FINANCE Corporate financial policy and R and D Management

The Model 171

TABLE 6.19 (Continued)

2000 2001 2002

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

Intercept 0.081 11.52 0.13 12.2 0.017 0.86
PKL 0.012 0.92 –0.037 –1.75 –0.012 –0.58
CAK –0.024 –2.61 –0.001 –0.21 0 0.12
D2sales 0.005 0.45 –0.006 –0.66 0.001 0.21
DS –0.352 –1.64 –1.726 –3.84 –0.469 –0.48
FS 0.428 8.25 1.216 16.15 2.27 20.42
RDS –0.347 –6.33 –1.234 –22.05 0.85 27.27

TABLE 6.20 Financing Equation 3SLS

1952 1953 1954 1955

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

Intercept 0.04 1.06 0.026 1.01 0.021 0.64 0.01 0.52
DE 0.001 0.26 0 –0.83 0.004 1.46 0 0.11
INTE 0.15 0.38 –0.362 –0.71 0.272 0.58 –0.061 –0.3
PKL –0.081 –1.03 –0.018 –0.28 –0.015 –0.22 0.004 0.09
DS –0.001 0 0.398 1.21 0.744 2.08 0.409 1.84
IS 0.449 2.79 0.211 2.44 0.092 0.83 0.267 3.01
RDS –0.244 –0.56 –0.117 –0.37 –0.271 –0.75 0.188 0.65

1956 1957 1958 1959

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

Intercept –0.01 –0.48 –0.024 –1.01 0.029 0.97 0.009 0.38
DE 0.002 4.24 –0.001 –0.65 –0.007 –1.13 –0.001 –0.41
INTE 0.245 1.26 0.03 0.18 0.103 0.49 –0.036 –0.34
PKL 0.108 2.39 0.129 2.49 –0.004 –0.07 0.176 2.32
DS 0.523 1.88 –0.256 –0.94 0.48 1.49 –0.069 –0.28
IS 0.246 1.98 0.446 4.34 0.088 0.57 0.265 2.23
RDS –0.228 –0.63 0.185 0.55 –0.156 –0.61 –0.301 –1.36

(Continued)