摘要：The main aim of the paper is to investigate the impact of R&D expenditures on the growth of company profitability. On the basis of literature review a main hypothesis was formulated as follows: the intensity of R&D has a statistically significant and positive impact on profitability growth in the next year. The hypothesis was verified using two models containing variables whose impact on profitability was proved in other studies, other control variables and additionally for each model two different proxies for R&D intensity. The study was carried out using robust panel regression and executed using the I (II) model over the sample of 2 123 (1 940) financial statements of 458(384) US stock listed companies from 2007–2016 period. The logic behind the choice of the sample is derived from the notion that US GAAPs do not allowcapitalizing of R&D expenses in the balance sheet. Therefore all R&D outlays are visible in the income statement. Research design takes into consideration one-year time lag between R&D intensity and its impact on future growth of company profitability. The results of the study suggest that R&D intensity is a statistically significant and positive determinant of growth of profitability in the next year, which implies positive verification of the hypothesis. The obtained results may be of value for accounting standard setters, company management and users of financial statements making investment decisions.
其他摘要：Celem artykułu jest zbadanie wpływu wydatków na badania i rozwój na wzrost rentowności przedsiębiorstw.Sformułowana na podstawie badań literaturowych hipoteza badawcza zakłada statystycznie istotny i dodatni wpływ intensywności wydatków B+R na wzrost rent
关键词：financial reporting;research and development;profitability
其他关键词：sprawozdawczość finansowa;badania i rozwój;rentowność
