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Purpose -The objective of this exploratory paper is to investigate the impact of R&D expenditures on company performance. R&D activities play an essential role in the future economic development and financial performance of firms. Design/methodology/approach -The research design is based on an earnings equation associating earnings with recorded assets, R&D expenditures and selling, general and administrative expenses (proxying for advertising expenses). The paper determines a rate of return ondoi:10.1108/14757700710725476 fatcat:jxtl6psdcjcplnry7iasmhhxkm