FINANCE Corporate financial policy and R and D Management

142 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES

TABLE 6.12 (Continued)

1996 1997 1998 1999

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

Intercept –0.011 –0.85 0.033 3.42 –0.084 –2.64 0.088 7.73
DE 0.001 1.48 0 0.11 0.002 2.67 0 0.05
INTE 0 –0.07 0 –0.93 0 –0.12 0 –0.02
PKL 0.037 1.3 –0.023 –0.8 0.007 0.29 –0.133 –5.26
DS –1.54 –4.88 –0.382 –1.31 0.25 0.22 0.103 0.41
IS 0.572 6.94 0.211 7.04 0.734 7.39 –0.048 –0.85
RDS –0.052 –1.69 0.018 1.66 1.918 17.58 0.017 0.6
F-Statistic 12.09 11.27 64.63 5.26
Adj R2 0.08 0.07 0.29 0.03

2000 2001 2002

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

Intercept –0.039 –3.23 –0.023 –2.22 –0.015 –1.6
DE 0 –0.25 0 –0.37 0.001 0.7
INTE 0 –0.41 0 –0.71 –0.001 –0.53
PKL –0.016 –0.59 0.016 0.8 0.007 0.76
DS 0.185 0.86 0.234 0.86 0.344 1.34
IS 0.39 5.37 0.18 2.92 0.249 3.58
RDS 0.91 13.65 0.537 8.03 –0.096 –2.43
F-Statistic 39.49 13.55 3.17
Adj R2 0.18 0.07 0.01

TABLE 6.13 R&D Equation OLS

1952 1953 1954 1955

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

Intercept –0.003 –0.44 0.005 1.25 –0.001 –0.29 –0.001 –0.19
RDL 0.985 12.4 0.89 18.83 1.074 19.34 0.877 9.21
Size 0.13 0.6 0.064 0.65 0.117 1.23 –0.106 –1
PKL 0.003 0.19 0.004 0.46 –0.003 –0.36 0.024 1.67
IS 0.008 0.22 0.016 1.05 –0.004 –0.31 0.044 1.2
DS 0.118 1.22 0.038 0.77 0.053 1.21 0.048 0.65
FS –0.044 –0.86 –0.139 –3.59 –0.016 –0.62 –0.169 –2.19
F-Statistic 29.09 82.86 93.6 19.84
Adj R2 0.9 0.96 0.96 0.8