FINANCE Corporate financial policy and R and D Management

The Model 151

TABLE 6.14 (Continued)

2000 2001 2002

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

Intercept 0.007 3.03 0.004 3.66 0.004 3.43
DIVL 0.546 17.04 0.458 26.71 0.602 23.39
CAK –0.006 –1.92 0 –0.09 –0.001 –0.96
PK 0 0.01 0.007 3.35 0.001 0.4
IS –0.01 –0.69 –0.018 –1.84 –0.002 –0.16
FS –0.046 –2.95 0.039 2.41 –0.006 –0.21
RDS 0.042 2.47 –0.022 –2.05 –0.001 –0.2
F-Statistic 52.15 141.15 101.2
Adj R2 0.23 0.44 0.35

TABLE 6.15 Investment Equation 2SLS

1952 1953 1954 1955

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

Intercept 0.213 2.01 0.484 5.04 0.395 7.47 0.27 6.01
PKL –0.102 –0.93 –0.105 –1.13 –0.096 –1.4 0.008 0.13
CAK –0.298 –2.17 –0.67 –5.29 –0.591 –7.35 –0.4 –5.86
D2sales 0 –99 –0.011 –0.14 0.122 1.54 –0.049 –0.61
DS 0.605 1.05 –1.133 –1.63 –0.686 –1.47 –0.954 –2.4
FS 0.187 0.36 –0.323 –0.6 –0.373 –0.97 0.649 1.5
RDS 0.092 0.18 0.496 0.94 0.713 1.79 0.218 0.52
F-Statistic 6.29 10.58 15.95 13.85
Adj R2 0.58 0.71 0.78 0.73

1956 1957 1958 1959

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

Intercept 0.275 5.82 0.202 5.19 0.203 8.07 0.176 4.93
PKL 0.183 1.97 –0.041 –0.47 0.11 1.47 0.01 0.07
CAK –0.437 –4.97 –0.299 –3.4 –0.362 –6.4 –0.326 –5.49
D2sales 0.037 0.47 –0.044 –0.57 0.009 0.17 –0.073 –1.09
DS 0.018 0.04 –0.011 –0.03 –0.036 –0.09 –0.339 –0.98
FS –0.507 –1.12 0.906 2.42 0.083 0.28 1 1.57
RDS –0.648 –1.2 –0.197 –0.42 0.174 0.64 0.332 1.22
F-Statistic 7.16 9.37 9.84 6.25
Adj R2 0.53 0.58 0.58 0.44

(Continued)