FINANCE Corporate financial policy and R and D Management

The Model 121

TABLE 6.7 (Continued)

1968 1969 1970 1971

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

Intercept 0.022 4.13 0.036 7.41 0.029 10.34 0.032 7.57
PK 0.069 6.39 0.062 5.86 0.059 6.49 0.044 2.8
CAK –0.04 –5.59 –0.047 –6.64 –0.032 –6.62 –0.019 –4.21
IK –0.12 –8.72 –0.122 –7.65 –0.074 –7.52 –0.157 –3.56
FS 0.245 5.56 0.095 2.26 –0.053 –1.11 0.075 1.95

1972 1973 1974 1975

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

Intercept 0.039 7.22 0.025 6.05 0.029 10.92 0.032 12.02
PK 0.075 4.67 0.09 6.97 0.028 4.73 0.037 5.35
CAK –0.053 –6.83 –0.039 –7.11 –0.028 –6.54 –0.032 –6.83
IK –0.158 –8.37 –0.157 –10.25 –0.088 –8.75 –0.136 –8.74
FS 0.069 1.87 0.099 3.69 0.084 3.88 0.149 6.06

1976 1977 1978 1979

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

Intercept 0.025 9.61 0.018 8.05 0.009 3.33 0.019 11.59
PK 0 0.26 0.022 3.69 0.021 2.76 0.007 1.83
CAK –0.014 –3.87 –0.01 –3.51 –0.001 –0.37 –0.007 –3.61
IK –0.041 –3.52 –0.034 –3.2 0.013 1.27 –0.018 –2.71
FS 0.008 0.39 –0.032 –1.43 –0.076 –8.6 –0.003 –0.18

1980 1981 1982 1983

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

Intercept 0.023 9.56 0.019 5.94 0.021 13.09 0.016 13.86
PK 0.037 5.09 0.03 3.73 0.018 4.66 0.004 1.97
CAK –0.02 –5.27 –0.01 –1.72 –0.01 –3.8 –0.001 –0.47
IK –0.084 –6.2 –0.08 –7.21 –0.062 –7.05 –0.014 –2.46
FS 0.16 3.78 0.217 6.25 0.118 3.74 –0.022 –9.67

1984 1985 1986 1987

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

Intercept 0.029 7.06 0.016 16.08 0.015 11.47 0.024 2.84
PK –0.025 –2.94 0.008 5.44 0.015 3.43 0.018 0.79
CAK –0.004 –1.01 –0.004 –3.22 –0.002 –1.72 –0.004 –0.75
IK –0.021 –3.83 –0.013 –3.38 –0.001 –0.26 –0.052 –3.3
FS –0.143 –3.87 –0.032 –4.35 –0.07 –7.94 –0.046 –0.63

(Continued)