01 –1.17
DE 0 –0.41 0 0.3 0 –0.51 0.001 1.27
INTE –0.002 –0.17 –0.192 –9.01 –0.014 –3.08 –0.001 –0.2
PKL 0.02 0.77 –0.153 –1.97 –0.07 –1.49 –0.049 –1.93
DS –0.18 –2.43 5.112 15.13 3.588 11.59 0.527 3.17
IS 0.47 13.11 0.969 7.05 0.569 5.06 0.434 7.98
RDS 0.1 0.79 0.048 0.11 0.694 1.94 –0.157 –1.06

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