FINANCE Corporate financial policy and R and D Management

The Model 125

TABLE 6.8 (Continued)

1984 1985 1986 1987

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

Intercept 0.203 6.59 0.388 11.67 0.099 2.1 0.12 4.91
PKL 0.002 0.52 0.172 3.81 0.196 2.75 0 0.04
CAK –0.028 –2.04 –0.188 –7.41 –0.007 –0.69 –0.009 –1.66
D2sales –0.021 –0.86 –0.137 –4.43 –0.048 –1.25 –0.039 –0.75
DS –7.673 –4.76 –17.957 –7.9 –5.325 –1.68 –3.038 –2.65
FS 0.781 3.04 0.655 5.16 1.023 4.18 1.27 3.63

1988 1989 1990 1991

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

Intercept 0.203 11.45 0.085 2.69 0.187 5.34 –0.101 –2.39
PKL –0.002 –0.24 0 0.14 0.18 2.24 –0.094 –2.17
CAK 0 0.14 –0.084 –2.83 –0.077 –2.65 –0.001 –0.27
D2sales –0.009 –0.49 –0.037 –2.01 –0.019 –0.47 –0.11 –2.3
DS –5.583 –6.41 0.453 0.31 –8.666 –4.37 11.975 4.85
FS –0.392 –3.62 2.19 8.28 2.12 3.63 6.2 8.91

1992 1993 1994 1995

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

Intercept 0.11 3.51 0.238 3.34 0.242 9.84 0.161 4.59
PKL 0.042 1.29 –0.002 –0.22 –0.026 –1.46 –0.034 –0.81
CAK –0.04 –2.01 –0.179 –3.57 –0.195 –6.35 –0.153 –4.94
D2sales 0.26 2.2 –0.195 –2.02 –0.011 –0.34 –0.001 –0.12
DS –3.888 –3.12 –5.726 –1.79 –5.894 –6.21 –0.782 –0.85
FS 1.78 5.3 2.022 8.2 0.048 1.2 0.127 1.33

1996 1997 1998 1999

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

Intercept 0.004 0.08 –0.016 –0.77 0.258 5.93 0.373 3.67
PKL –0.03 –1.09 –0.052 –1.88 0.011 2.03 –0.016 –0.39
CAK –0.035 –0.72 –0.011 –0.86 –0.131 –2.84 –0.012 –0.73
D2sales –0.16 –2.47 0.029 1.61 –0.037 –1.59 –0.303 –4.14
DS 3.919 1.73 –0.438 –0.44 –1.837 –17.21 –2.159 –3.38
FS 2.41 9.19 1.816 19.29 1.628 7.94 0.59 1.36

(Continued)