FINANCE Corporate financial policy and R and D Management

The Model 165

TABLE 6.18 (Continued)

1960 1961 1962 1963

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

Intercept 0.027 4.05 0.002 0.47 –0.001 –0.25 0.002 0.46
DIVL 0.896 29.02 1.069 57.11 0.956 43.95 0.91 16.36
CAK –0.046 –3.78 0.001 0.14 –0.004 –0.66 –0.003 –0.46
PK 0.017 2.69 –0.013 –2.33 0.009 2.17 0.033 1.96
IS –0.087 –3.6 –0.009 –0.85 0.006 0.56 –0.081 –2.73
FS 0.043 2.38 –0.005 –0.43 –0.007 –0.48 –0.041 –1.15
RDS –0.028 –0.94 0.011 0.58 0.006 0.36 0.003 0.09

1964 1965 1966 1967

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

Intercept 0.002 0.19 0.003 0.38 –0.003 –0.76 –0.01 –1.5
DIVL 1.063 10.76 0.876 16.8 1.036 37.76 1.201 18.66
CAK –0.007 –0.5 –0.005 –0.51 0.005 0.8 0.016 1.69
PK 0.026 0.87 0.003 0.17 –0.014 –2.36 –0.023 –2.17
IS 0.009 0.13 –0.057 –1.16 0.013 0.78 0.043 1.55
FS –0.165 –1.35 0.087 1.21 0.034 4.23 –0.049 –1.6
RDS 0.055 0.96 0.047 1.44 –0.009 –0.4 –0.012 –0.32

1968 1969 1970 1971

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

Intercept –0.002 –0.9 0 0 –0.001 –0.37 0.002 0.8
DIVL 0.969 45.32 1.002 49.5 0.941 39.16 0.981 41.26
CAK 0.001 0.16 0 –0.06 –0.002 –0.3 –0.004 –0.98
PK 0.002 0.4 –0.002 –0.55 0.016 2.93 0.006 1.4
IS 0.002 0.2 –0.016 –2.29 –0.001 –0.08 –0.049 –3.18
FS 0.009 0.39 0.025 2.03 –0.038 –2.22 0.079 3.6
RDS 0.009 0.52 0.002 0.14 0.018 1.2 0.005 0.31

1972 1973 1974 1975

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

Intercept 0.002 1.25 0.01 7.19 0.023 7.67 0.011 6
DIVL 0.877 200.38 0.663 61.36 0.269 9.85 0.788 44.79
CAK –0.002 –1.08 –0.014 –6.46 –0.029 –5.77 –0.018 –5.62
PK 0.005 2.34 0.014 4.99 0.028 5.3 0.014 3.99
IS –0.014 –1.33 –0.075 –12.55 –0.158 –10.17 –0.069 –6.83
FS 0.015 0.92 0.051 19.35 0.163 15.65 0.075 6.17
RDS –0.003 –0.36 0.042 2.39 0.034 0.76 0.041 2.17

(Continued)