Wpływ nakładów na badania i rozwój na rentowność przedsiębiorstw

The main aim of the paper is to investigate the impact of RD expenditures on the growth of company profitability. On the basis of literature review a main hypothesis was formulated as follows: the intensity of RD 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 RD 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 allow capitalizing of RD expenses in the balance sheet. Therefore all RD outlays are visible in the income statement. Research design takes into consideration one-year time lag between RD intensity and its im-pact on future growth of company profitability. The results of the study suggest that RD 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.