160 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.17 R&D Equation 2SLS
1952 1953 1954 1955Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept –0.002 –0.3 0.005 1.24 –0.001 –0.15 –0.002 –0.25
RDL 0.98 12.16 0.899 17.79 1.067 18.46 0.992 8.07
Size 0.137 0.63 0.074 0.7 0.125 1.27 –0.144 –1.17
PKL 0.002 0.11 0.004 0.41 –0.003 –0.37 0.026 1.57
IS 0.015 0.4 0.028 1.63 –0.001 –0.06 0.101 1.94
DS 0.122 1.24 0.063 1.15 0.075 1.45 0.126 1.36
FS –0.067 –1.02 –0.195 –3.98 –0.042 –1.01 –0.369 –2.85
F-Statistic 28.7 74.26 88.97 16.06
Adj R2 0.9 0.95 0.95 0.76
1956 1957 1958 1959Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.006 0.98 –0.008 –1.33 –0.001 –0.09 –0.004 –0.78
RDL 0.776 7.25 0.993 11.9 1.086 7.33 1.183 18.9
Size 0.036 0.36 0.165 1.03 0.775 3.11 0.145 1.08
PKL 0.003 0.21 0.03 1.72 –0.013 –0.46 0.005 0.23
IS –0.047 –1.55 0.066 1.53 0.006 0.11 0.069 2.52
DS –0.001 –0.01 0.006 0.09 0.389 2.34 0.004 0.07
FS 0.032 0.39 –0.158 –1.45 –0.462 –3.35 –0.178 –1.99
F-Statistic 18.43 37.37 12.11 77.61
Adj R2 0.76 0.86 0.64 0.92
1960 1961 1962 1963Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.006 1.66 –0.008 –2.1 –0.005 –1.31 0.002 0.33
RDL 0.992 28.01 0.947 19.87 1.02 24.03 1.052 10.69
Size –0.193 –2.91 0.422 1.42 0.013 0.19 0.203 0.89
PKL 0.002 0.16 0.035 2.96 0.016 1.86 –0.02 –0.38
IS –0.038 –2.17 0.022 1.01 0.051 2.29 0.038 0.43
DS –0.007 –0.18 –0.119 –2.21 –0.024 –0.43 –0.13 –0.78
FS 0.043 1.55 –0.025 –0.4 –0.099 –2.69 –0.024 –0.19
F-Statistic 162.6 78.07 109.27 35.64
Adj R2 0.96 0.91 0.94 0.89