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