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Decisions made by management today on investment in research and development can influence the viability and growth of a corporation into the 21st century. Graham Morbey reports on results of this study of R&D spending of major US companies for the ten‐year period 1976 to 1985, including possibly controversial inferences concerning the relationship between R&D and company performance. He finds a strong association between R&D spending and subsequent growth in sales. However, he detects a threshold R&D funding level which must be exceeded if R&D is to contribute to future sales growth. The study shows little correlation between R&D intensity and growth in profitability. Also, it is apparent that sales growth and increasing profitability do not lead to increased allocations for R&D in most industries.
Graham K. Morbey (Thu,) studied this question.
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