FINANCE Corporate financial policy and R and D Management

132 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.10 (Continued)

1980 1981 1982 1983

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

Intercept 0 0.51 –0.001 –2.27 0 –0.31 0 0.95
DIVL 1.077 97.33 0.983 82.42 1.093 110.33 0.994 78.95
CAK –0.001 –1.08 0.001 1.5 0.001 1.41 0 –0.17
PK –0.002 –0.96 0.005 3.6 –0.002 –1.46 0 –0.18
IS –0.015 –3.61 0 –0.19 –0.008 –3.57 –0.002 –1.26
FS 0.002 0.52 –0.002 –0.78 0 0.16 –0.002 –1.35
RDS 0.027 2.74 0.001 0.23 0.002 0.55 0.001 0.16
F-Statistic 1,715.94 1,314.18 2,179.97 1,080.92
Adj R2 0.97 0.96 0.97 0.95

1984 1985 1986 1987

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

Intercept –0.001 –1.57 0 0.13 0.001 0.42 0.011 5.68
DIVL 0.907 59.67 1.012 83.74 0.913 9.71 0.204 8.67
CAK 0.002 2.73 0 0.39 –0.004 –2.14 –0.009 –2.9
PK 0.005 3.03 0.001 0.68 0.017 2.45 0.015 3.28
IS 0.002 0.54 0.001 0.38 0.011 0.53 –0.016 –1.65
FS 0.005 1.15 0.003 3.02 –0.069 –5.74 0.004 0.61
RDS 0 –0.12 –0.001 –0.38 0.005 0.38 0.008 0.69
F-Statistic 619.77 1,275.05 25.56 20.5
Adj R2 0.91 0.95 0.26 0.21

1988 1989 1990 1991

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

Intercept 0.004 0.54 0.008 1.61 0.012 2.46 0.006 4.7
DIVL 0.111 2.06 0.091 2.34 0.184 4.67 0.289 14.68
CAK –0.021 –2.18 –0.006 –0.9 –0.007 –1.09 –0.001 –2.85
PK 0.077 4.72 0.028 2.35 0.007 0.88 0.01 2.98
IS –0.083 –2.38 0.038 1.64 0.013 0.42 0.017 1.33
FS 0.115 5.78 –0.126 –6.98 0.006 0.49 –0.01 –1.17
RDS 0.052 1.49 –0.005 –0.59 –0.001 –0.31 –0.002 –0.67
F-Statistic 12.19 11.95 4.73 39.52
Adj R2 0.12 0.12 0.04 0.3