FINANCE Corporate financial policy and R and D Management

The Model 97

TABLE 6.1 (Continued)

1968 1969 1970 1971

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

Intercept 0.027 5.69 0.032 7.22 0.02 6.47 0.025 5.02
PK 0.073 6.71 0.067 6.17 0.059 7.96 0.034 2.27
CAK –0.045 –6.46 –0.046 –6.65 –0.024 –5.02 –0.015 –3.25
IK –0.09 –5.62 –0.114 –6.88 –0.027 –2.34 –0.055 –1.99
FS 0.12 7.19 0.116 8.56 –0.028 –2.27 –0.02 –1.35
F-Statistic 33.44 38.44 18.39 4.99
Adj R2 0.25 0.27 0.14 0.03

1972 1973 1974 1975

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

Intercept 0.032 6.55 0.021 5.47 0.022 7.63 0.021 6.87
PK 0.084 5.62 0.084 7.31 0.039 5.88 0.049 6.34
CAK –0.048 –6.35 –0.035 –6.3 –0.026 –5.84 –0.025 –5.42
IK –0.136 –7.5 –0.12 –7.82 –0.067 –6.43 –0.078 –5.46
FS 0.083 9.35 0.084 14.26 0.074 10.51 0.058 5
F-Statistic 37.45 67.94 40.06 16.78
Adj R2 0.23 0.35 0.23 0.1

1976 1977 1978 1979

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

Intercept 0.027 11.9 0.017 7 0.018 6.74 0.013 5.5
PK 0 0.38 0.024 4.3 0.039 6 0.015 2.94
CAK –0.017 –4.79 –0.01 –3.57 –0.019 –5.16 –0.004 –1.81
IK –0.049 –5.65 –0.031 –3.29 –0.041 –4.92 –0.002 –0.21
FS 0.035 4.74 –0.033 –3.96 0.01 3.35 –0.006 –0.99
F-Statistic 11.75 13.59 14.47 4.05
Adj R2 0.07 0.08 0.08 0.02

1980 1981 1982 1983

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

Intercept 0.019 7.37 0.024 6.01 0.019 10.67 0.018 13.25
PK 0.036 5.85 0.019 2.03 0.029 6.01 0.002 1.22
CAK –0.019 –5.05 –0.019 –3.4 –0.014 –5.17 –0.003 –1.44
IK –0.049 –5.6 –0.035 –3.66 –0.033 –4.45 –0.014 –2.52
FS 0.053 5.14 0.007 0.67 0.001 0.11 0.002 0.86
F-Statistic 17.74 4.76 12.2 3.05
Adj R2 0.1 0.02 0.06 0.01

(Continued)