FINANCE Corporate financial policy and R and D Management

The Model 167

TABLE 6.18 (Continued)

1992 1993 1994 1995

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

Intercept 0.002 4.35 –0.003 –0.53 0.023 6.59 0.004 1.35
DIVL 0.833 36.96 0.105 2.12 0.088 4.26 0.887 14.66
CAK 0 –0.61 –0.003 –0.66 –0.018 –3.47 –0.01 –2.32
PK 0 0.57 0 –0.12 0.012 2.56 0.009 1.99
IS –0.011 –2.66 0.385 7.3 –0.147 –4.22 –0.008 –0.34
FS 0.008 0.64 –0.529 –9.45 0.159 2.6 –0.007 –1.54
RDS 0.003 1.74 –0.087 –9.12 0.006 0.94 0.005 1.38

1996 1997 1998 1999

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

Intercept 0.024 12.43 0.004 3.57 0.007 4.05 0.002 0.91
DIVL 0.096 5.36 0.457 21.81 0.525 24.87 0.802 23.5
CAK –0.019 –7.42 –0.005 –5.47 –0.009 –4.07 0.002 0.57
PK 0.005 1.32 0.016 5.5 0.008 2.14 0.002 0.35
IS –0.105 –8.65 0.001 0.16 –0.014 –3.6 –0.003 –0.31
FS –0.059 –14.31 –0.03 –2.19 0.004 1.83 –0.01 –0.64
RDS 0.014 4.14 0.003 2.69 –0.002 –0.31 –0.002 –0.73

2000 2001 2002

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

Intercept 0.006 2.86 0.009 8.1 0.004 3.44
DIVL 0.518 16.52 0.427 25.61 0.602 23.39
CAK –0.008 –2.62 0 –0.24 –0.001 –0.95
PK 0 –0.05 0.006 3.31 0.001 0.41
IS 0.001 0.07 –0.054 –6.41 –0.001 –0.07
FS –0.082 –5.67 0.083 5.92 –0.008 –0.29
RDS 0.079 4.98 –0.068 –7.46 –0.002 –0.41