Model 1.a

Dependent Variable is SGA Expenses

Model 1.b

Dependent Variable is COGS

Variable

Coefficient

t-Statistic

Variable

Coefficient

t-Statistic

β0

0.0446

2.316**

β0

−0.006059

−0.474

β1

0.433

4.946***

β1

1.106003

19.07***

β2

0.1126

0.375

β2

−0.399513

−2.0083**

R2

0.257

R2

0.810658

Adj R2

0.243

Adj R2

0.807052

F

18.188

F

224.7765

DW

2.187

DW

2.167003

Model 2.a

Dependent Variable is SGA Expenses

Model 2.b

Dependent Variable is COGS

Variable

Coefficient

t-Statistic

Variable

Coefficient

t-Statistic

β0

0.048

2.584**

β0

−0.0012

−0.1005

β1

0.423

5.009***

β1

1.092

20.03***

β2

−1.639

−1.387

β2

−1.865

−2.444**

β3

0.825

1.476

β3

0.269

0.746

β4

0.396

2.582**

β4

0.263

2.653***

β5

−0.713

−2.035**

β5

−0.728

−3.2183***

R2

0.331

R2

0.837

Adj R2

0.298

Adj R2

0.83

F

10.125

F

105.51

DW

2.4029

DW

2.072