Abstract
AbstractThe adoption of EC‐regulations in German law on annual corporate reporting has introduced two new formats for profit and loss statements. Using this newly available data from a sample of German chemical companies, production functions are estimated with sales as an output measure, and R&D and marketing as input measures. It is shown that these factors are peripheral rather than complete substitutes. Marginal productivities of the factors imply the opportunity for relative increases of R&D expenditure over marketing expenditure.
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