FINANCE Corporate financial policy and R and D Management

The Model 111

TABLE 6.4 (Continued)

2000 2001 2002

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

Intercept 0.013 5.15 0.011 11.19 0.01 4.81
PK 0.004 1.08 0.007 5.12 0.012 1.81
CAK –0.005 –2.83 –0.004 –4.57 –0.003 –1.42
IK –0.015 –2.73 –0.003 –0.64 –0.034 –1.52
FS –0.011 –0.38 –0.032 –2.32 0.09 1.25
F-Statistic 4.08 9.85 1.08
Adj R2 0.01 0.02 0

TABLE 6.5 Investment Equation 2SLS

1952 1953 1954 1955

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

Intercept 0.189 3.8 0.056 1.29 0.278 5.35 0.49 2.18
PKL 0.028 0.8 –0.005 –0.12 –0.027 –0.47 0.179 1.04
CAK –0.252 –4.52 –0.087 –1.64 –0.38 –4.9 –0.513 –2.25
D2sales 0 –99 –0.043 –1.1 0.133 2.11 0.576 1.46
DS 0.154 0.18 –1.586 –2.25 1.224 1.02 –0.876 –0.52
FS –0.446 –0.34 3.208 3.36 –1.646 –1.91 –5.495 –1.27
F-Statistic 26.8 13.62 9.75 2.01
Adj R2 0.4 0.29 0.22 0.03

1956 1957 1958 1959

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

Intercept 0.446 2.67 0.159 2.81 0.202 6.7 0.178 4.65
PKL 0.292 1.24 –0.212 –1.09 0.014 0.18 0.084 1.25
CAK –0.597 –2.44 –0.136 –1.68 –0.245 –6.93 –0.247 –5.87
D2sales 0.559 1.4 –0.355 –2.31 0.023 0.49 –0.082 –0.92
DS 1.471 0.49 –1.046 –0.86 0.153 0.19 –1.498 –2.79
FS –7.123 –1.36 3.379 2.26 –0.817 –1.59 0.873 1.01
F-Statistic 2.02 6.21 12.16 19.7
Adj R2 0.03 0.13 0.23 0.33

(Continued)