FINANCE Corporate financial policy and R and D Management

The Model 173

TABLE 6.20 (Continued)

1976 1977 1978 1979

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

Intercept –0.022 –2.37 0.001 0.08 –0.005 –0.6 –0.023 –1.54
DE 0 0.05 0 –0.28 0 –0.7 0 –0.42
INTE 0 0.02 0 –0.83 0.002 0.84 0.002 0.32
PKL –0.043 –1.41 0.089 3.07 –0.047 –1.92 0.067 1.49
DS 0.731 3.76 –1.777 –9.75 0.446 3.33 –1.677 –7.13
IS 0.742 17.1 0.549 15.61 0.668 20.1 0.758 14.66
RDS –0.736 –4.5 –1.391 –11.47 –0.84 –7.79 –0.542 –2.64

1980 1981 1982 1983

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

Intercept –0.016 –2.71 –0.041 –4.11 –0.023 –1.87 0.008 0.65
DE 0 –0.03 0 0 0 –0.32 0 –0.02
INTE 0 0.08 0 0.04 –0.001 –1.18 0.005 1.09
PKL –0.044 –2.69 0.04 1.27 0.044 1.16 –0.203 –4.69
DS 0.294 2.51 –0.106 –0.36 0.026 0.12 –0.4 –0.98
IS 0.544 13.5 0.597 19.01 0.075 1.1 0.799 16.78
RDS 0.045 0.41 –0.148 –1.08 0.615 7.22 0.067 0.62

1984 1985 1986 1987

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

Intercept –0.01 –2.06 –0.031 –1.75 0.001 0.09 –0.012 –0.89
DE 0 –0.9 0 0.24 0.002 2.79 0 0.07
INTE 0 0.45 –0.036 –1.29 –0.002 –1.16 0 –0.23
PKL –0.008 –4.96 0.025 1.12 0.107 2.39 0.002 0.16
DS –0.387 –1.83 0.162 0.28 –0.675 –1.81 –0.211 –0.32
IS 0.455 18.28 0.414 2.43 –0.224 –1.99 0.866 8.66
RDS –0.09 –3.68 0.278 1.99 0.556 10.02 –0.831 –13.98

1988 1989 1990 1991

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

Intercept 0.023 1.84 –0.02 –1.65 –0.013 –0.81 0.007 1.19
DE 0 –0.04 0 0.16 0 –0.2 0 0.45
INTE –0.02 –2.8 –0.001 –0.37 0.001 0.2 0.001 0.84
PKL –0.003 –0.1 0.044 1.17 –0.038 –1.11 –0.013 –1.02
DS –0.392 –1.11 –1.863 –3.37 –0.856 –1.28 –1.499 –5.19
IS 0.051 0.45 0.818 10.76 0.665 4.91 0.37 19.43
RDS 0.22 2.55 –0.159 –7.49 –0.035 –2.87 –0.069 –3.96

(Continued)