166 INTERDEPENDENCIES AMONG CORPORATE FINANCIAL POLICIES
TABLE 6.18 (Continued)
1976 1977 1978 1979Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.002 1.74 –0.001 –0.65 0 –0.02 0.002 1.88
DIVL 0.866 70.52 0.991 50 1.014 52.64 1.023 72.18
CAK 0 –0.28 –0.001 –0.55 –0.002 –0.81 –0.001 –1.37
PK 0.006 3.27 0.008 3.98 0.007 2.07 –0.002 –1.23
IS –0.022 –2.29 0 –0.01 –0.031 –2.11 –0.013 –2.6
FS 0.023 2.06 –0.007 –0.65 0.042 2.22 0.015 2.41
RDS 0.01 0.87 –0.003 –0.29 0.016 1.09 –0.002 –0.25
1980 1981 1982 1983Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.001 0.56 –0.001 –1.44 –0.001 –1.6 0 –0.51
DIVL 1.068 75.34 0.986 78.63 1.089 107.11 0.981 73.92
CAK –0.002 –0.81 0.001 1.36 0.003 2.78 0 0.35
PK –0.001 –0.27 0.005 3.49 –0.003 –1.79 0 0.2
IS –0.025 –1.86 –0.007 –2.37 0.001 0.17 0.012 3.45
FS 0.026 1.15 0.008 1.82 0.01 2.06 –0.018 –4.5
RDS 0.026 2.28 0.001 0.21 –0.01 –1.79 –0.001 –0.16
1984 1985 1986 1987Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept –0.002 –1.78 0.001 1.32 0 0.16 0.023 10.08
DIVL 0.893 54.12 1.016 82.46 0.857 8.95 0.159 7.07
CAK 0.002 2.77 0 –0.63 –0.005 –2.84 –0.02 –6.08
PK 0.005 3.06 0.002 1.07 0.024 3.35 0.014 3.48
IS 0.016 2.67 –0.01 –2.49 0.008 0.27 –0.144 –8.03
FS –0.029 –2.57 0.006 2.72 –0.146 –4.7 0.05 2.49
RDS –0.003 –1.19 0.003 1 0.054 3.63 0.093 5.4
1988 1989 1990 1991Variable Coeff T-Stat Coeff T-Stat Coeff T-Stat Coeff T-Stat
Intercept 0.068 7.91 0.02 4.07 0.048 11.47 0.005 2.83
DIVL 0.026 0.85 0.012 0.45 0.059 1.63 0.152 5.88
CAK –0.073 –6.85 –0.016 –3.35 –0.034 –6.08 0 –1.16
PK 0.019 1.14 0.019 1.64 0.002 0.37 0.004 1.25
IS –0.436 –12.32 –0.002 –0.05 –0.329 –10.51 0.128 7.28
FS –0.082 –0.96 –0.113 –2.35 –0.034 –1.73 –0.398 –7.61
RDS 0.171 4.79 –0.026 –2.85 0.019 5.77 –0.02 –3.91