FINANCE Corporate financial policy and R and D Management

The Model 107

TABLE 6.3 (Continued)

1992 1993 1994 1995

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

Intercept –0.059 –6.53 –0.056 –5.31 –0.729 –6.68 –0.032 –0.59
DE 0 –0.07 0 0.8 –0.002 –0.36 0 –0.11
INTE 0 –0.01 0 0.16 0.001 0.19 0 0.06
DEPK –0.181 –1.75 –0.371 –2.96 –4.038 –4.54 –0.89 –2.26
PK 0.054 1.49 0.083 2.38 0.793 2.46 –0.218 –2.1
DS –0.003 –0.02 0.227 1.13 –1.519 –0.92 –0.17 –0.22
IS 0.811 23.39 0.715 38.55 10.144 41.66 2.241 17.11
F-Statistic 91.92 249.04 290.45 50.71
Adj R2 0.32 0.55 0.57 0.17

1996 1997 1998 1999

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

Intercept 0.053 3.85 –0.003 –0.41 0.073 2.88 0.016 0.92
DE 0 –0.45 0 –1.1 0.001 2.54 0 0.01
INTE 0 –0.09 0 –0.59 0 –0.15 0 –0.1
DEPK –0.216 –1.63 0 0 –0.454 –1.92 –0.145 –2.59
PK –0.062 –1.98 0.002 0.22 –0.125 –2.29 –0.072 –2.66
DS –0.358 –1.71 0.623 3.71 0.623 3.09 –0.004 –0.01
IS 0.219 12.09 0.648 68.44 0.79 12.8 0.797 19.86
F-Statistic 27.26 783.54 34.17 68.05
Adj R2 0.09 0.74 0.1 0.18

2000 2001 2002

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

Intercept 0.028 2.33 0.011 1.59 –0.001 –0.07
DE 0 0.32 0 –0.86 0 0.1
INTE 0 –0.67 –0.001 –1.58 –0.001 –0.39
DEPK –0.132 –2.36 –0.049 –3.18 –0.093 –1.04
PK –0.078 –2.98 –0.032 –2.89 0.009 0.16
DS 0.464 1.89 0.185 1.05 0.269 0.65
IS 0.467 12.6 0.386 13.18 0.301 3.4
F-Statistic 30.07 31.41 2.26
Adj R2 0.08 0.09 0