Coefficients

T-stats

R-square

P-Value

Size (log of total assets)

−0.2567

−3.0773

0.0886

0.0029

ROA

−0.4991

−1.8741

0.0390

0.0647

Growth (Capital Exp/Sales)

0.0027

4.7422

0.0047

0.0000

R & D/Assets

19.1419

7.9331

0.1538

0.0000

Diversification Dummy

−0.1487

−0.8512

0.0084

0.3973

Advertising/Assets

−2.5760

−1.7372

0.0056

0.0863

Dividend Dummy

−0.2519

−1.2149

0.0215

0.2159

Debt to Equity

−0.0737

−1.8515

0.0358

0.6790

Foreign Sales/Total Sales

0.2685

0.8256

0.0099

0.4116