FINANCE Corporate financial policy and R and D Management

The Model 119

TABLE 6.6 (Continued)

1992 1993 1994 1995

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

Intercept –0.152 –3.05 0.045 1.77 0.096 0.41 0.15 2.27
DE 0 –0.51 0 –0.18 –0.002 –0.3 0 –0.02
INTE –0.001 –1.55 0 –0.2 0 0.06 0 0.02
DEPK 1.211 2.47 –0.502 –2.72 –0.22 –0.15 –0.853 –1.8
PK –0.444 –2.54 0.117 2.23 –0.889 –1.63 –0.504 –2.52
DS 8.527 2.79 –3.905 –2.8 14.589 1.31 6.276 1.18
IS 0.515 4.25 0.393 7.17 0.633 0.68 0.222 0.69
F-Statistic 3.85 10.61 0.85 1.97
Adj R2 0.01 0.04 0 0

1996 1997 1998 1999

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

Intercept 0.07 3.56 0.017 0.99 0.04 0.93 0.214 4.32
DE 0 –0.35 0 –0.91 0 0.53 0 –0.29
INTE 0 –0.19 0 –0.59 0 –0.14 –0.001 –0.29
DEPK –0.292 –2.08 –0.003 –0.2 –0.309 –1.18 –0.194 –2.82
PK –0.018 –0.49 –0.006 –0.42 –0.163 –2.67 –0.095 –2.83
DS –2.305 –2.41 0.281 0.34 4.34 2.22 –9.065 –2.69
IS 0.269 5.34 0.542 20.21 0.566 5.09 0.032 0.26
F-Statistic 8.52 72.44 8.9 2.88
Adj R2 0.03 0.2 0.03 0.01

2000 2001 2002

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

Intercept 0.055 2.78 0.03 1.84 0.063 0.75
DE 0 0.31 0 –0.75 0 –0.11
INTE 0 –0.64 –0.001 –1.28 –0.001 –0.25
DEPK –0.115 –2.02 –0.039 –2.23 –0.177 –1.17
PK –0.093 –3.4 –0.022 –1.58 0.072 0.68
DS 0.694 0.57 –1.538 –1.03 –6.129 –0.71
IS 0.176 2.29 0.342 6.47 0.221 1.46
F-Statistic 3.91 10.41 0.77
Adj R2 0.01 0.03 0