FINANCE Corporate financial policy and R and D Management

190 COMPARING CENSUS/NSF R&D DATA WITH COMPUSTAT R&D DATA

TABLE 7.4 Two-Stage Least Squares Results. Dependent Variable:
Investment (CE)

Constant CF LIQ Tax Rate DIV RD EF

1978: 303 0.069 0.336 –0.194* –0.008 –0.036 0.187 0.457
188 Cens 0.079 0.338 –0.181 –0.012 –0.257 0.228 0.208
188 Comp 0.076 0.320 –0.182 –0.010 –0.224 0.231 0.218
1979: 303 0.071 0.345 –0.200 –0.001 –0.186 0.422 0.353
180 Cens 0.073 0.425 –0.188 –0.059 –0.201 0.153 0.423
180 Comp 0.084 0.365 –0.213 –0.054 –0.126 0.464 0.405
1980: 303 0.075 0.348 –0.185 0.000 0.093 0.312 0.609
177 Cens 0.073 0.293 –0.181 –0.001 –0.131 0.508 0.291
177 Comp 0.077 0.282 –0.184 –0.001 –0.151 0.461 0.295
1981: 303 0.070 0.473 –0.213 –0.015 0.346 0.398 0.157
161 Cens 0.080 0.509 –0.188 –0.065 –0.401 0.166 0.428
161 Comp 0.081 0.508 –0.190 –0.066 –0.421 0.165 0.426
1982: 303 0.070 0.250 –0.164 0.028 0.346 0.398 0.157
158 Cens 0.061 0.258 –0.163 0.030 0.243 0.241 0.151
158 Comp 0.062 0.257 –0.165 0.030 0.200 0.274 0.149

*Significant at 5% level.
**Significant at 10% level.
Cens—Census R&D database used in analysis.
Comp—Compustat R&D database used in analysis.

TABLE 7.5 Two-Stage Least Squares Results. Dependent Variable:
Dividend (DIV)

Constant LDIV NI ROE LIQ CE RD EF

1978: 303 0.002 0.965 0.053 –0.006 –0.005 0.008 –0.026 –0.010
188 Cens 0.002 0.959 0.080 –0.002 –0.045 –0.009 –0.027 –0.006
188 Comp 0.001 0.958 0.080 –0.002 –0.005 –0.009 –0.017 –0.007
1979: 303 0.003 0.955 0.067 –0.017 –0.002 –0.015 0.005 –0.012
180 Cens 0.001 0.982 0.064 –0.004 –0.004 –0.010 0.001 –0.008
180 Comp 0.001 0.981 0.066 –0.004 –0.003 –0.009 –0.005 –0.008
1980: 303 0.000 1.008 0.055 0.001 0.007 –0.003 –0.001 0.001
177 Cens 0.001 1.029 0.065 0.012 –0.005 –0.014 –0.008 0.006
177 Comp 0.001 0.028 0.065 0.011 –0.005 –0.015 –0.004 –0.006
1981: 303 0.001 1.073 0.024* –0.002 –0.004 0.007 –0.014* –0.003
161 Cens 0.001 0.085 0.077 –0.015 –0.029 0.012 –0.021 –0.612
161 Comp 0.000 0.986 0.079 –0.015 –0.003 0.012 –0.017 –0.012
1982: 303 –0.008 0.429 0.174 0.000 –0.055 0.034 0.651 0.126
158 Cens –0.001 0.995 0.022 0.003 0.034 0.010 –0.005 –0.002
158 Comp –0.014 0.996 0.022 0.003 0.034 0.010* –0.004 –0.014

*Significant at 5% level.
**Significant at 10% level.
Cens—Census R&D database used in analysis.
Comp—Compustat R&D database used in analysis.