FINANCE Corporate financial policy and R and D Management

The Model 141

TABLE 6.12 (Continued)

1984 1985 1986 1987

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

Intercept 0.001 0.15 –0.024 –1.43 0.006 0.46 0.007 0.79
DE 0.001 2.55 0 –0.02 0.003 3.75 0 –0.63
INTE –0.004 –0.95 –0.008 –0.25 –0.004 –1.74 –0.003 –0.6
PKL –0.008 –4.88 0.019 0.84 0.035 0.8 –0.002 –0.14
DS –0.308 –1.53 0.314 0.57 –0.916 –5.39 –0.015 –0.05
IS 0.33 10.42 0.347 2.87 0.162 2.06 0.436 6.47
RDS –0.097 –3.79 0.071 0.53 0.203 3.79 –0.517 –6.56
F-Statistic 23.55 2.05 13.54 9.98
Adj R2 0.27 0.02 0.15 0.11

1988 1989 1990 1991

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

Intercept –0.002 –0.24 –0.006 –0.57 0.008 0.64 –0.002 –0.28
DE 0 –0.93 0 0.27 –0.001 –2.68 –0.001 –1.16
INTE –0.02 –2.52 –0.002 –0.4 –0.001 –0.06 –0.005 –0.82
PKL –0.041 –1.47 0.038 1.2 –0.025 –0.75 –0.006 –0.31
DS 0.492 5.03 –0.756 –7.5 0.033 0.23 –0.369 –1.93
IS 0.507 7.05 0.356 6.88 0.11 1.1 0.231 3.58
RDS –0.131 –1.69 –0.046 –2.46 0.002 0.2 –0.013 –0.73
F-Statistic 13.98 17.67 1.83 3.15
Adj R2 0.14 0.17 0.01 0.02

1992 1993 1994 1995

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

Intercept 0.01 1.07 –0.016 –3.23 –0.032 –5.35 0.047 1.93
DE 0 –0.09 0 –1.82 0 –0.74 0 0.1
INTE –0.002 –0.52 0 0.07 0 0.11 0 0.02
PKL –0.021 –1.44 –0.002 –0.82 0.004 0.57 –0.171 –2.95
DS –0.452 –1.33 0.352 5.21 0.036 0.32 –0.004 –0.01
IS 0.078 1.21 0.29 5.66 0.601 11.19 0.186 1.03
RDS –0.031 –1.08 –0.02 –1.59 0.02 1.24 0.415 13.29
F-Statistic 0.97 12.3 26.87 35.66
Adj R2 0 0.1 0.19 0.22

(Continued)