FINANCE Corporate financial policy and R and D Management

The Model 117

TABLE 6.6 (Continued)

1968 1969 1970 1971

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

Intercept 0.043 3.51 0.035 2.35 0.016 1.54 –0.048 –2.89
DE 0 –0.55 0 0.34 0 2.15 –0.001 –1
INTE –0.003 –0.06 –0.004 –0.28 –0.001 –0.08 –0.001 –0.05
DEPK –0.133 –0.94 –0.233 –1.36 –0.1 –1.06 0.001 0.01
PK –0.048 –1.29 0.012 0.31 0.154 4.45 –0.046 –1.13
DS 0.818 2.72 0.62 1.71 –0.573 –1.16 1.353 2.03
IS 0.188 3.6 0.143 2.3 –0.031 –1.37 0.661 20.68
F-Statistic 5.76 1.61 6.51 81.45
Adj R2 0.07 0.01 0.07 0.52

1972 1973 1974 1975

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

Intercept 0.052 2.44 0.053 2.24 0.04 2.33 0.033 3.2
DE –0.005 –2.8 –0.001 –0.67 0 0.14 0 0.73
INTE –0.108 –1.89 –0.052 –1.82 –0.002 –0.25 0.001 0.43
DEPK –0.575 –3.11 –0.861 –4.46 –1.079 –5.8 –1.24 –10.4
PK –0.135 –2.03 –0.142 –1.85 0.023 0.48 0.129 3.82
DS 0.93 1.6 1.479 1.82 –0.33 –0.38 –1.837 –3.32
IS 0.399 4.86 0.521 4.48 0.516 6.5 0.587 11.61
F-Statistic 9.42 7.77 10.15 30.25
Adj R2 0.1 0.08 0.1 0.24

1976 1977 1978 1979

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

Intercept 0.025 2.17 0.011 0.84 0.061 1.26 0.063 3.24
DE 0 0.73 0 0.57 0 –0.24 0 –0.05
INTE 0 0 0.001 1.07 0.007 0.9 –0.001 –0.12
DEPK –0.581 –5.98 –0.357 –3.58 –1.367 –2.59 –0.507 –4.34
PK –0.037 –5.29 0.086 2.54 0.561 3.71 0.024 0.63
DS –0.461 –0.88 –2.375 –2.82 –11.674 –4.56 –3.788 –2.91
IS 0.448 11.54 0.414 8.27 0.57 3.16 0.494 9.84
F-Statistic 25.08 16.03 4.92 17.16
Adj R2 0.2 0.14 0.04 0.14

(Continued)