FINANCE Corporate financial policy and R and D Management

174 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.20 (Continued)

1992 1993 1994 1995

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

Intercept –0.01 –1 –0.022 –2.98 –0.04 –5.24 0.092 3.32
DE 0 –0.34 0 0.62 0 –1.06 0 0.27
INTE –0.005 –1.96 0 0.58 0 0.26 0 –0.06
PKL –0.023 –1.57 0 –0.14 0 0 –0.173 –2.96
DS –1.504 –3.99 –1.329 –6.27 0.532 1.38 –0.451 –0.72
IS 0.78 10.94 0.877 12.99 0.688 16.65 –0.359 –1.36
RDS –0.273 –9.36 –0.194 –13.11 –0.04 –2.6 0.389 12.47

1996 1997 1998 1999

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

Intercept 0.081 4.87 0.006 0.65 –0.131 –3.79 0.18 15.16
DE 0 –0.7 0 –0.4 –0.001 –1.43 0 –0.1
INTE 0 –0.04 0 –0.08 0 0.02 0 0.06
PKL 0.063 2.26 –0.027 –0.91 0.035 1.49 –0.201 –8
DS –6.259 –7.97 –0.274 –0.62 5.582 4.01 –0.196 –0.48
IS –0.139 –1.05 0.597 16.57 0.408 2.69 –0.822 –12.95
RDS 0.108 3.23 –0.059 –5.49 2.172 20.17 –0.261 –15.42

2000 2001 2002

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

Intercept –0.088 –7.24 –0.108 –12.13 –0.008 –0.88
DE 0 0.09 0 0.07 0 –0.05
INTE 0 0.05 0 0.07 0 0.14
PKL –0.018 –0.71 0.033 1.84 0.005 0.59
DS –0.325 –0.87 1.436 3.83 0.208 0.49
IS 1.171 13.99 0.797 24.92 0.44 26.14
RDS 0.929 38.02 1.064 47.9 –0.373 –29.68